HFF announces $25M sale of community shopping center in Palm Beach Gardens, FL

LA Fitness Plaza Shopping Center,  Palm Beach Gardens, FL

Daniel Finkle

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $25 million sale of LA Fitness Plaza, a 105,453-square-foot, fitness- and food-anchored community shopping center in the South Florida community of Palm Beach Gardens.

The HFF team marketed the property on behalf of the seller, Barings Real Estate Advisers on behalf of an institutional investor.  Fondo Atlas purchased the retail center free and clear of financing.

“LA Fitness Plaza performed well and delivered attractive returns for our client during our ownership period,” said Dave Romano, managing director at Barings Real Estate Advisers.  “The HFF team did an excellent job marketing the property for sale, and we wish Fondo Atlas much success with the property going forward.”

Situated on 14.02 acres at 7100 Fairway Drive, the center is at the entrance to PGA National Resort & Spa and has exposure from approximately 120,000 vehicles per day from its high-trafficked location at the intersection of PGA Boulevard and Fairway Drive, along with 1,000 feet of frontage on Florida’s Turnpike.

Kim Flores

LA Fitness Plaza is in one of Palm Beach County’s most affluent communities, and more than 51,576 residents earning an average annual household income of $108,843 live within a three-mile radius of the property.

 The HFF team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo, director Eric Williams and senior associate Kim Flores.

“There continues to be strong investor demand for high-quality fitness-anchored shopping centers, and LA Fitness Plaza was no exception,” Castillo said.

For more information on this press release, please contact:

Kristen Murphy

 Director, Public Relations

 One Post Office Square Suite 3500

 Boston, Massachusetts 02109

 T: 617-848-1572  M: 617-543-4873

 krmurphy@hfflp.com

www.barings.com.

HFF announces sale of Lennar Corporate Center in Miami, FL

Hermen Rodriguez

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Lennar Corporate Center, a four-building office complex totaling 289,986 square feet in Miami, Florida.

The HFF team represented the seller and procured the buyer, NayaUmi LLC, managed by Yoav Merary and Guy Sharon.  NayaUmi LLC is a partnership between Naya USA LLC and Coast Capital Partners LLC.  The property was sold free and clear of debt.

Lennar Corporate Center was developed by Lennar Corporation between 1982 and 1993 and has served as its headquarters since that time.  It comprises four, four-story buildings at 700, 730, 760 and 790 NW 107th Avenue in Miami’s Airport submarket.

 The property has easy access to all of suburban Miami-Dade and Broward counties given its location on 16.4 acres adjacent to the on and off ramps of the Dolphin Expressway, the main east-west thoroughfare in Miami that also connects to Florida’s Turnpike and Palmetto Expressway.

The HFF investment sales team representing the seller included senior managing director Hermen Rodriguez, senior director Ike Ojala and director Tracey Goo.

 For more information on this press release, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Grand Opening of Walmart Supercenter Marks Reinvestment in Metrocenter Mall, Northwest Phoenix, AZ

Ribbon-cutting ceremony participants at Metrocenter Mall, northwest Phoenix, AZ
 include Councilwoman Thelda Williams, far left, Warren Fink is second from left,
Duane Morrison is center with scissors. Others include local community
 and Walmart participants.

Warren Fink

PHOENIX, AZ – Phoenix-area elected officials and dignitaries, Walmart executives and loads of happy shoppers celebrated the grand opening of a new Walmart Supercenter this week at the iconic Metrocenter Mall, in northwest Phoenix.

“Opening the doors to this Walmart Supercenter and seeing the aisles fill with shoppers is so gratifying for all of us who’ve worked to bring this day to fruition,” said Paula Ginnett, a Walmart Vice President and Regional General Manager in Arizona. “We’re excited to be able to better serve our customers in northwest Phoenix, and to be part of the revitalization of the Phoenix landmark that is Metrocenter Mall.”

The 148,000-square-foot Walmart represents the single largest capital investment at Metrocenter Mall in decades. Built new from the ground up, the store is built on the site of the former Broadway building, which had been vacant since 2006.

“The opening of the new Walmart at Metrocenter Mall has not only created hundreds of jobs for Arizonans, but is also part of a larger effort to revitalize this landmark shopping complex,” said Jennifer Mellor, Vice President of Economic Development for the Greater Phoenix Chamber of Commerce. “This is exciting because it will be a major piece of the mall’s transformation into a multi-use, urban center.”

"Today's grand opening is the first physical step in our strategic redevelopment of Metrocenter," said Warren Fink, Chief Operating Officer for Carlyle Development Group. "With their opening, Walmart adds momentum to that effort and becomes part of our larger vision, which is to transform this site into a dynamic live-work-play environment, with multiple uses and a quickly-evolving mass transit system that will directly link this location to the entire metro area."

Paula Ginnett

The store offers a broad assortment of general merchandise and groceries, including an expanded selection of organics and gluten-free products, at Walmart’s Everyday Low Prices.

Customers will also enjoy convenient on-site services, such as a full pharmacy with multiple service lanes and private consultation room, as well as a Walmart Pickup lounge, providing an easy way to shop millions of products on Walmart.com. The new store creates up to 300 jobs for full- and part-time associates.

 

Jennifer Mellor

The store will employ up to 300 full- and part-time associates. At the new Metrocenter location, Store Manager Duane Morrison started with Walmart 15 years ago and has managed multiple stores in Arizona.

Starting in 2015, Walmart began making a $2.7 billion investment over a two-year period in higher wages, more scheduling choices and further training for its associates. As part of increased wages across the company, the average full-time hourly associate now makes $13.79/hour in Arizona.

Thelda Williams

 Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 260 million customers and members visit our 11,527 stores under 63 banners in 28 countries and e-commerce websites in 11 countries.

With fiscal year 2017 revenue of $486 billion, Walmart employs more than 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity.

Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.

Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.

For more information on this press release, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.metrocentermall.com

www.carlyle-usa.com

Daum Commercial Helps Global Apparel Manufacturing Company Expand with $30 Million Lease of 442,920-SF Distribution Warehouse in Chino, CA

Gus Andros

CHINO, CA – DAUM Commercial Real Estate Services recently directed the 10-year lease of a newly-constructed 442,920 square-foot distribution warehouse in Chino, California on behalf the tenant, Los Angeles-based global apparel manufacturer Topson Downs.

Gus Andros, an Executive Vice President at DAUM’s Inland Empire office and Andrew Lara, a First Vice President at DAUM’s South Bay office, completed the lease for a total consideration of approximately $30 million.

The building is located at 8986 Remington Avenue in Chino, California. Thomas Taylor, Steve Bellitti, Summer Coulter, and Josh Hayes of Colliers International represented Watson Land Company as the lessor in this transaction.

“Located near the border of Los Angeles County, the Chino submarket has one of the tightest industrial vacancies in the Inland Empire, at just 1.4 percent,” explains Andros, citing a recent market report from DAUM Commercial. “Given that this asset was new construction in this supply-constrained region, with a state-of-the-art design well-suited to today’s distribution needs, competition was extremely high.”

The tenant was especially drawn to the location of the building, which offers close proximity to five freeways: I-15, SR 60, SR 91, SR 71, and SR 83.  Other features include the facility’s easy access to the Ports of Los Angeles and Long Beach, and well as its modern features, which met the tenant’s needs for a cross-docking distribution center, according to Andros.

For more information on this press release, please contact:

Lauren Burgos / Elisabeth Manville

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

www.daumcommercial.com.

The Keyes Company’s Nash Group Selected to Sell H. Wayne Huizenga Jr. Lakefront Estate in Suburban Delray Beach, FL

H. Wayne Huizenga Jr.

DELRAY BEACH, FL – Billy Nash of the Keyes Company’s Nash Group has announced the listing of H. Wayne & Fonda Huizenga Jr.’s lakefront estate home at the exclusive Stone Creek Ranch in Suburban Delray Beach. The home is being marketed by the Nash Group with an asking price of $ 6,750,000.

Billy Nash

Custom built in 2007, 16191 Quiet Vista Circle sits on five exquisitely landscaped acres of land – the largest lakefront lot in Stone Creek Ranch - and measures in at 11,000 square feet under air.

The seven-bedroom, 10-bathroom residence features an in-ground pool that frames a breathtaking unobstructed view of the sunset. The interior of the home has recently been completely updated by Tim Ellis, and the elegant master suite was redesigned by the Palm Beaches’ renowned luxury designer Annie Santulli, founder of Santulli designs.

Fonda Huizenga

 Stone Creek Ranch is one of Palm Beach’s most exclusive communities, providing a serene environment for each of its 37 estates. It is centrally located between Delray’s white sandy beaches and the Wellington equestrian scene, near top trending local restaurants, and Atlantic Avenue - one of USA Today’s “10 Great American Shopping Streets.”

“Billy Nash and his Nash Group are perfectly suited to market this one-of-a-kind home on behalf of the Huizenga family,” said Keyes President and CEO Mike Pappas. “The power of the Keyes brand and infrastructure, combined with the creativity of the Nash Group, result in world-class global offerings of luxury real estate.”

Mike Pappas

Huizenga Jr. is the CEO of Rybovich Marina and president of investment company Huizenga Holdings, Inc. He is the son of businessman H. Wayne Huizenga, the former owner of the Miami Dolphins, Florida Panthers and Miami Marlins.

“We are honored to serve as the exclusive listing agent for this truly stunning home,” said Nash, who has spent nearly 25 years working with and advising ultra-high-net-worth individuals and their families.

 “It is perfect for everything from hosting large private events to simply enjoying the South Florida lifestyle with family and friends. Our team will be generating interest in the property both locally and around the world"

Annie Santulli

In June, Nash closed the $7.5 million sale of a compound at golfer Jack Nicklaus’ Bear’s Club in Jupiter, making it the second highest sale in the luxury residential and golf course community in nine years.

Over the last 18 months, Nash has surpassed the $25 million mark in transactions. Nash is also currently marketing a $33 million dollar Compound on Key Biscayne for the former Chairman of Live Nation and Rolling Stones touring manager Michael Cohl.

 For more information on this press release, please contact: 

HSA Commercial Inks 98,251 SF Lease with Eagle Foods at Delany Commerce Center in Waukegan, IL

Robert Smietana

CHICAGO, IL — HSA Commercial Real Estate announced the firm has signed a 98,251-square-foot, long-term lease with Eagle Foods at Delany Commerce Center in Waukegan, Ill.

Eagle Foods – a manufacturer and distributor of household food products such as G.H. Cretors and other specialty popcorn brands, as well as sweetened condensed and evaporated milk – will take occupancy of its premises in December after an interior build-out is completed.

The 218,500-square-foot building at 2431 Delany Road, which is now fully leased, is the first distribution facility at Delany Commerce Center, developed by Chicago-based HSA Commercial Real Estate in partnership with Washington Capital Management, Inc.

 Delany Commerce Center also includes a 12-acre lot available for larger, build-to-suit requirements or future speculative development.

“Given the lack of supply of Class-A industrial space in Lake County, we are interested in exploring future development opportunities for the 12-acre land site at Delany Commerce Center,” said Robert Smietana, vice chairman and CEO of HSA Commercial Real Estate.

“As more prestigious brands like Eagle Foods continue to move into the area and experience the benefits of the location and its convenient accessibility to Interstate 94 and Highway 41, we believe that will only encourage further development.”

Tim Thompson, executive vice president and managing director of the Industrial Services Division of HSA Commercial Real Estate, represented ownership in the lease transaction. Ed Lowenbaum of Lowenbaum REP represented the tenant.

For more information on this press release, please contact:

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

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

www.wcmadvisors.com

.

HFF announces sale of single-tenant Whole Foods Market in Tampa, FL

Whole Foods Market, Carrollwood, Tampa, FL

Daniel Finkle

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a 36,900-square-foot, single-tenant building occupied by Whole Foods Market in the affluent Carrollwood community of Tampa, Florida.

The HFF team marketed the property on behalf of the seller, Weingarten Realty Investors. 

Completed in 2012, the building is 100 percent leased to Whole Foods Market, the world’s leading natural and organic foods supermarket.  The property is situated on 6.33 acres at the southwest corner of the intersection of Northdale Boulevard and Dale Mabry Highway, one of Tampa’s premier north-south commercial corridors.

 The building is visible to approximately 80,000 vehicles per day and is one of only three Whole Foods Markets within the entire Tampa-St. Petersburg MSA.  More than 72,700 residents earning an average annual household income of $92,355 reside within a three-mile radius of the property.

The HFF team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo and director Eric Williams.

“This property represented the incredibly rare opportunity to acquire a single-tenant Whole Foods Market under a long-term lease serving one of the most desirable communities in the Tampa MSA,” Williams said. “Amazon’s acquisition of Whole Foods further enhanced the overall investment profile of this asset.”

For more information on this press release, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

www.weingarten.com

.

HFF announces refinancing of 623-room Boston-area hotel portfolio

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces the refinancing of a three-property hotel portfolio totaling 623 rooms in the Boston-area communities of Natick and Somerville, Massachusetts. 

The HFF team worked on behalf of the borrower, Distinctive Hospitality Group, to place the 10-year, fixed-rate loan with Bank of America’s CMBS Group.  Additionally, HFF will service the securitized loan, proceeds of which will be used to refinance existing debt and reinvest in the property.

Mark Remington

The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick and the 184-room Holiday Inn Boston Bunker Hill Area in Somerville. 

The Natick hotels are located near one another adjacent to the 1.66-million-square-foot Natick Mall and approximately 20 miles west of downtown Boston. Crowne Plaza Boston-Natick, located at 1360 Worcester Street, was completed in 1985 and most recently renovated in 2012.

 It features a fitness center, business center, 17,000 square feet of event space, the Pantry Restaurant and full-service restaurant The Violet Thorn.  The Hampton Inn Boston-Natick is located one mile from the Crown Plaza Boston-Natick at 319 Speen Street. 

Completed in 1976 and renovated most recently in 2008, the hotel features a fitness center, business center, complimentary breakfast, 12,000 square feet of meeting space and the SKYBOKX 109 GastroSports restaurant open for lunch and dinner. 

Located at 30 Washington Street in Somerville, the Holiday Inn Boston Bunker Hill Area is four miles from downtown Boston and two miles from the academic hub and pharmaceutical companies located in Cambridge.  The BCEC & Hynes Convention Center, Fenway Park, Harvard Square, New England Aquarium and Boston State House are all within five miles of the hotel. 

Evan Parker

Completed in 1974 and renovated between 2012 and 2013, Holiday Inn Boston Bunker Hill Area features a fitness center, basketball court, indoor pool, business center 9,700 square feet of meeting and event space and the DRAFT restaurant and lounge.

The HFF debt placement team representing the borrower included managing director Mark Remington, senior director Alan Suzuki and associate Evan Parker.

“This was a win-win for all parties; the lender gets to book a loan on three high-quality hotel assets in the suburbs of Boston, and our client gets a competitive rate and sufficient proceeds to implement its long-term business plans,” Remington said.

For more information on this press release, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

https://www.distinctivehospitalitygroup.com.

Overall Mortgage Price Remains Tight, Says Real Estate Capital Institute

John Oharenko

Chicago, IL - The final quarter of 2017 begins with

interest rate expectations seen earlier in the year.  Investors are hoping

for more normalized conditions less prone to shocks from global politics and

natural disasters.  Considering such conditions, realty finance trends

revolve around benchmark yields, risk pricing and liquidity, as discussed

below.

Benchmark Yields:  With longer term treasuries floating in the

2.25%-or-greater-range. Fed watchers expect inflation at about the same

level, approximately 2.5%.  Many hope the economy will run along a steady

pace without any inflation fuel.  The Fed's objective focuses on reducing

the $4.5 trillion balance, with as many as four quarter-point rate hikes

during the next two years.  Consequently, mortgage pricing expected to

steadily climb as well.

Risk Pricing:  Overall mortgage pricing remains tight, as a wide spectrum of

lenders compete for long-term permanent loans within a historically narrow

range of 3.5% to 5%+ for funding traditional property types.  Higher-risk,

value-add perm loans generate pricing still below the double-digit range.

Mezzanine, preferred equity and other "stretch" debt is freely available,

directly competing with lower-yielding equity returns - often in the

higher-single-digit to lower-teens range.

Liquidity:  For any reasonable quality cash-flowing asset, funds are readily

available from multiple sources.  With realty capital liquidity at peak

levels, agencies, LifeCos, banks, conduits and debt funds abound. Agencies

demand loans as year-end goals need to be met, so multifamily borrowers

enjoy the best loan terms of any asset class.  LifeCos comfortably meet

funding objectives, with additional capital allocations available for next

year.  However, the need to "reach" for deals is less prevalent for this

year, as 2018 goals will be announced.  Banks cautiously monitor HVCRE

requirements, but still need deal flow for profitability. Wall Street

tightens spreads as to more selective buyer pools seek higher-quality

offerings.  Debt funds lurk at the upper end of the yield curve, taking on

construction and value-creation transactions.

Mr. John Oharenko, Director of The Real Estate Capital Institute(r),

suggests, "While expectations are for more Fed rate hikes during the next

two years, the need to do so is limited.  Global uncertainly, and other

events such as natural disasters, drive debt markets more than economic

policies."

For more information on this press release, please contact:

John Oharenko, Executive Director

Real Estate Capital Institute,

3517 West Arthington Street

Chicago, IL USA 60624

director@reci.com

Emerson International Negotiates Long Term Retail Leases at Eagle Creek in Southeast Orlando, FL

Zac Starkey

ORLANDO, FL --- Emerson International recently closed on two long-term lease agreements at the Eagle Creek Retail Center, 9717 Eagle Creek Center Blvd. adjacent to its Eagle Creek Golf Club development off Narcoossee Road in Southeast Orlando.  

Broker Associate Zac Starkey negotiated both transactions representing the landlord/developer, Emerson International, Inc. 

Dr. Nadya Aldochine has leased 2,299 square feet for her Life Enhancing Dentistry practice.  She was represented in the transaction by Mike Ruso of Carr Healthcare Realty.

State Farm Insurance leased 1,130 square feet.

The 22,000 square foot Eagle Creek Retail Center is currently 100 percent leased.

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

For more information on this press release, please contact:

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

Hanley Investment Group Completes Three 7-Eleven Deals for $9.13 Million, Marking Jeremy McChesney’s 23rd 7-Eleven Transaction in 2.5 Years

  

Jeremy McChesney

CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced Executive Vice President Jeremy McChesney has completed the sale of three 7-Eleven properties in separate transactions for a combined value of $9,130,000.

The properties are located in Los Angeles, San Diego and Bakersfield, California. One of the transactions had a record-low cap rate for 2017. McChesney has now completed the sale of 23 7-Eleven properties in the last 2.5 years, the most 7-Elevens sold by one individual in the U.S. during this same period.

“These sales highlight the continued demand by investors for high quality, investment grade net-lease and two-tenant properties and investors’ willingness to look in major metros to find them,” said McChesney. 7‑Eleven, Inc. is the world’s largest chain in the convenience retailing industry. Based in Irving, Texas, 7‑Eleven® operates, franchises and/or licenses more than 63,000 stores in 18 countries, including 10,900 in North America.

“All three 7-Eleven properties had attractive fundamentals including absolute triple-net leases and hard corner locations with good traffic counts, demographics, proximity and ease of access to major thoroughfares,” said McChesney.

For more information on this press release, please contact:

Jeremy McChesney

 Executive Vice President

Hanley Investment Group

949.585.7671  

Happy Home Communities Acquires a 201-Space Mobile Home Park Portfolio for $6.9 Million in Foley, AL

 

Ellie Davis

 Los Angeles, CA - Happy Home Communities (HHC), the mobile home park and RV park investment arm of Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, has acquired a 201-space mobile home park portfolio in Foley, AL, a city in Baldwin County. HHC acquired the two-property 90 percent occupied portfolio from a private seller for $6.9 million.

"This portfolio offered HHC the opportunity to own and manage two well-maintained communities that are close to local beaches, major tourist destinations and employment centers," said Ellie Davis, director of acquisitions and asset management for Happy Homes Communities.

"Additionally, Baldwin County is one of the fastest-growing regions in the nation. We see this growth as a factor for long-term appreciation and plan to add additional immediate value by infilling vacant sites as well as making enhancements to the properties over the next couple of years."

Davis added that HHC is seeking to acquire additional mobile home park assets in the greater Gulf area.

Foley is located in Baldwin County, Alabama, which is experiencing a rapidly growing population and offers 60 miles of beach frontage along the Gulf of Mexico.

For more information on this press release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

WoodSpring Hotels Grows Denver-Area Presence with WoodSpring Suites Denver Centennial

Ron Burgett

  Charlotte, NC - WoodSpring Hotels, the nation’s fastest growing extended-stay hotel company, announced the grand opening of WoodSpring Suites Denver Centennial.

 The hotel, owned by Pure Strike Development, LP, and WS Centennial LLC, will be operated by Overland Park, Kansas-based Hotel Management & Consulting, LLC (HMC). The hotel is located at 13253 E. Briarwood Avenue, Centennial, Colo., 80112-6853.

“We continue to seek strategic and ambitious partners such as Pure Strike Development as we continuously grow the WoodSpring brand nationwide,” said Ron Burgett, executive vice president of franchise development and operations for WoodSpring Hotels LLC.

“The greater Denver area is experiencing some of the highest demand the city has seen in years from both business and leisure travelers, and we are ready to serve these guests with our clean, comfortable, well-appointed rooms and simple, straight-forward business model.”  

For more information on this press release, please contact:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com

www.dalygray.com

First and Fresh Grocery Store to Open at Westside Plaza in West Orlando, FL

                                                                                    

Jackie Pace

Orlando, FL  – NAI Realvest Charles Wayne Commercial recently negotiated a new long-term lease agreement for First and Fresh, a grocer who will occupy 1,560 square feet at Westside Plaza located at 6218 W. Colonial Drive in West Orlando.

Retail Specialist Jackie Pace represented the landlord at Westside Plaza, the 6th Florida location for Tampa-based First and Fresh providing nutritious food products to WIC (women, infants and children) customers who participate in the federally funded nutrition program. 

Dave Van Wormer of Van Wormer Realty represented the new tenant who will join Pep Boys, Career Source Central Florida and Florida Dept. of Children and Families among others at Westside Plaza which is currently  96 percent leased.

For more information on this press release, please contact:

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

  

HFF announces $205M financing of The District Burlington, the Inner suburbs most walkable and amenitized mixed-use environment

 

Fred Wittmann

  BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $205 million financing of The District Burlington, a first-class mixed-use park comprising over one million square feet of office and retail buildings in Burlington, Massachusetts.

The HFF team worked on behalf of the borrower, affiliates of Charles River Realty Investors, National Development and AEW Capital Management, to secure the seven-year, fixed-rate permanent loan through a major institutional life insurance company.

The District Burlington is located adjacent to Route 128/Interstate 95 and the Burlington Mall, only 15 miles northwest of Boston.  

The property was repositioned and rebranded through the complete redesign of the park infrastructure and the development of a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market, and TD Bank.

Improvements to the park also include the addition of a 350-space parking garage, the repositioning and expansion of Building 700, and the creation of a first-rate walkable amenity package including a new Residence Inn by Marriott, an 8,000-square-foot fitness center, and OMMMSpace that houses yoga and meditation classes. 

Robyn King

Enhanced connectivity is provided through a Zagster Bike Share Program, walking trails and a private shuttle to and from the Alewife MBTA station in Cambridge.

 The District Burlington is 85 percent leased to a diversified roster of more than 40 regional, national and global tenants, including BAE Systems, Black Duck Software, Charles River Development (no affiliation with Charles River Realty Investors) and Decision Resources.

Greg LaBine

The HFF debt placement team representing the borrower included senior managing director Fred Wittmann, managing director Greg LaBine and senior associate Robyn King.

“The borrower did a fantastic job repositioning the asset to become a best-in-class mixed-use park with the best amenity package available in the market,” said LaBine.  “That led to increased tenant demand and higher rents, which when coupled with top institutional sponsorship within the borrower group, made this a compelling opportunity for the lender.”

Kristen M. Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.aew.com

www.natdev.com

 or follow @nationaldevelop

.