Canada Pension Plan Investment Board Announces Definitive Agreement to Acquire Parkway, Inc.

Hilary Spann

TORONTO, CANADA and HOUSTON, TX /PRNewswire/ -- Canada Pension Plan Investment Board ("CPPIB") and Parkway, Inc. (NYSE: PKY) ("Parkway") announced today that they have entered into a definitive agreement under which CPPIB will acquire 100% of Parkway, a Houston-based real estate investment trust, for US$1.2 billion, or US$23.05 per share.

The transaction is not subject to a financing condition and is expected to close in the fourth quarter of 2017, subject to customary closing conditions, including approval by Parkway's stockholders.

"Parkway fits well with CPPIB's long-term real estate strategy to hold stable, highquality assets in large U.S. markets," said Hilary Spann, Managing Director, Head of U.S. Real Estate Investments, CPPIB.  "Through this investment, CPPIB gains additional scale in Houston."

James R. Heistand

Parkway owns the largest office portfolio in Houston, totaling approximately 8.7 million square feet across 19 properties.

 Located in the desirable areas of Westchase, Greenway and Galleria, the high-quality office properties are 87.6% leased as of March 31, 2017, and anchored by a broad mix of strong tenants in financial services, technology and commodities businesses.

"CPPIB shares our view of the long-term resiliency of the Houston market, and we believe this transaction demonstrates our commitment to enhancing stockholder value," stated James R. Heistand, Parkway's President and Chief Executive Officer.

"We believe there are still some near-term headwinds in the office sector for

Houston, but the implied asset valuation of this transaction shows CPPIB's

appreciation for the high-quality portfolio we have assembled and the near-term

stability it provides during the current downturn in the market."

Canada Pension Plan Investment Board (CPPIB) is a professional investment

management organization that invests the funds not needed by the Canada

Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and

beneficiaries.

 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

Hanley Investment Group Negotiates Sale of Grocery-Anchored Shopping Center in Corona, CA for $28.6 Million

Sierra Del Oro Towne Centre, Green River Road and Serfas Club Drive, Corona, CA

Ed Hanley

CORONA, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of Sierra Del Oro Towne Centre, a 110,004-square-foot Ralphs grocery-anchored shopping center located at the signalized intersection of Green River Road and Serfas Club Drive in Corona, Calif.

The purchase price was $28.6 million. According to CoStar, this is the second grocery-anchored property to trade in the Inland Empire in the last 24 months.

Hanley Investment Group Executive Vice President Pat Kent, along with President Ed Hanley and Senior Associate Corey Olson, represented the seller, Cornerstone Development Partners of Irvine, Calif. The buyer, Phillips Edison & Company of Cincinnati, Ohio, represented themselves.

Built in 1991, Sierra Del Oro Towne Centre shopping center is located on 11 acres at 2621-2721 Green River Road in Corona. Tenants include Ralphs, Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex.

Pat Kent

The shopping center was 94 percent occupied with strong historical tenants and anchors. According to Hanley Investment Group, 88 percent of the current tenancy has occupied space at the property for more than five years and 70 percent of the current tenancy has occupied space for over 10 years.

“The sale of Sierra Del Oro represented a unique opportunity to acquire an entire grocery-anchored shopping center, including the anchors, shop tenants and pad building ground leases in an affluent market located in Southern California,” said Kent. “Ralphs has operated at the shopping center since it was originally constructed in 1991 (26+ years) and executed a five-year extension in 2015.”

According to Kent, Sierra Del Oro’s Ralphs grocery store is the only “traditional” grocery store within a three-mile radius serving the westerly part of the Corona market and Ralphs has a captured customer audience of nearly double that of its competitors.

Corey Olson

Kent added that the average household income within a one-mile radius of the property is in excess of $104,000 and there are more than 156,000 people within a five-mile radius. 

The property is conveniently situated less than one mile from the Serfas Club Drive exit and two miles from the Green River Road exit on the 91 Freeway (with 275,000 cars per day). 

“Since 2014, there have been 25 retail properties that have traded for over $20 million in Riverside and San Bernardino counties, according to CoStar; only six of these properties were grocery-anchored, which speaks to the rarity of this type of property,” said Kent.

 “In that same period of time, there have been 195 retail properties that have traded for over $20 million in Los Angeles, Orange and San Diego counties, including five grocery-anchored retail properties that changed hands in this year alone.”

“The market for grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange buyers,” said Hanley. 

“So far, this year, we have seen an increase in the supply as sellers recognize that this is an ideal time to sell. However, there still remains limited properties available similar to the Sierra Del Oro in both size and quality.”

Hanley Investment Group has several grocery-anchored shopping centers listed for sale. “Buyers are willing to look in both primary and secondary markets outside of California in search of higher returns and more inventory,” Hanley noted. 

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.hanleyinvestment.com

.

CAPTRUST Advisors, LLC to Relocate Headquarters to Downtown Tampa’s Park Tower

Park Tower, Downtown Tampa, FL

TAMPA, FL – Feldman Equities announced CAPTRUST Advisors, LLC has signed a lease to relocate its headquarters to nearly 10,500 square feet in Park Tower in downtown Tampa. 

The investment consulting firm will relocate to Park Tower later this year after almost 20 years in the CAPTRUST building at 102 W Whiting Street. That building is scheduled for demolition as part of Feldman’s Riverwalk development.

The deal comes on the heels of the previously announced multimillion-dollar renovation to Park Tower.

“The renovation plan is already impacting the building’s leasing,” said Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing.

“The plan to reposition this historic structure as one of the most notable and exciting buildings on Tampa’s skyline is resonating with prospects. We are seeing interest from quality conscious firms for whom high-end finishes and amenities are a must.”

Mike DiBlasi

CAPTRUST will occupy the building’s 18th floor which features expansive views of the waterfront and downtown skyline.  The tenant representation broker for the CAPTRUST lease transaction was Doug Bartley, Partner with Commercial Advisory Services.

“CAPTRUST is excited to modernize our offices and relocate into the center of downtown Tampa in Park Tower,” said Eric Bailey, Managing Principal. 

“The new façade and chic upgrades will be a refresh for CAPTRUST and a focal point near the Riverwalk and major corridors in Tampa. Our employees are looking forward to the move and the opportunity to take advantage of all the new amenities.”  

CAPTRUST Advisors, LLC is a privately-held, employee-owned, independent investment consulting practice headquartered in Tampa, Florida. Founded in 1998, CAPTRUST provides investment consulting services to institutional investors, corporate retirement plans, and family offices.

Eric Bailey

The most dramatic change at Park Tower will be the modernization of the 475,000 square foot office building’s façade.  In addition to painting the exterior a lighter color, a new and dramatic entrance will feature a ‘Light Box’ on one of the most prominent corners of Tampa.  The building’s amenities will be also upgraded with a striking new lobby.

In addition to exterior renovations, plans include the addition of new tenant amenities, including: 

·         High-end lobby café with seating

·         6th floor “Chill Zone” tenant lounge

·         All new fitness center and yoga room with spin bikes

·         Shared tenant conference room

·         New lobby concierge desk

·         Renovated parking garage with new LED lighting

Park Tower currently has full floor availabilities, including a full floor of just-built, move-in ready spec suites. “We’ve had a lot of interest in the spec suites which are nearing completion, said DiBlasi. I’m not sure what has impressed prospects more – the views or the renovation plan.”

In November 2016, a joint venture partnership consisting of City Office REIT, Feldman Equities and Tower Realty Partners acquired Park Tower for $79.75 million. 

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

Mack Feldman

 Feldman Equities LLC

(813)221-6699        

 mfeldman@feldmanequities.com
www.parktowertampa.com 

Meridian Capital Group Arranges $35.5 Million in Construction Takeout Financing for the Shalimar at Davie Luxury Multifamily Property in Davie, FL

Noam Kaminetzky

Boca Raton, FL – Meridian Capital Group, America’s most active dealmaker, arranged $35.5 million in construction takeout financing for the Shalimar at Davie luxury multifamily property located in Davie, FL, on behalf of TM Real Estate Group.

The 10-year loan, provided by a national life insurance company, features a fixed rate of 4.04% and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.

Shalimar at Davie, located at 4901 South University Drive, is a three-story, 240-unit multifamily community, consisting of one-, two-, and three-bedroom apartments and town homes. Each unit features nine-foot ceilings, a washer and dryer, stainless steel appliances, and wood plank floors.

 Community amenities include a fitness center with a yoga and a spin studio, a business center, a residents’ lounge, a resort-style pool and a grilling area. 

Jason Grimm

Shalimar at Davie is situated near the South University Drive and Griffin Road intersection with 330 feet of frontage on South University Drive, offering residents walking distance to a Starbucks, Walmart Supercenter and CVS Pharmacy, and a short drive from the Nova University Campus, Interstate 595, and Florida’s Turnpike.

“This transaction presented a unique challenge as the construction loan was maturing and the asset was still in lease-up,” explained Mr. Kaminetzky. “With a rising interest rate environment and no historical data to rely on, Meridian worked with the lender to create a favorable loan structure, while holding the rate for several months, until the property reached stabilization.”

“Meridian worked closely with the borrower and the lender to match the lease-up velocity with the forward rate lock in order to close the loan with the maximum interest rate protection,” said Mr. Grimm. “This allowed for more time to negotiate every aspect, resulting in a truly custom tailored solution for the client.”

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

Jonathan Stern

Meridian Capital Group

212-972-3600

jstern@meridiancapital.com

MetroGroup Realty Finance Secures Acquisition Financing for Three-Building Industrial Business Park in Orange, CA

Orangewood Business Plaza, Orange, CA

J.D. Blashaw

ORANGE, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, has secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial business park in Orange, California.

The financing was arranged by MetroGroup’s J.D. Blashaw and Ivan Kustic.

The 49,880 square-foot business park, which is located near Angel Stadium of Anaheim, consists of one office building and two flex/industrial buildings.

“The region surrounding Angel Stadium is undergoing tremendous revitalization, presenting a strong opportunity for long-term value for investors,” according to Blashaw, Vice President at MetroGroup, who notes that a new $450 million development is planned to be delivered next to the Stadium, which is approximately one third of one mile from Orangewood Business Plaza.

The new development includes a hotel, high-rise office buildings, a variety of retail and entertainment, as well as apartments and condominiums.

Ivan Kustic

“This ongoing revitalization will serve as a catalyst for future growth and is one of the reasons the sponsor was initially attracted to the property,” explains Blashaw. “Given the strong opportunity for future value creation, the sponsor needed a loan structure that would provide flexibility and increase initial cash flow.”

MetroGroup was able to secure $3.9 million in financing, which was 46 percent of the purchase price.

“This was a complex transaction that required some innovation,” says Kustic, Loan Officer at MetroGroup. “First, we worked closely with the sponsor and the seller to negotiate an additional $4 million using the sponsor’s existing portfolio of income properties as temporary security in anticipation of selling an existing asset.

“From there, we structured interest only payments for the first 18 months of the loan to provide increased cash flow, which gives the sponsor flexibility to make improvements to the asset and bring current rents up to market value.”

MetroGroup secured the five-year, fixed-rate loan at a rate of 4.6 percent. The buildings are located at 1717 and 1745 West Orangewood and 571 North Poplar Street in Orange, California.

Jim Hawkins and Phil Fridd of Lee & Associates represented both the buyer, Betty L. Davies Family Limited Partnership, and the seller, Orangewood Business Plaza, LLC.

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

Elisabeth Manville

Junior Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

emanville@browermillercole.com

www.metrogroupfinance.com.

Illustrated Properties Lands $5.5 Million Palm Beach Biltmore Condo Listing

Shelley Newman

PALM BEACH, FL. | July 21, 2017 – Illustrated Properties, a member of The Keyes Family of Companies, has announced the acquisition of a $5.5 million turn-key listing in the Palm Beach Biltmore condominium building.

Mike Pappas

Shelly Newman, a top producer for Illustrated Properties, is the exclusive listing agent.

Designed 20 years ago by renowned architects David Martin and Charles T. Young and award-winning designer Bettye Jordan Young, Residence 712 at the Biltmore was originally constructed in New York and shipped to its current home at 150 Bradley Place. Inspired by the New York apartment of prominent businessman Bill Koch, Residence 712 was spotlighted in Architectural Digest’s “Around the World” feature.

The timeless 2-bedroom, 2-bathroom residence totals 2,000 square feet of living space and features African wood paneling, high countertops, Asian inspired accents, marble floors and a cityscape view overlooking the Intracoastal Waterway. The residence boasts of unsurpassed quality, impeccable attention to detail, and the highest standards for healthy living.

On-site building amenities at the Biltmore include an Olympic-sized salt water pool, infrared saunas, tennis court, three social gathering rooms and a state-of-the-art fitness center. A personal building representative and concierge are available to assist residents. The Biltmore includes private oceanfront beach club with shuttle service, two spas, a restaurant, and dock.

The prime location puts residents just minutes away from the famed Worth Avenue retail shops, dining and other local attractions.

“From the moment I walked in, I fell in love with the residence’s distinct and serene look,” said Newman. “It’s more than a home. It’s a piece of art. This masterpiece lives as glorious as it looks. The owners addressed the important core details of condominium living when designing this residence.”

Bettye Jordan Young

During her stint in the real estate world, the former award-winning professional figure skater with family ties to Palm Beach for over 50 years, and a business, sales and design background, has facilitated multiple notable transactions in Palm Beach, including the 1320 North Lake Way mansion, which closed for $14.5 million.

“Shelly has experience building, maintaining and selling properties,” said Mike Pappas, President and CEO of The Keyes Company. “Along with her persistent and disciplined athletic background, the unique combination makes her the perfect candidate for this listing.”

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate. In 2016, Keyes listed more than $1 billion in luxury homes priced at $1 million or more.

Keyes is a Founding Member and Shareholder of Leading Real Estate Companies of the World®, a global network of more than 550 premier real estate firms encompassing 4,000 offices and more than 128,000 Sales Associates in 55 countries.

In July 2016, Keyes and Illustrated Properties announced the completion of a merger between the two companies, which continue to operate under their existing brands. Overall, Keyes and Illustrated generate more than $6 billion in annual revenue from their real estate service lines.

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

Jasmin Curtiss

PR Coordinator, BoardroomPR

jcurtiss@boardroompr.com

O 954-370-8999

PM Hotel Group Begins Management of Sheraton DFW Airport Hotel in Texas

                             

  

Joseph Bojanowski

 IRVING, TX, July 19, 2017—PM Hotel Group, a leading, national hotel management company based in Washington, D.C., announced today that it has assumed management of the 302-room Sheraton DFW Airport Hotel. 

“In combination with the Doubletree by Hilton Dallas DFW Airport North, this marks our second hotel in the Dallas/Fort Worth area, a testament to our continued faith in the strength of the marketplace,” said Joseph Bojanowski, president of PM Hotel Group.

“This provides us with invaluable knowledge and the ability to implement economies of scale and shared services and best practices quickly.  Following the implementation of our proprietary management and marketing programs, we are confident the hotel will soon take its place as the preferred hotel for travelers seeking unique, upper upscale accommodations in the area.”

Sheraton DFW Airport Hotel, Dallas-Fort Worth, TX

Located at 4440 West John Carpenter Freeway, the hotel is within minutes of DFW Airport and convenient to the entire DFW Metroplex area, including such attractions as the Texas Motor Speedway, Six Flags Over Texas and AT&T Stadium. 

 The hotel recently completed an extensive $7 million renovation to refurbish guest rooms, expand and redesign the Club Lounge and upgrade the entire lobby experience. 

Guest rooms provide complimentary internet access and the Sheraton Signature Sleep Experience.  Hotel amenities include a state-of-the-art fitness center, outdoor pool, 25,000 square feet of meeting space and the Link@Sheraton, a full-service business center.  

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

Chris Daly, media                                                            

Leticia Proctor, corporate inquiries

(703) 435-6293                                                                

 (202) 787-3304

 chris@dalygray.com

 LProctor@pmhotelgroup.com

MArcus & Millichap Arranges $7.5 Million Sale of The Towers at 1601 Belvedere in West Palm Beach, FL

                  

 

Douglas K. Mandel

WEST PALM BEACH, FL, July 19, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Towers at 1601 Belvedere, a 101,730 rentable-square-foot office property located in the Airport Micro-Market of West Palm Beach, FL, according to Ryan Nee, Vice President / Regional Manager of the firm’s Fort Lauderdale office.

The asset sold for $7,500,000.

This was the second time around for Douglas K. Mandel, Senior Managing Director Investments, and C. Todd Everett, SIOR, Director in the National Office and Industrial Properties Group, as they marketed the property for sale in 2013 for the previous owner.

“Although the market timing was not in our favor back in 2013, we have always believed in the opportunity for an investor to re-position this asset and we were determined to see it through” stated Mandel.

Mandel and Everett, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

C. Todd Everett

The team of Mandel and Everett has been very active in the West Palm Beach market having sold multiple suburban office buildings including the recent sale of Northpoint Corporate Center, a 100,000 square foot class “A” office building located within the Northpoint Corporate Park, as well as three iconic assets on Clematis Street in the heart of downtown and are currently marketing the 100,000 square foot premier Gold Leed Certified office building EcoPlex, also located within the Airport Micro-Market.

Additionally, Mandel and Everett are closing this week on a 207,000-square foot office building in Boca Raton, FL.

“There continues to be a strong appetite for high quality assets in good locations. With supply constraints and limited new development on the horizon, we remain bullish on the suburban office outlook for Palm Beach County” added Everett.

Towers at 1601 Belvedere consists of two, five-story, multi-tenant office buildings, each comprised of approximately 51,000 rentable square feet. The property is connected by a shared atrium/lobby with an Embassy Suites Hotel.

The Property is located at 1601 Belvedere Road in West Palm Beach, FL. 

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

Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Xebec Announces the Formation and Initial Capitalization of Xebec Industrial Trust, LP in Dallas, TX

 

Kevin MacKenzie

DALLAS, TX –– Xebec announced today the formation and initial capitalization of Xebec Industrial Trust, LP, a sector-specific real estate investment entity exclusively focused on the acquisition and selected development of industrial properties primarily in target markets positively impacted by the growth of eCommerce in the United States. 

Xebec Industrial Trust seeks to provide institutional, family office and high-net worth qualified investors with “Core Plus” returns from stabilized cash flowing assets coupled with build-to-core strategies.

In connection with the formation and capitalization transaction, Holliday Fenoglio Fowler, L.P. (HFF) arranged a $46 million loan for the fully-leased, seven-building portfolio comprising four core industrial properties encompassing an aggregate of over 550,000 square feet in Los Angeles and Chicago area markets.

 The HFF debt placement team representing the Xebec Industrial Trust was led by senior managing director Kevin MacKenzie and senior director Brian Torp.

Brian Torp

“Industrial demand in major markets across the country is literally exploding based upon the continued expansion of eCommerce,” stated Randy Kendrick, Chief Executive Officer of Xebec, the parent of Xebec Industrial Trust’s general partner and the primary sponsoring investor in the partnership.

 “Tenant demand is clearly outstripping product supply in many key metros, and in Los Angeles and other Southern California markets tenant demand is driving rent growth that we have not seen in the past 30 years.”

 Xebec Industrial Trust acquired its first tranche of stabilized assets from the Xebec platform that Mr. Kendrick has built during his over 30-year career in industrial development.  

Many investors in the Xebec developed-projects reacted enthusiastically and demonstrated their continued confidence by contributing their interests to Xebec Industrial Trust’s initial portfolio.

“Our existing investors see the benefit of continuing their capital investment from individually developed projects into a diversified, lower-leveraged portfolio with strong cash flow provided by the initial properties contributed to form the partnership,” Mr. Kendrick observed.  

“The initial properties contributed to form Xebec Industrial Trust are of outstanding quality and most are located in key infill locations in Southern California, recognized by most industry experts as the most valuable and sought after industrial market in the country,” continued Mr. Kendrick.  “The largest of the initial properties is an approximately 343,700 square foot campus leased on a long-term basis to Lagunitas Brewing Company (a subsidiary of Heineken NV) in the City of Azusa.” 

Randy Kendrick

 “Xebec Industrial Trust was structured in response to institutional investor feedback and is part of Xebec’s commitment to seek to deliver superior risk-adjusted returns in the industrial asset class across a spectrum of investment opportunities,” said Scott Hodgkins, Xebec’s Executive Vice President. 

Mr. Hodgkins, who brings to the Xebec platform over 30 years of corporate and securities law, finance and capital markets experience working with public and private real estate companies, helped structure and lead the transactions creating Xebec Industrial Trust and will play a significant role in the external management of the partnership’s operations through Xebec Asset Management, LLC, a wholly-owned subsidiary of Xebec. 

“We believe there continues to be tremendous investor interest for industrial exposure given the solid fundamentals for the asset class based upon key market drivers, including the continuing expansion of retail sales migrating to eCommerce channels,” continued Mr. Hodgkins.  “With the formation and initial capitalization of Xebec Industrial Trust complete, we look forward to pursuing a private capital raise from institutional investors later in 2017, together with a concurrent debt strategy, to finance the acquisition over the next two years of the company’s  pipeline.”

 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

Aurora Sunny Isles Beach Grows Sales Team with Addition of Jack Paget

Jack Paget

SUNNY ISLES BEACH, FL – Aurora Sunny Isles Beach has announced the hiring of luxury condominium sales specialist Jack Paget as a sales executive with its growing team.

The addition comes at a time when Aurora developer Verzasca Group is receiving tremendous demand at the Sunny Isles Beach project, which is being developed as part of an intimate collection of boutique residences, along with Le Jardin Residences and Pearl House in Bay Harbor Islands. Verzasca just opened a brand-new sales center for Aurora at 17600 Collins Avenue, adjacent to the project site.

John Warsing

Paget brings more than 20 years of luxury real estate sales experience to Aurora. His distinguished career includes five years as Vice President with leading Miami development and real estate investment company Adler Group and 10 years as a Vice President with real estate firm International Sales Group (ISG). 

Paget graduated from Lehigh University with a Bachelor of Arts degree in International Relations.

Led by Director of Sales John Warsing, the addition of Paget amplifies the wealth of real estate experience at Aurora’s sales team.

“Jack is a tremendous addition to our sales team,” said Verzasca Managing Director Tim Lobanov. “We continue to see strong interest for our project from local and international buyers. The marketplace is realizing that Aurora offers a rare convergence of luxury, value and location.”

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

BoardroomPR

Eric Kalis: ekalis@boardroompr.com, 954-370-8999

Jasmin Curtiss: jcurtiss@boardroompr.com, 954-370-8999

www.aurorasunnyislesbeach.com

www.verzasca-group.com.

HFF closes $16.25 million sale of development site in Raleigh, NC

 

Justin Good

CHARLOTTE, NC, July 18, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $16.25 million sale of an 18.82-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina.  Located at 900 St. Albans Drive, this is the third site closed from the St. Albans at Midtown offering.

HFF marketed the site on behalf of the seller, Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family.

 DeWitt Carolinas Inc. (DeWitt) purchased the site, which is adjacent to DeWitt’s separately owned, 161,000-square-foot One Renaissance Center office building and accompanying land site.

The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has nearly 1.1 million square feet of office space, more than 1,800 multifamily units either completed or underway, and more than one million square feet of retail. 

Allan Lynch

The site at 900 St. Albans is located less than a half mile from Interstate 440 and, in addition to North Hills, is proximate to executive housing in North Raleigh, the tech hub of downtown Raleigh and Duke Raleigh Hospital.  

The new owner successfully rezoned the site in May 2017 to allow for development height between seven and 20 stories.

The HFF investment sales team representing the seller was led by managing director Justin Good and senior director Allan Lynch.

 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

Marcus & Millichap Arranges $2.6 Million Sale of Taco Bell’s Net-Leased Site in Fort Myers, FL

James Medefind

FORT MYERS, FL, July 18, 2017- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Taco Bell, a 2,939-square foot net-leased property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm's Tampa office. The asset sold for $2,600,000.

James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

With Medefind's and Shiebler's efforts, coupled with Marcus & Millichap's extensive marketing platform, ensured that the property sold at the highest potential strike price. 

"We generated five offers for the property in a relatively short listing period,” says Shiebler. "Ultimately, an international investor from South America was selected who appreciated the numerous valuable property drivers. 

"Additionally, the submarket's regentrification efforts and the country's leading migration levels were also key factors in the investor's decision to select this Southwest Florida net leased property." 

Located in the heart of a dense retail corridor, the property is operated by a regional powerhouse franchisee, Coastal QSR, one of Taco Bell's top 20 franchisees in the country, who has a proven 12 year successful operating history at the location.

Taco Bell is located at 3431 Cleveland Avenue in Fort Myers, Florida.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700  

Draper and Kramer’s Sam Groppi Named to Institute of Real Estate Management’s 30 Under 30 Class of 2017

                                                                                                         

Sam Groppi

 

CHICAGO, IL (July 18, 2017) – Draper and Kramer, Incorporated, a full-service national real estate firm, has announced that Sam Groppi, the firm’s revenue manager, was named to the Institute of Real Estate Management’s 30 Under 30 Class of 2017.

“We’re so thrilled that IREM has recognized Sam’s achievements and his passion for the industry,” said Julie Johnson, senior vice president of management services for Chicago-based Draper and Kramer.

“We highly value Sam’s diverse skill set and extensive property management experience that has spanned everything from leasing and operations to capital improvements and financial reporting.”

Julie Johnson

As revenue manager for Draper and Kramer, a position that was created with his capabilities in mind, Groppi is responsible for maximizing revenue by developing and supervising strategies across the firm’s portfolio. He approves daily pricing via revenue management software, leads regular team calls to review revenue growth and provides reporting across all layers of the company. Additionally, Groppi assists with acquisitions and lease-ups for Draper and Kramer properties.

Groppi has also successfully initiated several emerging technology programs that have improved performance, including a customized app to assist resident communication and a software program to standardize preventative maintenance. Currently, he is leading a portfolio-wide rollout of YieldStar revenue management software after spearheading a successful pilot program at select properties.

“I’m incredibly honored that IREM included me among this group of exceptional young professionals,” said Groppi. “I greatly appreciate the many opportunities IREM facilitates for its members to learn best practices, share ideas, ask and offer advice, and mentor the next generation of real estate managers. I am also grateful to Draper and Kramer for creating a position that challenges me and allows me to grow professionally.”  

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.draperandkramer.com.

HFF arranges $65 million in equity and debt for 279-unit apartment development in Philadelphia

  

Ryan Ade

 PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story, 279-unit, luxury apartment building in Philadelphia, Pennsylvania.

HFF worked on behalf of the developer, Radnor Property Group, to arrange both construction financing and preferred equity.  HFF arranged a $48.5 million construction loan from the Santander Commercial Real Estate office in Philadelphia and $16.5 million in preferred equity from an insurance company.

Due for completion in 2018, The Hamilton will consist of studio, one- and two-bedroom unit layouts.  The initial 279 units will be the first of two phases constructed on a 1.68-acre site at 440 North 15th Street.

 The site is positioned in the Logan Square neighborhood at the northern entrance to Center City Philadelphia near multiple employers and institutions of higher learning.  The site has a WalkScore® of 95 and Transit Score of 100.

Rob Hinckley

 The HFF team representing the developer was led by managing directors Ryan Ade, Rob Hinckley and David Giancola and associate director Michael Pagniucci.

“We are excited to be developing in this previously underutilized corridor between Spring Garden and Vine Street,” said Dave Yeager of Radnor Property Group.

 “This collaboration between Radnor Property Group and the Community College of Philadelphia, which has provided the ground lease to the project, will bring a mix of residential and retail offerings that will serve the community at large by sustainably transforming a vacant building into a vibrant, amenity-driven hub for those who wish to live in this highly-desirable and growing neighborhood.”

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