Stepp Commercial Completes $4.1 Million Sale of Bay Shore Apartments in Long Beach, CA

Robert Stepp

Long Beach, CA -- Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.1 million sale of Bay Shore Apartments, a nine-unit apartment property adjacent to the Belmont Shore neighborhood of Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, a private investor from Los Angeles. Vice President Todd Hawke of Stepp Commercial represented the buyer, a private investor from Los Angeles.

The property closed at a 3.8 percent cap rate and a price per unit of nearly $456,000, which is a record high for the area.

Built in 1946, the two-story property is located at 20 Bay Shore Avenue and consists entirely of two-bedroom units. The asset includes a front porch, private garages and a laundry facility. Some of the units have been upgraded with hardwood floors, granite countertops and custom cabinetry.

"Bay Shore Apartments is just steps from the beach in the prestigious Belmont Shore neighborhood," said Stepp. "It offers the buyer a 15 percent rental upside and sold for full asking price."

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.steppcommercial.com

After Strong First Quarter, CBRE Forecasts Eighth Consecutive Year of Occupancy Growth for U.S. Hotels

R. Mark Woodworth

Atlanta, GA, May 23, 2017 – The U.S. lodging industry started 2017 on a strong note.  During the first quarter of 2017, hotel demand increased by 2.8 percent.  

The result was an occupancy of 61.1 percent, the highest first quarter occupancy rate reported by STR in the past 30 years.

 “Since bottoming out in the fourth quarter of 2009, U.S. lodging demand now has grown for 29 consecutive quarters, and led to the record occupancy levels we currently are observing,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research (CBRE).

 “We realize that favorable prior year comparisons contributed to the strong growth in first quarter demand, and that pace cannot be sustained through the rest of 2017. 

“However, given the positive economic outlook for the remainder of the year, we are projecting demand to outpace supply once again in 2017, thus resulting in an eighth successive year of occupancy growth for the U.S. lodging industry.”

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

Chris Daly

Daly Gray Public Relations

703 435 6293

chris@dalygray.com

National Retail Properties Inc. Declares Dividends for its 5.70% Series Preferred and 5.20% Series F Preferred Stocks

Kevin Habicht

Orlando, FL  - The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable June 15, 2017, to shareholders of record on May 31, 2017.

The Board also declared a cash dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 32.5 cents per depositary share payable June 15, 2017, to shareholders of record on May 31, 2017.

National Retail Properties invests primarily in high-quality retail properties subject

generally to long-term, net leases. As of March 31, 2017, the company owned 2,543

properties in 48 states with a gross leasable area of approximately 27.3 million square

feet with a weighted average remaining lease term of 11.4 years.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

www.nnnreit.com.

Partnership Unveils Redevelopment Plans for Weston Hills Country Club in Weston, FL

Lon Tabatchnick

WESTON, FL —Weston Hills Resort Group LLC, an affiliate of Hollywood-based Lojeta Group, has unveiled plans to redevelop Weston Hills Country Club, providing an upgraded experience for members and boosting property values for those who live in and around the area. 

The development partnership has a contract to purchase the Club and has committed to investing more than $10 million in improvements which include renovating the two championship golf courses, upgrading the clubhouse facility, building a resort-style swimming pool, poolside bar and restaurant, five new tennis and two pickle ball courts, a fitness center and a special play area for kids. 

“This is an opportunity to restore the prestige of Weston Hills Country Club and make it a crown jewel of the city once more,” said Lon Tabatchnick, managing partner of Weston Hills Resort Group whose resume includes developing the highly successful Margaritaville Resort on Hollywood Beach.

“There hasn’t been a significant renovation of Weston Hills since it was opened 30 years ago.  It’s still a great place for golf, tennis, recreation, dining and social events for the community, but needs a facelift to grow and prosper for the next 30 years.” said Tabatchnick who is a member of the club.

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

Todd Templin or Lauren Berger, BoardroomPR

954-370-8999 (o)  954-290-0810 (c)

ttemplin@boardroompr.com

lberger@boardroompr.com

HFF secures $100 million refinancing for retail power center in North Bergen, NJ

 

                         Tonnelle Commons, North Bergen, NJ              Photo by John Jenks                                                 

Mike Tepedino

NEW YORK, NY -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $100 million refinancing for Tonnelle Commons, a 410,015-square-foot, Class A, fully leased retail power center in the New York metropolitan area suburb of North Bergen, New Jersey.

HFF worked on behalf of the borrower, Urban Edge Properties, to secure the 10-year, non-recourse fixed-rate loan.

Completed in 2009, Tonnelle Commons is fully leased to 16 tenants and is anchored by Walmart, BJ’s Wholesale Club, PetSmart and Staples.  The property is situated on Tonnelle Avenue (Routes 1 and 9) less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike.  The center is located at the northern edge of Hudson County – the most densely populated county in New Jersey – and just one-half mile from Bergen County.

The HFF debt placement team representing the borrower was led by managing director Scott Aiese and senior managing director Mike Tepedino.

“HFF used its long-standing lender relationships and proprietary software, to identify the optimal long-term fixed-rate lender for Urban Edge,” Aiese said.  “Furthermore, not all retail is created equally; Tonnelle Commons is a 100-percent-occupied, highly performing center due to its infill location and laser-focused management team.”

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

 

HFF hires Chris McColpin as a director in its Austin, TX office

Chris McColpin

USTIN, TX, May 22, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Chris McColpin has joined its Austin office as a director focused on debt and equity placement transactions for all property types.

Mr. McColpin has more than 12 years of commercial real estate finance experience and joins HFF from Lone Star Funds’ credit affiliate, LStar Capital, where he led originations for the Southwest region.

 During the course of his career, he has spent time on the loan origination teams of Morgan Stanley and Goldman Sachs & Co.  He began his commercial real estate career at HFF as an analyst in 2005.  

Mr. McColpin received a Master in Professional Accounting and a Bachelor of Business Administration from The University of Texas at Austin McCombs School of Business.  Additionally, he is a certified public accountant in the state of Texas

“Chris started his career back in 2005 at HFF’s Dallas office and we are thrilled to welcome him back to the team,” said Doug Opalka, senior managing director and co-head of HFF’s Austin office.  “Chris embodies the character we look for in our recruits and he will strengthen our existing debt and equity platform in the Austin office.”

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

 

HFF closes sale of Sheraton Suites Columbus in Columbus, OH

 

Sheraton Suites Columbus, 201 Hutchison Avenue, Columbus, OH

Denny Meikleham

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the 259-suite Sheraton Suites Columbus in Columbus, Ohio.

HFF represented the owner in the sale of the property to Regal Hospitality, based out of Columbus, Ohio.  The hotel was sold unencumbered by management.

The Sheraton Suites Columbus comprises 259 oversized guest suites, 3,185 square feet of meeting space, The Grill and The Lounge food and beverage outlets, an outdoor pool and sundeck, an indoor pool, fitness center, gift shop, business center and club lounge.

 The property is situated on a 4.21-acre site at 201 Hutchinson Avenue directly off of and visible from Interstate 270, which provides access to the Port Columbus International Airport 16 miles away. Additional demand drivers in the area include downtown Columbus, Ohio State University and nearby major corporations such as JP Morgan Chase, Nationwide Insurance, Honda of America, Kroger and Cardinal Health.

The HFF investment sales team representing the owner was led by managing director Denny Meikleham and director Alan Suzuki.

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

  

HFF arranges construction loan for first office building in CityPlace at Springwoods Village in Spring, TX

CityPlace, Spring, TX                             Rendering courtesy Patrinely Group  

Cortney Cole

                                                                                                            

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a construction loan for the development of CityPlace 2, a 327,000-square-foot, Class A office building that will be the first office building to be developed in CityPlace in Spring, Texas.

Wally Reid

HFF worked on behalf of the borrower, a venture comprised of Patrinely Group, LLC; USAA Real Estate Company and CDC Houston Inc managed entity, to secure the five-year, fixed-rate construction permanent loan through American National Insurance Company headquartered in Galveston, Texas.

Due for completion in 2018, CityPlace 2 will be the first office building to be delivered within the larger 60-acre CityPlace mixed-use urban development that will feature more than four million square feet of Class A office, more than 600 units of luxury mid-rise residential, a 337-room full-service hotel and conference center, and more than 400,000 square feet of retail space including shops, restaurants and other entertainment options.

 CityPlace is part of the larger 2,000-acre Springwoods Village master-planned mixed-use community located at the intersection of Interstate 45, the Grand Parkway and the Hardy Toll Road in northeast Houston. 

Trent Agnew

Adjacent to the new Exxon Mobil Corporation Campus and Southwestern Energy Company’s new headquarters campus, the property is also close to Bush Intercontinental Airport, The Woodlands and not far from Houston’s Central Business District. 

CityPlace 2 will feature 10 stories of office space that is 100 percent pre-leased to American Bureau of Shipping.  The building will also feature 24,000 square feet of ground floor retail and dining and a parking structure for tenants and visitors.

The HFF debt placement team representing the borrower was led by senior managing director Wally Reid, managing director Cortney Cole and director Trent Agnew.

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.patrinelygroup.com.

www.springwoodsvillage.com.

www.usrealco.com

 

HFF closes $26.45 million sale of The Village at Hayden in Scottsdale, AZ

  The Village at Hayden, 8260 North Hayden Road, Scottsdale, AZ      Photo by Patrick Tang                                                      

CJ Osbrink

 PHOENIX, AZ, May 22, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $26.45 million sale of The Village at Hayden, a 156,751-square-foot mixed-use development in Scottsdale, Arizona.

HFF marketed the property on behalf of the seller, Village at Hayden, LLC, a partnership comprising AEW Capital Management, L.P. and The Muller Company, and procured the buyer, Arizona Partners.  The property was sold free and clear of financing.

The Village at Hayden is located at 8260 N Hayden Road just one half mile from Arizona State Route Loop 101, which sees an average of 180,000 cars per day.  The 11.83-acre site is part of the prestigious McCormick Ranch community north of Scottsdale. 

This trade area has an average household income exceeding $106,000 and more than 141,000 residents within a five-mile radius.  

At 97 percent leased, The Village at Hayden has a mix of regional and national retail and office tenants, including Capital Consultants Management, Company Nurse, Phoenix Photonix, Zipps Sports Grill, Twisted Grove, Melting Pot and Grassroots Kitchen.

The HFF investment sales team representing the seller was led by CJ Osbrink and Derreck Barker.

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.themullercompany.com.

www.aew.com.

Bull Realty Brokers $16.8 Million Medical Office Building in Athens, GA

Paul Zeman

ATLANTA (May 22, 2017) — Paul Zeman, President of Healthcare Real Estate Services at Bull Realty, brokered the sale of “The Exchange,” two identical medical office buildings totaling 61,203 SF in Athens, GA. The sale closed on May 18, 2017 for $16.8 million.

The Exchange was built in 2007 by Bell Harrison Development. St. Mary’s Healthcare System occupies all of Building 300 and the majority of the space in Building 200. 

Services at this location include full modality outpatient diagnostic imaging, wellness, cardiology, neurology, and endocrinology. Other tenants include Athens Dentistry for Children and Athens Oconee Dentistry at the Exchange.

Paul Zeman represented the sellers in this transaction, 316, LLC and Exchange Building 300, LLC.

The buyer was American Healthcare Investors, LLC/ Griffin American Healthcare REIT.

“Off campus MOB's with hospital sponsorship like these are gaining in popularity with investors and serve residents in the community with an outstanding service,” said Zeman.

Healthcare Real Estate Services (www.HealthcareRealEstateServices.com) are specialty brokers with Bull Realty, Inc. (www.BullRealty.com), a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services. The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show (www.CREshow.com). The popular weekly show is broadcast on radio stations nationwide, iTunes, YouTube and CREshow.com.

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

Melissa Henry

Communications Manager

Bull Realty, Inc. 

404-876-1640 x 110

www.BullRealty.com

HFF hires Andrew Briner as a managing director to lead its industrial sales effort in Southern California and the West Coast

           

Andrew Briner

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that Andrew Briner has joined its Los Angeles office as a managing director concentrating on industrial investment sale transactions throughout Southern California and the West Coast.

Mr. Briner joins HFF from CBRE where he was a member of the Institutional Group.  Over the past 11 years, Mr. Briner has closed more than $24 billion in dispositions and recapitalizations nationally.

 He has been recognized by various industry organizations for completing high-profile transactions, including numerous deal of the year awards.  

A graduate of the University of California Berkeley, Mr. Briner is an active member of the Cal Athletics Alumni Association, and he sits on the Board of Directors of Catholic Big Brothers Big Sisters of Los Angeles.

“Andrew is a phenomenal addition to HFF,” said Kevin MacKenzie, senior managing director and co-head of HFF for the West Coast.  “Partnering with our current team, Andrew will strengthen and help lead HFF’s industrial presence in Southern California, bringing a best-in-class industrial advisory practice to our clients throughout the Western region.

“Due to our clients increasing demand and appetite for industrial product, we are pleased to add an industry professional such as Andrew to our growing team, locally and nationally.”

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

Kristen M. Murphy

Director, Public Relations

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 $25.25 million sale of Syracuse, NY office property

One Lincoln Center, 110 West Fayette Street, Syracuse, NY

Rob Rizzi

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $25.25 million sale of One Lincoln Center, a 305,594-square-foot Class A office tower in Syracuse, New York.

HFF marketed the property on behalf of a private seller and procured the buyer, Zamir Equities. 

One Lincoln Center is located in the center of downtown Syracuse at 110 W. Fayette Street within close proximity to Armory Square, and numerous hotels, shopping, banking and museums. 

The property is surrounded by the Syracuse Federal Building, the Pike Block, City Hall, OnCenter and is not far from the intersection of Interstates 81 and 690, which provide connectivity to Syracuse’s most popular residential neighborhoods.

  The 17-story property is 86 percent leased to a diverse roster of tenants, including JP Morgan Chase, Bond Schoeneck & King PLLC, Cadaret Grant & Co LLC, Bousquet Holstein, Grossman St.Amour and Arcadis. 

The HFF investment sales team representing the seller was led by managing director Rob Rizzi, associate director Steven Rutman and director Michael Oliver.

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

Kristen M. Murphy

Director, Public Relations

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 fully occupied retail center near Houston, TX

  

Grand Crossing II Retail Center, Katy, TX

 HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Grand Crossing II, an 8,500-square-foot, newly developed, fully leased retail strip center located at the confluence of Interstate 10 and Grand Parkway in the Houston-area suburb of Katy, Texas.

HFF marketed the asset on behalf of the seller, Edifis Group.  Urbahns Property Group purchased the property free and clear of existing debt.

Grand Crossing II is 100 percent leased to Sleep Number, GrandLux Nail and American Dental Partners.  Completed in 2016, the one-building strip center is shadow anchored by Costco. 

Ryan West

Situated on a full acre at 23641 Katy Freeway, Grand Crossing II is at the highly visible southwest corner of where Interstate 10 and Grand Parkway meet, providing the center visibility from more than 357,000 vehicles per day.

 The property is part of the larger 125-acre Grand Crossing mixed-use development, which upon completion will include state-of-the-art multi-housing, office and retail uses that will be fully walkable. 

Approximately 93,101 people earning an average annual household income of more than $107,000 live within a three-mile radius of the center.

Katy is one of the fastest-growing residential communities in the United States due to its quality of life, great schools and low crime rate.  There are several globally recognized corporations headquartered within a few miles of Katy (and Grand Crossing), including Igloo, BP Americas, ConocoPhillips and Academy Sports & Outdoor as well as premier medical facilities.

 Due to these factors, Katy has been the recipient of several awards and accolades including “100 Best Places to Live” by Relocate America and “Top Houston-area School District” by Niche.    

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

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

Kristen M. Murphy

Director, Public Relations

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

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

http://urbahns.com.

http://edifisgroup.com.

Shopoff Realty Investments Acquires 45.89-Acre Manufactured Housing Community Near Los Angeles

John Santry

LOS ANGELES, CA –– Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced it acquired a 45.89-acre manufactured housing community in the City of El Monte, a Los Angeles suburb, for approximately $52.7 million.

“Southern California continues to experience a severe shortage of affordable housing, a crisis which is expected to continue for the foreseeable future,” said Shopoff Realty Investments CEO William Shopoff. “We are proud to create a solution that will help meet the current demand and benefit the local community.” 

Located at 12700 Elliott Avenue, the community features 421 home sites with a 64 percent occupancy at close of acquisition. Shopoff Realty Investments’ value-add strategy includes repositioning, re-tenanting and stabilizing the manufactured housing community by adding 150 homes to the community and the city’s housing stock.

“From a macro perspective, we view investments in mobile home parks very favorably,” said John Santry, executive vice president of Shopoff Realty Investments Land Division.

“From the micro perspective, however, this acquisition provides us an opportunity to perform physical and operational improvements, stabilize occupancy and potentially enjoy a significant value-add proposition. It is a rare opportunity to acquire a value-add asset of significant scale within the Los Angeles market.” 

Ladder Capital served as both lender and equity partner to Shopoff Realty Investments.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Passco Companies Expands Portfolio in Florida’s Space Coast; Acquires 336-Unit Multifamily Community in West Melbourne for $53.3 Million

Colin Gillis

West Melbourne, FL – Passco Companies, a privately held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired The Haven at West Melbourne, a 336-unit  multifamily community in West Melbourne, Florida for $53.3 million.

This is Passco’s second acquisition in the Space Coast within the last six months, according to Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

“The Space Coast is one of the fastest growing regions across the Southeast and we continue to find deep value here,” says Gillis. “The region is experiencing rapid job and population growth – both of which are indicators of the future economic growth of the region and key demand drivers we look for with any new acquisition.”

Gillis explains that the region’s population is anticipated to grow another six percent over the next five years. 

“This strong population growth is driven largely by the tremendous amount of new businesses flocking to the Space Coast,” says Gillis. “The Space Coast is home to America’s space and aeronautical industries and is quickly becoming the top destination for STEM (Science, Technology, Engineering and Math) jobs in all of Florida. For example, top employers such as Harris Corporation, Northrop Grumman, and Lockheed Martin are all located within seven miles of the property.”

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

Lauren Burgos/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lburgos@browermillercole.com