HFF announces $44M mezzanine financing for best-in-class mixed-use development in downtown Baltimore, MD

 

Rendering of planned 1 Light Street Mixed-Use Tower
Downtown Baltimore, MD 

 

Mark Remington

 

WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces $44 million in mezzanine financing for the development of 1 Light Street, a 28-story, luxury mixed-use tower in downtown Baltimore, Maryland.

The HFF team worked on behalf of the borrower, Madison Marquette, to secure the mezzanine loan through Bridge Investment Group Holdings.

Currently under construction, 1 Light Street will feature 280 luxury residential units, 252,243 square feet of modern office space, over 5,000 square feet of ground floor retail and a 646-space, nine-level parking garage. 

The 10 floors of residential units will begin on the 18th floor and will have best-in-class finishes including 9’ ceilings and a glass curtain wall as well as access to a rooftop infinity edge pool, a resident lounge, game room, fitness center and a pet spa.  Units will be offered in studio through two-bedroom/den layouts.

Brian Crivella

The nine floors of office space beginning on the 9th floor is 66 percent pre-leased to M&T Bank, who will also lease a portion of the retail space.  Situated two blocks from Baltimore’s Inner Harbor, 1 Light Street is conveniently located within walking distance to Harborplace,

The Gallery, Power Plant, Power Plant Live!, Camden Yards and M&T Bank Stadium.  Additionally, the property is close to multiple metro stations and bus stops and has immediate access to the Jones Fall Expressway (Interstate 83) and Interstate 395/95 providing access to Baltimore-Washington International Airport and Washington, D.C.

The HFF debt placement team representing the borrower included managing director Mark Remington, director Brian Crivella and associate Drake Greer.

“This represents a significant win for our client and investment by Bridge, but more importantly, we congratulate Madison Marquette on securing the M&T Bank pre-lease and for having the conviction to begin construction with equity, prior to securing the full capital stack…that is what made this transaction possible,” said Remington.

For more information on this 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

Shopoff Realty Investments Acquires The Sacramento Bee’s 10.9-Acre Office and Flex Industrial Property

William Shopoff

SACRAMENTO, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired The Sacramento Bee’s 10.9-acre office and industrial property in Midtown Sacramento, currently housing the paper’s printing and distribution facility.

The location is also the national headquarters for The McClatchy Company, which owns The Sacramento Bee and 29 other daily newspapers throughout the United States. McClatchy intends to remain in the building; concurrent with closing Shopoff executed a 15-year triple net lease.

“This property represents another strategic asset acquisition for our firm, which has the potential to provide steady cash flow,” said Shopoff Realty Investments CEO William Shopoff. “With longstanding roots in the neighborhood, we are pleased that McClatchy and The Sacramento Bee have made a commitment to remain in the building and continue providing quality news to local residents.”

The property is located in the Midtown submarket of Sacramento, which has seen a flurry of interest from developers in recent years. Its transformation from a strictly industrial neighborhood has begun, with more than 650 new residential housing units currently in the planning stages or under development.

“The influx of new residents and companies moving to the Sacramento area has been tremendous, and we are confident that the changes taking place in midtown will only add to the allure and attraction for new residents, and the subsequent value of this 10+ acre property,” said David Placek, executive vice president of Shopoff Realty Investments.

For more information on this news release, please contact:

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

JLL arranges sale of Phoenix industrial portfolio

Mark Detmer

PHOENIX, AZ – JLL’s Capital Markets experts announced the company arranged the sale of a 266,607-square-foot industrial portfolio on behalf of The Hewson Company.

TA Realty purchased the portfolio, located in Scottsdale, Arizona and Tempe, Arizona, for $24.5 million.

Managing Directors Mark Detmer, Bo Mills and Bill Honsaker, Senior Vice President Steve Larsen and Vice President Ryan Sitov led the JLL team on the transaction.

"Both the Tempe and Scottsdale submarkets benefit from low vacancy rates and strong rental rate growth,” said Detmer. “The quality of the assets and tenant diversity made this portfolio an exceptional opportunity for investors.”

The portfolio is comprised of four industrial/flex assets, located at 9160 S. McKemy St., 9185 and 9245 S. Farmer Ave. in Tempe and 7400 E. Tierra Buena Lane in Scottsdale. The portfolio is over 96 percent

leased to 12 tenants across a variety of industries, including IT services, transportation, automotive and home improvement.

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For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

For more information on this news release, please contact:

Maggie Nichols

Phone: +1 312-228-3837

Email: Maggie.Nichols@am.jll.com

OTL’s Expert Guidance Brings $90 Million Historic Pennsylvania Garden Fountain Restoration to Completion

Main Fountain Garden at Philadelphia’s Longwood Gardens

            KENNETT SQUARE, PA – Outside the Lines (OTL), a design-build construction company that specializes in creating one-of-a-kind water features, rockwork and themed environments, has completed a consulting project on the $90 million highly complex renovation of the historic 83-year-old spectacular Main Fountain Garden at Philadelphia’s Longwood Gardens.

            The renovation project, which began in 2014, encompassed the cleaning and repair of 4,000 pieces of carved Italian limestone, the construction of approximately 1,400 feet of underground tunnels, and the enhancement of Longwood’s Main Fountain Garden, including 1,340 new jets and streams, 30 new flame nozzles, and 1,389 new LED lights.

J. Wickham Zimmerman

“OTL served as a consultant as part of an extensive team that worked to modernize and reinvigorate this project while preserving its original character and intent,” says J. Wickham Zimmerman, Chief Executive Officer of OTL.

“OTL was chosen for this complex assignment based on our team’s expertise with design and construction of complicated show fountains, and our role on this project was primarily focused on constructability.

“In other words, we helped bridge the gap between a fantastic design, created by the dream team assembled by Longwood Gardens, and the construction, helping to ensure that the design team’s vision was delivered. 

“We helped the project team deliver a breathtaking outdoor spectacular that upholds Longwood Gardens’ long-standing position as a must-see destination in the world of elite water gardens,” he added.

            OTL worked with general contractor Bancroft Construction and world-renowned water feature designer Fluidity Design Consultants in order to help bring the renovation project to life.

For more information on this news release, please contact:

Katie Clendening · Account Coordinator

O 949 955 7940 

Brower, Miller & Cole

The Smart Agency™ for Smart Clients who want Smart Work

895 Dove Street, Third Floor · Newport Beach, CA 92660

American Realty Advisors Expands Sales and Investor Relations Team

James Mitchell

LOS ANGELES, CA – American Realty Advisors (“ARA”) has announced the expansion of its sales and investor relations team with the addition of James Mitchell as its new Senior Vice-President/Client Portfolio Manager. Mr. Mitchell will be based in ARA’s Chicago office.

In this role, Mr. Mitchell will be responsible for leading the firm’s sales and client service efforts nationwide for ARA’s Taft-Hartley relationships through the firm’s commingled funds and separate accounts.

Mr. Mitchell brings to ARA nearly 30 years of experience working with jointly-trusteed funds nationwide.  Most recently, he was National Director of Asset Management Relationship Development for BMO Asset Management, focusing on customized asset management, trust and custody, and banking needs of the labor community. 

Prior to joining BMO, Jim worked at Northern Trust as a National Director of the Taft-Hartley Investment Client Solutions Group.  Previously, he also served as Executive Director of the Inter-Local Pension Fund/Graphic Communication Conference of the International Brotherhood of Teamsters, the Automobile Mechanics Local 701 as the Controller, and at Thomas Harvey, LLP. 

Jay Butterfield

Jay Butterfield, ARA’s Executive Managing Director and Head of Business Development, commented, “We are thrilled to have Jimmy join our professional team and to add his considerable skills and experience to continue ARA’s long-standing commitment to serve the Taft-Hartley community. 

"We are dedicated to helping plan sponsors meet their obligations in securing the future for their plan participants and beneficiaries, and Jimmy will be a strong addition to accomplish these goals.”

Mr. Mitchell graduated from Dominican University with a degree in Business Administration and Accounting.  He is a member of the International Foundation of Employee Benefit Plans, Illinois CPA Society, American Institute of Certified Public Accountants, and Purple Hearts Foundation.

More information regarding ARA can be found at www.aracapital.com.

Miki Akil / Lexi Astfalk for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940,

 makil@browermillercole.com

Emerson International Completes Leases for 41,838 Square Feet at its Office Developments in Central Florida

Katherine Zelman

ALTAMONTE SPRINGS, FL -- Emerson International who owns and manages office developments in metro Orlando, recently completed five long-term lease agreements for a total of 41,838 rentable square feet at Sanlando I and II, Center Pointe II, Maitland Center and Louisiana Office Park. 

Zac Starkey

In Maitland, at 2600 Maitland Center, Emerson Broker Associate Zac Starkey negotiated the largest lease agreement signed by KBHS for 15,888 square feet of office space.   Jason Schrago of Newmark Knight Frank represented the tenant, a mortgage lender.

Starkey negotiated the lease of 11,844 square feet in the Sanlando I office building, 2170 W. State Road 434 in Longwood.  The tenant Davila Law Group was represented by Bill Miller and Joseph Stayanoff.

Kenneth Koch, Director of Leasing for Emerson brokered a lease for 9,779 square feet at Sanlando Center II.  Market research firm Opinion Access is the tenant.

Koch also negotiated a lease at Emerson’s Centerpointe II, 220 E. Central Parkway in Altamonte Springs with Voyager Retirement Solutions who signed a lease for 2,749 square feet.  The financial advisory firm was represented by Nicholas Fouraker of 4Acre Commercial.

At Louisiana Office Park, 1177 Louisiana Ave. in Winter Park, Starkey negotiated two lease agreements: one for 1,716 square feet with Axia Home Loans who was represented by Katherine Zelman of Cite Partners; and another lease for 862 square feet with Shopcore, a commercial property firm represented in the transaction by Drew Forness of Forness Properties.

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies. 

For more information on this news release, please contact:

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

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Rare opportunity to Acquire sprawling Hunter’s Ridge Development in Ormond Beach, FL for $30 Million

Roger Soderstrom

Ormond Beach, FL --- The developer who worked several years to bring the Hunter’s Ridge project in Ormond Beach into wide-ranging DRI compliance, including deeding 1,978 acres to Flagler County for a regional park earlier this year, has announced that the entire development is for sale in bulk for $30 million.

 Hunter’s Ridge recently received approval to establish a CDD (Community Development District) which will allow the new owner to sell bonds for future infrastructure development.

Developer Allan Feker of U.S. Capital Alliance said the prominently located project – three miles west of I-95 on Granada Blvd (SR 40) – has all major infrastructure in place and is ready for immediate development. 

“The regional park land deeded to Flagler County for conservation will have traditional park facilities and hiking, biking and equestrian trails, an important amenity and buffer to the west of the Hunter’s Ridge residents,” he said.

John Kurtz and Roger Soderstrom, Jr., commercial investment specialists for Premier Sotheby’s International Realty who are representing the property, said they have launched their marketing campaign for the 1,450 remaining acres of Hunter’s Ridge which is approved for over 1,800 residences and 600,000 square feet of retail and commercial space. 

Straddling the Flagler-Volusia county line, the Hunter’s Ridge property includes approximately 1,000 finished homes with an established, active homeowners association.  

More than 1,800 more homes are to be built by homebuilders, many who have submitted letters of intent to purchase sites.  The community offers a variety of residence types from attached villas to estate homes priced from the low $200s to nearly $1 million.

  

John Kurtz

“There is a huge amount of development taking place along the I-95 corridor north of Daytona Beach,” Kurtz said. “In particular, Hunter’s Ridge is directly north across SR 40 from the widely lauded 6,900-home Margaritaville active adult community.”

 Included in the $30,000,000 Hunter’s Ridge bulk sale is a $5,000,000 town center with grocery and drug stores, bank, shops, restaurants, assisted living, medical and professional offices planned.  

The concept also includes multiple walking trails between amenities, neighborhoods, town center and the regional park.  It’s all just a short distance to the major retailers, restaurants and entertainment of Ormond Beach, Daytona’s International Speedway Blvd. and the world’s most famous beach. 

“This adds tremendous value to not only one’s lifestyle and home at Hunter’s Ridge but to the new owner/developer of this master planned community which will soon be one of the area’s most sought after places to live, work and play,” Soderstrom said.

For more information on this news release, please contact:

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

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Western National Group Begins Construction on New 206-Unit Luxury Multifamily Community in Orange County, CA

Patrick Simons

BREA, CA – Western National Group, in partnership with Anchor Real Estate Capital and Fantasia Holding Group, has announced the start of construction of a new, 206-unit luxury multifamily development in Brea, California to be named “Calligraphy,” according to Patrick Simons, Managing Director of Western National Group.

“Brea is a dynamic and vibrant city, with one of the largest public art collections in the nation,” says Simons. “We have intentionally tapped into that community benefit with the project’s name, which evokes a sense of artistic flair, and with the integration of art sculptures into public spaces adjacent to this new multifamily development.  

"In so doing, we are supporting the local community, while also enriching the resident experience.”

Western National Group is the largest operator of apartments in the City of Brea, and Calligraphy will be its eleventh property in the city.

“Brea is one of the most desirable places to live in North Orange County,” remarks Simons. “The City’s abundance of dining, entertainment, and shopping options, award-winning schools, and high quality of life continue to attract residents and businesses to this thriving community. 

"Conveniently located near major transit and job corridors, Brea also offers close proximity to transportation routes and employment centers across Orange County, Los Angeles, and the Inland Empire, making it the perfect location for a new multifamily development of this nature.”

For more information on this news release, please contact:

Lauren Burgos / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

www.anchorrecapital.com

www.cnfantasia.com

www.wng.com.

JLL Phoenix Property Management Team Expands with New Assignments; New Hire

Stacey Prentice

PHOENIX, AZ, Sept. 6, 2017 – The JLL Phoenix Corporate Solutions Group is in expansion mode, earning 1.2 million square feet of new leasing assignments and prompting the addition of industry veteran Stacey Prentice as Retail Property Manager in charge of retail properties.

“Commercial real estate buyers are definitely back in Phoenix, looking for assets that they can acquire and stabilize,” said Jackie Hines, Vice President, Group Manager for JLL in Phoenix. “This has generated tremendous opportunity for our property management team, from clients associated with JLL brokers to properties owned or leased by other entities.”

On the office and industrial front, JLL has earned almost 944,000 square feet of new assignments, including ASU Macro Technology Works, a 274,000-square-foot specialized testing facility that operates 24/7 and requires a dedicated team of engineers. JLL was named the exclusive property manager on behalf of the Arizona Board of Regents and Arizona State University.

Jackie Hines

Other new assignments within these sectors include:

• Corporate Parkway North: A 226,364-square-foot Class A office building at 16404 N. Black Canyon Hwy. in Phoenix. The project is home to PayChex, CSAA Insurance and Revana/Teletech Services.

• San Tan Corporate Center I and II: Totaling 267,714 square feet in two Class A buildings in Chandler; 100 percent leased to corporate tenants including Toyota.

• 5090 N. 40th St.: 175,835 square feet of Class A office space in Phoenix’s prestigious Camelback Corridor, with anchor tenants including Bar S, Kudelski Security and Beyond Trust.

JLL has also been named the exclusive property manager for four Class A retail projects. These are:

• Kierland Village: 115,567 square feet in Scottsdale, at 64th Street and Greenway Parkway, home to 22 tenants including Safeway.

• Silverstone Marketplace: 78,094 square feet in Scottsdale, at Scottsdale Road and Pinnacle Peak, home to 19 tenants including Sprouts.

 • Tatum Ranch Crossings: 94,179 square feet in Cave Creek, at Tatum Boulevard and Cave Creek, occupied by 12 tenants including Safeway.

• Phoenix Metro: 49,303 square feet in Phoenix, at N. Metro Center Parkway West, occupied by two tenants including anchor Fitness International.

The recent retail assignments prompted the addition of industry veteran Stacey Prentice, hired by JLL as a Retail Property Manager for open air retail properties.

 In her role, Prentice directly manages multiple Class A retail centers located in Phoenix and Scottsdale. She joins an 18-person JLL Phoenix property management team overseeing office, industrial, retail and mixed-use assignments across the metro market.

Combined, JLL’s Phoenix property management and facilities management team totals 364 Valley employees directing a local portfolio of 24 million square feet.

“Demand for management services is strong across the board – particularly for companies like JLL who offer industry experts like Stacey and vertical services like brokerage and construction management that help meet the unique needs that go along with a building investment,” said Hines.

Prentice contributes decades of property management experience, including medical office space and industrial/flex properties, with the last seven years dedicated to managing real estate owned (REO) portfolios. She holds a current Arizona Real Estate License.

For more information on this news release, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.jll.com

or

www.jll.com/phoenix

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HFF secures $36.3 million financing for 292-unit multi-housing community in downtown Phoenix, AZ

Capital Place Apartments, Downtown Phoenix, AZ

Elliott Throne

PHOENIX, AZ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $36.3 million in financing for Capital Place, a 292-unit, Class A multi-housing community in downtown Phoenix, Arizona.

HFF worked exclusively on behalf of the borrower, Epoch Residential, to place the three-year, floating-rate loan with a life company lender.

Capital Place is located on the eastern edge of downtown Phoenix near attractions such as the Phoenix Convention Center, Chase Field, Talking Stick Resort Arena, Phoenix Biomedical Campus and Arizona State University’s downtown campus. 

The transit-oriented, mid-rise community is also adjacent to the Phoenix Valley Metro light rail, which connects downtown Phoenix to Tempe, Mesa and the Phoenix Sky Harbor International Airport.

 Completed in 2016, Capital Place has 292 units averaging 827 square feet with high-end amenities, including stainless steel appliances, custom kitchen cabinets, granite countertops, faux wood flooring and covered balconies.

 The community also features a resort-style pool with spa, barbecue grills and private cabanas; state-of-the-art fitness center; clubhouse; business center; game and media room; controlled access and garages.

Brad Miner

The HFF debt placement team representing the borrower was led by managing director Elliott Throne and senior director Brad Miner.

“Downtown Phoenix continues to attract capital from developers and lenders alike,” Miner said. “The property’s location on the light rail along with positive leasing momentum, institutional quality of the asset and strong sponsorship resulted in significant interest from various debt providers.”

For more information on this 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

$75.25 million sale of Gateway Park Apartments in Denver, CO closed by HFF

 

Gateway Park Apartments, Denver, CO              Photo by Jim Johnson

DENVER, CO  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $75.25 million sale of Gateway Park Apartments, a 328-unit, Class A garden-style multi-housing community located in Denver, Colorado.

HFF marketed the asset on behalf of the seller, a joint venture between Denver-based Griffis Residential and PCCP, LLC.  Jackson Square Properties purchased the asset free and clear of existing financing.

Anna Stevens

Gateway Park Apartments consists of 22 two-story buildings,which house one-, two- and three-bedroom units averaging 896 square feet.  The property is situated on 20.98 acres at 4255 Kittredge Street near Interstate 70 and Pena Boulevard in northeast Denver placing it within a short distance to several of Denver’s employment centers, including Denver International Airport and the Fitzsimons Medical Campus. 

Jordan Robbins

Community amenities include two swimming pools with sundecks and all-season spas; outdoor dining area with gas grills; private lake with fishing and beach; walking and jogging path along the adjacent nature preserve; state-of-the-art fitness center, clubhouse with fireplace and kitchenette; business center; and community recycling program.  The property was 98 percent leased at closing.

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

“Gateway Park is a high-quality asset located in one of the Denver metro’s strongest rent-growth submarkets,” Robbins said.  “We received a lot of interest in the property due to its value-add nature and supply constrained location.”

For more information on this 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.pccpllc.com.

www.GriffisResidential.com.

HFF closes sale of 3-building industrial warehouse portfolio in Houston, TX

Claymoore Park Industrial Properties, Houston, TX

Trent Agnew

HOUSTON, TX – – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of two assets comprising three infill, industrial warehouse buildings totaling 101,635 square feet in two Houston submarkets.

HFF represented the seller, TA Realty.  ATCAP Partners purchased the property for an undisclosed price.

The properties consist of 3300 Claymoore Park, which is situated on 2.25 acres in the heart of Houston’s Northwest industrial submarket, and 9362 and 9366 Wallisville Road, which is housed on 4.05 acres in the Northeast industrial submarket and has access to the Houston Ship Channel and the Port of Houston.

 Both properties are in infill locations with access to Interstate 10, Highway 290, Sam Houston Tollway (Beltway 8) and Loop 610.  The buildings are 100 percent leased to eight tenants.  Additionally, the Claymoore building is HazMat capable.

HFF’s investment sales team was led by senior director Trent Agnew and senior managing director Rusty Tamlyn.

“There is very little industrial product for sale in Houston, and the fundamentals are exceptionally strong in the two submarkets where these properties are located,” Agnew said.  “We have worked with ATCAP before, and they were a good fit for these two assets, given their ownership of other similar assets here and ability to move quickly.”

For more information on this 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

http://www.atcap.com

http://www.tarealty.com.

Miramar Park of Commerce Announces 129,000 SF in Lease Transactions

  

Barbara Liberatore Black

MIRAMAR, FL  (Sept. 6, 2017) – Lease transactions totaling 129,314 sq. ft. of space were recently completed at the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

Maridee Bell and Lauren Pace of Sunbeam Properties & Development represented the Park in all of the transactions unless otherwise noted.

New Leases

JJA Aviation, LLC leased 8,917 sq. ft. of space at 2853 N. Commerce Parkway. An FAA and EASA approved repair station, JJA Aviation specializes in the repair and overhaul of aircraft instruments, accessories and radio components for corporate business aircrafts, military aircrafts, helicopters and commercial, regional and cargo airlines. In addition to Bell and Pace, Sunbeam was represented by Carlos Velasquez of Vivo Real Estate in the transaction.

Lease Renewals

Essig Pools, Inc. leased 15,011 sq. ft. of space at 10111 Business Drive. Essig Pools is a custom in-ground pool contractor that offers solutions for residential and commercial swimming pools and outdoor kitchens. The space features an indoor pool display, five full outdoor kitchen displays, and a large selection of outdoor flooring and adjustable roof pergolas.

Sunshine Avionics, LLC renewed its lease for 12,027 sq. ft. of space at 9974 Premier Parkway. A HEICO Avionics company, Sunshine Avionics is a leading provider of the highest quality MRO services for advanced avionic component repairs.

Lauren Pace

NAGLREITER™ Medical Device Development Organization (NMDDO) renewed its lease for 10,260 sq. ft. of space at 3451 Commerce Parkway. NMDDO is a trusted partner for concept incubation, design, development and manufacturing within the Medtech industry. NMDDO provides its clients with “Predictable Project Execution,” which drives value by mitigating risks early, accelerating project execution, and minimizing upfront overhead and backend transfer costs.

Represented by Barbara Liberatore Black of JLL, Toyota Motor Sales, U.S.A. renewed its lease for 9,985 sq. ft. of space at 10713 Marks Way. The Miramar location serves as a service training facility for the automotive company.

The Print Factory d/b/a NexPub renewed its lease for 9,746 sq. ft. of office and warehouse space at 3820 Executive Way.

Lease Extensions

Audley Bosch and Juan Rodriguez of JLL represented One Home Medical Equipment in multiple transactions at the Park. One Home Medical Equipment:

·     extended its lease for 30,720 sq. ft. of space at 3350 Executive Way;

·     added 14,617 sq. ft. of space at 3301 Executive Way to occupy a total of 29,539 sq. ft.;

·     and extended its lease for 9,292 sq. ft. of space at 3010 Corporate Way.

Maridee Bell

 One Home Medical Equipment is the medical equipment supply and service company for One Homecare Solutions, an integrated post-acute care provider. One Home Medical Equipment provides One Homecare Solution’s patient network with medical equipment ranging from soft goods to respiratory supplies and offers in-home setup and comprehensive training to patients and their caregivers.

 DMS Aircraft Services, Inc. extended its lease and expanded to occupy 8,739 sq. ft. of space at 3837 Commerce Parkway. The space houses offices and a warehouse for the distribution of aviation parts.

For more information on available space, please contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

For more information on this news release, please contact:

Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com

HFF closes sale of and secures $10.65 million financing for Kroger-anchored retail center near Columbia, South Carolina

 

Irmo Station Retail Center, Irmo, SC

Ted Hill

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured $10.65 million in acquisition financing for Irmo Station, a 99,384-square-foot, Kroger-anchored, dominant neighborhood retail center in the Columbia-area community of Irmo, South Carolina.

HFF marketed the property for the seller, Retail Properties of America, Inc. (RPAI).  New Market Properties, LLC, a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS), purchased the asset free and clear of existing debt. 

Additionally, working on behalf of the new owner, HFF placed the 13-year, fixed-rate, 3.94-percent, non-recourse loan with Nationwide Life Insurance Company.

Located at 7467 St. Andrews Road in Irmo, Irmo Station is situated northwest of Columbia in an infill location on the “going home” side of the road in the main retail node of the Columbia MSA, which is the largest city in South Carolina. 

The center is located one mile off Interstate 26, the main highway connecting Greenville to Charleston through Columbia.  More than 42,000 residents earning an average annual household income of $82,000 live within three miles of the center.

Mike Allison

In addition to Kroger, the 92-percent-leased Irmo Station is home to Pet Supplies Plus, Super Cuts, Firehouse Subs, Kroger Fuel, Pizza Hut, Kobe Express, Palm Beach Tan and more.

The HFF investment sales team representing the seller was led by director Thomas Kolarczyk, senior managing director Richard Reid, senior associate Ted Hill and associate Mike Allison.

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

“Irmo Station represented a rare opportunity to acquire a high-performing, Kroger-anchored shopping center with limited grocer competition and value-add potential,” Kolarczyk said. “Well-located grocery-anchored real estate with strong fundamentals continues to garner significant investor interest and a yield premium.”

 For more information on this 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.pacapts.com.

www.rpai.com.

www.newmarketprop.com.

HFF arranges $171 million financing for 13-property multi-state retail portfolio

 

Kevin Mackenzie

 NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced that, on behalf of Westwood Financial, it has arranged $171 million in first lien financing for a portfolio comprising 13 multi-tenant retail centers totaling 1,050,350 million square feet in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas markets.

HFF worked on behalf of the borrower, Westwood Financial, to place two separate portfolio loans, a $94 million fixed rate-rate portfolio loan with Nationwide Life Insurance Company used for re-financing and new acquisitions and a $77 million fixed-rate portfolio loan with a correspondent life insurance company to re-finance existing debt.

 In September 2016, Westwood Financial completed a $1.2 billion consolidation and reorganization, and these portfolio loans help further the strategic initiatives of the roll up to achieve the best debt executions and generate capital for growth.

The $94 million loan portfolio comprises seven multi-tenant retail shopping centers, including five- grocery-anchored centers and two shadow grocery-anchored centers. 

Jamie Kline

The properties are:  the 77,043 square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix, Arizona; the 116,707-square-foot Elk Crossing anchored by Jewel-Osco in Elk Grove (Chicago), Illinois; the 97,229-square-foot Atascocita Center anchored by Kroger in Humble (Houston), Texas;

Also, the 101,791-square-foot Market at Lake Houston anchored by H-E-B in Atascocita (Houston), Texas; the 87,632-square-foot Lynwood Collection anchored by Kroger in Raleigh, North Carolina; the 55,323-square-foot, Trader Joe’s-anchored Arbors at Mallard Creek in Charlotte, North Carolina; and the 47,518-square-foot Village at Preston Hollow shadow anchored by Central Market in Dallas, Texas.

The $77 million loan portfolio comprises six assets, including four grocery-anchored centers: the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market in Scottsdale, Arizona; the 85,516-square-foot Shops at San Marco anchored by Sprouts in Del Ray Beach, Florida; the 92,120-square-foot Evans Crossing anchored by Kroger in Evans (Augusta), Georgia; and the 101,610-square-foot Haynes Bridge Village anchored by Publix in Alpharetta (Atlanta), Georgia.  

Jeremy Womack

Additionally, two California centers have Ralph’s grocery shadow anchors, the 68,055-square-foot Mercado del Lago in Rancho Santa Margarita (Orange County) and the 30,300-square-foot Magnolia Vineland in North Hollywood.

The HFF debt placement team representing the borrower consisted of senior managing director Kevin MacKenzie and director Jamie Kline on a national basis along with senior managing director Jeremy Womack (Phoenix); managing director Gregg Shapiro (Atlanta); senior directors Jason Bond (Chicago), Jim Curtin (Dallas) and Nat Scarmazzi (Miami); and directors Cory Fowler (Charlotte) and Matthew Putterman (Houston).

“Closing two more highly flexible portfolio loans with major life insurance companies is another significant milestone for Westwood Financial,” said Kevin MacKenzie, senior managing director and co-head of the West Coast Region.  

“They continue to build an excellent relationship with these lenders, amongst others, progressing in their goal of strategic growth, building out their portfolio with high-quality assets and getting the most optimal capital structure in place.”

For more information on this 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