HFF closes $32.25 million sale of 1450 Veterans Boulevard in Redwood City, CA

1450 Veterans Boulevard Office Complex, Downtown Redwood, CA

Gerry Rohm

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $32.25 million sale of 1450 Veterans Boulevard, a three-story, 53,000-square-foot office building in downtown Redwood City, California.

HFF marketed the property on behalf of the seller, Griffin Capital, and procured the buyer, Rees Properties, Inc. 

1450 Veterans Boulevard is located in downtown Redwood City, just one mile from the Redwood City Caltrain station, providing direct access to downtown San Francisco.  

Downtown Redwood City offers the unique combination of proximity to Stanford University, venture capital, the U.S. Highway 101 corridor and connectivity to the executive housing corridor along Interstate 280 via Woodside Road.

  The property was built by DPR Construction for its own use in 2000 and is fully occupied by the firm through 2022.  The 1.81-acre site also offers tenants 171 parking stalls.

The HFF investment sales team representing the seller was led by Michael Leggett, co-head of HFF’s West Coast team; senior managing director Gerry Rohm; director Ben Bullock and associate director David Dokko. 

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

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HFF named to market for sale 301-unit multi-housing property in suburban Wilmington, DE

Mark Thomson

PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has been named to market for sale Brandywine Hundred Apartments, a 301-unit multi-housing property in the historic Brandywine Hundred neighborhood of northern Wilmington, Delaware.

HFF is marketing the property on behalf of the seller, a joint venture between CenterSquare Investment Management and Korman Residential.

Brandywine Hundred Apartments is situated on 10.66 acres at 400 and 402 Foulk Road, less than one mile from major employers, including JPMorgan Chase & Co., AstraZeneca and Nemours/Alfred I. duPont Hospital for Children. 

Additionally, the property is less than half of a mile from shopping and dining along Route 202, and a short distance from numerous state parks, golf courses and recreational activities. 

Brandywine Hundred features units averaging 946 square feet with community amenities such as a swimming pool with sundeck, tennis courts, state-of-the-art fitness center with flat screen TVs, resident lounge with Wi-Fi, business center and covered parking. 

Carl Fiebig

Ownership recently initiated a unit renovation program with renovations to 49 of the 301 units completed to date.  The upgrades have generated an average monthly premium of $155 per unit.

The HFF investment sales team representing the seller is led by senior managing directors Mark Thomson and Jose Cruz and associate director Carl Fiebig.

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 Carolinas establishes retail investment sales team with hiring of Ted Hill and Tom Kolarczyk as associate directors

Ted Hill

           

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has established a dedicated retail investment sales team in its Carolinas office comprising Ted Hill, who joins HFF as an associate director, and associate director Tom Kolarczyk, who joined the firm this past September. 

Mr. Hill and Mr. Kolarczyk will co-lead the firm’s retail investment sales efforts in the Carolinas, bringing with them more than 18 collective years of experience and $1.3 billion of transaction volume.

Mr. Hill joins HFF from Charlotte-based investment and development firm Vision Ventures, where he was a vice president.  He has also worked as a broker at Sperry Van Ness and Morgan-Carlisle.  Mr. Hill is a certified commercial investment member and a member of the International Council of Shopping Centers and the Charlotte Regional Commercial Board of Realtors.  He attended the University of North Carolina.

Prior to joining HFF, Mr. Kolarczyk was a co-founder and principal of Verris Capital focused on the acquisition, disposition and asset management of retail properties throughout the Mid-Atlantic and Southeastern United States.

Tom Kolarczyk

  Prior to that, Mr. Kolarczyk managed an extensive retail portfolio for CW Capital in Washington, D.C.  He began his career as an analyst in the Private Fund Group at Credit Suisse Securities in Manhattan.  

Mr. Kolarczyk is a member of the International Council of Shopping Centers and holds a BSBA from the University of North Carolina at Chapel Hill.

“We are very excited about both Ted and Tom recently joining HFF and establishing our Carolina’s-based retail investment sales team,” commented Ryan Clutter, senior managing director and co-head of the Carolinas office of HFF.  

“Historically, HFF has been involved with many of the most high-profile retail sales in the region, including the sale of the Epicenter in Uptown Charlotte and the Specialty Shoppes on the Park in SouthPark.  

That being said, we feel it is very important to establish a strong Carolinas-based presence in the retail sector that will enhance our ability to serve our clients in the region.” 

“Ted and Tom bring a wealth of experience and well-rounded skill sets to our retail investment sales initiative,” added Clutter.  “We are excited to build on our market-leading retail practice in the Southeast and enhance our service offering to our clients.”

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 $8.85 million sale of Newmarket Center in Boston, MA

   

 

Ben Sayles

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $8.85 million sale of Newmarket Center, a 55,000-square-foot, brick and beam office building located at 67 Kemble Street in Boston’s Roxbury submarket. 

HFF arranged the sale of the property on behalf of the seller, DDJB Real Estate Holdings, LLC, and procured the buyer, The Winhall Companies, on an off-market basis.  Urban Core Development redeveloped the property and served as its manager.

Newmarket Center was originally built in the 1880s to house one of the area’s premier blacksmith shops, which operated until the 1930s.  

After sitting vacant for some time, the building was again occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for roughly 50 years. 

After the wool trade diminished in Boston, the building ultimately ended up vacant and abandoned during the late 1990s.  Urban Core Development brought the building back to life by redeveloping the former warehouse into an innovative and creative loft-style office building during 2014-2015.

Adam Dunn

 Newmarket Center is situated in Boston’s Roxbury submarket about one-half mile from the Newmarket commuter rail station and South Bay Center.

The HFF investment sales team representing the seller was led by Ben Sayles and Adam Dunn.

“67 Kemble is a terrific asset that simply couldn’t be replicated today,” said Sayles.  “Newmarket might be one of the city’s best kept secrets – there is so much exciting activity in the submarket.  We expect to see significant investment activity going forward.”

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

JLL Brings Streetside Classics to Arizona with New Industrial Lease

  

Streetside Classics Showroom, Mesa, AZ

  

PHOENIX, AZ – The Phoenix office of JLL has completed a 53,739-square-foot lease for Streetside Classics that brings the nation’s top consignment dealer of classic and collectible cars to the Arizona market. Streetside will open its sixth – and newest – showroom facility in Mesa, Arizona later this summer.

Based in Charlotte, Streetside specializes in the consignment, purchase and sale of classic and collectible cars to a network of qualified buyers and sellers. The company offers more than 1,200 cars online and in showrooms located in Atlanta, Charlotte, Dallas/Fort Worth, Nashville and Tampa.

Donna Robbins

JLL Senior Vice President Steve Larsen and Managing Director Marc Hertzberg represented Streetside in its site selection and lease negotiations. Ken McQueen and Chris McClurg of Lee and Associates represented the property owner.

“Events like Barrett-Jackson have put Phoenix on the map for classic car enthusiasts and the companies that serve them,” said Larsen. “The combination of Phoenix’s exceptional industrial inventory and its competitive pricing were major advantages that, ultimately, allowed Streetside to secure a high exposure, Class A building with state-of-the-art construction.”

 

Marc Hertzberg

“These market factors keep auto-related transactions in the Valley for showrooms, refurbishment operations and even parts distribution very robust,” added Hertzberg.

“With the new Phoenix-Scottsdale location, we are very excited to make our consignment services more accessible for our West Coast customers. 

"Phoenix is a well-established market for collector cars, and this expansion gives Streetside true nationwide reach as we continue to expand our brand into the best markets in the U.S.,” added Streetside President and CEO Donna Robbins.

The new Streetside showroom is located at 614 E. Auto Center Drive in Mesa, Arizona, within the Metro East Valley Commerce Center. 

The 53,739-square-foot building features a high-end environment with state-of-the-art construction, multiple loading doors and a location that is less than one-half mile from U.S. Highway 60/Superstition Freeway and surrounded by multiple major brand auto dealers.

Streetside will occupy its new space in late Summer.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Stepp Commercial Completes $10.55 Million Sale of 56-Unit Long Beach, CA Apartment Portfolio

Robert Stepp

Long Beach, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.55 million sale of a 56-unit apartment portfolio consisting of three properties in Long Beach, Calif.

Principal Robert Stepp of Stepp Commercial represented the seller, a private investor from Signal Hill, as well as the buyer, Mandek 10 Property Partners, LLC from Corona Del Mar. The portfolio closed at a 4.6 percent cap rate and a price per unit of nearly $189,000.

"This portfolio offered the buyer a solid mix of one- and two-units with rental upside and ample parking," said Stepp. 

"Additionally, this is the downleg for the seller in a 1031 exchange who wanted to sell its smaller assets and trade up into a larger, single, turn-key apartment community for easier property management functions.

“Overall, this increased the seller's cash flow and provided the buyer with a value-add opportunity in a non-rent controlled market."

The three properties include:

*       765 Cerritos Avenue, a 20-unit property built in 1963

*       731 Orange Avenue, a 24-unit property built in 1958

*       933 Alamitos Avenue, a 12-unit property built in 1945

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.steppcommercial.com

HFF closes sale of 400,000-square-foot, 4-building office complex in West Orange, NJ

  

Executive Hill Office Park, West Orange, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Executive Hill Office Park, a four-building office complex totaling over 400,000 square feet in the Essex County community of West Orange, New Jersey.

HFF marketed the property exclusively on behalf of the seller, an entity controlled by RNY Property Trust, and procured the buyer, PAG Investments.

The office complex consists of 31 acres and comprises 10 Rooney Circle and 100-300 Executive Drive.  Built between 1971 and 1984, the complex amenities include a full-service cafeteria, shared conference room and fitness center.

 The property is 48 percent leased to tenants, including Lincoln Educational, GEICO and a U.S. government agency.  Located off Prospect Avenue and Rooney Circle, Executive Hill Office Park is situated at a full interchange of Interstate 280.  The Essex Green Shopping Center is also located adjacent to the complex, providing additional convenience. 

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval and supported by senior managing director Andrew Scandalios.

 “This is a unique transaction that appealed to the office buyers as well as redevelopers,” according to Cruz.  “The buyers saw significant near term upside in the office space and longer term potential in a repositioning play.”

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 $77.75 million sale of and secures $42.76 million financing for retail power center in Mobile, AL

McGowin Park Shopping Center, Mobile, AL

Richard Reid

ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $77.75 million sale of and secured $42.76 million in acquisition financing for McGowin Park, an approximately 375,000-square-foot, best-in-class, regional, open-air anchored shopping center in Mobile, Alabama.

HFF marketed the property for the seller, Hutton Company.  Cole Credit Property Trust IV, Inc. acquired the property free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the seven-year fixed-rate loan with a life company.

Completed between 2015 and 2016, McGowin Park is leased to a variety of national and regional tenants, including anchors Dick’s Sporting Goods, Field & Stream, HomeGoods, Ross Dress for Less, Hobby Lobby, Best Buy, Old Navy, Petco, Ashley Furniture HomeStore and Dollar Tree. 

The center, which is shadow anchored by Costco and Regal Cinemas, has additional development potential through three outparcel pads and two restaurant pads.  Situated at 3075 Government Boulevard, McGowin Park is located at the intersection of Interstate 65 and Government Boulevard (Highway 90) in the West Mobile submarket. 

Jim Hamilton

The HFF investment sales team representing the seller was led by senior managing directors Richard Reid and Jim Hamilton.

The HFF debt placement team representing the buyer was led by senior managing directors Kevin MacKenzie and Mark Sixour.

“McGowin Park is one of the top open-air retail assets in the Gulf Coast and has positioned itself for long-term success based on a dominant tenant lineup and regional location with access to Interstates 65 and 10,” Reid said.

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://hutton.build.

Marshall Hotels & Resorts Opens 162-Room Grand River Hotel, An Ascend Hotel Collection Member, in Grand Rapids, MI

Mike Marshall

SALISBURY, MD and GRAND RAPIDS, MI—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced that the company has opened the 162-room Grand River Hotel, an Ascend Hotel Collection Member, in Grand Rapids, Mich. 

“Grand Rapids’ first Ascend Hotel Collection Member, the Grand River Hotel is designed to appeal to lifestyle explorers seeking a modern retreat in their pursuit of experiential travel,” said Mike Marshall, president and CEO.

“This also marks the first, new full-service hotel to enter the marketplace in seven years, providing Grand Rapids with a much-desired destination for both leisure and business travelers to the area who are design conscious and social, mindful of health and wellness, have a desire to push personal limits and approach travel with a Millennial mindset.”

Located at 270 Ann Street NW just one mile from downtown, the seven-story hotel is near such local attractions as 20 Monroe Live, Van Andel Arena, DeltaPlex, Fifth Third Ballpark, Art Van Sports Complex, Downtown Market and the Gerald R. Ford Museum. 

  

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

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com

www.dalygray.com

www.marshallhotels.com.

Affiliate of The Easton Group Buys Newly Constructed Warehouse in Doral, FL for $21.8 million

  

Edward W. Easton

 Doral, FL— An affiliate of The Easton Group, an established commercial real estate firm based in Doral,  has acquired a new, 182, 000 square foot warehouse/distribution facility in west Miami-Dade County.   

EWE Airport North Logistics Center, LLC paid $21.846 million in cash to the seller, Ridge Development, which recently built the Class A facility. 

The Easton Group, which is handling leasing and management, is currently talking with potential tenants and expects to make an announcement about that soon.    

“This was an opportunity to add a quality asset to our portfolio at a time when industrial real estate continues to fire on all cylinders,” said Edward W. Easton, founder and chairman of The Easton Group. “We still see huge tenant demand for new construction in desirable locations like this one.  As a result, we believe we can secure top-of-the-market rental rates with some room to grow.”

The distribution facility is located on 10 acres at the corner of 87th Avenue and 90th Street west of the Palmetto Expressway with easy access to Miami International Airport and Port Miami.

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

Todd Templin

Boardroom Communications

ttemplin@boardroompr.com

954-370-8999/954-290-0810

NAI Realvest Negotiates Sale of 64-Acre Residential Development Parcel for $3.85 Million in DeBary, FL

Michael Heidrich

DeBary, FL – NAI Realvest recently negotiated the sale of a 64.217-acre residential development parcel on Spring Vista Drive in DeBary for $3,850,000.00. 

NAI Realvest Associate Daniel Blackford, CCIM and Principal Michael Heidrich represented the Seller Springview Heights LLC of Orlando.  The buyer, Winter Park-based Henin Springview, LLC was represented in the transaction by Jerome Henin of Premier International Realty. 

The property was sold with entitlements in place and a preliminary approval and engineered site plan for 195 single-family residential lots.

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

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

More Than $1.4 Million in Longwood, FL and Lake Mary, FL

Nancy Pombo

Orlando, FL – NAI Realvest recently negotiated sales of two office properties – one in Longwood and one in Lake Mary – totaling $1,437,500.00.

Michael Heidrich, principal at NAI Realvest and Associate Patty Nolff represented local seller Zohner Development Inc. in the sale of a 5,000 square foot office building at 1928 Boothe Circle in Longwood.  

Jules Investment LLC of Lake Mary purchased the property for $862,500.00.    Nancy Pombo of NCP Global Realty represented the buyer.

NAI Realvest Principal Tom R Kelley, II, CCIM represented the landlord in the sale of 153 Parliament Loop in Lake Mary for $575,000.00.   

The 4,000 square foot office condo was purchased by Lake Mary Holdings Group represented by John Tsesmelis of Castle Rock Realty & Management.

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

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

NAI Realvest negotiates $1.65 Million Sale of Winter Park, FL Industrial Property

Paul Partyka

ORLANDO, FL – Paul P. Partyka, CCIM, partner at NAI Realvest,  recently negotiated the $1,650,000.00 sale price for the industrial property located at 3454 Aloma Ave. in Winter Park.  .

Partyka represented the seller, Jacqueline Denton Trust of Indialantic, Fla.  Local businessman Faramarz Nasseri purchased the property consisting of a 22,600 square foot warehouse facility on 2.24 acres.  Abdel Kader of Premium Properties Real Estate represented the buyer  

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

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

Meridian Capital Group Arranges $6.5 Million in CMBS Financing to Refinance the Oceanfront Lexington Hotel in Miami Beach, FL

  

Jacob Schmuckler

New York, NY, May 24, 2017 – Meridian Capital Group, America’s most active dealmaker, arranged $6.5 million in CMBS financing to refinance the oceanfront Lexington Hotel in Miami Beach, FL.

The 10-year interest-only loan, provided by a CMBS lender, features a fixed rate of 4.66% and full-term interest-only payments. This transactions was negotiated by Meridian Senior Vice President, Jacob Schmuckler, who is based in the company’s New York City headquarters.

The Lexington Hotel, located at 4299 Collins Avenue, is a 143-room oceanfront hotel in the heart of Miami Beach. Guests enjoy direct access to Miami’s white sand beaches and the boardwalk.

Amenities include an outdoor pool and a poolside cafe, a guest laundry facility, a spacious meeting facility and secure off-site parking. 

The Lexington Hotel offers on-site dining at the Florida Grill Steakhouse and the outdoor Beaches Bar and Grill. Guests are in walking distance from four-star dining options at Blade, Scarpetta, and the Forge Restaurants. Nearby attractions include Jungle Island, Miami Children’s Museum, Bass Museum of Art and the Miami Seaquarium.

“The loan was maturing with the existing lender,” explained Mr. Schmuckler. “Thanks to Meridian’s excellent CMBS lender relationships, we were able to close the loan in 45 days on favorable terms,” 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

EagleBridge Capital Arranges $3.5 Million For Milford South Plaza in Milford, MA

Milford South Plaza, Milford, MA

Ted Sidel

Boston, MA -- EagleBridge Capital has arranged permanent mortgage financing in the amount of $3,500,000 to refinance Milford South Plaza located in Milford, Massachusetts according to EagleBridge principals Ted Sidel and Brian Sheehan who stated that the lender was a leading Massachusetts thrift institution.

Milford South Plaza is a 44,270 square foot retail plaza situated on a 5.13 acre site with parking for 237 vehicles at 146 South Main Street, (Route 140).  

The plaza is 100% leased to four tenants including Big Lots, Dollar Tree, The Milford National Bank, and Dunkin’ Donuts. The Milford National Bank and Dunkin Donuts are located in separate free-standing building.  

The property is managed by an affiliate of Summit Realty Partners of Lexington, Massachusetts.

Other retailers located nearby include CVS, McDonald’s, AT&T, Papa Gino’s, Ace Hardware, Planet Fitness, and Olympia Sports.

Brian Sheehan

Mr. Sheehan and Mr. Sidel stated, “We feel that Milford South Plaza enjoys a very strong retail location.  We were pleased to play a part in the refinancing of this property by our client.”

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, condominiums, apartments, office, industrial, r & d buildings, hotels, and mixed use properties as well as special purpose buildings.

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

Stanley J. Sidel

Senior Advisor

EagleBridge Capital

33 Broad Street

Boston, MA 02109

Tel: 617-292-7177 Ext. 300

www.eaglebridgecapital.com