HFF announces $38.5M sale of Ranch at Bear Creek in Lakewood, CO

Jordan Robbins

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $38.5 million sale of Ranch at Bear Creek, a 201-unit apartment community in Lakewood, Colorado.

The HFF team marketed the asset exclusively on behalf of the seller, Aukum Group, and procured the buyer, Castle Lanterra Properties.

Ranch at Bear Creek is located at 3324 South Field Street in the Bear Creek area of Lakewood, one of Denver’s most sought-after western suburbs.  The property features a unique blend of both standard flat-style units along with spacious two- and three-bedroom, two-story townhomes.  

Originally constructed in 1973, Ranch at Bear Creek has recently undergone significant capital improvements, including an updated pool area, new outdoor lounge with fire pit, newly built fitness center, full renovation of the existing clubhouse and upgrades to 63 percent of the residential units. 

Jeff Haag

In addition to community amenities, residents also have access to an abundance of recreational amenities in the surrounding area such as Bear Creek Trail, Bear Creek Lake Regional Park, Chatfield State Park and Red Rocks Park and Amphitheatre, as well as access to four top-rated golf courses within a two-mile radius.

The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.

“Half of the Ranch at Bear Creek’s unit count consists of large townhome units, which distinguishes it from other communities in the area,” Robbins noted.  “This unique feature combined with very limited current and future apartment development in the submarket generated a great deal of interest from a large investor pool.”

Anna Stevens

Aukum Group (formerly Aukum Management) is a private real estate investment company focused on apartments in the western United States. The company partners exclusively with private accredited investors and select private equity funds.

Aukum has acquired approximately 4,850 apartment units since its founding in 2009, and is actively managing a portfolio of over 4,000 units valued at over $750 million.  Aukum is actively selling and acquiring new assets in select western markets.

For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

Tucker Development Announces Promotion and New Hire

Charles A. Jerkovich

CHICAGO, IL – Tucker Development  announced the promotion of Aaron M. Tucker to chief investment officer, from vice president and general counsel, and the hiring of Charles A. Jerkovich, who has been appointed vice president of asset management and acquisitions.

Tucker joined the firm in 2015 after previously practicing commercial real estate law with Kirkland & Ellis LLP, where he concentrated his efforts on development, financing and leasing matters.

Aaron M. Tucker

As chief investment officer, he will manage all investment and development activity for Tucker and its affiliates throughout the Midwest and East Coast, overseeing financial analysis, project design, construction management, leasing strategy and asset management.

Jerkovich joins Tucker from WHI Real Estate Partners LP, where as vice president he focused on asset management and acquisitions. In his new role, he will bring his asset management capabilities to the Tucker portfolio and assist with sourcing, evaluating, underwriting and executing new development and investment opportunities.

“The promotion of Aaron and addition of Charles come at a pivotal time for our company as we strategically grow our portfolio through the acquisition and development of projects in highly desirable, infill locations,” said Richard Tucker, CEO of Tucker Development.

Richard H. Tucker

 “I am proud of the team we have assembled as we continue to do what we’ve always done – invest in properties that, through thoughtful planning and collaboration, complement and enhance the neighborhoods in which we do business.”

Aaron Tucker received his Bachelor of Arts in international affairs, with a concentration on internal economics, from George Washington University and Juris Doctor from Chicago-Kent College of Law. Jerkovich holds a Bachelor of Business Administration in finance from the University of Iowa.

Founded in 1996, Tucker Development is a family-owned real estate firm specializing in the investment, development and management of retail and mixed-use properties throughout the Midwest and East Coast.  To date, Tucker has acquired and developed more than 5 million square feet of real estate valued in excess of $1 billion.

For more information, please contact:

Mimi Simon, msimon@taylorjohnson.com, (312) 267-451

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

  

www.tuckerdevelopment.com.

New Jersey-based Wyndham Hotel Group opens new urban lifestyle hotel in state’s largest city

Kate Ashton

NEWARK, NJ – TRYP by Wyndham, Wyndham Hotel Group’s urban lifestyle brand,  opened its newest hotel in the heart of downtown Newark, N.J., a city with historic roots -- the third oldest in the United States – newly revitalized by recent business development and a vibrant art and cultural scene.

Celebrating the spirit of the urban traveler, TRYP by Wyndham hotels makes it possible for guests to uncover a destination’s individual culture. 

The 101-room TRYP by Wyndham Newark Downtown, developed by East Park Street Hospitality Urban Renewal, Inc., is perched along the Newark Bay, central to historic museums, transportation options, and the famous Branch Brook Park which blooms to life each spring with the largest collection of cherry blossom trees in the country.

“The city of Newark is in the midst of a spirited renewal with an influx of new business, a dynamic culinary scene and a clear passion for art and culture,” said Kate Ashton, senior vice president, TRYP by Wyndham. “It’s exactly the urban atmosphere where TRYP by Wyndham guests thrive: an up-and-coming destination uncovered by locals, with its own culture, history and unique vibe – making it the perfect next stop for the growing TRYP brand.”

TRYP by Wyndham Newark Downtown sits in the heart of the city’s bustling business district, minutes from New York City and Newark Liberty International Airport, one of the nation’s busiest airports flying 35 million travelers annually.
  For more information, please contact:

Gabriella Chiera
Wyndham Hotel Group
(973)753-6590
Gabriella.chiera@wyn.com

HFF announces $11 Million sale and $7.15 Million financing of 696 Virginia Road in Concord, MA

Coleman Benedict

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $11.0 million sale and $7.15 million financing of 696 Virginia Road, a 104,527-square-foot office building located in Concord, one of Boston’s most affluent communities. 

At the time of sale, the asset was 100 percent leased to the General Services Administration of the United States Government and is home to the New England District of the Army Corps of Engineers.

The HFF team arranged the sale of the property on behalf of a court-appointed receiver and procured the buyer, Azad Legacy Partners LLC.  Additionally, HFF arranged the five-year, fixed-rate acquisition financing through East Boston Savings Bank. 

Christopher Phaneuf

Originally constructed in 1962 and expanded in 1977, the building was completely rebuilt in 1997 for the Corps’ occupancy.  Today the asset consists of two interconnected building with robust infrastructure and abundant parking to support the mission-critical nature of the tenancy.  Set upon 28 acres of land, the site lends itself to multiple uses. 

696 Virginia Road is located less than two miles from Interstate 95/Route 128 and is adjacent to Hanscom Air Force Base, which houses approximately 10,000 active and reserve-duty National Guard and helps support many additional properties in the immediate area. Concord features some of the strongest demographics throughout the country and its proximity to Boston attracts both executives and skilled engineers.

The HFF investment advisory team representing the seller included Coleman Benedict, Christopher Phaneuf and Ben Sayles.  Martha Nay represented Azad Properties in the arrangement of acquisition financing.

“The opportunity to acquire 696 Virginia Road was hotly contested and is emblematic of a trend we are seeing in the market today – well located assets with durable income and upside potential continue to be highly sought after by investors,” said Sayles. 

Martha Nay

“With convenient access and the cache of being located in one of Boston’s premier bedroom communities, Azad will have numerous options with regard to future value creation.  The Receivership sale required very stringent guidelines and the Azad team delivered a smooth closing transaction.”

  

Ben Sayles

This investment complements Azad’s growing portfolio of properties in the area.  “We appreciate the Seller and HFF selecting Azad Legacy Partners as the Buyer,” said Charlie Minasian, principal at ALP.  “We look forward to many other acquisition in the area as we grow our company’s holdings.” 

Azad Legacy Partners LLC (“ALP”), a real estate investment, development and management firm is based in Lexington, MA. 

Founded in 2016 by Robert Parsekian, Ketan H. Patel and Charlie P. Minasian, ALP deploys capital in diverse asset classes including office, laboratory, hospitality and residential.  ALP is geographically focused predominately in Greater Boston and its surrounding suburbs.  ALP’s investment criteria enables it to pursue stabilized assets to value-add opportunities.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Passco Cos. Expands with Orlando, FL Office; Adds Five Professionals Nationwide

Brooks Foy

Irvine, CA (April 24, 2018) – Passco Companies, a privately-held California-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has announced that it is bolstering its presence in the Southeast with the addition of an Orlando, Florida office, and is expanding its team nationwide with the five new hires. 

“As we continue to drive our plan for growth forward in our 20th year, we are delighted to establish our seventh office in six states,” explains Larry Sullivan, President of Passco Companies.

“With a current Florida portfolio of eight properties totaling nearly 2,400 units, we knew that Orlando was the ideal, central location for our next office.

J. Alex Brown

"We look forward to deepening our relationships and expertise in the region as we continue to manage our existing portfolio and identify new opportunities in submarkets throughout the state.”

The firm’s Orlando office will be spearheaded by seasoned property management professional Brooks Foy, who joins Passco as an Investment Manager from Greystar.

 In addition to Foy, Passco recently appointed four new team members across the firm’s departments and geographical regions, notes Sullivan.

“We are honored to welcome these exceptional individuals to our team, who will all play critical roles in overseeing and expanding our portfolio,” says Sullivan. “We are experiencing rapid growth that has allowed us to bring on these five new team members within just one month, as we prepare for further expansion.”

Nika Dufour

In his new role, Foy will be responsible for overseeing the management of a portion of Passco’s $2.5 billion investment portfolio, as well as play an instrumental role in strengthening the firm’s presence in Florida in conjunction with the establishment of the new Orlando office.

Prior to joining Passco, Foy most recently served as a Senior Regional Manager with Greystar. He has also held positions with the Irvine Company, Elmington Property Management, and AvalonBay Communities over his 11-year career in the real estate industry. 


He holds a Bachelor of Arts in Business Administration and Management from California State University, Channel Islands

Stephen Biehle

Joining Passco’s executive team out of its Dallas, Texas office is J. Alex Brown as Vice President, Realty Investments. Brown has nearly 15 years of experience in the real estate investment industry, in both the finance and asset management spaces.

In his new role, Brown will oversee due diligence and financing for Passco’s acquisitions of multifamily and commercial properties nationwide, as well as transitional asset management.

Brown most recently served as Director of Asset Management with Presidium Group, where he was responsible for the firm’s entre multifamily portfolio and successfully oversaw a total of more than $460 million in property sales and refinances.

 Prior to that, he held the position of Asset Manager with ORIX Capital Markets. He earned a Bachelor of Business Administration in Real Estate from Baylor University.

Passco has also brought on an experienced multifamily asset management expert Nika Dufour to its executive team as Vice President, Multifamily Investments. She will be based out of the firm’s Atlanta, Georgia office.

Lino Lourenco

In her new role, she will oversee a portfolio of properties located in Georgia and South Carolina and supervise the continued development of policies, processes and procedures for the multifamily portion of Passco’s $2.5 billion portfolio, which totals nearly 12,000 units.

Dufour has more than 15 years of real estate and finance experience with a focus on asset and portfolio management. Before joining Passco, Dufour served as Director of Asset Management at Gables Residential, where she was responsible for a portfolio of multifamily assets valued at more than $1.5 billion. She also served as Senior Director of Capital Markets and Finance at AvalonBay Communities.

She holds a Chartered Financial Analyst designation, a Master of Business Administration from Tulane University in New Orleans, and a Bachelor of Chemical Engineering from the Georgia Institute of Technology.

Larry Sullivan

Joining Dufour in the firm’s Atlanta office is Stephen Biehle, an experienced real estate investment professional and Chartered Alternative Investment Analyst Designee.

In his new role as a Senior Analyst, Multifamily Investments, he will work closely with Passco’s Multifamily Investments’ team to manage and evaluate the existing portfolio and identify areas for growth and opportunity.

He most recently served as a Senior Underwriting Analyst at Walker & Dunlop and holds a Bachelor’s in Finance and Economic from the University of Nevada.

The firm has also added Lino Lourenco as a Financial Analyst, Realty Investments. In his new role, he will be responsible for financial analysis related to the acquisition and due diligence of real estate assets, and will be based out of Passco’s corporate headquarters in Irvine, California.

Lourenco has several years of experience in the investment management and analysis industry, most recently serving as a Financial Analyst, Portfolio Management with the Irvine Company. His previous experience also includes roles with Canterbury Consulting and Morgan Stanley.

He holds a Chartered Financial Analyst designation and a Bachelor of Science in Finance from California State University, Long Beach.

Passco’s team currently operates nationwide out of six offices in five states: Irvine, California; Denver, Colorado; Dallas, Texas; Austin, Texas; Littlerock, Arkansas, and Atlanta, Georgia. The firm’s Orlando, Florida office will open in Summer 2018.

For more information, please contact:

 Elisabeth Manville / Lexi Astfalk

Brower Group

(949) 955-7940

emanville@brower-group.com

SmartStop CEO H. Michael Schwartz Selected as Semifinalist for the EY Entrepreneur Of The Year® 2018 Orange County Region Award

H. Michael Schwartz

LADERA RANCH, CA - SmartStop Asset Management, LLC (SmartStop) announced  its chief executive officer H. Michael Schwartz has been selected as a semifinalist for the EY Entrepreneur Of The Year® 2018 Orange County Region Award.

“I am honored to be selected as a semifinalist for the prestigious and competitive Entrepreneur of the Year® awards program, amongst so many game-changing professionals who are breaking the mold,” said Schwartz.

SmartStop Asset Management HQ
Ladera Ranch, CA

For more than 30 years, the Entrepreneur Of The Year® awards program has honored entrepreneurs whose boldness drives them to change the world and who demonstrate extraordinary success in their businesses. 

The program takes place in more than 145 cities in 60 countries around the world.

The Orange County Region Award winners, comprised of inspirational managers and owners of private or public high-growth companies in the region that demonstrate unparalleled accomplishments, will be announced at a celebratory gala on June 22, 2018 at the Monarch Beach Resort in Dana Point, California. 

For more information, please contact:

Julie Leber	Lauren Burgos
Spotlight Marketing Communications	Spotlight Marketing Communications
949.427.5172, ext. 703	949.427.5172, ext. 704
julie@spotlightmarcom.com	lauren@spotlightmarcom.com

www.SAM.com 

www.smartstopselfstorage.com.

HFF announces $260 Million construction financing for 202 Broome Street at Essex Crossing in Manhattan, NY

Under construction 292 Broome Street at Essex Crossing, Manhattan, NY

Michael Gigliotti

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announces the closing of a $260 million construction loan for 202 Broome Street at Essex Crossing in Manhattan.

The HFF team worked on behalf of the borrower, a joint venture between Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group, to secure the 42-month construction loan through Square Mile Capital Management LLC.

Essex Crossing is one of the most significant urban renewal developments in the history of Manhattan. 

Construction began in spring 2015 and upon completion, the nine sites will total more than 1,000 residences, 450,000 square feet of retail and 400,000 square feet of office space alongside community attractions and green space. 

Chris Balestra

202 Broome Street is scheduled for delivery in 2020 and will consist of a 16-story mixed-use building with 179,234 square feet of Class A office space, 36,888 square feet of retail space and 83 luxury condominiums. 

The condominiums, located on floors six through 13, will consist of studio, one-, two- and three-bedroom units, with nearly 30 percent featuring private outdoor space. 

 The sixth floor will also offer a common roof terrace for condominium owners with sweeping views in all directions.  

Evan Pariser

202 Broome Street will also contain a portion of the Market Line, a below-grade, world-class marketplace spanning three city blocks that will feature a food hall, various large and small businesses and will be anchored by the historic Essex Street Market. 

Essex Crossing is situated within walking distance of the Williamsburg Bridge and benefits from superior access to transportation with J, Z, F and M train service at the Essex Street Station and B/D train service at Grand Street.

The HFF debt placement team representing the borrower included senior managing directors Evan Pariser and Michael Gigliotti, managing director Scott Aiese, associate Alex Staikos and analyst Jackie Ferrer.

Paul Pariser

"We are thrilled to have closed this transaction with Square Mile Capital who differentiated themselves following a highly competitive marketing effort run by HFF,” said Chris Balestra at Taconic Investment Partners.  “The Square Mile team's ability to navigate the complexities of underwriting and developing a large scale mixed use development proved to be critical in completing our financing.”

Charles Bendit

“We continue to see very compelling opportunities for debt investments in the New York market,” added Square Mile’s Sean Reimer.  “The Essex Crossing project is a great example – a transformative development being created by a strong, visionary ownership group.  We are delighted to have had this opportunity to participate and we are confident in its success.”  

Taconic is the largest operator of commercial property in the Meatpacking District and West Chelsea neighborhood, controlling more than three million square feet of commercial space. 

 Led by its founders, Paul Pariser and Charles Bendit, the firm specializes in the acquisition, asset management, leasing, property management and development and construction management of office, retail and residential properties. 

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

http://www.squaremilecapital.com/.

www.taconicinvestments.com.

HFF announces $21.15M sale of One Charter Place in Coral Springs, FL

Ike Ojala

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $21.15 million sale of One Charter Place, a 101,941-square-foot, Class A office complex in the Broward County, Florida City of Coral Springs.

The HFF team represented the seller, a partnership between True North Management Group, LLC and Delma Properties, Inc., and procured the buyer, Borsa Properties, LLC.

One Charter Place is located at 3301 North University Drive at one of Broward County’s most heavily traveled intersections, University Drive and Sample Road. 

The property is located equidistant between Miami and Palm Beach within a highly-amenitized area featuring several new developments, including the Village Green retail site across from the property and The Reserve at Coral Springs and Coral Lago residential developments. 

Hermen Rodriguez

Completed in 2007, One Charter Place comprises a four-story, 76,904-square-foot office building; three single-story buildings - the Eastern Building, Sola Salons and the Wells Fargo Bank Branch and a 489-space structured parking garage. 

The Class A asset is 94 percent leased to a diversified tenant roster that includes the Florida Department of Revenue, BFS Companies, Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams. 

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

Tracey Goo

“One Charter Place combines top-quality buildings and structured parking with a strong rent roll and high-visibility location, which attracted numerous offers for the asset,” said Ojala.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com