Embassey Suites by Hilton New York – Midtown Manhattan Celebrates Grand Opening

Embassy Suites by Hilton New York -- Midtown Manhattan

MANHATTAN, NY,  Jan. 17, 2017--The Buccini/Pollin Group, Hidrock Properties and Hilton Hotels & Resorts today announced the opening of the 310-suite Embassy Suites by Hilton New York - Midtown Manhattan in New York. 

BPGS Construction oversaw entitlement and construction of the project, and PM Hotel Group performed technical services during programming, design and construction and manages the newly opened hotel. 

CAMPION PLATT Interiors was selected to design the hotel’s public areas, while HVS Design was responsible for the guest suite and corridor designs, and PPA provided the architectural plans.

Dave Pollin

BPG was intrigued by the opportunity to build New York City’s only Embassy Suites by Hilton hotel in an irreplaceable location.  

While New York City has witnessed an explosion of new select-service hotels on the fringes of the city’s business and residential districts, the Embassy Suites’ core location, unique and differentiated brand, all-suites configuration, multiple F&B options and 39-story design set this project apart.

 Located between 5th Avenue and 6th Avenue on 37th Street, the hotel has great access to uptown, downtown, the city’s most important transportation hubs, and crucially, Midtown South’s busy office submarket. 

Finding a site that could accommodate the Embassy Suites brand, regardless of location, was also paramount.  The 37th Street site is block-through, providing for access to both 36th and 37th Streets, and the requisite width and depth to accommodate an all-suite configuration. 

The Embassy Suites brand is known as a category killer, meaning that it dominates its segment – the all-suite format.  Each suite comes with much more space than traditional hotels, especially the newer, economy projects being built on the fringes of the city.

 The Embassy Suites brand is also highly differentiated through its value proposition – a complimentary, cooked to order breakfast and hosted evening reception – in addition to providing a selection of a la carte dining and bar options.  Finally, BPG was motived by the potential to build a 39 story building when much of the surrounding neighborhood is approximately 20 stories tall, providing stunning views of Manhattan.

With three bespoke food and beverage concepts, including one of Manhattan’s most coveted outdoor bar and function spaces, the Embassy Suites New York - Midtown Manhattan invites the community and hotel guests to enjoy a drink from its seasonal cocktail program developed by local mixologist and distiller, Allen Katz. 

Allen Katz

“BPG believes that if we hired a typical commercial hotel designer, we would get a typical commercial hotel design,” said Dave Pollin, BPG co-founder.  “Many travelers today can’t tell the difference between a hotel located in Cleveland or one in Canberra due to ‘generic hotel aesthetic blur.’ 

We hired Campion Platt to set the tone and lead the design team due to his NY experience and sensibilities; they were apparent at our very first meeting.  Campion grasps the city at its DNA level, including a deep historical understanding of the Garment District. 

“We sensed that Campion also shared our belief that the people who work and live in the neighborhood, especially the generations that preceded us, create what make it special today.  Campion also is brilliant at adding memorable, irreverent and witty design flourishes to commercial spaces that need to function efficiently and be resilient for decades.”

Located at the crossroads of New York City - Herald Square and the bright lights of Broadway - the 39-story Embassy Suites by Hilton New York - Midtown Manhattan hotel is the place to see and be seen.   With a glass façade offering supreme views of the iconic New York City skyline, the hotel is surrounded by Ernst & Young, IPG and Morgan Stanley and only a quick walk to Times Square, the Empire State Building and 5th Avenue shopping.  Penn Station and Grand Central Terminal are both steps away, easily connecting the hotel to LaGuardia, JFK and Newark airports and Amtrak’s NE Corridor.

Campion Platt

The hotel's 310 studio suites are elegant spaces consisting of sophisticated, custom finishes.  Many feature semi-private living areas with an oversized sofa seating area, some contain balconies, and all provide sweeping city views. 

 Suites provide complimentary WIFI, two 42-inch HDTVs, spacious work area, mini-fridge, microwave and coffeemaker. Luxury bath amenities and spa-like showers make the bathroom experience unique in New York.

The Embassy Suites resides in New York’s famed Garment District, the nexus of American Fashion. The Garment District serves as the creative hub of the apparel industry and is a destination for wholesale buyers, designers, stylists, retailers, students, shoppers and fashionistas around the world.

SkyLawn, the hotel’s innovative outdoor venue, can host events for up to 300 people.  The Heist Bar & Lounge intrigues guests by celebrating the greatest jewel heists in history through inventive cocktails while paying homage to New York’s famed Diamond District. The eclectic fare ranges from deviled eggs three ways to “The Heist” burger, served “with all the crown jewels.”  

The Farm Café on the third floor features a relaxing, sun-filled room for all day dining set against lacquered barn wood and tiered landscaped terraces. All hotel guests enjoy complimentary, cooked-to-order breakfast and evening cocktail reception daily at the Embassy Lounge.

BPG, Hidrock and the Embassy Suites development team engaged Campion Platt, one of NY’s most renowned interior designers, to envision and create an authentic New York design that captures the energy and innovation of the Garment District.   

Garment District, New York City, NY

From the loading dock’s glass wall, movie-projection system, to the soaring three-story lobby “water column,” to the hotel’s lobby “jewel box,” a playful homage to New York’s famed diamond dealers, the interiors feature multiple surprising features inspired by the fashion industry.  

The cool metallic and colored glass interiors are balanced with richly textured textiles and set against a quirky blend of commissioned art in partnership with Voltz Clarke.

For more information on this news 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

www.bpgroup.net

www.pmhotelgroup.com

Lincoln Property Company Closes on Long Term Lease to International Law Firm at Airport Business Center in South Orlando, FL

Sean DuPree

ORLANDO, Fla. – Lincoln Property Company Southeast, a full service commercial real estate firm, completed a new long-term lease agreement for 3,325 square feet at Airport Business Center, 5782A S. Semoran Blvd in Orlando.

Sean DuPree, broker at Lincoln Property who handles leasing at Airport Business Center, negotiated the transaction on behalf of Landlord RCS-Orlando Airport 371, LLC.

Urban Thier and Federer, P.A. (www.urbanthier.com) leased 3,325 square feet in the office / flex business park at the intersection of Hoffner Ave. five minutes from Orlando International Airport.

The Tenant is an international law firm with offices throughout the U.S. including downtown Orlando, Palm Beach, Atlanta, New York and Los Angeles.  In Europe their offices are located in London and Munich.

  

For more information on this news release, please contact:

  

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. Lvershelco@aol.com

 407-644-4142

Pat Williams named head of JLL Phoenix office

Pat Williams

PHOENIX, Jan. 17, 2018 – The Phoenix office of JLL has named Pat Williams as Senior Managing Director and new head of the Phoenix JLL office, overseeing a team of 46 local commercial real estate brokers specializing in tenant and investor representation across a broad range of product types.

Williams previously served as the head of the JLL Phoenix tenant representation team and co-leader of the Phoenix office alongside Senior Managing Director Dennis Desmond. With the transition, Desmond will move to an expanded role within the JLL Capital Markets group.

Williams joined the local JLL office in 2000, serving as a tenant representation expert and one of six founding team members within what – at the time – was the Staubach Company, the nation’s leading tenant representation firm.

In 2008, the Staubach Company was purchased by JLL. In 2011, Williams was promoted to Managing Director and named head of the JLL Phoenix tenant representation team.

Since that time, Williams and Desmond have grown JLL’s Phoenix office to reflect the company’s comprehensive commercial real estate platform, which in Phoenix now includes tenant and landlord (agency) office, industrial, retail, healthcare and data center representation; commercial real estate investments (capital markets); multifamily investments; property and facility management; development services; and related services within the real estate leasing, investment and management process.

Dennis Desmond

“It has been gratifying to watch the Phoenix office grow into a leading market position, yet still maintain the attention to detail and client-centric philosophy that we’ve had from the start,” said Williams. 

“I’m honored to work alongside this talented group of experts, and look forward to the opportunities we have ahead of us to put Phoenix’s market strengths to work for our clients.”

Since Williams joined the Phoenix office, it has grown from six to more than 60 brokers and support team members.

 In 2016, the Phoenix team completed 34 million square feet in lease and sale transactions valued at $1.5 billion, directed $105 million in project management and currently manages a 25.2 million-square-foot portfolio.

billion, directed $105 million in project management and currently manages a 25.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit

For more information on this news release, please contact:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com

or www.jll.com/phoenix.

THE DREVER Commences “Parthenon” Marble Makeover in Dallas, TX

  

Rendering of The Drever Redevelopment, Central Business District,
 1401 Elm Street, Dallas, TX

DALLAS. TX –– Drever Capital Management’s 1.5-million-square-foot re-development of the former First National Bank of Dallas building in the heart of the Dallas Central Business District at 1401 Elm Street, has commenced removal and restoration of the historic marble slab panels on the building’s façade.

Steve McCoy

The highest quality materials available were sourced during the construction of the historic building, originally importing the dense, handsomely veined white marble slabs from the same quarry in Greece as the marble used to build the still-standing Parthenon.

Steve McCoy, president of Drever Construction Co. worked with lead architect, Merriman Anderson/Architects, and contractor, Andres Construction, to develop a solution to remove, restore and reinstall the slabs with new connections that will secure and stabilize the tower’s exterior for decades to come. 

The process provides a surplus marble and terrazzo that, to the delight of the project’s interior designers, will be reutilized in the building’s interiors.  The project is scheduled to be complete by the end of 2018, with the building opening in the first quarter of 2019. 

“The process will allow this irreplaceable stone to not only be restored to its former glory, but remain as a sound element of the building’s structure for many years to come,“says McCoy. “The fact that the team was able to find a way for the excess marble to be repurposed adds another layer of history to this already impressive structure.”

Now known as THE DREVER, the skyscraper was originally designed by architects George Dahl and Thomas E. Stanley and has been home to Hunt Oil, the Dallas Petroleum Club, and the fictitious J.R. Ewing’s staged office set for Ewing Oil in the television hit program, “Dallas”.

Aimee Sanborn

 The mid-century 52-story tower’s distinctive façade was often compared to the pin-striped fabric of a traditional banker’s suit because of the repeating pattern of white marble and dark gray floor-to-ceiling windows. 

THE DREVER re-development will include a luxury high-rise offering 324 residential units, a Thompson Hotel planned with 218 rooms, spa, retail, office and destination restaurants.

Dallas-based architects, Merriman Anderson/Architects, are the lead architects and designers designing the re-imagined interior and exterior, and are delighted with the decision to recycle the existing marble panels. Andres Construction is the construction manager overseeing the overall building project.

“The original marble is from Mount Pentelikon, a mountain range located in Attica, Greece,” says Aimee Sanborn, AIA, principal with Merriman Anderson/Architects. “It’s a beautiful natural stone with wonderful veining.  We were able to locate the quarry in Greece and have identified the exact species. To re-purpose 100% of the existing exterior marble tells a compelling cradle-to-cradle story of up-cycling.”

The condition of the panels and the integrity of the building’s engineering necessitated the decision to refurbish the marble. Existing mechanical connections were separating from the original structure. The panels will be refurbished by cladding the natural stone to a structural aluminum honeycomb backer panel, which will insure the engineering integrity and the historical value of the original marble slabs.

HyCOMB USA is responsible for the stone cutting and the application of the new structural aluminum honeycomb panel. Besides creating extra marble slabs for the building interiors, marble remnants from the cutting and cleaning process will be crushed and repurposed into terrazzo to be utilized in the elevator cab floors, elevator lobby flooring and flooring on the 9th floor amenity deck.

Jerry Merriman

“I commend Drever Capital Management for their unwavering commitment to the quality of this project,” remarked Jerry Merriman, AIA, president of Merriman Anderson/Architects. 

“Re-purposing is generally more expensive and time consuming than demolishing and replacing with new. The building’s owner, Maxwell Drever, appreciates the significance of this building to the history of Downtown Dallas.”

THE DREVER

Located on an entire Dallas city block at Elm Street, Pacific Avenue, Akard Street and N. Field Street, plans for THE DREVER mixed-use project include best-in-class multi-family, hotel, retail, restaurants, office, spa and parking. The 52-story, 1.5-million-square-foot skyscraper is designed to offer a luxury residential and best in class boutique hotel option with contemporary, inviting and culturally rich public and private spaces.

Maxwell Drever

When completed, THE DREVER’S eight-story tower base will be transformed into a dynamic area with more than 27,000-square-feet of ground floor retail space, 44,000-square-feet of office space, the hotel and residents’ lobbies and a grand ballroom. 

 A wraparound amenity deck with sightlines to surrounding buildings, including a resort quality pool, a spa, a health and fitness room, dog-park and outdoor recreation spaces will be on the 9th floor at the top of the base element. The 50th floor will feature an open-to-the-public observation deck.

For further information, please visit https://thedreverdallas.com.

 Kristina Uresti

kristina@culverpr.com

Culver Public Relations

3102 Maple Ave., Suite 235

Dallas, TX  75201

214.352.5980 office

The Keyes Company’s Mark Block Represents Buyer in $8 Million Surfside Luxury Condominium Deal

Mark and Zhanna Block

Surfside, Fla. | Jan. 16, 2018 – Mark Block of The Keyes Company’s Block Team has completed an $8 million luxury condominium transaction in Surfside. Block represented the buyer in the first resale at the high-end Fendi Chateau Residences, which was completed in September 2016.

Mike Pappas

The buyer of three-bedroom, 4,660-square-foot Unit 706 at 9349 Collins Avenue is a Fortune 500 CEO. Nassau, Bahamas-based Chateau Ocean Unit 706 LLC is the seller. The transaction closed on Jan. 9.

Developed by Chateau Group, the beachfront Fendi Chateau Residences is the renowned Italian brand’s first luxury residential building in the world. The 12-story building features 58 residences with ocean, Intracoastal and city views.

Amenities include multiple pools, a Jacuzzi, 12 private cabanas, a restaurant and bar, fitness center and a spa, kids’ club, private theater, private dining room, wine cellar and Shabbat elevators.

“This is another impressive luxury transaction for the Block Team,” said Mike Pappas, CEO of The Keyes Company. “The team brings a marketing expertise to its domestic and international clients and leverages the technology and tools available for the Keyes family to maximize results.”

The Block Team is led by husband and wife duo Mark and Zhanna Block. Mark Block utilizes his background as an international marketing executive to ensure each property gets the full exposure it needs and taps into a vast database of contacts to bring buyers from around the world.

Matias Allen

 A native of Ukraine who speaks four languages and former Olympian with more than a decade of Miami real estate experience, Zhanna Block has tapped into her international background to become a consistent top producer.

“It is thrilling to be part of the first completed resale at the first Fendi-branded building,” said Mark Block, who has represented the buyer in other transactions. “This transaction shows that the ultra-luxury market in Miami remains strong, particularly along the coastline.”

Matias Alem of BRG International represented the seller.

For more information on these transactions, please contact:

Eric Kalis or Jasmin Curtiss, BoardroomPR

ekalis@boardroompr.com

jcurtiss@boardroompr.com

954-370-8999

Hold-Thyssen Negotiates Three Long-Term Office Leases at Phillips Place in Southwest Orlando, FL

Darby Hold

ORLANDO, FL --- Hold-Thyssen, a full service real estate services firm headquartered in Winter Park, negotiated three new long-term office leases totaling more than 5,098 rentable square feet at Phillips Place, 7575 Dr. Phillips Blvd. in Southwest Orlando.

Darby Hold, associate for Hold-Thyssen, Inc. negotiated the transactions representing the landlord, Financial Way Realty, Inc., based in Cincinnati, Ohio.

Deanna Meredith

In January Colony Northstar Advisors, LLC, leased 1,156 square feet for five years.  One of the world’s largest equity REIT’s with a world class portfolio of assets, the tenant has 18 global locations and 500+ employees.    Equity Investment Services, LLC, specializing in advising clients on managing and preserving real estate investments, extended their lease of 1,851 square feet for a three-year term. 

In December Hold negotiated a five-year lease for 2,091 square feet with Prism Systems, Inc., a software engineering and systems development firm that services Fortune 500 companies nationwide.  Deanna Meredith with Luxe Properties LLC represented Prism.

Phillips Place Office Complex, Southwest Orlando, FL

Hold-Thyssen, Inc., the leasing and management representative for the 56,000 square foot Phillips Place, provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

For more information on these transactions, please contact:

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

.

Hanley Investment Group Completes Three 7-Eleven Deals for $4.2 Million, Marking Jeremy McChesney’s 26th 7-Eleven Transaction in Over 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 $4,227,000.

The properties are located in Valley Park, Missouri; Bradenton, Florida; and Lakewood, Ohio. McChesney has now completed the sale of 26 7-Eleven properties in over 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 for single-tenant net-lease corporate-guaranteed 7-Eleven properties and investors’ willingness to look outside of major metros to find them,” said McChesney. 

7-Eleven Store, Lakewood, OH

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.

According to McChesney, S&P Global Rating gives 7-Eleven Inc. an investment-quality crediting rating of “AA-.”

“All three 7-Eleven properties that transacted had good fundamentals including absolute triple-net leases and high-profile locations with good traffic counts, demographics, proximity and ease of access to major thoroughfares plus they were backed by 7-Eleven corporate,” said McChesney.  

In Valley Park, Missouri, McChesney arranged the sale of a single-tenant retail property occupied by 7-Eleven with a gas station at 13515 Big Bend Road with eight years remaining on the primary term of the corporate-guaranteed, absolute triple-net lease with three five-year options and 10 percent increases. Built in 1998, the 2,193-square-foot building and gas station sits on 0.59 acres.

7-Eleven Store, Valley Park, MO

The purchase price was $1,967,000. The buyer was a private investor from Dublin, California, represented by Matt Lemon and Suheil Sahouria of The Trafton Group of San Mateo, California. McChesney represented the seller, Equitas Investments of Hermosa Beach, California.

According to McChesney, Hanley Investment Group generated seven offers and closed at 95 percent of the listed price. “We leveraged the Hanley Investment Group platform to find a California buyer willing to pay the highest price for this well-located property,” noted McChesney.

“This property sits at the hard corner, signalized intersection of Big Bend Road and Dougherty Ferry Road with daily traffic counts exceeding 35,000 at the intersection and benefits from a dense, affluent demographics. There are more than 160,700 people with an average household income of $115,561 within a five-mile radius of the property.”

In Bradenton, Florida, McChesney completed the sale of a single-tenant corporate guaranteed 7-Eleven store and gas station with 10 years remaining on the primary lease term. The 2,787-square-foot building, which was built in 1979 on 1.40 acres and remodeled in 2008, is located at 2011 44th Avenue West and 26th Street in Manatee County.

7-Eleven Store, Bradenton, FL

 The purchase price was $1,375,000, representing 99 percent of the asking price and 5.28 percent cap rate. McChesney represented the 1031 exchange buyer, a private investor from Palm Desert, California, and the seller, Equitas Investments of Hermosa Beach, California.

“We sourced the buyer during the first week of formally marketing the property, and generated a total of eleven offers,” said McChesney. “The investors were attracted to the property’s strong fundamentals including the fact that this 7-Eleven had 10 years remaining on the primary term of the absolute triple-net lease with three five-year renewal options with 10 percent increases, and was well-positioned along 44th Avenue with over 51,000 cars per day.

 ”Furthermore, the five-mile trade area has experienced explosive growth of 8.15 percent from 2010 to 2016, which was very appealing.” 

In Lakewood, Ohio, McChesney arranged the sale of a single-tenant 7-Eleven store with seven years remaining on the primary term of the absolute triple-net lease.

Bradenton, FL  Summer Boat Scene

 The corporate-guaranteed lease included two five-year options with 10 percent rental increases. The 2,410-square-foot building, which was built in 1975 on .29 acres, is located at 16165 Hilliard Road at the signalized intersection of Olive Avenue and Hilliard Road in Cuyahoga County.

Over 130,170 people with average household incomes of $64,625 per year reside within a three-mile radius of the property. The purchase price was $885,000. The buyer, a private investor from Encino, California, was represented by Matt Waterman of Pegasus Investments, also from Encino. McChesney represented the seller, Equitas Investments of Hermosa Beach, California.

“7-Eleven has operated out of this location for over 33 years and recently elected to extend their lease prior to the lease expiration, which speaks to the success of the store and the strength of the location,” said McChesney. “We generated a total of four offers.” 

From December 2016 through December 2017, 84 7-Elevens traded across the country with an average cap rate of 5.61 percent. What is interesting to note is that nearly half of these buyers were from California. The average sale price for a 7-Eleven during this period was $2,165,000 and ranged as high as $5,980,000 and as low as $305,000. As of January 1, 2018, there were 70 7-Elevens listed for sale.

"We expect that sales volume for single-tenant 7-Eleven net-leased investments to stay strong in 2018. Existing properties with an extensive history and newly-minted long-term leases should continue to be in the highest demand and trade in the high four-percent to six-percent cap rate range.

"Properties with a shorter lease term located in areas with strong real estate fundamentals will also remain in high demand. Investors like single-tenant 7-Eleven properties for their residual value since they are typically located in high-traffic corridors and fundamentally-rich locations," said McChesney.

“With an AA- credit rating, zero land responsibilities and a lack of quality alternative investments, single-tenant 7-Eleven stores will continue to be one of the most highly sought-after retail investments in today’s market,” McChesney added.

McChesney currently has multiple 7-Eleven properties available for sale including single-tenant 7-Elevens in New Jersey, Colorado, Missouri, and California.  

About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.

For more information on this release, please contact:

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963

Burroughs & Chapin Selects Lifescapes International to Re-envision the Redevelopment of Two South Carolina Entertainment Destinations

:

Barefoot Landing, Myrtle Beach, SC

NEWPORT BEACH, CA - Lifescapes International, the internationally recognized landscape architectural firm responsible for entertainment-driven landscape designs including The Grove in Los Angeles, CA; Pacific City in Huntington Beach, CA; Station Park in Farmington, Utah; and Robinsons Galleria in the Philippines, has been selected to design the landscape environment for the redevelopment of two entertainment centers in Myrtle Beach, South Carolina.

Burroughs & Chapin, a South Carolina-based real estate investment trust, is redeveloping Barefoot Landing, a popular retail and entertainment complex located along the Intracoastal Waterway, and Broadway at the Beach, South Carolina’s number one tourist destination.

Barefoot Landing is located at 4898 Highway 17 in North Myrtle Beach, South Carolina.  Broadway at the Beach is located at 1325 Celebrity Circle in Myrtle Beach, South Carolina.

The landscape design team for both projects includes Al Amador, Landscape Architect, Roger Voettiner, Vice President of Design; Mike Meyers, Sr. Project Director; Fernando Ortiz, Project Manager; and Berj Behesnilian, Field Art Director.

“As our multi-year redevelopment plans began to take shape at both Broadway at the Beach and Barefoot Landing, it was important that our vision incorporate an innovative, creative and attractive landscape design that will not only complement the hardscape, but also serve as an integral part of the overall guest experience,” says Chad E. Carlson, executive vice president for Burroughs & Chapin.  

Barefoot Landing,  Myrtle Beach, SC

“Through our travels to other destinations, along with extensive research on landscape architect firms, Lifescapes International continued to stand out above the rest. The firm’s expansive portfolio, which features many experiential centers similar to ours across the country, coupled with their knowledge, expertise and understanding of our plans for the future made Lifescapes the ideal firm to partner with as we continue our redevelopment.”

Roger Voettiner, Vice President of Design at Lifescapes International, states, “Barefoot Landing and Broadway at the Beach are already popular destinations, yet as consumers anticipate new experiences and their expectations continue to evolve, owners have to push the creative envelope to offer one-of-a-kind customer experiences. Lifescapes International knows just how to do that.”

At Barefoot Landing, Lifescapes will design the landscape environment for the entire redevelopment, which includes 45,000 square feet of new retail space, a new restaurant district known as Dockside Village, the addition of an amphitheater, and a new boardwalk on the South end of the property. 

It also includes adding more shaded patio space throughout the destination-oriented center, as well as playful updates to the kid’s zones and floating retail on the north end of the property.

Al Amador

“Our design concept combines a family-friendly atmosphere with entertainment-driven features that preserve the historic charm of coastal Carolina,” says Landscape Architect on the project, Al Amador. “Our strategy is to incorporate a variety of mini destinations throughout the property, enriching the customer experience, as well as providing endless opportunities for guests to gather, socialize and play.”

To achieve this, Lifescapes plans to incorporate a substantial water entertainment feature and show, as well as increasing patio space adjacent to the shops and restaurants along the waterfront. The firm will also integrate blue stone and brick pavers throughout the center to mimic the look of Charleston and enhance the property’s Southern charm and appeal.

“The water entertainment feature will serve as a major focal point for guests. It is an encounter that can be enjoyed time and time again, with alternating themes, thereby adding excitement and variety to the immersive experience the owner wishes to achieve on the property,” says Amador. “The additional patios and increased seating will also provide more opportunities for guests enjoy the water show at their leisure, ultimately encouraging longer lengths of stay.”

Roger Voettiner

 Lifescapes International will also design breakouts on the floating bridge, “allowing guests even more areas to gather socially and take in views along the water’s edge for the magical water extravaganza show,” says Amador. 

“We’re also adding a programmable lawn area that will feature a variety of experiences for all ages to enjoy. It will serve as added entertainment for guests by hosting concerts, an ice skating rink during the holiday season, and other activities that encourage repeat visits and offer an additional revenue stream.”

In addition to these entertainment-driven features, Lifescapes will integrate lush greenery, sizeable mature trees and raised pier planters throughout the center, providing visitors with cool, shady areas of repose and visually pleasing landscape scenes.

“Summers in South Carolina are very warm,” explains Amador. “Our goal is to create a comfortable, yet immersive, experience for guests, while ensuring them a pleasant, temperate atmosphere. By strategically placing these shaded experiential garden environments, we can provide some well-desired refuge for guests to escape the incumbent weather resulting in them wanting to stay and play longer at the property.”

Lifescapes International will also design the landscape for the entire redevelopment of Broadway at the Beach, including The Avenue, the property’s entertainment and nightlife section. 

Mike Meyers, Project Director

The Avenue recently underwent a major transformation, including facade upgrades, the relocation of Hard Rock Cafe and opening of Dave & Buster’s, and a new architectural style built around the concept of a repurposed warehouse district.

“Similar to Barefoot Landing, our vision for Broadway at the Beach is to enhance the customer experience by creating a comfortable and friendly environment where guests can enjoy time with friends and family,” says Amador.

Lifescapes plans to incorporate recycled brick from New Orleans to give the property a nostalgic feel, as well as update the water entertainment feature to allow for varied performances.

“This will further add to the vibrancy of Broadway at the Beach and aid in delivering the ultimate consumer experience,” he says. “Overall, the landscape design at both of these projects will further elevate these centers to the destinations of choice for guests.”

For more information on this project, please contact:

 Miki Akil or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

makil@browermillercole.com 

www.lifescapesintl.com.

 www.burroughschapin.com.

IEC Acquires Value-Add $134 Million Multifamily Asset in Huntington Beach, CA

Surf 39 Multifamily Property, Huntington Beach, CA

Huntington Beach, CA ) – Institutional fund manager Interstate Equities Corporation (IEC)has acquired a 400-unit value-add multifamily asset in Huntington Beach, California, “Surf at 39,” for $134 million.

Marshall Boyd

This acquisition was on behalf of the firm’s IEC Institutional Fund III, L.P., a fully discretionary, $200 million commingled fund targeting value-add multifamily investments throughout coastal California.

“Our investors’ have given us the power of discretionary capital, so when opportunistic value-add properties present themselves we are in a position to move with conviction,” says Marshall Boyd, Co-President and Chief Investment Officer of IEC.

“Whether we are acquiring a vacant 24-unit property in Highland Park all cash, as we did recently, or this structurally complex, larger-size acquisition in Huntington Beach, our business model remains unchanged.  We specialize in strategically acquiring un-renovated or partially renovated assets in coastal infill markets.”

“Surf at 39 will remain a workforce housing community,” Boyd adds.  “We are not moving the renovation spec to a Class A standard.  Currently, approximately 80 percent of the units are in their original condition. 

’The units are functional, but we will upgrade them in order to meet tenant needs, while retaining the property’s position as the best value for the dollar in its class.”

Sean P. Deasy

Surf at 39, which was originally constructed in 1972, consists of varying floorplans within a spacious environment offering strong amenities, including two swimming pools with spas, a fully equipped business center, a fitness facility, clubhouse, dog park and barbecue area.

“Based on market demand, we will benefit from rising rental rates over time, while continuing to serve the sector of the rental community that is seeking a good lifestyle at a non-luxury price,” Boyd notes.

Sean P. Deasy and Ryan Fitzpatrick, both of HFF, represented both the seller, and IEC as the buyer.  In addition, HFF’s Charles Halladay and Peter Smyslowski arranged acquisition financing.

Goodwin Proctor provided legal counsel and Eisner Amper an audit opinion.

Ryan Fitzpatrick

Surf at 39 is located at 16761 Viewpoint Lane in Huntington Beach, 1.2 miles from the 405 Freeway, and 10 miles from John Wayne Airport.  The 400-unit asset consists of two- and three-bedroom apartments and townhomes.

Founded in 1981, Interstate Equities Corporation (IEC) is an institutional fund manager that invests in and transforms California apartment communities on behalf of endowments, foundations, family offices and pension funds.

 IEC has navigated multiple investment cycles, investing in more than 100 apartment communities over the past 35 years with this investment thesis.

Utilizing repositioning strategies via its integrated property management platform, IEC secures and generates value for its long-term partners. The firm credits strong relationships and an academic, data-driven approach to investment and property management as the core of the consistent results it delivers to investors.

More information is available at www.interstateequities.com.

For more information on this release, please contact:

Jordan Kruk/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

JKruk@browermillercole.com