HFF arranges $209 million construction loan for the future global headquarters of McDonald’s Corporation in Chicago’s Fulton Market District

 

Michael Kavanau

CHICAGO, IL – December 19, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $209 million construction loan for the development of 110 North Carpenter, the 567,000-square-foot future global headquarters of McDonald’s Corporation located in Chicago’s Fulton Market District.   

HFF worked on behalf of the developer, a partnership comprising Sterling Bay and institutional investors advised by J.P. Morgan Asset Management, to place the construction loan with Bank of America and Wintrust Financial. 

 HFF previously worked on behalf of the developer to secure construction financing through Bank of America for the Fulton West project, located six blocks northwest of 110 North Carpenter.

Scheduled for delivery in Spring 2018, 110 North Carpenter will consist of 485,000 square feet of office space as well as ground floor retail and underground parking. The building will also feature private outdoor terraces and a rooftop deck. 

 McDonald’s Corporation will relocate from its campus in Oak Brook to the nine-story creative office building, which will occupy the site previously home to Oprah Winfrey’s Harpo Studios. 110 North Carpenter is located just two blocks from the Morgan Street “L” station, providing connections to every major line in Chicago.

Tim Joyce

 The building also has superior access to the entire Chicagoland area being located less than one mile from Interstates 90, 94 and 290, Chicago’s primary interstates.  Additionally, tenant shuttle service to the two downtown commuter rail stations will be provided from 110 North Carpenter.

The HFF debt placement team representing the borrower was led by senior managing director Michael Kavanau, managing director Tim Joyce and associate director Christopher Knight.

“Due to the long-term lease and investment grade credit profile of this development as well as the best-in-class sponsorship and location, we received very strong interest from the lending community and were able to deliver terms and conditions superior to a traditional construction loan,” said Joyce.

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.sterlingbay.com

www.jpmorgan.com/institutional/global_real_assets

HFF closes sale of office property in historic Bon Air area of Richmond, VA

Stony Point II, , 9201 Forest Hill Avenue, Bon Air Area, Richmond, VA

 

Ryan Clutter

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Stony Point II, a 50,237-square-foot office building in the historic Bon Air area of Richmond, Virginia.

HFF marketed the property on behalf of the seller, a partnership affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management, and procured the buyer, Select Income REIT.  The property was purchased free and clear of debt and is now managed by The RMR Group. 

Located at 9201 Forest Hill Avenue, Stony Point II is less than 10 miles from downtown Richmond in the Stony Point II/Huguenot submarket of Richmond. 

The 6.036-acre site is surrounded by high-end residential neighborhoods and has a full array of retail amenities nearby, including Stony Point Shopping Center and Stony Point Fashion Park.  

The multi-story property is fully leased to Universal Leaf on a long-term basis.

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

“Stony Point II was competitively pursued by a deep pool of capital and offers stable long-term cash flow backed by strong credit,” Lingerfelt said.

“The Richmond market continues to be perceived favorably by institutional investors who recognize the region’s strong fundamentals and growing economic base,” added Humphrey.

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.banyanstreet.com.

www.oaktreecapital.com.

HFF closes $23 million sale of institutional-quality office property and land site within Regency Park in Raleigh-Durham, NC

  

400 Regency Forest, Regency Park, Raleigh-Durham, NC

 

Scot Humphrey

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23 million sale of 400 Regency Forest, a 111,639-square-foot, Class A office property within Regency Park in Raleigh-Durham.

 The sale also included an adjacent 11.23-acre development site that can potentially support up to 110,000 square feet of additional office development.

HFF marketed the property on behalf of the seller, Petrus Partners, Ltd., and procured the buyer, EPIC Regency LLC. 

400 Regency Forest is situated on 8.51 acres within the Regency Park office park, which is surrounded by the executive neighborhoods of Regency, MacGregor Downs, Lochmere and Prestonwood Country Club.

 This location, at the confluence of U.S. Highways 1 and 64, provides tenants convenient regional access as well as access to the local retail and entertainment amenity base in Cary. 

Completed in 2000, 400 Regency Forest is 96.4 percent leased to tenants including Caterpillar, Inc., which operates its corporate headquarters for their Building and Construction Products (BCP) division on site; Pentair, Inc. and Mediant Communications, Inc.  

Justin Good

The HFF investment sales team representing the seller was led by director Scot Humphrey, senior managing directors Ryan Clutter and Chris Norvell and managing director Justin Good.

“Class A office buildings in desirable areas of Raleigh-Durham such as Regency Park continue to be highly sought-after by investors looking to capitalize on the Research Triangle’s strong fundamentals,” commented Humphrey.

“We continue to see more and more institutional investors target Raleigh-Durham and the Carolinas overall,” added Clutter.  “We anticipate this trend not only continuing, but gaining momentum in 2017 as the region continues to outperform many of its peer markets.”

 Petrus Partners Ltd., along with its affiliate, Crown West Realty, LLC, is a vertically-integrated real estate and real asset fund management and operating company founded in 1992.  The Petrus-Crown West Group includes 50 professionals located in regional offices in New York, Denver, Phoenix, Tucson, and Spokane, Washington.

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a North Carolina licensed real estate broker.

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 closes sale of Hercules Campus West in Playa Vista, CA

Hercules Campus West, Silicon Beach Area,  Playa Vista, CA

JoAnn and Wayne Ratkovich  (Photo by Gettyimages)

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Hercules Campus West, a historically significant four-building creative campus, leased to a multinational technology company, in Playa Vista, California, a master-planned community in Los Angeles’ “Silicon Beach.”

HFF marketed the property on behalf of the sellers, The Ratkovich Company and Penwood Real Estate Investment Management, LLC, and procured the buyer, a diversified Japanese corporate investor. 

Conceived during a prolific period of discovery and innovation under Howard Hughes, the buildings include the soaring, voluminous hangars in which Howard Hughes built the Hercules H-4 plane, also known as the “Spruce Goose.” 

Inside the envelope of these beautiful buildings, the tenant plans to build new state-of-the-art structures.  

Under Hughes, the hangars were home to amazing innovations in the fields of aircraft, communications, defense and satellite technology.  The next era of innovation will continue at Hercules Campus as it transitions from aerospace to cyberspace.

Wayne Ratkovich was the visionary behind the 2010 acquisition and restoration of the 28-acre campus containing 11 buildings formerly occupied by Hughes Corporation.  With an appreciation for both the history and inherent beauty in these dilapidated structures, Wayne and his capable team sought to transform these buildings into modern, cutting edge creative space. 

John Crump

The HFF investment sales team representing the seller was led by John Crump, Andrew Harper, Michael Leggett, Doug Bond and Ryan Gallagher. 

The buyer was represented by EGW Asset Management Inc. (EastGate | EGW), the global real estate representative to the buyer for all markets outside Japan. 

Per Reid Mackay of EGW, “The buyer focuses on long-term net leased assets in major global markets.  Hercules Campus has a superb and iconic profile and having an investment grade credit tenant was highly appealing.”

Founded in 1977 by current President/CEO Wayne Ratkovich, The Ratkovich Company’s (TRC) mission is to profitably produce developments that improve the quality of urban life.  TRC has developed properties valued at more than $1.6 billion over the course of its history. The Ratkovich Company is jointly owned by Wayne and Jo Ann Ratkovich and Steven C. Markoff.

 Penwood Real Estate Investment Management (PREIM) is a principal-owned firm dedicated to managing value-added real estate investments for the institutional marketplace.  PREIM focuses on taking quantifiable incremental risk to provide above market returns and executes value-added strategies in supply-restrained markets to achieve premium investment results.

 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

Marcus & Millichap Arranges $8.5 Million Sale of Orlando’s Willow Bend Apartment Community

           

Willow Bend Apartments, 4757 Silver Star Road, Orlando, FL

 

Michael Donaldson

ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Willow Bend, a 192-unit apartment community located in Orlando, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,525,000.

Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap’s Tampa office, procured the buyer.

“The sale of Willow Bend Apartments represented another transaction involving the ability of our team to identify value-add opportunities through our proprietary market analysis,” says Donaldson.

 “Having closed several transactions in the immediate area, we were cognizant of the pinnacle for area market rents and saw potential to raise rents substantially at Willow Bend both organically and through additional strategic renovations.”

“By working with one of our repeat clients and showing them this upside, we were able to identify outsized future returns in lieu of the underperforming trailing financials which ultimately led to another successful transaction,” adds Meoli.

Willow Bend is a 192-unit apartment community built in 1974 and located at 4757 Silver Star Road in Orlando, Florida. The unit mix consists of 168 one-bedroom/one-bathroom units with approximately 728 rentable square feet and 24 two-bedroom/one-bathroom units with approximately 734 rentable square feet.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

NAIOP to Host Seminar Jan. 25 on South Florida’s Economic Outlook for 2017

Darcie Lunsford

FORT LAUDERDALE, FL  – NAIOP South Florida, a Commercial Real Estate Development Organization, will host its Economic Outlook 2017 on Wednesday, January 25 from 7:30 to 9:00 a.m. at The Westin Fort Lauderdale, 400 Corporate Drive.

Moderated by Butters Realty & Management Senior Vice President Darcie Lunsford, Economic Outlook 2017 will cover how the new administration’s plans for trade, immigration, regulation and taxes will affect South Florida.

Panelists include Holland & Knight’s Public Policy & Regulation Group Partner Ronald J. Klein; Gunster Board of Directors Chairman George LeMieux; The Washington Economics Group, Inc. Founder and Principal J. Antonio Villamil; and Wells Fargo Managing Director and Senior Economist Mark Vitner.

“With the Trump administration taking office, there are bound to be sweeping changes, particularly in the economic sector of our country,” said NAIOP South Florida Executive Director Jules Morgan.

Jules Morgan

 “In South Florida specifically, we expect to see the effects of the new administration’s reformation of trade pacts, potentially altering the global supply chain and creating vast uncertainty for one of Florida’s top economic drivers. We’re looking forward to hearing the panel’s take on such a widely debated topic during Economic Outlook 2017.”

Tickets are $65 for non-NAIOP members and $50 for NAIOP members. To register for the event, visit www.naiopsfl.org/events or call 954-990-5116.

NAIOP is a commercial real estate development organization. It provides strong advocacy, education and business networking opportunities and connects its members through a powerful North American network.

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

954-776-1999

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

Jane Grant, ext. 224, jgrant@piersongrant.com

Berger Commercial Realty Brokers $2.1 Million Sale of Croissant Park Industrial Property in Fort Lauderdale, FL

St. George Guardabassi

FORT LAUDERDALE, FL  -- Berger Commercial Realty Senior Vice President St. George Guardabassi represented Ardox Corp. in the $2.1 million sale of a 45,000-square-foot industrial property to BJK Ventures, LLC d/b/a Elite Marine A/C at 1957 S. Andrews Ave. in Fort Lauderdale.

The property consists of an 18,000-square-foot warehouse featuring six street-level overhead doors and up to 18 feet of clear ceiling height.

 Situated on a corner lot with access from three sides, the property features 260 feet of frontage on Andrews Avenue and is located less than one mile from Broward Health and Broward County Courthouse. The property was used by Ardox Corp. for the assembly and sale of electric pumps.

"Elite Marine saw the advantage of the property's prime location along Fort Lauderdale's marine service and repair corridor," Guardabassi said. "As a provider of air conditioning and refrigeration equipment for boats and yachts, the company benefits from the surrounding marinas and central location in the 'Yachting Capital of the World.'"

The property, which was nearly demolished before it went under contract, is slated for complete rehabilitation by Elite Marine with plans to use it as a showroom, sales center, storage facility and service station for the company's expanding inventory of parts and equipment.

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

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

954-776-1999

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

Jane Grant, ext. 224, jgrant@piersongrant.com

G&C Holland Vero Investors Wraps Up Wawa Sale in Vero Beach, FL

  

 VERO BEACH, FL – G&C Holland Vero Investors LLC,  an affiliate of real estate investment group Grover Corlew, has sold 1.83 acres of a 3.5-acre development site at U.S. 1 and 12th Street in Vero Beach for $5.055 million.

 The property sold is currently leased by Wawa, considered one of America’s most popular convenient stores, which opened Dec. 1.

“We recognized that Indian River County and the stretch of land on U.S. 1 between 20th Street and 8th Street was ripe for commercial redevelopment. That’s why we invested in the purchase of that site,” said Partner Anuj Grover. “We specialize in identifying, acquiring and developing or re-developing properties that are long-term, value-add investments.”

In 2015, Grover Corlew in partnership with Holland Retail Advisors, LLC purchased the site, then a former Vatland auto dealership. The company then cleared the land for development and signed a land lease with Wawa.   

Planned WAWA Development site 12th Street and U.S. 1
Vero Beach, FL

“Wawa is expanding throughout Florida. We’re excited to bring this iconic brand to Vero Beach,” said Grover. “It’s a tremendous addition to this revitalized area of the city and the sale of the land it sits on is a promising long-term investment.”

There also is an additional 1.52 acres currently for sale next to Wawa. One parcel is under contract and expected to close in January 2017. Numerous other users are considering the remaining parcel.

Calkain Companies, LLC represented G&C Holland Vero Investors, LLC in the sale.

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

Samantha Van Nuys

Pierson Grant Public Relations

954-776-1999, ext. 115

svannuys@piersongrant.com

Berger Commercial Realty Facilitates $965,000 Sale of AMC Liquidators Warehouse in Tamarac, FL

St. George Guardabassi

FORT LAUDERDALE, FL - Berger Commercial Realty Senior Vice Presidents Keith Graves and St. George Guardabassi recently represented AMC Liquidators in the $965,000 sale of the AMC Warehouse to S.V.P. Tile & Marble, Inc.

  "The warehouse was used for the storage of furniture by AMC Liquidators, one of the country's premier commercial and residential furniture liquidators," Graves said. "The buyer plans to use the property for the storage and sale of floor tile and marble."

 Located at 3801 N.W. 50th Street in Tamarac, the +14,280-square-foot, single-story warehouse features two enclosed dock-high doors, 14 feet of clear ceiling height and ample parking. The free-standing industrial building is situated on a +45,181-square-foot lot between I-95 and Florida's Turnpike along the Commercial Boulevard corridor.

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

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

954-776-1999

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

Jane Grant, ext. 224, jgrant@piersongrant.com 

Six Leases in Five Months at EverWest’s 10 Chandler in Phoenix, AZ

 

Jackie Orcutt

PHOENIX, AZ – EverWest Real Estate Partners and CBRE are on a roll at 10 Chandler, signing six new leases in five months at the East Valley industrial park. Several of the new tenants have moved into the development this quarter. The remainder will move in by year’s end.

The new leases – which total more than 98,000 square feet – bring the project to 86 percent occupied.

Located at 450 – 590 N. 54th St. in Chandler, Arizona, 10 Chandler totals 37 acres with more than 553,000 square feet of space in nine flex/industrial buildings. The park is centrally located in the heart of the Chandler Tech Corridor, offering approximately 1,150 feet of I-10 frontage, premier freeway-facing signage and freeway access via three full diamond interchanges.

John Grady

The latest leases at 10 Chandler include:

• Babytown - New lease commitment for 12,000 square feet.

• DNB Engineering - Expanded into an additional 16,000 square feet.

• Heads Up Helmets - New lease commitment for 6,000 square feet.

• M+W U.S., Inc. – New lease commitment for 33,000 square feet.

• Inyati Bedliners – New lease commitment for 20,000 square.

• Stretch to Win Institute - New lease commitment for 11,000 square feet.

 These companies will join existing tenants at 10 Chandler including Origami Owl, Cloud Blue, Eaton, Paradise Bakery and Toshiba.

CBRE First Vice Presidents Jackie Orcutt and John Grady serve as the exclusive leasing brokers for the property. Hired to handle the leasing in mid-February, the CBRE team has brought the property from 65 to more than 86 percent leased in just a short time.

“EverWest has taken a thoughtful approach toward building a strong base of credit tenants that reflect a healthy and diverse metro industrial market,” said Orcutt.

She also points out that the Chandler submarket is one of the strongest in the Valley, posting more than 1 million square feet of positive net absorption so far in 2016. She says 10 Chandler is particularly well situated to continue to capitalize on activity in the submarket.

“The project’s location in west Chandler along I-10 is perfect for growing manufacturing, tech and defense/aerospace-related firms who need a strong labor base in a central location with a great deal of amenities.”

10 Chandler, Phoenix, AZ

Among the amenities at 10 Chandler are up to 26-foot clear height ceilings, up to 50 x 30-foot column spacing, a mix of dock-high and grade-level doors, and generous parking. 

Building features are enhanced by nearby market amenities, including more than five hotels, 25 restaurants and multiple major shopping and power centers within a one-mile radius.

10 Chandler is a short drive to Sky Harbor International Airport and Phoenix-Mesa Gateway Airport, as well as the amenities and employment pools of downtown Tempe, downtown Phoenix and the East Valley. The park sits just north of the I-10/Loop 202 intersection, which reports a traffic count of 212,217 vehicles per day.

Select vacancy remains at 10 Chandler, including approximately 42,000 square feet in Building 2 and 19,000 square feet in Building 6. EverWest is also under construction on an 18,000-square-foot speculative suite in Building 1, with an expected completion date of January 2017.

For more information, visit www.10Chandler.com or call CBRE at 602.735.5000.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.cbre.com.

www.EverWest.com.

Hines Acquires 1.2 million-square-foot Class A Industrial Park in Phoenix Southwest Valley

Palmer Letzerich

PHOENIX, AZ – Hines, the international real estate firm, announced it has acquired the Southwest Industrial Center, a Class A industrial park located in the heart of the Southwest Valley submarket in Phoenix, Arizona, from Hillwood Property Trust. Financials on the deal were not disclosed.

The project consists of a 684,000-square-foot, 32’ clear logistics warehouse and an adjacent development parcel capable of accommodating a second building of 567,000 square feet. 

The existing building is 35 percent leased to AmerisourceBergen, a market leader in pharmaceutical distribution, who is currently #16 on the Fortune 500.

Palmer Letzerich, Senior Managing Director, said, “Our logistics group is excited to continue our expansion in Phoenix with what we see as the Southwest Valley’s premier property.

“With our recent investment in Goodyear and this new acquisition at Buckeye and 75th, we are pleased with our growth in the Southwest Valley. As part of our commitment to the Phoenix market, we are now targeting investments in the Sky Harbor airport submarket.”

Charlie Meyer

Hines has assigned the leasing assignment to the Tony Lydon/Marc Herzberg team at JLL. The acquisition of Southwest Industrial Center is Hines’ second logistics investment in Phoenix and brings the Hines logistics platform to over 5.1M square feet in the Southwest Region of the United States.

Hines Managing Director Charlie Meyer noted, “The Southwest Industrial Center is a quality asset that we feel we can position immediately to meet the growing tenant demand in the Southwest Valley.

“We are aggressively targeting tenants of up to 455,000 in the existing building and have the flexibility to accommodate build to suits of up to 570,000 on our development parcel. 

"We look forward to working with JLL on a successful lease up of building 1 and on the development of building 2.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.hines.com

Grover Corlew Affiliate Refinances Sabre Centre in Boca Raton, FL

Mark Corlew

BOCA RATON, FL – G&C Sabre Investors LLC, an affiliate of real estate investment group Grover Corlew, has refinanced Sabre Centre I in Boca Raton, Fla. for $12.3 million through lender RAIT Partnership, LP.

“We closed on the refinancing in connection with our August acquisition of Sabre Centre I, taking advantage of a favorable financing environment while rates are at historic lows,”  said Partner Mark Corlew, whose group focuses on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S.

“With full floor availability overlooking the Park of Broken Sound golf course and potential signage opportunities, we were attracted to this high-end building that is surrounded by 700 acres of open green space with walking trails, lakes and waterways.”

Within the next year, G&C Sabre Investors LLC plans to spend more than $250,000 in common area upgrades at Sabre Centre I, a 102,351 sq.-ft., six-story, Class-A office building located at 5901 Broken Sound Parkway within the Park at Broken Sound.

The building sits on six acres with golf course and lake views and an abundance of free surface parking. Built in 1986, Sabre Centre I is ideally situated in a highly desirable residential, business and technology corridor and is strategically located just off I-95 and Yamato Road within Palm Beach County’s best-known business park.

Darcie Lunsford

“The location and efficient spaces naturally lend themselves to corporate headquarters, technology companies, professional service firms and regional operation hubs that need to be strategically positioned to serve the tri-county area and draw from the abundant and highly skilled labor force living in Palm Beach and Broward counties,” said Darcie Lunsford, leasing agent to Sabre Center I. “Sabre Center I is already one of the top buildings in the north Boca Raton office market and the planned renovations will take it to the next level.”

G&C Sabre Investors LLC originally acquired Sabre Centre I for $14.5 million. The building is currently 77 percent leased with tenants from various industries such as financial services and sports nutrition

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

Samantha Van Nuys

Pierson Grant Public Relations

954-776-1999, ext. 115

svannuys@piersongrant.com

JLL announces $51 million sale of Broadstone Scottsdale Horizon in North Scottsdale, AZ

Broadstone Scottsdale Horizon Apartments, 9259 East Raintree Drive, Scottsdale, AZ

John Cunningham

PHOENIX, AZ – On behalf of Rockwood Capital and Alliance Residential Company, JLL’s Capital Markets experts announced the firm completed the sale of Broadstone Scottsdale Horizon, a 330-unit multifamily rental community in one of the most coveted neighborhoods in North Scottsdale, Arizona. 

MG Properties purchased the community for $51 million.

Executive Vice President John Cunningham and Senior Vice President Charles Steele led the JLL team on the deal.

“The Phoenix multifamily market continues its economic expansion, with a balanced supply of new units in concert with strong job growth in leading sectors representing long-term sustainability,” said Cunningham. 

“North Scottsdale is in attractive proximity to all of metro Phoenix’s major employment corridors, putting it in a prime position to capitalize on the area’s strong amenity base and the appeal that provides to a growing renter base.”

Located at 9259 E. Raintree Drive in Scottsdale, at Raintree Drive and 92nd Street, Broadstone Scottsdale Horizon sits within a high-amenity submarket that includes neighborhood grocery and power centers, luxury retailers and restaurants, award-winning schools and immediate access to the Loop 101 Freeway. The targeted submarket renter (age 25 – 34) is projected to grow by three percent over the next five years.

Charles Steele

Averaging 883 square feet, units at Broadstone Scottsdale Horizon feature 9- and 22-foot ceilings, wood burning fireplaces, contemporary kitchens and dual master bedroom designs with private patio or balcony access off of every bedroom to enjoy direct mountain views.

 Common areas include a resort-style pool, resident clubhouse, business center and fitness facility. Built in 1986, the community has enjoyed regular improvements, but represents the opportunity to add value through additional amenity and unit upgrades.

 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

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Arranges $650,000 Sale of The Vineyard Apartments in Clearwater, FL

  

 

Shawn Rupp

CLEARWATER, FL, Dec. 23, 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 The Vineyard, a 12-unit apartment community located in Clearwater, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $650,000.

“The seller had done significant improvements to the property and had stabilized the asset after buying it out of foreclosure,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. “Our marketing process generated a bidding war for the property, which ultimately resulted in a closing within four percent of listing price.”

Rupp, along with Casey Babb, CCIM and vice president investments, and Luis Baez, CCIM and senior associate, also in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller. 

The Vineyard a 1960’s vintage apartment community located at 1015 Vine Avenue in Clearwater, Florida. The property consists of twelve, two-bedroom/one-bathroom apartments averaging approximately 576 square feet and featuring private entrances, granite countertops, new cabinets and new tile floors. The units are housed in six, one-story, garden-style apartment buildings.

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

Ari Ravi

Regional Manager

Tampa

(813) 387-4700

American Realty Advisors Acquires Class A Trophy Office Asset in San Francisco’s Transbay District

  

Foundry Square III, Transbay District, San Francisco, CA

 

Drew Hess

San Francisco, CA – American Realty Advisors (“ARA”), a leading real estate investment firm, announced the acquisition of Foundry Square III, a Class A trophy office asset located in the heart of San Francisco’s highly sought-after and amenity-rich Transbay District.

ARA has acquired the property on behalf of one of its open-end commingled real estate funds. The seller, a development joint venture between Tishman Speyer and institutional investors advised by J.P. Morgan Asset Management, completed the building in 2014.

The seller was represented by Jeffrey Weber and Stephen Van Dusen of Eastdil Secured. 

Located one block from San Francisco’s visionary $4.5 billion Transbay Transit Center, Foundry Square III is at the intersection of the South Financial and SOMA submarkets and is surrounded by premier technology, financial, legal and consumer goods companies. The area is in immediate proximity to a number of public transit options and neighborhood amenities.

The LEED Certified-Gold asset consists of a single 10-story 291,093 sf dynamic office building that includes ground floor retail space. Foundry Square III, built in 2014, is 100% leased to high quality tenants including IBM, NASDAQ, Perkins Coie, Neustar, and Silicon Valley Bank.

 

Austin Maddux

The property features state-of-the-art building systems, floor to ceiling glass, abundant building amenities including an open air sky deck, large efficient floor plates and a two-story lobby with a unique living wall.

Drew Hess, Senior Director, Investment Group, American Realty Advisors, notes, “acquiring a recently completed high-quality asset with long-term leases in-place to creditworthy tenants at First and Howard streets is the ultimate core investment.  We see San Francisco continuing to lead global innovation with this location as the epicenter.”

ARA focuses its national investment activity in major metropolitan markets that are innovation hubs containing high concentrations of our nation’s globally competitive industries that benefit from highly educated/professional human capital.

 “This acquisition gives us a significant position in one of the strongest office markets in the country adding to an existing San Francisco office portfolio that includes 153 Townsend in SOMA,” adds Austin Maddux, Assistant Portfolio Manager at American Realty Advisors. “Foundry Square III brings stability of income and potential future upside in an urban setting that is poised for long-term value appreciation. This acquisition represents the type of high-quality assets our firm continues to seek and we are pleased to add this exceptional property to our portfolio.”

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

Lexi Astfalk / Jenn Quader for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940,

LAstfalk@browermillercole.com

www.americanreal.com.