HFF closes sale of Publix-anchored shopping center in Birmingham, AL

Daniel Finkle

MIAMI, FL, July 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Clay Marketplace, a 66,165-square-foot community shopping center anchored by Publix in Birmingham, Alabama.

HFF marketed the property on behalf of the seller, Kite Realty Group Trust.  The property was purchased free and clear of financing.

Clay Marketplace is anchored by Publix, the dominant grocery store in the region, and is 98 percent leased to AutoZone, Subway, Phil Rose Shoes, Spirit Locker, Pasquale’s and more.

 Situated on 7.8 acres at 2121 Sweeney Hollow Road, the center is in northeastern Birmingham on the west corner of the intersection of Chalkville Mountain Road, Old Springville Road and Sweeny Hollow Road, three of the trade area’s major roadways with combined traffic counts of approximately 53,970 vehicles per day. 

There are more than 48,000 residents earning an average annual household income of $64,747 within a three-mile radius of Clay Marketplace.

The HFF team representing the seller was led by senior managing director and co-head of HFF’s retail practice Daniel Finkle, senior managing directors Jim Hamilton and Brad Peterson and director Eric Williams.

“Clay Marketplace represented a rare opportunity to acquire a dominant Publix-anchored shopping center in Birmingham, Alabama, with strong tenant performance,” Hamilton said.

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.kiterealty.com.

HFF arranges $17.729 million financing for retail power center near Dallas, TX

 

Chris Drew

MIAMI, FL, July 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $17.729 million in post-acquisition financing for Creekwalk Village, a 174,484-square-foot, fully leased retail power center in the north Dallas-area community of Plano, Texas.

HFF worked on behalf of the borrower, an entity controlled by Sterling Organization, to place the loan with Southside Bank.

Creekwalk Village is home to Michaels, Bed Bath & Beyond, Barnes & Noble, Petco, Old Navy, Designer Shoe Warehouse, Plano Urgent Care, Uptown Nail Spa and Hallmark.

 Situated on 14.71 acres at 801 West 15th Street, Creekwalk Village is proximate to Collin Creek Mall and the 180-acre CityLine mixed-use development comprising three million square feet of office and 92,000 square feet of retail space; a Whole Foods Market; 1,700 residential units and 150 hotel rooms. 

Approximately 103,699 residents earning an average estimated annual household income of more than $94,500 live within three miles of the property.

The HFF debt placement team was led by senior managing director Chris Drew, senior director Nat Scarmazzi and director De’On Collins.

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

https://www.southside.com/

http://www.sterlingorganization.com/

Audubon Communities Acquires Gainesville, GA Multifamily Property in $22 Million Deal

Myles Cunningham

ATLANTA, GA (July 27, 2017) – Audubon Communities, an Atlanta-based company specializing in the acquisition and management of multifamily properties throughout the Southeast, has purchased the 292-unit Lenox Park complex in rapidly growing Gainesville, Georgia for $22 million. The property will be renamed Peaks at Gainesville.

Audubon plans to invest nearly $3 million in improvements to the property, which was built in 2000 and consists primarily of large two- and three-bedroom apartments that average 1,100 square feet, making it ideal for families and roommate living arrangements.

“Gainesville is a highly desirable market because of its strong population and job growth,” said Myles Cunningham, Audubon’s vice president of acquisitions. “Lenox Park was a quality property in a great location. It was an attractive investment, and we believe the renamed Peaks at Gainesville will be a big success.”

The population in the Gainesville area has grown more than 40 percent since the 2000 Census. Employment grew 6.2 percent in 2015, easily the fastest rate in the state and the third-fastest in the South. Employment is anchored by Northeast Georgia Health System, which employs more than 7,000 people. Hall County is home to 300-plus manufacturing and processing businesses, and 46 international companies representing 18 nations.

Christopher Edwards

Audubon’s planned renovations include:

§  Upgrades to the leasing office, pool and other amenity areas

§  Addition of a fitness center

§  Renovation and expansion of the existing playground

§  New fiber-cement siding

§  New lighting, exterior paint and signage

§  Correcting drainage and erosion issues and installing new landscaping

“We’re confident the investments we’re making to improve the property will be appreciated by current residents and be a great selling point for our leasing staff going forward,” said Christopher Edwards, Audubon’s managing director.

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

Gary Tanner

The Wilbert Group

678-677-9754

gtanner@thewilbertgroup.com

 http://www.acmapts.com

Fimiani Development Corp. Acquires Willow Tree Plaza in Cookeville, TN

Willow Tree Plaza, Cookeville, TN

Mike Fimiani

BOCA RATON, FL (July 27, 2017) – Fimiani Development Corporation has acquired Willow Tree Plaza in Cookeville, Tenn. from Willow Tree Partners for $4.225 million.

The 110,000 square-foot shopping center, located at 138 Willow Avenue in Cookeville, is anchored by Save A Lot, Harbor Freight Tools, Aaron’s and Family Dollar. Boca Raton, Fla.-based Fimiani Development Corporation plans extensive renovations to Willow Tree Plaza including repainting the center, adding a new roof and repaving the parking lot.

“Willow Tree Plaza’s close proximity to the historic downtown and central business district, Tennessee Tech University and Cookeville Regional Medical Center makes it an appealing location for retailers,” said Mike Fimiani, president of Fimiani Development. “We look forward to renovating the property which will add value not only for our tenants but also for the community.”

Fimiani represented Fimiani Development and Zach Taylor and Jonathan Gerzburg of Marcus & Millichap represented the seller. For more information, visit www.fimiani.com.

Zach Taylor

 Fimiani Development Corporation is a boutique development firm located in downtown Boca Raton, Fla. focused on creating value by redeveloping retail and commercial real estate projects throughout Florida and the southeastern United States.

What differentiates the company from others is its size, experience, focus and attention to detail. Services include acquisition and redevelopment of existing shopping centers; consultation in developing third-party leasing programs; performing third-party leasing assignments of retail centers; and receivership and workout assignments of retail, commercial and residential real estate projects.

For more information visit www.fimiani.com.

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

Samantha Van Nuys

Pierson Grant Public Relations

6301 Northwest 5th Way, Suite 2600

Fort Lauderdale, FL  33309

P: (954) 776-1999  ext. 115

F: (954) 776-0290

svannuys@piersongrant.com

www.piersongrant.com

                          

High Impact Digital

J.P. Morgan purchases Denver-area ultra-luxury apartment in $127.4 million sale closed by HFF

Kent Place Residences, Cherry Hills Village Area, Englewood, CO

DENVER, CO  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $127.4 million sale of Kent Place Residences, a 300-unit, ultra-luxury, Class A apartment community located in the Cherry Hills Village area of Englewood, Colorado.

Anna Stevens

HFF marketed the asset on behalf of the seller, Forum Real Estate Group.  Institutional investors advised by J.P. Morgan Asset Management purchased the asset and assumed the existing financing at closing.

The HFF investment sales team representing the seller was led by managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.

Completed in 2015, Kent Place Residences consists of three four- or six-story buildings offering a mix of one-, two- and three-bedroom units averaging 1,243 square feet, more than 25 percent larger than units at competing properties. 

Jordan Robbins

Apartment homes feature market-leading interior finishes, including oversized windows, vinyl wood-plank flooring, designer lighting, five-piece bath, custom cabinetry, granite countertops with under mount sinks, walk-in closets, Whirlpool stainless steel appliances, full-size washers and dryers, and large private balconies or patios.

 Additionally, the property contains the only for-rent penthouses in the highly-affluent southeast Denver area.  Penthouses range between 2,375 and 2,779 square feet and contain upgraded amenities, including Electrolux appliances with gas ranges, quartz countertops, hardwood flooring, glass tile backsplash, private garages, floor-to-ceiling windows with stunning views, gas fireplaces and access to the roof-top lounge.

The 5.85-acre community is located adjacent to the Cherry Hills Village neighborhood, one of the most affluent areas in the Rocky Mountain region and the highest demographic location within Denver.

 Kent Place Residences is positioned on the corner of East Hampden Avenue and University Boulevard and is included within a mixed-use development equipped with approximately 34,000 square feet of retail anchored by a King Soopers Fresh Fare grocer.

 Additionally, in addition to prominent medical districts, residents can easily access four of Denver’s premier employment centers, Denver Tech Center, Southeast Business corridor, downtown Denver and Cherry Creek, along with premium retail at Cherry Creek Shopping Center, Streets at Southglenn and South Pearl Street.

Jeff Haag

“Kent Place is one of the most unique multifamily properties in all of Denver, with extremely large units to fit the area’s most prominent demographic,” Robbins said.  “Additionally, Forum Real Estate Group did an outstanding job with ‘over-amenitizing’ the property to genuinely fit the resident profile. This is truly an irreplaceable asset within the market.”

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 | hfflp.com

ohennessey@hfflp.com

www.jpmorganassetmanagement.com.

http://www.forumre.com.

HFF closes sale of 4-property multi-housing portfolio in Central Pennsylvania

  

 

Greenview Terrace Apartments, Lancaster, PA

Mark Thomson

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a four-property, value-add multi-housing portfolio totaling 412 units in Lancaster County, Pennsylvania.

HFF marketed the asset on behalf of the seller, Equus Capital Partners, Ltd.  High Real Estate Group purchased the offering free and clear of debt.

The portfolio comprises Greenview Terrace (112 units) and Barrcrest Manor (85 units) in Lancaster; Village Green in Elizabethtown (128 units); and Lebanon Court in Lebanon (87 units). 

The portfolio is centrally located in a prime distribution corridor and offers residents access to all major destinations in Pennsylvania via highways, including Interstate 76 (Pennsylvania Turnpike) and U.S. Routes 322, 422 and 283.

The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and directors Carl Fiebig and Francis Coyne as well as senior managing director Jose Cruz and executive managing director Matthew Lawton.

Carl Fiebig

“While we have always seen a high demand for ‘bread and butter’ value-add garden apartments, there has been a flood of equity into the space this year,” Thomson said.  “With a lack of velocity in the four counties surrounding Philadelphia, many investors have expanded their interest into Central Pennsylvania and Delaware.”

“This portfolio offered a nice diversity of size, ranging from 85 to 128 units, and vintage, with assets from the 1960's, 1970's and 1990's,” Thomson added.  “We conducted 33 tours of this portfolio, which resulted in offers from 15 different companies.”

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 | hfflp.com

ohennessey@hfflp.com

www.equuspartners.com.

Flix Brewhouse Cinema Eatery Coming to Peoria, AZ

Flix Brewhouse, Lake PLeasant Parkway and Happy Valley Road, Peoria, AZ

 Peoria, AZ -- Flix Brewhouse™, the world’s only combination first-run cinema and dine-in microbrewery, will become the entertainment anchor at the southeast corner of Lake Pleasant Parkway and Happy Valley Road in Peoria, Arizona.

The Peoria location will be Central Texas-based Flix Brewhouse’s second Arizona location. Its first is in the Overstreet development in downtown Chandler, Arizona – part of the cinema-dining chain’saggressive expansion throughout the United States.

Tyson Switzenberg

JLL’s Senior Vice President and Phoenix Retail Brokerage Lead Tyson Switzenberg represented Flix Brewhouse in the lease transaction. The project landlord is Thompson Thrift Retail Group.

“Flix Brewhouse mixes the Valley’s burgeoning craft beer scene with a best-in-class cinema dining experience,” said Switzenberg. “We are incredibly excited to bring this unique concept to Peoria and believe it will compliment Thompson Thrift’s development as a new entertainment anchor for the Northwest Valley.”

The Peoria Flix Brewhouse will total approximately 39,000 square feet and feature nine (9) auditoriums equipped with parabolic screens, state-of-the-industry digital audio and video (including immersive sound), extra-wide plush seating, and an innovative gliding tabletop console.

 Viewers will enjoy unobtrusive, in-theater service from a complete cooked-to-order menu that will be tailored to local tastes, as well as a broad selection of soft drinks and adult  beverages, including a dozen signature beers brewed on premises.

In addition to showing the latest Hollywood blockbusters, Flix Brewhouse offers a wide variety of special features and events, including a Pro-Am homebrew competition, Brewmaster dinners, on-site Beer 101 brewing and tasting seminars, and numerous themed classic film series and interactive experiences such as dinner comedies, singalongs, and Saturday morning pajama parties.

Flix also celebrates unique food and craft beer creations with a range of ongoing dining and tasting events, showcasing beer from other craft breweries as well as its own.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

ATTOM Data Solutions Finds Average Homeownership Tenure Increases to New Record High of 8.05 Years;

 

Daren Blomquist

IRVINE, CA,  July 27, 2017 — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q2 2017 U.S. Home Sales Report, which shows that homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.

The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.

The report also shows that homeowners who sold in the second quarter had owned an average of 8.05 years, up from 7.85 years in the previous quarter and up from 7.59 years in Q2 2016 to the longest average homeownership tenure as far back as data is available, Q1 2000.

“Potential home sellers in today’s market are caught in a Catch-22. While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

 “And the market is becoming even more competitive, with the share of cash buyers in the second quarter increasing annually for the first time in four years.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@attomdata.com

The Habitat Company Adds Three Affordable Housing Properties to Chicago-Area Portfolio

  

 

Eastwood Gardens Apartments, Englewood Neighborhood, Chicago, IL

 CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, announced it has acquired and assumed property management of an affordable rental development in Chicago’s Englewood neighborhood and also assumed management of two additional affordable housing communities in the Chicago area.

The three properties, which total 500 residences in Chicago and suburban Chicago Ridge, will increase Habitat’s affordable housing portfolio to more than 10,000 units.

“Ensuring families have access to housing they can afford is as much a part of The Habitat Company’s core business as its legacy,” said Matt Fiascone, president of The Habitat Company. “These three projects are a perfect fit for Habitat’s portfolio, and will further our commitment to preserving quality affordable housing opportunities so people can continue living in these Chicago communities they’ve called home for years.”

Matt Fiascone

The three new properties are:

Eastwood Garden Apartments, 6531 S. Lowe Ave., 188 one-, two-, and three-bedroom rental apartments in the Englewood neighborhood (Under Habitat ownership and management)

Indian Trails Apartments, 251 E. 121st Place, 221 E. 121st Place and 12141 S. Indiana Ave.,180 one- and two-bedroom rental apartments in the Roseland area. (Under Habitat management)

Ridge Garden Apartments, 10010-10040 S. Sayre Ave., 132 one-bedroom rental apartments in Chicago Ridge. (Under Habitat management)

“Not only are these three communities in neighborhoods that need well-managed and quality affordable housing, which was certainly a draw for us, but we also saw potential in these assets and will be announcing improvements in the coming months,” said Fiascone.

“At Habitat, we’re highly vested in our diverse portfolio and the well-being of our residents, so we’re excited to bring the same quality of service to these properties – as we do to our luxury and market-rate communities.”

  

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 arranges $1.5 million in acquisition financing for 14-unit multi-housing property in Concord, CA

2093 Mount Diablo Apartments, Concord, CA

SAN FRANCISCO, CA, July 26, 2017– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $1.5 million in acquisition financing for 2093 Mount Diablo, a 14-unit multi-housing property in Concord, California.

HFF worked on behalf of the borrower, PTLA Real Estate Group, to secure the seven-year, fixed-rate loan with five years of interest only.

Chris Gandy

2093 Mount Diablo features studio and one-bedroom units ranging from 500 to 565 square feet.  The two-story property is located less than six miles north of Walnut Creek and approximately 30 miles northeast of downtown San Francisco providing access to some of the Bay Area’s major employment centers via Interstate 68 and California 24. 

With a Walk Score® of 93, 2093 Mount Diablo also offers residents an array of nearby local retail and recreational amenities in the Outer Concord/Pleasant Hill submarket.

The HFF debt placement team representing the borrower was led by director Chris Gandy.

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 | hfflp.com

ohennessey@hfflp.com

HFF closes sale of three-building flex/R&D business park in San Diego, CA

Summit Ridge Business Park, San Diego, CA

SAN DIEGO, CA, July 26, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Summit Ridge Business Park, a fully leased, institutional-quality flex/R&D business park encompassing three buildings totaling 133,841 square feet within San Diego, California.

HFF marketed the property on behalf of the seller.  A private partnership managed by Miami-based Jewell Capital, LLC purchased the asset free and clear of existing debt.

Nick Frasco

Originally constructed in 2000, Summit Ridge Business Park is a three-building, high-finish flex/R&D business park located in the Sorrento Mesa submarket of San Diego. 

The three buildings feature high-image exterior architecture, unobstructed canyon views, abundant 22-foot clear heights and an extensive window line that provide for ideal tenant workspaces.  

The project is 100 percent leased to four tenants, including Inovio Pharmaceuticals, Nexus DX, Acea Biosciences and General Atomics, and is strategically located in one of San Diego’s premier innovation-centric hubs.

The HFF investment sales team representing the seller was led by senior director Nick Frasco.

"Summit Ridge Business Park represented a unique opportunity to acquire a high-quality, well-located asset at an attractive basis that offers both a durable income component and significant upside potential through near term rollover at below-market rents,” Frasco said.

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 | hfflp.com

ohennessey@hfflp.com

The Keyes Company Acquires Florida Offices of Shorewood Real Estate

 

Mike Pappas

MIAMI, FL,  July 26, 2017 – The Keyes Company has announced the acquisition of the Florida offices of nationally recognized residential firm Shorewood Real Estate. Keyes and its Family of Companies continues to aggressively grow throughout the state.

Shorewood has 40 agents based in its Florida offices, which are located in Aventura and Palm Beach. The transaction allows the Shorewood agents to take advantage of the resources, technology, marketing, leadership and independent nature of Keyes as they promote their properties and enjoy increased sales and listing opportunities.

Those agents will have the choice of which of the 58 Keyes offices they work out of going forward.

“We are thrilled to join forces with the talented team at Shorewood’s Florida offices,” said Keyes CEO Mike Pappas. “We have no doubt this union will generate substantial growth to our Family of Companies. In a time when real estate brokerages continue to consolidate, our independent company keeps expanding and thriving.”    

Based in Denver, Shorewood has been honored as one of the top residential real estate firms in the U.S. It provides real estate services in the states of Colorado, Florida and Nevada.

In 2016, Shorewood was recognized by annual research reports REAL Trends 500 and RIS Media’s Power Brokers as one of the top 500 residential real estate firms in the nation in terms of volume and units. It ranked within the top fifth of the 500 firms recognized.

Shorewood has about 400 real estate professionals nationwide.

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

Eric Kalis or Jasmin Curtiss, BoardroomPR

ekalis@boardroompr.com/jcurtiss@boardroompr.com

954-370-8999

AMAC and EBEX Holdings Acquire 306-Unit San Antonio, TX Apartment Community for $37MM

  

 

Maurice Kaufman

SAN ANTONIO, TX (July 26, 2017) – A joint venture between AMAC Holdings and EBEX Holdings has teamed up with property management firm United Apartment Group to acquire Crescent at Alamo Heights, a 306-unit multifamily apartment community located in the marquee San Antonio neighborhood of Alamo Heights.

“Crescent at Alamo Heights enjoys a prime location within one of the most desirable submarkets in San Antonio,” says Maurice Kaufman, a Founding Principal at AMAC Holdings. “The property has not been renovated in over 10 years and presents a tremendous value-add opportunity through unit upgrades and an operational overhaul.” 

Built in 1993, Crescent at Alamo Heights sits on 14.6 lush landscaped acres and features a unit mix of one-, two- and three-bedroom units ranging from 669 to 1,370 square feet in size.

 The units at Crescent at Alamo Heights include 9-foot ceiling heights, walk in closets, washer/dryer connections and patios/balconies. Amenities include gated-access, assigned parking, a pet-friendly policy, swimming pool, fitness center, laundry room, playground, picnic area with barbecues, and a business center.

The new owners have plans for an extensive renovation and rebranding strategy that will include both interior and exterior improvements, as well as amenity upgrades.

“This was a very complex transaction with a few months of negotiations with the sellers, a large tenants in common group,” says Evan Goldenberg, Principal at EBEX Holdings.

Evan Goldenberg

 “Ultimately, the effort was worth it, as we were able to close at a price-per-unit of $121,000. We have only owned Crescent at Alamo Heights for a month, but we are already hearing from tenants who are extremely excited about our rehabilitation plans, as the community has seen its share of deferred maintenance from previous owners.”

Joshua Ross, Vice President Investments at Marcus & Millichap’s Encino office, represented AMAC Holdings and EBEX Holdings in the transaction. The sellers were represented by Ryan Epstein, Senior Managing Director at Berkadia’s Houston office, and Mike Miller, Senior Director at Berkadia’s San Antonio office.

United Apartment Group, a San Antonio-based property management firm led by Principals Carrie Girgus and Tim Settles, will handle daily operations at the property.

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

Bonnie Habyan

516-506-4615

Hanley Investment Group Arranges Sale of Single-Tenant NNN Taco Bell in Stockton, CA for $882 Per Square Foot

Taco Bell, 627 North Wilson Way, Stockton, CA

Pat Kent

STOCKTON, CA -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a single-tenant absolute net-leased Taco Bell property located at 627 N. Wilson Way in Stockton, Calif.

The tenant has a 48-year operating history at this location. The purchase price was $1.45 million or $882 per square foot.

Hanley Investment Group Executive Vice President Pat Kent, along with Senior Associate Corey Olson, represented the seller, TB Stockton, LLC of Santa Monica, Calif. The buyer, M&M Trust of Sacramento, Calif., was represented by Stephen Harper of Veritas Investment Realty Investors of Rocklin, Calif.

“Investor demand is extremely strong for well-located quick-service restaurants,” said Kent. “This is evidenced by the fact that we were able to generate seven highly-qualified offers within our first week of marketing efforts and we negotiated a timely 15-day escrow.”

Corey Olson

The 1,644-square-foot Taco Bell building sits on a .34-acre lot along North Wilson Way, a major north/south thoroughfare, which has an excess of 30,000 cars per day at the nearest intersection.

Remodeled in 1992, the building benefits from a large monument sign, a highly-visible street-front location and a drive-thru. 

It is also located directly across from Eastland Plaza, a grocery-anchored neighborhood shopping center. 

Other fast-food tenants in the immediate area include McDonald’s, KFC, Burger King, El Pollo Loco, Long John Silver’s and Panda Express.

Olson noted that Stockton is the 13th most populated city in the state of California with 700,000 people in the metro and the property benefited from that density with more than 280,000 people within a five-mile radius. “Additionally, many investors were attracted to the strong lease guarantee provided by the tenant, a seasoned operator with 33 existing franchise locations,” Olson noted. 

Stephen Harper

Taco Bell Corp., a subsidiary of Yum! Brands, Inc. (NYSE: YUM), is the nation's leading Mexican-inspired quick-service restaurant brand. 

Taco Bell and its more than 350 franchise organizations proudly serve over 42 million customers each week through 7,000 restaurants across the nation, as well as through its mobile, desktop and delivery ordering services. 

Overseas, Taco Bell has over 250 restaurants, with plans to add 2,000 more restaurants internationally within the next decade. In 2016, Taco Bell was named as one of Fast Company’s Top 10 Most Innovative Companies in the World. 

“Net-lease investors are risk-averse and single-tenant restaurants provide stable returns, long-term safety and are internet resistant,” Kent said. “The attraction to this investment type is substantiated by the trade volume of single-tenant restaurants, which accounted for 26 percent of all single-tenant retail transactions in the state of California since the start of 2017, according to CoStar.”  

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

anne@monaghanpr.com

www.hanleyinvestment.com

Merriman Anderson/Architects Selected to Design Grandscape Project Combining Retail, Hospitality, Office and Residential

  

 

Jerry Merriman

DALLAS –– Dallas-based Merriman Anderson/Architects (maa) has been selected as design development and architect of record for the massive Grandscape development that spans more than 400-acres and will include 3.9 million square feet of retail, hospitality, attractions, dining entertainment and residential.

The developer for the project is Nebraska Furniture Mart, as part of the Berkshire Hathaway family.

 Grandscape is currently anchored by Nebraska Furniture Mart and is situated south of Sam Rayburn Tollway (SH121) between W. Spring Creek Parkway and Plano Parkway in The Colony.

 HTH Architects of Los Angeles is the design architect and VCC Construction is the general contractor for the mixed-use project.

Plans for the development include destination retail like Scheels, slated to open in 2020, numerous restaurants, a hotel and spa, luxury movie theater operator Galaxy theatres, residential and office spaces and entertainment concepts, such as Andretti Indoor Karting and Games, set to open in 2019.

The project is scheduled to open in phases over the next several years, with the first phase scheduled for fourth quarter 2018.     

“Located in the area’s largest growth corridor, Grandscape is a game changing development for the Dallas/Fort Worth area,” said Jerry Merriman, president and founder of maa.

 “Our team is delighted to be part of this exciting new destination that will impact the entire region for many years to come. 

"The opportunity to combine the mix of end-users together along with an unmatched technological experience for visitors is invigorating for everyone working on the project.”

Nebraska Furniture Mart

Merriman Anderson/Architects’ stamp can be seen on master planned developments, urban housing, office buildings, corporate facilities, hotels, hospitals, schools and retail projects, including interiors and signage, throughout the United States and internationally. 

Headquartered in Dallas, Texas, with additional offices in Austin, Texas and Charlotte, North Carolina, the firm offers customized project solutions to a varied portfolio of clients. With more than 90 employees, the firm is large enough to address broad and complex real estate developments, yet small enough to offer personalized service and accountability. MAA’s associates have a reputation for design excellence as well as technical detailing.

   For more information, visit http://merriman-maa.com/, follow on Twitter @MerrimanArch , Facebook @MerrimanAnderson or on Instagram @maa_dallas.

 For more information on Grandscape, visit http://www.grandscape.com, follow on Twitter and Instagram @GrandscapeTX or on Facebook @GrandscapeTexas.

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

McClain Stone

Culver Public Relations

3102 Maple Ave., Suite 235

Dallas, TX  75201

214.352.5980 office

214.980-3034 cell