HFF announces sale of the Quad in Cambridge, MA

Kerry Hawkins

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the Quad, a transitioning life science campus located in Cambridge, Massachusetts. Comprising four buildings (75 Moulton Street, 10 Wilson Avenue, 40 Smith Place and 75 Smith Place), the Quad totals 199,487 square feet of space set on roughly 8.6 acres.

Coleman Benedict

The HFF team arranged the sale of the property on behalf of The Davis Companies and procured the buyer, Invesco Real Estate, a global real estate investment manager on behalf of one of its institutional clients. The Davis Companies will continue to manage the asset and oversee its redevelopment.

Boston is one of the strongest life science clusters in the world and Cambridge represents its epicenter.  As market conditions in East Cambridge continue to be marked by soaring rents and low vacancy rates, new life sciences nodes have emerged – West Cambridge being a prime example.

Tenants and investors are seeking to recreate the same qualities that originally attracted them to Kendall Square with an urban, in-fill location and convenient pedestrian access to transit and amenities.

Christopher Phaneuf

The Quad is located just minutes from Alewife Station, the anchor of the MBTA’s Red Line, which connects the region’s most innovative minds in West Cambridge, Harvard Square, Kendall Square and Seaport. 

 The Quad’s West Cambridge neighborhood also presents a thriving live/work/play dynamic with a broad amenity base, including Whole Foods, Trader Joes, Starbucks and Chipotle and over 20 mid-upscale restaurants.

The HFF investment advisory team representing the seller included Coleman Benedict, Christopher Phaneuf, Ben Sayles and Kerry Hawkins. 

“The opportunity to invest in the Quad was a highly competitive bidding experience and is emblematic of a trend we are seeing in the market,” said Hawkins. “Right now, institutional investors recognize the importance of investing within this sector and are eager to direct capital into life science assets.”

Ben Sayles

The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities.

 A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. 

Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and bioscience properties across the Eastern United States.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

thedaviscompanies.com.

www.invesco.com.

Trion Properties Continues to Grow Portland Metro Portfolio; Acquires Three Multifamily Communities Totaling 174 Units for $24.2 Million

Maple Tree Apartments, Tigard, OR

BEAVERTON, OR and TIGARD, OR – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has acquired three multifamily assets totaling 174 units in Portland, Oregon submarkets.

Mitch Paskover

The properties include a portfolio of two multifamily communities, Menlo Square Apartments and Center Square Apartments, totaling 103 units in Beaverton, Oregon, as well as Maple Tree Apartments, a 71-unit multifamily community in neighboring Tigard, Oregon.

The acquisition of these communities brings Trion’s holdings in the greater Portland area to nine properties totaling more than 530 units, as the firm continues to focus on the region due to its standout economic growth, according to Mitch Paskover, Managing Partner of Trion Properties.
“Demand is outpacing supply for multifamily throughout the Portland Metro area, due to strong economic drivers,” explains Paskover. “The cities of Beaverton and Tigard in particular continue to experience growth and increasing demand for multifamily, as more employers are relocating and expanding in the area.”

Tyler Johnson

The acquisitions include: 

Trion Properties Acquires Two Beaverton Communities with Value-Add Opportunities

Trion Properties has acquired a portfolio of two multifamily properties totaling 103 units, Center Square Apartments and Menlo Square Apartments, both located in the Portland submarket of Beaverton, Oregon.

“Continuing job growth and solid economic fundamentals are resulting in long-term growth potential for well-located multifamily investments in Beaverton,” says Paskover. 

Cody Hagerman

“Both properties are within three miles of the Nike World Headquarters, which is currently undergoing an expansion that is estimated to have a total project cost of approximately $1 billion, and is expected to be completed this year. In addition to their close proximity to Nike and other major employers in the city, these properties also offer residents convenient commutes to Downtown Portland to the East and Hillsboro to the West.”
Cody Hagerman and Tyler Johnson of HFO represented both the buyer and seller of both Menlo Square Apartments and Center Square Apartments in this portfolio transaction.
The property is located at 5930 SW Menlo Drive in Beaverton, Oregon and was constructed in 1977. It was acquired from a private seller for $5.7 million. Continental Partners arranged a $4.8 million fixed-rate loan to finance the acquisition.

For more information, please contact:

Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

M/I Homes Plans June Opening of Bay Meadow Farms – Gated Community Underway in Longwood, FL

LONGWOOD, FL --- M/I Homes will open Bay Meadow Farms in June. The new gated, single-family home community is now under development at Bay Meadow Rd. and Ronald Reagan Blvd. in Longwood.

David Byrnes, area president for M/I Homes, said Bay Meadow Farms is a family-oriented neighborhood of only 82 homesites with 40- and 50-foot frontages and depths of 120 feet.

One and two-story homes at Bay Meadow Farms with from three to five bedrooms will range from 1,850 square feet of living area to more than 4,000 square feet and all homes will be EnergyStar® certified.  Pricing will range from $300,000 to more than $450,000. 

 “We’re really excited about Bay Meadow Farms,” Byrnes said. “This community and our new home designs will fulfill a need in the Longwood area.” 

 For more information, please contact:

 Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142  lvershelco@aol.com

NAI Realvest Closes Seven Industrial Leases in 60 Days at Sanford’s Monroe Commerce Center South

Michael Heidrich

SANFORD, FL and  ORLANDO, Fla. – NAI Realvest completed seven long-term leases within 60 days for 26,000 square feet of industrial space representing the landlord at Monroe CommerCenter South off I-4 at the corner of Church St. and Monroe in Sanford.  

Michael Heidrich, principal at NAI Realvest negotiated a new lease agreements with

Paradies Gifts, Inc. d/b/a Paradies & Company, a distributor of Disney licensed products who will be occupying 6,000 square feet at 727 Progress Way.  

Heidrich and Associate Patty Nolff completed new lease agreements with G&C Welding Specialists, LLC for 5,000 square feet at 4154 Incubator Ct., and with Jolito, Inc. of Tampa who will operate a mechanical contracting company in 1,250 square feet at 4157 Flex Court. 

Heidrich and Nolff negotiated a sublease for 3,750 square feet at 4168 Flex Court on behalf of Sublandlord HK Trading USA, Inc. and Subtenant William S. Dorsey, Jr. of Garden City, Ga. the principal of a tire company expanding into the Central Florida market. 

Patty Nolff

Lease renewals were also negotiated by NAI Realvest team with long-term tenants at Monroe CommerCenter including:  Velocity Window Tinting 2,000 square feet at 647 Progress Way; Jvmax, Inc., 6,000 square feet at 683 Progress Way and Hydro International Wastewater, 2,000 square feet at 711 Progress Way.  Vince Wolle of Results Real Estate Partners represented Jvmax.

For more information, contact

 Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142  lvershelco@aol.com

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