Wednesday, June 20, 2018

First SCP Hotel to Open in Colorado Springs, CO Following Nine-Month, $6 Million Transformation


Soul Community Planet's First Hotel in Colorado Springs, CO

Ken Cruse
Colorado Springs, CO – Soul Community Planet (SCP) announced today the opening of its first SCP Hotel in Colorado Springs after a nine-month, $6 million renovation.

The 98,000 square-foot, 176-room property, located at the base of the majestic Pikes Peak, is in its final stages of renovation with a soft opening scheduled for June 27. Guests can begin booking their reservations now.

SCP Hotels represents a fresh holistic hospitality concept for both travelers and the surrounding community. Inside each SCP Hotel, guests will find opportunities to recharge their minds, refresh their bodies and re-center their souls, while connecting with fellow travelers and the community.

SCP Hotels aims to help make the planet a better place through the extensive use of green materials, eco-friendly products, solar energy, sustainable practices and water conserving fixtures.

“We’re pleased to introduce SCP Hotels with the opening of the SCP Hotel Colorado Springs,” said Ken Cruse, co-founder and chief executive officer of Soul Community Planet.

 “SCP Hotels represent the core values of holistic hospitality: personal wellness (Soul), social connections (Community) and sustainable practices (Planet). Our goal is to provide simple, pure, hand- crafted experiences for people who want to make positive choices for themselves and for the planet.”

Led by celebrity designer Kelli Ellis of HGTV and The Design Network, the renovation took an outmoded, but well-located hotel down to its bones, and then used eco-friendly and recycled materials to extensively transform the property into what is now the new SCP Hotel Colorado Springs.

Kelli Ellis

The hotel’s clean “eco-industrial” design includes generous collaborative spaces for guests and community to work, socialize and meet.

The SCP Hotel Colorado Springs also offers the first SCP Fit - a 12,000 square-foot state-of-the-art health and wellness venue, which will open this Summer. It all comes together to create a guest experience where those committed to a clean, healthful and sustainable lifestyle will feel right at home.

“My goal was to create an edgy, cool vibe with this property that will resonate as a gathering place for guests, as well as the local community,” said Ellis. “The interiors are accented with industrial ceilings, hand painted murals and subtle metallic elements. The use of reclaimed wood, living green walls, exposed brick, soft lighting and polished concrete create an earthy, eco-industrial feel throughout that we’re really proud of.”

Gus Krimm
Gus Krimm, SCP Hotel Colorado Springs General Manager, added, “We approached the renovation through a holistic lens. Instead of tearing down and rebuilding, we sought ways to use the basic infrastructure of the existing hotel while incorporating a range of innovative, sustainable and non-toxic materials in our renovation.

"Our goal was to bring guests an experience where they can rest and refresh in a healthy environment, connect with community, and make a positive difference for the planet.”

Through its parent company, Soul Community Planet, LLC, SCP Hotels also will donate five percent of its profits to charitable causes that share its values.

For more information, please contact:

Samantha Kay ·  Account Coordinator 
O 949 955 7940 
Brower Group, Inc.
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660

or

Jenn Quader 
Brower Group
(949) 955-7940


Meridian Sells 104,000 SF Multi-Tenant Office Building in San Mateo County, CA for $39.5 Million


Multi-tenant 104,000-SF Office Building, 1000 Marine Boulevard, Brisbane, CA

SAN RAMON, CA. -- Meridian, a full-service real estate developer and owner of general and medical office real estate, is pleased to announce that it has completed the sale of its 104,000-square-foot multi-tenant office building located on 1000 Marina Boulevard in Brisbane, California.

The sale price was $39.5 million in an off-market transaction. The buyer was Phase 3 Real Estate Partners of South San Francisco and San Diego.

Meridian acquired the six-story building, which was built in 1983 on four and one-half acres, in December of 2016. 
At the time of the acquisition, the building was 92% leased to seven tenants and the in-place rents were approximately 25% below the current market rents.
 During its ownership, Meridian performed over $2.5 million in property upgrades to the interiors, exteriors and building systems of the building. 
John Pollock
According to Meridian’s Senior Vice President, John Moutsanas, “This was Meridian’s largest general office acquisition at the time. 

"We were big believers in the resurgence of the North San Mateo County market, particularly due to the explosion in life science demand, coupled with YouTube’s large presence and expanding footprint in San Bruno. Our strategy proved out.”

Moutsanas continues, “We had certainly planned to hold the building longer and roll our own rents to the increasing market, but our brokers did a great job of alerting us to an opportunity to sell the property to a more life science-centric developer who would be well-suited to reposition the building -- which is what they did.

"Phase 3 Real Estate Partners was wonderful to work with; they were responsive and really knew their business. Their development of the Genesis Towers just down the 101 from this building gave them the insight to sharpen their pencils and make a quick decision.”

CBRE’s Northern California Capital Markets team represented both the buyer and the seller in the transaction.

“Meridian has a healthy pipeline with multiple projects currently in escrow and several completed projects listed for sale in our healthcare business platform,” said John Pollock, Meridian’s CEO.

“With approximately 500,000 square feet currently in development/redevelopment, plus another 500,000 square feet in the development pipeline, we are still looking for more. We really have an appetite for land and buildings where we can bring our expertise to bear and create value.”   

For more information, please contact:


Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963





Core5 Industrial Partners Leases 416,891 Square Feet to VMInnovations in Core5 Logistics Center at Wintergreen in South Dallas Market

 
Wintergreen Building, South Dallas, TX
  
John Leinbaugh
ATLANTA, GA  – Core5 Industrial Partners announced today a 416,891-square-foot lease in their Core5 Logistics Center at Wintergreen location in South Dallas to VMInnovations, an online retailer that sells a variety of brand-name products in categories including baby and kids, home and garden, sports and outdoors, and electronics. 

The company’s new South Dallas location will provide order fulfillment to locations across the South.

Core5 Logistics Center at Wintergreen is located on a 43-acre site in Hutchins, Texas ½ mile from the intersection of Wintergreen Road and I-45. The 754,897-square-foot building has 337,406 square feet remaining available for lease. The VMInnovations lease is the first Core5 lease in the Dallas market.

James Gaddy
“With immediate gateway access to north and south bound travel, the site has excellent access to the DFW metro’s major thoroughfares I-45, I-20 and I-35E which are used for both local and regional distribution,” states John Leinbaugh, Vice President Investments for Core5.

The configuration of the Core5 Logistics at Wintergreen building features 36-foot clear ceiling height and will accommodate parking for over 211 trailers and 360 auto parking spaces. 

“The site is perfectly situated for VMInnovations to efficiently service customers in the southern network with the Union Pacific Intermodal 1 ½ miles away and the second largest FedEx Ground facility in the US 2 ¾ miles away,” acknowledged James Gaddy, Senior Vice President and Managing Director for Core5.

Mark Collins
“Our direct-to-consumer deliveries and the built-in nearby delivery services network will significantly benefit from the site location,” offers Zach Knaub for VMInnovations. “Core5’s nimble ability to deliver the building quickly in turn allows us to ramp up without delay”, Knaub added. The tenant is expected to occupy the space in August.

VMInnovations was represented by Mark Collins and Adam Campbell of Cushman & Wakefield. Matt Elliot of NAI Robert Lynn represented Core5.

Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of innovative, Class-A properties located in major markets throughout the United States. 

Adam Campbell
Headquartered in Atlanta, Georgia, Core5 currently has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Dallas, Los Angeles/Inland Empire, Memphis, Pennsylvania and South Florida with expansion plans to additional key logistic hubs in the US. 

The company has developed or begun construction on just under 10 million square feet in three years.

Founded in 2015 and well capitalized with immediate access to their own capital, Core5 is privately held by 170-year-old Japanese-based Kajima Corp – one of the world’s largest A credit-rated construction companies with 16,422 employees worldwide.

 Named for its five core principles, the company values are centered around a highly flexible entrepreneurial spirit promising follow through on commitments with an emphasis on relationships, excellence in quality, attention to detail and quick decision making.

For more information on Core5 Industrial Partners, visit http://www.idi.com.

VMInnovations is an online retailer based in Lincoln, NE, with fulfillment centers across the US. The company is committed to providing customers with the best products, at the lowest prices, with the highest level of customer service possible. 

For more information, visit www.vminnovations.com. or contact:

John Leinbaugh
Core5 Industrial Partners
214.534.7899

 or

RITA SKAGGS

RED DART Real Estate Consulting
404.788.3231


Tuesday, June 19, 2018

HFF announces $30+ million sale of student housing portfolio in Bethlehem, PA


Student housing portfolio at Lehigh University in Bethlehem, PA

Jose Cruz
FLORHAM PARK, NJ– Holliday Fenoglio Fowler, L.P. (HFF) announces the more than $30 million sale of a 71-building/383-bed, scattered-site student housing portfolio at Lehigh University in Bethlehem, Pennsylvania.

The HFF team marketed the property exclusively on behalf of Campus Apartments.  A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt.

The 71 properties within the portfolio have prime ‘walk to campus’ locations and incredible access to nightlife and retail.  The portfolio achieved close to 99 percent occupancy during the last two academic years amidst strong year-over-year rent growth. 

Michael Oliver
 Lehigh University has an enrollment of more than 7,000 with growth of 25 percent expected during the next seven years.

The HFF investment advisory team representing the seller included senior managing director Jose Cruz, senior directors Michael Oliver and Carl Fiebig, managing director Kevin O’Hearn and senior director Steve Simonelli with support from senior managing director Doug Opalka and director Ryan McBride.

Carl Fiebig

“The portfolio garnered attention from local, regional and international investors,” Oliver said.  “The portfolio has shown strong historical performance and will continue to be a fantastic investment going forward.”

Founded in 1958, Campus Apartments is one of the nation’s largest providers of on- and off-campus student housing.  As a vertically integrated firm, Campus Apartments is experienced in all facets of the student housing industry. 

With over $1.5 billion in assets under management, the firm’s portfolio consists of garden-style, mid-rise and high-rise assets, as well as mixed-use and urban scattered-site housing.

Kevin O'Hearn
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). 

For more information, please contact:

 OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500

or

visit hfflp.com and follow HFF on Twitter @HFF.

Monday, June 18, 2018

Long Beach Exchange Announces New Tenant Lineup at The Hangar in East Long Beach, CA




LONG BEACH, CA – Long Beach Exchange, a new retail and lifestyle destination in East Long Beach that is comprised of favorite national, regional and local retailers, eateries and boutique fitness offerings, continues to announce the addition of exciting tenants to its roster.
 A few of Long Beach Exchange’s (LBX) larger retailers include Wholefoods 365, PetSmart, T.J. Maxx, ULTA Beauty and Nordstrom Rack — a lineup which will soon be joined by an engaging and innovative mix of local and regional purveyors of food, fashion, and more at The Hangar. 
Stephen Thorp
 Designed as the dynamic heart of LBX and to pay homage to the site’s rich aviation history, The Hangar is a 16,800-square foot enclosed hangar-inspired space with soaring, exposed-beam ceilings and a modern industrial feel and is slated to open in late summer/early fall 2018.
“The Hangar will be a place unlike anywhere else in Long Beach,” says Steve Thorp, Partner at Burnham-Ward Properties –the developers, owners and operators of LBX. 
 “At The Hangar, the community will come together to enjoy delicious and unique food, beverage and retail offerings from the region’s most innovative talents. It’s a space designed for community, celebration, new discoveries and fun.”
Thorp adds, “It was important for us to honor the history of Long Beach, and of this site in particular, throughout the development and building of Long Beach Exchange and The Hangar.
 “Our mission is to ‘Build Community Through Property,’ and we are pleased to be doing that at LBX in meaningful ways — ranging from the incorporation of authentic historical elements to aviation-inspired architecture to a tenant mix that celebrates and enhances the experience of this area for residents and visitors, alike.”

For more information, please contact:

Miki Akil/ Carrie Williams
Kitchen Table PR832.260.4414

or

Jordan Kruk
Kitchen Table Marketing + PR
714.928.5085



HFF announces $28.5 million refinancing for Class A industrial warehouse in North New Jersey


350 Clark Drive Warehouse, Mount Olive, NJ

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $28.5 million refinancing for 350 Clark Drive, a three-building Class A industrial warehouse facility totaling 443,030 square feet in the North New Jersey community of Mount Olive, New Jersey.

Greg Nalbandian
The HFF team worked on behalf of the borrower, Commercial Realty Group (CRG), to place a 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.  Additionally, HFF will service the loan.

The industrial facility at 350 Clark Drive was originally constructed to house the headquarters of Calvin Klein Cosmetics and is now 97.1 percent leased to office and industrial tenants. 

Divided into three contiguous components called Building A, B and C, the property features 24- to 30-foot clear heights, 26 loading docks, two drive-in doors, 42- by 34-foot column spacing, 20,000-square-feet of freezer space and 22.9 percent office finish. 

Situated on 20.2 acres in the Route 80 Corridor Industrial submarket, 350 Clark Drive is within the International Trade Center (ITC), a master planned industrial park located along Interstate 80 and one of five designed Foreign Trade Zones (FTZ) in New Jersey. 

Tim Mason
The property’s Interstate 80 location provides access to the rest of Northern New Jersey in addition to New York City, eastern Pennsylvania, New York State and the Northeast and the Mid-Atlantic regions.

The HFF debt team representing CRG included senior managing director Greg Nalbandian and analyst Tim Mason. 

“The HFF investment advisory team sold this asset to CRG less than three years ago,” Nalbandian said.  “In this short period of time, CRG increased the NOI by more than $1 million through aggressive lease-up of vacant space, renewing tenants at market rents and reduction of operating costs. 

"CRG also completed a building upgrade package and remedied deferred maintenance.  The substantial value creation allowed CRG to execute its value-added neighborhood model for a full cash out of the sponsor’s equity, which they intend to redeploy into other value-add opportunities.”
  
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

For more information, please contact:

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420



HFF announces $99.4 million sale and $69.2 million financing of 52-building industrial portfolio in Dallas-Fort Worth and Atlanta

Part of Industrial Portfolio in Dallas-Fort Worth, TX
and Atlanta, GA Submarkets


Adam Herrin

 

DALLAS, TX –– HFF announces the $99.4 million sale of and the $69.2 million acquisition financing for an 11-asset, 52-building industrial portfolio totaling 1.63 million square feet in infill, established industrial submarkets in the Dallas-Fort Worth and Atlanta MSAs.

The HFF team marketed the property on behalf of the seller, Berkeley Partners.  

A partnership led by Circle Industrial with the FREO Grouppurchased the assets.  

Additionally, working on behalf of the new owner, the HFF team placed the three-year, floating-rate acquisition loan with two one-year extension options with CIBC. 

The 87.3-percent-leased portfolio includes seven DFW-area properties that total 1.07 million square feet in five industrial markets, South Fort Worth, North Fort Worth, Northeast, South Stemmons and Metropolitan/Addison. 
Stephen Bailey

 The 28 buildings are categorized as either warehouse or light industrial and are leased to 149 tenants. 

 The four remaining portfolio properties are housed in the Atlanta area and comprise 24 light industrial buildings totaling 558,583 square feet all in the Doraville Industrial market.  The Atlanta properties are home to 183 tenants.

The HFF investment advisory team representing the seller included managing director Adam Herrin, director Stephen Bailey and senior managing director Chris Norvell along with managing director Ralph Smalley.

The HFF debt placement team representing the borrower included executive managing director Kevin MacKenzie, senior director Jeff Sause, director Michael Cosby and analyst Spencer Richley.

Chris Norvell
Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.

Founded in 2005, Berkeley Partners has formed a series of funds focused on the light industrial sector. 

The partnership includes a seasoned team of professionals with diversified experience in fund management, real estate investment, and property and leasing management.  

The company and its affiliated entities make-up a vertically integrated real estate operating company, which has demonstrated an ability to manage investments, operations and dispositions through market cycles.  

Berkeley Partners' industrial platform currently has assets under management totaling over $425 million, including value-add and core-plus strategies.  The company's investors include large pension plans, insurance companies, endowments, foundations and family offices.  Learn more at http://www.berkeleypartners.com.


Ralph Smalley
Circle Industrial is an industrial sector specialist focused on the acquisition, development and operation of properties in select major U.S. markets with high barriers to entry.  For more information, visit http://www.circle-industrial.com.

Established in 1996, FREO Group is an independent international investor, developer, and asset manager of high quality commercial real estate, with over $2 billion in assets under management in 15 offices throughout Europe and the U.S. 

FREO’s past and present portfolio includes more than 40 projects totaling in excess of 16 million square feet across a variety of asset classes including industrial, office, retail, hotel, and residential. To learn more, visit http://www.freogroup.com.

For more information, please contact:

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420