AVANI Hotels & Resorts Set to Launch in New Zealand

Metropolis AVANI Residences, Auckland, New Zealand

Bangkok, THAILAND -- AVANI Hotels & Resorts, currently with a portfolio of 18 hotels and resorts in 12 countries across Asia Pacific, the Middle East, Africa and Europe, has announced the acquisition of the Metro Suites business in Auckland, New Zealand.

In a deal worth over NZD 11 million, the Metro Suites business currently operates in the luxury 40-storey tower and will be transformed through a major room refurbishment programme. Upon completion in October 2017, the property will be rebranded as Metropolis AVANI Residences, signalling the AVANI brand’s debut in New Zealand.

Alejandro Bernabe

Alejandro Bernabe, Group Director AVANI Hotels & Resorts, said, “We are delighted to reach agreement with the Metropolis body corporate to secure this hotel business in the very strong Auckland hotel market, as well as launch our AVANI brand into New Zealand.

“Metro Suites presented itself as a compelling acquisition opportunity to expand our foothold within the Asia Pacific region, and we look forward to introducing the AVANI brand into this market later this year following a significant refurbishment programme.”

Located in Auckland on New Zealand’s North Island, the 370-key property was built in 1999 at a reported NZD 180 million and occupies a prime CBD position in the ‘City of Sales’ – the country’s largest and most populated city.

Auckland is renowned as New Zealand’s leading urban hub, while still retaining the splendor of the country’s remarkable natural landscape, fusing scenic harbours, breathtaking volcanic cones and lush rainforest.

The soon-to-be Metropolis AVANI Residences is within easy walking distance to the vibrant waterfront precinct and positioned in close proximity to some of Auckland’s most popular cafes, eateries and entertainment venues, including Vector Arena and Sky Tower.

Launched in 2011, AVANI offers all the details that matter, blending genuine hospitality and modern lifestyle features with a passion for design.

Each of the property’s one and two bedroom apartments will be transformed as part of the revitalisation programme. Rooms will feature spacious living and dining areas, well-equipped kitchens and laundry facilities, and will offer stunning views over the city skyline, harbour and beyond. Leisure facilities include a 22-metre heated swimming pool, indoor and outdoor spas, a sauna, gymnasium with male and female facilities, and steam room.

AVANI Hotels & Resorts is part of Minor Hotels which already has a presence in New Zealand through the Oaks Hotels & Resorts brand where it currently operates two resorts in Queenstown.

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

Hwee Peng Yeo

Vice President

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai

Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190

Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021

1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111

US:415.394.6500 • Asia: 65.9768.6087 •  E: hweepeng@glodownead.com

www.GlodowNead.com

www.avanihotels.com

www.minorhotels.com.

HFF closes recapitalization of and arranges joint venture equity for Solis Ninth Street in Durham, NC

 Ninth Street Apartments, Ninth Street, Durham, NC                           (Photo by Dustin Peck)                        

                                                                                           

Cory Fowler

               

 CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the recapitalization of and arranged joint venture equity for a 229-unit, Class A multi-housing and 10,000-square-foot retail property, formerly known as Solis Ninth Street, on Ninth Street in Durham, North Carolina.

HFF assisted the co-owner in the recapitalization of the property and also arranged a new joint venture equity partnership with Raleigh, North Carolina-based Blue Heron Asset Management, LLC.  This is the sixth acquisition for Blue Heron’s Real Estate Opportunity Fund II.

 The Durham-based Dickson family, which has been involved in Solis Ninth Street since its rezoning, remain invested in the development.  The family’s joint venture developer and co-owner, Terwilliger Pappas Multifamily Partners, has sold its stake in the property.

The property, which is in the process of being rebranded as 810|Ninth, is located at 810 9th Street within walking distance of Duke University, Duke Medical Center, Whole Foods, Harris Teeter, numerous restaurants, shops and other urban amenities, including local gyms, bars and entertainment venues. 

Justin Good

Completed in February 2016, the property has 229 units spread across 187,961 rentable square feet for an average unit size of 821 square feet. 

In addition to its central location, amenities include a saltwater swimming pool; outdoor lounge with grilling area and fire pit; fitness center with dedicated yoga and spin studio; clubhouse; business center; coffee bar; pet spa and grooming station, garage parking located in the center of the building; and 10,000 square feet of ground-floor retail.

The HFF team was led by managing directors Justin Good and Jeff Glenn and directors Cory Fowler and Allan Lynch.

Maurice Malfatti, managing partner of Blue Heron, commented, “We are bullish on Durham and believe in its growth and innovation story.  810|Ninth – our largest single investment to date – is a solid addition to our fund, which targets investments in southeastern U.S. markets, such as Durham, that exhibit strong job and population growth and diverse economic drivers.

“  We love the walkability and neighborhood feel of Ninth Street and are excited to be part of the local ownership group that will own and operate the property for years to come.”

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.blueheronassetmanagement.com

HFF secures $49.6 million financing for mid-rise multi-housing property in Hackensack, NJ

Meridia Metro Apartments, Hackensack, NJ

Jon Mikula

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack, New Jersey.

HFF worked exclusively on behalf of the borrower, Capodagli Property Company, to place the long-term, fixed-rate loan through MetLife Real Estate.

Meridia Metro is situated at the intersection of State and Warren Streets proximate to Routes 4 and 17 and Interstate 80.  The transit-oriented property provides access into New York City and other nearby employment hubs through its proximity to two New Jersey Transit train stations (Essex Street and Anderson Street), transit bus service and Newark Liberty International Airport. 

Completed in 2016, Meridia Metro features a mix of one- and two-bedroom units with amenities such as stainless steel appliances, granite countertops, hardwood floors and walk-in closets.

Community amenities include a 24-hour fitness center; rooftop terrace with cabana bar and fire pit; social room with poker and pool tables; pet grooming room; and grade-level parking garage. 

Michael Klein

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.

“The borrower was seeking a way to take advantage of today’s historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease up,” Klein stated.  “MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower’s needs.” 

 “HFF has been involved in several of these types of transactions of late,” Mikula added.  “Many of our clients are looking to secure debt for a long-term hold or generation play and life companies are best equipped to handle this type of execution.”

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

  http://www.capodagli.com/.

HFF financing totaling $54.25 million for Two Tampa Bay, FL multi-housing communities

 

Mona Carlton

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $54.25 million in financing for the 281-unit Fountain Lake Apartments in Bradenton, Florida, and the 276-unit Sienna Bay Apartments in St. Petersburg, Florida.

HFF worked exclusively on behalf of the borrower, Beachwold Residential (“Beachwold”), to place two separate ten-year, fixed-rate loans with Goldman Sachs. 

 The loan proceeds were used to retire existing bridge financing and return sponsor equity following a renovation/expansion program that allows the sponsor to raise rents and improve the asset’s competitive profile in the market.

Fountain Lake Apartments is located in Bradenton at 5620 Fountain Lake Circle convenient to numerous institutions of higher learning, including the Ringling College of Art and Design and the State College of Florida.

Elliott Throne

 The 281-unit, garden-style property was originally constructed with 201 units in 1984 with Beachwold adding an additional 80 units in 2016 after its acquisition of an adjacent five-acre site.

 Community amenities include a swimming pool, hot tub, grilling area, pickleball court, volleyball court, state-of-the-art fitness center, clubhouse and business center.

 Sienna Bay Apartments is located approximately 36 miles north of Fountain Lake Apartments at 10501 3rd Street in St. Petersburg.  The property is near the 3.2-million-square-foot Carillon Office Park, which is home to employers such as Humana, Raymond James and SunTrust Bank. 

Most recently renovated by Beachwold between 2015 and early 2017, community features include a swimming pool, courtyard, lighted tennis court, state-of-the-art fitness center, dog park, clubhouse and business center.

The HFF debt placement team was led by senior managing director Mona Carlton, managing director Elliott Throne and associate director Matthew Sand.

“The financing provided by Goldman Sachs highlights the fact that there is an abundance of aggressive capital available for multi-housing owners,” Throne stated.  “The properties are a prime example of Beachwold’s expertise in acquiring value-add assets, where they can implement their renovation and enhancement program and then secure them with attractive long-term capital.”

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

The Habitat Company Announces $16M Acquisition and Rehabilitation Investment in Affordable Housing Development in Chicago

 

Matt Fiascone

CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, announced it has closed on the $16 million acquisition and rehabilitation of a 153-unit , single-room-occupancy community in Chicago’s East Garfield Park neighborhood.

Work to renovate East Park SRO has started, and is scheduled to be completed in May 2018.

“The Habitat Company started as an affordable housing developer 46 years ago, and while we are diversified in market-rate and condo management disciplines, we’re consistently looking to grow our affordable housing portfolio with meaningful projects,” said Matt Fiascone, president of The Habitat Company.

“Preserving the affordability of East Park SRO demonstrates how important public-private partnerships are to both provide affordable housing opportunities and link residents with the supportive services they need to become self-sufficient.”

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

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

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523

 www.habitat.com.

NAI Realvest Negotiates Six New Industrial Leases Totaling 15,293 Square Feet at Orlando Industrial Centers

 

Tom R. Kelley II

ORLANDO, FL – NAI Realvest recently negotiated four new industrial leases totaling 12,293 square feet at South Park Business Center, 8600 Commodity Circle, and one for 3,000 square feet at the industrial facility on S. Division Ave.   

Tom R. Kelley, II, CCIM, and Michael Heidrich, principals at NAI Realvest negotiated the transactions on behalf of the landlords.

The five new tenants at South Park Business Center are Special Care Medical of South Carolina, Inc. who leased 3,531 square feet; Lexington Pool & Maintenance, 3,015 square feet; New Sense Productions, Inc., 2,087; Full Circle Productions and American Constructors who each leased 1,830 square feet.   Kelley represented Miami-based Landlord South Park, LLC.

Heidrich negotiated the lease of 3,000 square feet at 1713-1715 S. Division Ave. representing Landlord Richard B. Rogers, Jr. and Allison S. Rogers of Belle Isle, Fla.  The new tenant is Bullbag Corporation d/b/a The Bullbag.

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

Jasmin Curtiss

PR Coordinator, BoardroomPR

jcurtiss@boardroompr.com

O 954-370-8999

Work on Aurora Sunny Isles Beach, FL to Begin with Sales Center Demolition

John Warsing

SUNNY ISLES BEACH, FL – The start of construction at Aurora Sunny Isles Beach is imminent, with demolition of the existing sales center slated for mid-June. A groundbreaking ceremony will be scheduled soon after the three-week demolition work is complete.

Developer Verzasca Group and the Aurora sales team are relocating to a brand-new sales center at 17600 Collins Avenue, adjacent to the project site. The existing sales center will be closed from May 29 to June 5 to accommodate the relocation, but Director of Sales John Warsing and the Aurora team will be available for appointments during that time.

Aurora is the first project to be developed on the west side of Collins Avenue – or A1A – in more than a decade.

“This is a big step for our project,” said Verzasca Managing Director Tim Lobanov. “We are excited to be closing in on the start of construction at Aurora. Demand has been strong, and that will only intensify as the marketplace sees activity on the site.”  

Tim Lobanov

Aurora is a new luxury condominium project with 61 residences at 17550 Collins Avenue in Sunny Isles, one of the world’s most sought-after destinations. The boutique building’s two and three-bedroom residences range from 1,385 to more than 2,150 square feet. Prices start in the $900,000s, making it the most attainable luxury project on Sunny Isles.

The project is more than 45 percent sold, with buyers coming from all over the world.

Aurora is being developed as part of an intimate collection of boutique residences, along with Le Jardin Residences and Pearl House in Bay Harbor Islands.

Earlier this month, Aurora announced the sale of 5,382 square feet of ground-floor commercial real estate at the luxury residential project to an international investor for $5.5 million – or about $1,022 per square foot.

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

Jasmin Curtiss

PR Coordinator, BoardroomPR

jcurtiss@boardroompr.com

O 954-370-8999

www.aurorasunnyislesbeach.com.

www.aurorasunnyislesbeach.com.

www.verzasca-group.com.

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

.

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.