HFF Closes Sale of Southgate Shopping Center in Portland, OR

Southgate Shopping Center, Southgate Area, Portland, OR

Brian Hanson

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Southgate Shopping Center, a 50,826-square-foot, value-add, multi-tenant retail strip center in the Southgate area of Portland, Oregon.

HFF marketed the property on behalf of the seller, ML Commercial Properties, Inc.  A private buyer purchased the shopping center. 

Southgate Shopping Center is 97 percent leased to 10 tenants, including Office Max, HobbyTown, Round Table Pizza, Starbucks, H&R Block, Arby’s and Spring Mobile. 

Situated on 3.4 acres at 10317-10465 SE 82nd Avenue, the center is positioned at the signalized intersection of SE King Road and SE 82nd Avenue in Southgate, a portion of the southward extension of Portland that sits directly along the historic wagon trails.

 The center is proximate to Highway 213 and accessible from Interstate 205.  More than 130,278 residents earning an average annual household income of $71,118 live within three miles of Southgate Shopping Center.

Nick Kassab

The HFF investment sales team was led by directors Brian Hanson and Nick Kassab.

“Competition was stiff, showing the market’s significant appetite for well-positioned, value-add retail opportunities,” Hanson said.  “The buyer plans to leverage its retail relationships and experience to upgrade the center and capitalize on the recent positive demographic shift in a historically strong retail location.”

Founded in 2006, ML Commercial Properties, Inc., owns and asset manages 28 investment properties throughout the country.  These investment properties include apartment buildings, shopping centers and one hotel.

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

Hold-Thyssen Negotiates Six Leases totaling over 6,964 square feet at Phillips Place on Dr. Phillips Blvd. in Southwest Orlando, FL

Darby Hold

WINTER PARK, FL--- Hold-Thyssen, a full service real estate services firm headquartered in Winter Park, negotiated six lease agreements during April and May totaling 6,964 rentable square feet at Phillips Place, 7575 Dr. Phillips Blvd. in Southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. negotiated all six transactions representing the landlord, Financial Way Realty, Inc. based in Cincinnati, Ohio.  The leases include – 

Phillips Place Office Building, Southwest Orlando, FL

• 
  
• About Face Ink, LLC 348 square feet;
•  Law Office of Thomas Tukdarian 760 square feet;
•  Everest Equity Group, 1,077 square feet;
•  Grandesign Advertising Firm, Inc. 1,260 square feet;
•  Patten Law Firm, LLC, 1,659 square feet; and
•  Heather Childers, DDS 1,860 square feet;
•  

 Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place Office Building, which is now 90 percent leased.

Hold-Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

HFF arranges $99.891 million financing for mixed-use development in Los Angeles’ Arts District

  

Rendering of Planned Arts District AMP Lofts, Los Angeles, CA Arts District

  

LOS ANGELES, CA –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $99.891 million in financing for the development of Arts District AMP Lofts, a luxury mixed-use residential and retail property in Los Angeles’ Arts District.

Working on behalf of the developer, Greystar, HFF placed the 48-month construction loan with CIT’s Real Estate Finance business.

Arts District AMP Lofts will have 320 Class A multi-housing units situated above 20,000 square feet of ground-floor retail.  The property will occupy more than half of a large industrial block on E. 7th Street between Imperial Street and S. Santa Fe Avenue in the thriving Arts District, less than a mile from downtown Los Angeles.

 

Bob Faith

  Arts District AMP Lofts will be situated directly across from a 255,000-square-foot creative office development, which will be fully leased to Warner Music Group. 

The project is due for completion in 2019.

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development and property management of rental housing properties globally.  

Headquartered in Charleston, South Carolina, with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing over 400,000 units in over 160 markets globally.  

Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $14 billion in gross assets under management including $6.9 billion of developments underway.  

Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental housing real estate business.  

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

www.greystar.com

HFF arranges $170 million refinancing for 33-property retail portfolio in northern California

Peter Smyslowski

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $170 million refinancing for a retail portfolio of 33 high-performing, triple net leased, grocery retail properties totaling 1.73 million square feet in northern California.

HFF worked on behalf of the borrower, RMP Properties, LLC, to place the 10-year, fixed-rate loan with a consortium of CMBS lenders led by UBS.  The securitized loan is being used to refinance an existing CMBS loan on the portfolio.

The portfolio is 100 percent absolute net leased under a master lease with The Save Mart Companies, one of the largest private regional grocers in California. 

The properties are either free-standing grocery stores or are the grocery anchor in multi-tenant retail centers and feature properties that are operated under well-known grocery brands Save Mart, Lucky, Lucky California and FoodMaxx.  The portfolio properties are well-located in three primary northern California markets:  San Francisco Bay Area, Sacramento and the Central Valley.

Chris Gandy

 The HFF debt placement team was led by managing director Peter Smyslowski, director Chris Gandy and associate Rob Bova.

“The quality of the RMP assets from both an operational and geographical perspective was instrumental in the successful loan placement in a somewhat bearish retail financing environment,” Smyslowski 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

HFF closes $101 million sale of seven-building office portfolio in Tampa, FL and also arranges $67.82 million financing

Tampa Oaks One at 12802 Tampa Oaks Boulevard, Tampa, FL

Hermen Rodriguez

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $101 million sale of and arranged $67.82 million in acquisition financing for a seven-building, Class A suburban office portfolio totaling 698,100 square feet located in the Tampa area.

HFF marketed the portfolio on behalf of the sellers, Osprey East, LLC and Osprey s.a., Ltd.  The Dilweg Companies (“Dilweg”), based in Durham, North Carolina, purchased the properties.  Additionally, HFF worked on behalf of Dilweg to place floating-rate financing with Benefit Street Partners Realty Trust.

The portfolio is 74 percent leased to a variety of quality tenants, with no single tenant occupying more than 11 percent of the rentable space. 

The properties in the portfolio are Tampa Oaks One at 12802 Tampa Oaks Boulevard; Lakeview at Hidden River at 8875 Hidden River Parkway; 9000 Town Center Parkway in the Lakewood Ranch submarket; WestLake Corporate Center I and II at 9119 and 9009 Corporate Lake Drive; Orion Center at 3001 North Rocky Pointe Drive East; and Palm Court at Hidden River at 8600 Hidden River Parkway.

The HFF investment sales team representing the seller was led by senior managing directors Hermen Rodriguez and Ryan Clutter, director Ike Ojala and associate directors Chris Lingerfelt and Tracey Goo.

Ike Ojala

HFF’s debt placement team was led by senior managing director Travis Anderson and director Brent Bowman.

“With this purchase, Dilweg is acquiring a high-quality office portfolio in the dynamic greater Tampa market,” Rodriguez said.

“Given the strong rent growth and solid fundamentals in the broader southeast, the region continues to be very favorable to investors,” added Clutter.

 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.dilweg.com.

29th Street Capital Acquires Rand Park Apartments in Mount Prospect, IL; Community is FirmÕs 5th Chicago-Area Property

Dan Howard

Des Plaines, IL (June 6, 2017) Ð 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired its fifth Chicagoland multifamily property and fourth in the northwest suburbs. 

The 42-unit community is located in Mount Prospect and consists of 18 one- and 24 two-bedroom units.

29SC plans to strategically invest $500,000 in capital improvements. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas.

ÒWe are excited about this opportunity and believe this property is a perfect fit for our value-add capabilities,Ó said Dan Howard, Vice President of Acquisitions for Chicagoland. ÒWe believe in the fundamentals of this submarket and have experienced a great deal of success with our northwest suburban portfolio.Ó

Rand Park Apartments is located near several employment and retail opportunities, including the adjacent Costco-anchored Randhurst Shopping Center. The property further benefits from access to the METRA commuter rail, OÕHare International Airport, and two major highways Ð Interstate 90 and The Tri-State Tollway (I-294).

Rand Park Apartments, Prospect, IL

ÒThe propertyÕs location is a huge positive,Ó Howard added. ÒThe community has convenient access to an array of transportation options and employment opportunities, while also providing its residents an affordable living option within a highly-ranked strong school district.Ó 

The acquisition closed May 31. The sale price was not disclosed.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired over 9,600 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

Learn more about 29SC at https://29thstreetcapital.com.

For investment inquiries, contact:              

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

29th Street Capital Acquires The Reserve at West Avenue; Student Housing Community is Firm’s 2nd at Texas State University

The Reserve Student Housing Community, San Marcos, TX

John Price

SAN MARCOS, TX – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Reserve at West Avenue, a 152-unit, 488-bed luxury student housing community near Texas State University (TSU) in San Marcos, Texas.

29SC’s strategy is to invest $1 million to significantly improve the unit interiors as well as the property’s exterior and amenity package. 

Interior renovations will include granite countertops, new flooring and improved plumbing fixtures. Exterior improvements will focus on modernizing the clubhouse and pool area.

“The Reserve is the second student housing community acquired by 29SC in the last 12 months in San Marcos, which will bring the total number of beds to approximately 1,000,” said John Price, Ph.D., Senior Vice President with 29th Street.

 “We are very excited to expand our footprint at TSU and believe The Reserve represents a tremendous opportunity. The property is well-positioned relative to the main campus and downtown San Marcos and we plan to substantially increase the property’s appeal and provide the best value proposition to the ever-growing student body at TSU.”

The transaction closed May 26. The sale price was not disclosed.

Learn more about 29SC at https://29thstreetcapital.com.

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

Cushman & Wakefield Negotiates $26.75M Sale of Riverwalk Pointe at Mangrove Bay in Jupiter, FL

Riverwalk Pointe at Mangrove Bay Apartments, Jupiter, FL

Robert Given

JUPITER, FL, June 7, 2017 — Cushman & Wakefield’s South Florida Multifamily team of Vice Chairman Robert Given, Executive Vice President Calum Weaver, Executive Managing Director Zachary Sackley and Senior Managing Director Troy Ballard has successfully arranged the sale of Riverwalk Pointe at Mangrove Bay, a 55+ community located at 1026 South U.S. Highway 1 in Jupiter, FL.

Mangrove Bay Housing, LLC, a joint venture of Eastwind Development and Index Apartments, LLC, sold the residential asset to Pleasant Valley Market Place, LLC for $26.75 million.

“The property received a significant amount of investor interest from a broad cross section of potential buyers due to its location, vintage and size,” said Weaver. “We ultimately went with an out-of-state buyer who was able to move quickly due to 1031 exchange requirements.”

“Since the beginning of this year, we have received more 1031 exchange requests than ever before,” added Weaver. "We currently have five deals contracted with exchange buyers, of which Riverwalk was one.”

Calum Weaver

The property, built in 2014 and located on U.S. Highway 1 just south of Indiantown Road, is currently stabilized with 95 percent occupancy and an average market rent of $1.76 per square foot.

Riverwalk Pointe at Mangrove Bay consists of 104 units within two buildings. Each building features underground parking and storage area. There is a 3,500-square-foot clubhouse between the buildings that includes a swimming pool as well as a fitness center.

 The unit mix includes one-, two- and three-bedroom units averaging 1,123 square feet. The units feature high-end finishes and appliances including washer/dryers, stainless steel kitchen appliances, granite countertops and vinyl plank flooring.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions.

Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.

To learn more, visit www.cushmanwakefield.com

 or follow @CushWake on Twitter.

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

David A. Meyer

Owner

Meyer Media 

+ 1 407 489 7488

david@meyer.media

Graycor Construction Co. Hires Rusty Martin as Project Executive

 

Rusty Martin

PHOENIX, AZ,  June 6, 2017 – The Southwest division of Graycor Construction Company has hired Rusty Martin as Project Executive. 

Based in Graycor’s Phoenix office, Martin is charged with providing high-level operations and expanded business development support as Graycor broadens and diversifies its Southwest regional portfolio.

“The addition of Rusty’s 20 years of construction and operations experience continue to expand Graycor’s capacity and add to the momentum we’re experiencing at a very exciting time in the market cycle,” said Todd Ostransky, Graycor Construction Company General Manager – Southwest Division.

“We are in significant growth mode, and very bullish about putting the full weight of Graycor’s platform to work in our region. Rusty’s deep industry expertise will help lead our team toward that future.”

Martin previously worked at Kitchell and The Weitz Company, overseeing Native American, retail, mixed-use, office and tenant improvement projects throughout the Southwest.

His project experience includes the Ak-Chin Justice Center, The Shops at Chauncey Ranch, Scottsdale 101 shopping center, Barneys New York, Riverwalk at Talking Stick, CityScape Block 77 mixed-use development and a large tenant improvement assignment for Banner Health that was just named the “Tenant Improvement Project of the Year” by both the National Association of Industrial and Office Properties (NAIOP) and Engineering News Record magazine.

Todd Ostransky

“I was attracted to Graycor’s diverse portfolio and scalability,” said Martin. “Their legacy of historical, long-term measured growth – paired with their fresh approach to the Arizona market – makes them an excellent firm. I look forward to what we can achieve for our clients, both locally and nationally.”

Graycor’s concentration in the market continues to expand, recently kicking off new projects with Prologis, Liberty Logistics Center II and beginning construction as design-build partner for the Camelback Collective, a highly anticipated, mixed-use development by LaPour Partners that encompasses 120,000 square feet of modern Class A office space and a 160-room AC by Marriott hotel in the heart of Phoenix’s Camelback Corridor.

“Our team is focused on continuing to deliver value when addressing market demand, and the addition of new talent just adds to our efficiency,” said Ostransky. “It’s fun to visualize what the future brings for the entire Graycor team.”

Martin holds a bachelor’s degree in construction management from Brigham Young University and is a member of the Arizona Builders Alliance, Design-Build Institute of America, International Council of Shopping Centers and NAIOP. He can be reached at 480.894.3480 or Rusty_Martin@graycor.com.

 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.graycor.com

HFF closes $8.3 million sale of Class A office building in Raleigh-Durham, NC

3110 Edwards Mill Office Building, Raleigh-Durham, NC

Scot Humphrey

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 3110 Edwards Mill, a 45,692-square-foot, three-story, Class A office building in Raleigh-Durham, North Carolina.

 HFF marketed the property on behalf of the seller, Atlanta-based The Simpson Organization, and procured the buyer, a private investor represented by Michael Waldrop of Waldrop Properties.

The property is situated on a 3.0-acre site at 3110 Edwards Mill within minutes of the inner beltline of West Raleigh. 

 This highly-amenitized location has easy access to the Triangle area’s main thoroughfares, including Interstates 440 and 40, which provide connectivity to downtown Raleigh, RDU International Airport, downtown Durham and many of the area’s exclusive “inside the beltline” communities.

Ryan Clutter

 3110 Edwards Mill is 92.5 percent occupied by a variety of law firms and financial service providers, including Hutchinson, PLLC, and Underwood & Roberts, PLLC 

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

“3110 Edwards Mill represents an outstanding investment opportunity due to its premier location, attractive stability and future upside potential with in-place rents that are greatly under market,” said Humphrey.

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

michael@wp-cre.com

Passco Cos. Promotes Stacy Stemen in New Role to Vice President, Corporate Marketing

Stacy Stemen

                IRVINE, CA (June 5, 2017) –  Passco Companies, LLC has announced the promotion of Stacy Stemen to Vice President, Corporate Marketing, a new position created by the firm to recognize her role as part of the firm’s executive team, according to Larry Sullivan, President of Passco Companies. 

“In addition to driving our external brand and our internal culture, Stacy is a strong part of our industry, finding leading-edge strategies and generating new key industry relationships for the firm,” Sullivan explains. “Promoting her to Vice President, Corporate Marketing, denotes the value we place on her, and on the work she is accomplishing in helping us reach our goal to acquire $1    billion in real estate this year.”

 

Larry Sullivan

Stemen, who joined Passco in 2013, is also President-Elect of Commercial Real Estate Women, Orange County Chapter (CREW-OC), and is an active member of the International Council of Shopping Centers (ICSC) and Alternative and Direct Investment Securities Association (ADISA).

“As the incoming President of CREW-OC, the industry's leading real estate networking organization focused on the achievements of women, Stacy demonstrates both her real estate expertise and her recognized position in our industry’s leadership,” explains Sullivan.

Stemen has more than a decade of experience in the commercial real estate arena, as well as having held positions with Hyatt Hotels Corporation and the American Red Cross. A graduate of California State University, Fullerton, Stemen resides in Orange County with her husband and son.

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

www.passco.com

The Habitat Company Launches New Online Payment System

Sheila Byrne

CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, has become one of the first national property management companies to roll all of its market-rate rental properties into an electronic rental payment system.

Habitat implemented its new online payment program earlier this spring across its five-state, 8,800-unit rental portfolio to benefit its residents as well as the environment.

Habitat first introduced an online payment-only system to a few properties in 2011. After strong success with the new payment program, Habitat began to gradually move more of its properties to electronic rental payment systems and recently revamped its payment system to make it possible for residents of all of its market-rate properties to pay from the comfort of their home or anywhere they have online access.

This move furthers Habitat’s role as an innovative industry leader. Now, residents no longer have to spend time physically dropping off payments or waste paper writing checks.

“The Habitat Company is always looking for ways to positively impact the lives of residents, and streamlining our payment system achieved immediate benefits as well as environmental efficiencies,” said Sheila Byrne, executive vice president of property management for The Habitat Company.

 “Plus, on the back end, eliminating the administrative and accounting work of processing checks helps free up time for the Habitat team to better serve the needs of our residents.”

  

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.

HFF secures $11.5 million acquisition financing for Publix-anchored retail center near Atlanta, GA

  

Castleberry Southard Retail Center, 5475 Bethelview Road, Cumming, GA

Ed Coco

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $11.5 million in acquisition financing for Castleberry Southard, a dominant 80,018-square-foot, Publix-anchored neighborhood retail center in the affluent Atlanta submarket of Cumming, Georgia.

HFF worked on behalf of the borrower, New Market – Castleberry, LLC, a wholly-owned subsidiary of New Market Properties, LLC, to place the 10-year, fixed-rate financing with Principal Global Investors. HFF brokered the sale of this property to the borrower in a previously announced transaction.

Located at 5475 Bethelview Road in Cumming, Castleberry Southard is situated at the “main and main” intersection of Castleberry and Bethelview Roads in one of the most affluent and fastest-growing submarkets in the Atlanta area. 

More than 38,000 residents earning an average annual income of more than $110,000 live within a three-mile radius of the center.  Built in 2006, Castleberry Southard is 92 percent leased to a variety of tenants, including Publix, The UPS Store, Subway, H&R Block and Huntington Learning Center.

The HFF debt placement team representing the borrowers was led by senior managing director Ed Coco and associate Matt Casey.

“The acquisition of Castleberry Southard adds another high-quality, market-leading grocery-anchored shopping center to the New Market Properties’ portfolio, and we were pleased to arrange financing to support New Market’s business strategy,” Coco said. 

 “The pace of growth and residential development in the immediate area will only benefit the property and enhance the investment in the years to come.”

 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

www.newmarketprop.com

PMB and Jacobs Development Company Kick Off Construction on Two-Story Medical Office Building in Riverside, CA

Rendering of Planned Medical Office Building, Riverside, CA

  

Norman Hames

Riverside, CA— Pacific Medical Buildings (PMB) and Jacobs Development Company have broken ground on a two-story, 27,000-square-foot medical office building in Riverside, Calif.

Once completed at year-end, the building will be 100 percent occupied by RadNet, the leading national provider of freestanding, fixed-site diagnostic imaging services in the U.S.

“RadNet is committed to providing high-quality healthcare that is convenient and accessible. We are pleased to be an integral part of a project that will improve the quality of healthcare to a diverse and growing community,” said Norman Hames, President and COO, RadNet. 

The site unto which the project is located is situated between a DEA building and two historic Victorian homes dating back to 1891. Fourteen Victorian homes were relocated prior to the purchase of the land, which was sold to PMB and Jacobs Development by the City of Riverside.

“The building will provide much needed healthcare services to the area. RadNet is a leader in value-based healthcare delivery, and we are proud to be their healthcare real estate development partner helping them deliver low-cost, high-quality healthcare services to the greater Riverside community. This development is further proof of RadNet and PMB’s continued commitment to care for the Riverside community,” said Ben Rosenfeld, Vice President, Development, PMB.

Ben Rosenfeld

The new building, located in the Prospect Place Historic District at 4500 Olivewood Avenue, is in close proximity to downtown Riverside. 

While the building features concrete tilt-wall construction, the team has worked to seamlessly integrate its clean design into the surrounding community, including a monument wall at the main entry and customized canopy at the entry to provide shade and weather protection for patients and visitors. 

“This community is underserved for efficient and accessible healthcare services. 

"This provided a great opportunity for us to work with RadNet, the City of Riverside and other outstanding community groups and organizations to create a facility that will meet the needs of the surrounding community. We are very excited to create a top-notch facility that will meet the medical needs of the surrounding community,” said Pietro Martinez, Project Manager, Architecture and Construction, PMB.

Ware Malcomb is the architect for the project along with Psomas as civil engineer and Oltmans Construction Company as general contractor. The drought tolerant landscaping is being designed by Community Works Design Group.

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

Jessica Thompson 949-233-8575 / Jessica@spauldingthompson.com

Laura Mickelson 949-295-4452 / LauraMickelson@cox.net

www.comworksdg.com

www.oltmans.com.

www.waremalcomb.com.

www.psomas.com.

www.radnet.com.

www.pacificmedicalbuildings.com.

Real Estate Capital Institute Sees Only Modest Capital Rate Hikes on Horizon

Jeanne Peck

Chicago, IL -- "The Day the Rates Stood Still" would be

the title of a real estate finance sci-fi thriller describing the state of

the capital markets.  Over the past month, numerous trading days resulted in

the same rates as the previous days, a pricing pattern not seen anytime

earlier this year.   The reduced rate volatility indicates the markets

expect relatively modest rate hikes in the next few months. 

In capital markets awash with investment funds, such conditions favor

tightening mortgage spreads as rate-hike fears calm.  The overall flight to

higher quality, safer fundings creates even more pressure to tighten spreads

due to the limited supply of such lending opportunities.  As the domestic

economy keeps humming along at the currently favorable pace, expect

long-term mortgage spreads the investment-grade assets with lower leverage

to reach down toward the 100-basis-point range.

Today's lower debt costs come as tremendous relief to the industry given numerous other issues facing owners.  

For example, in certain pockets of the U.S. rents are difficult to maintain [and increase] within the apartment sector due to the onslaught of new supply.  On the commercial front, disruptive technologies and changing consumer habits place relentless pressure on retail and office properties to integrate bricks-and-mortar with

internet spending habits. 

As was a common theme at the International

Council of Shopping Centers' major RECon 2017 event, it is not a question of

retailers needing to sell via bricks and mortar as opposed to online - the

question is how to optimize using both!  Finally, operating expenses for all

property types are rapidly escalating due to higher labor and material

costs.  In the end, owners must allocate more funds to operating, over and

above debt service.

Ms. Jeanne Peck of The Real Estate Capital Institute, notes, "Steady debt

pricing is welcomed relief for the industry.  Instead of worrying about

rising debt-service costs, owners can allocate more spending on technologies

that improve income while reducing expenses."

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

Jeanne Peck, Executive Director

director@reci.com

www.reci.com