HFF announces $32 million sale of five-building industrial portfolio in Greensboro, NC

Patrick Nally

CHARLOTTE, NC –– HFF announces the $32.175 million sale of Airport Distribution Center, a fully leased, five-building industrial portfolio totaling 764,582 square feet in a premier airport location in Greensboro, North Carolina.

The HFF team represented the seller, Somerset Properties and Thackeray Partners.  

Situated on 40.96 acres at 202, 204, 206, 311-F and 311-G North Chimney Rock Road, Airport Distribution Center is minutes from Piedmont Triad International Airport (PTI) and the FedEx Mid-

Atlantic Hub, the carrier’s fifth largest U.S. hub. 

 The exceptional location provides easy access to a network of interstates, including 40, 85, 73 and 74.  The facilities were constructed between 1981 and 1987 and have each had significant capital improvements completed throughout the years, including ESFR sprinkler systems, T5 lighting, new dock levelers and updated office areas. 

 Airport Distribution Center’s front-loading facilities feature pre-engineered block construction, clear heights ranging from 24 to 35 feet and rail access to 316,532 square feet of space within buildings 311F and 311G.

Chris Norvell

The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally.

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

 For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

www.thackeraypartners.com.

http://somprop.com 

Marcus & Millichap Arranges $7.8 Million Sale of 102-Unit Apartment Building in St. Petersburg, FL

Casey Babb

St. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Waterside Village, a 102-unit apartment property located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,800,000.

The buyer, a private investor based in Largo, FL, was secured and represented by Luis Baez, CCIM, Casey Babb, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office.

Luis Baez

“The buyer, who had existing holdings in the submarket, was attracted to the size of the property and the upside potential which will be born out of a moderate repositioning of the unit interiors and common area amenities”, says Babb. 

“The seller accepted the offer to purchase based on the strength of the buyer as well as the attractive deal terms which called for a 14-day due diligence period and a closing within 60 days with no financing contingency”, added Baez.
The Waterside Village community is in the city of St. Petersburg, within Pinellas County, the most densely populated county in the state of Florida. It is near several major employers. 

Shawn Rupp

The residents enjoy a number of local amenities along with beach access within a short drive. Waterside Village is located at 3600 49th Avenue North in St. Petersburg, Florida.

For more information, please contact:

Crystal Marino,

Crystal.Marino@marcusmillichap.com

             
or                                                

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Daum Commercial Completes Rapid Sale of 99,552-SF Industrial Property in Orange County, CA for $16.2 Million

99,552-SF Industrial Property in Brea, CA 

 

Chris Migliori

 Brea, CA  – DAUM Commercial Real Estate Services has completed the $16.12 million sale of a 99,552 square-foot industrial building in Brea, California, on behalf of the seller, SAME Investments, LLC.

The property was the only traditional industrial building of its size in North Orange County at the time it was placed on the market, according to Chris Migliori, Executive Vice President at DAUM’s Orange County Office.  

“Due to pent-up demand in the submarket, we had strong interest and three solid offers from a diverse group of REITs, private investors, and owner-users within just 10 days of the property being placed on the market,” Migliori explains. “Ultimately, we sold the building to a private investor that was in a $28 million dollar 1031 exchange. From start to finish, the sale cycle took approximately 120 days.”

Chuck Wilson and Brian Chastain at Colliers International represented LFT-Cliffwood, LLC as the buyer in the sale transaction and will market the building for lease to a single strong manufacturing/distribution tenant.

Chuck Wilson

The buyer intends to implement light renovations to the interior and exterior of the building before leasing. Due to lack of inventory in the region, the time it takes to lease up a quality industrial building in this market is 2 to 4 months, subject to the asking rate, Migliori notes.

“This was the right time for the seller to bring this property to market,” says Migliori. “There continues to be high demand for industrial product in Orange County, with vacancy rates posting at 1.4-percent in Q1 for the North County submarket, which further demonstrates the value of this asset as an investment property for the buyer.”

The property, constructed in 1974, recently underwent renovations that included the installation of a new state-of-the-art ENERGY STAR-rated “Cool Roof.”

Brian Chastain

The asset also features competitive amenities including 7,900 square feet of executive office space, four dock-high loading doors, one ground-level loading door, 22’-24’ minimum warehouse clearance, and a fenced yard.

The building offers direct access to the 57 Freeway and close proximity to the 91, 55 and Interstate 5 Freeways. The property is also located near several retail destinations, including the Brea Mall and Brea downtown district.

The industrial warehouse is located at 331-333 Cliffwood Park Street in Brea, California.

For more information, please contact:

 Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

www.daumcommercial.com.

HFF announces the sale of single-tenant retail building in suburban Philadelphia

Marc Mandel

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a 7,000-square-foot, single-tenant retail building leased to Advance Auto Parts in the Philadelphia-area community of Browns Mills, New Jersey.

The HFF team marketed the property on behalf of the seller, a family trust.  A private investor purchased the asset free and clear of existing financing.

Advance Auto Parts has occupied the property since 2004 and has six years remaining on its lease term.  The building is situated on 1.72 acres at 1 Juliustown Town Road in Browns Mills, a community approximately 35 and 60 miles from downtown Philadelphia and New York City, respectively. 

Steve Schrenk

The property sits just five miles from McGuire Air Force Base/Fort Dix, a major economic driver for the immediate area with more than 3,100 officers, enlisted and civilian personnel from the Air Force, Army and Navy.

The HFF team representing the seller included managing director Marc Mandel and director Steve Schrenk.

HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

ATTOM Data Solutions Finds Home Prices Less Affordable Than Historic Averages In 59 Percent of Local Markets

Daren Blomquist

IRVINE, CA –— ATTOM Data Solutions, curator of the nation’s premier property database, released its Q2 2018 U.S. Home Affordability Report, which shows that the U.S. home prices in the first quarter were at the least affordable level since Q3 2008.

The report calculates an affordability index based on percentage of income needed to buy a median-priced home relative to historic averages, with an index above 100 indicating median home prices are more affordable than the historic average, and an index below 100 indicating median home prices are less affordable than the historic average.

Nationwide, the Q2 2018 home affordability index of 95 was down from an index of 102 in the previous quarter and an index of 103 in Q2 2017 to the lowest level since Q3 2008, when the index was 86.

“Slowing home price appreciation in the second quarter was not enough to counteract an 11 percent increase in mortgage rates compared to a year ago, resulting in the worst home affordability we’ve seen in nearly 10 years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

 “Meanwhile home price appreciation continued to outpace wage growth, speeding up the affordability treadmill for prospective homebuyers even without the rise in mortgage rates.”

Nationwide the median home price of $245,000 in Q2 2018 was up 4.7 percent from a year, down from 7.4 percent appreciation in the first quarter but still above the average weekly wage growth of 3.3 percent.

 Since bottoming out in Q1 2012, median home prices nationwide have increased 75 percent while average weekly wages have increased 13 percent during the same period.

Annual growth in median home prices outpaced average wage growth in 275 of the 432 counties analyzed in the report (64 percent), including Los Angeles County, California; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida.

Counties with the lowest home affordability indexes in Q2 2018 were Genesee County (Flint), Michigan (70); Denver County, Colorado (72); Adams County (Denver area), Colorado (73); Santa Fe County, New Mexico (73); and Wilson County (Nashville area), Tennessee (75).

Among 40 counties with a population of at least 1 million, those with the lowest home affordability indexes in Q2 2018 were Travis County (Austin), Texas (77); Alameda County (San Francisco area), California (81); Santa Clara County (San Jose), California (82); Oakland County (Detroit area), Michigan (82); and San Francisco County, California (83).

Nationwide an average wage earner would need to spend 31.2 percent of his or her income to buy a median-priced home in Q2 2018, above the historic average of 29.6 percent.

Counties with median home prices requiring the highest share of average wage earner income were Marin County (San Francisco area), California (133.2 percent); Kings County (Brooklyn), New York (123.1 percent); Santa Cruz County, California (121.5 percent); Monterey County (Salinas), California (100.3 percent); and San Francisco County, California (97.2 percent).

Counties with median home prices requiring the lowest share of average wage earner income were Wayne County (Detroit), Michigan (13.5 percent); Clayton County, Georgia (13.7 percent); Rock Island (Quad Cities), Illinois (15.8 percent); Saginaw County, Michigan (16.4 percent); and Richmond County (Augusta), Georgia (16.4 percent).

An average wage earner would not qualify to buy a median-priced home in 326 of the 432 counties (75 percent) analyzed in the report based on a 3 percent down payment and a maximum front-end debt-to-income ratio of 28 percent.

Counties where an average wage earner could not afford to buy a median-priced home in Q2 2018 included Los Angeles County, California; Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California.

 For more information, please contact:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

HFF announces refinancing for Toringdon Office Park in Charlotte, NC

Toringdon Office Park, Charlotte, NC

Travis Anderson

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announces the refinancing of Toringdon Office Park, a six-building, 519,698-square-foot, Class A office park in Charlotte, North Carolina. 

The HFF team worked on behalf of the borrower, Trinity Capital Advisors, to secure the floating-rate loan through Bank of America Merrill Lynch.

  Loan proceeds are refinancing an existing loan for the six-building office park, which HFF arranged in 2015, and funding the development of a seventh building, Toringdon 7, in the same park. 

Toringdon Office Park consists of six properties located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way directly off Johnston Road in the Ballantyne submarket of Charlotte.  This location, about 10 miles south of Charlotte’s central business district, provides direct access to Interstates 485 and 77 and the Interstate 85 corridor. 

Cory Fowler

 The buildings were constructed between 2001 and 2008, and the park is 95 percent leased overall.  

The park’s largest tenants include Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF.  Toringdon 7, which is scheduled for completion in December 2019, will feature 198,195 square feet. 

HFF’s debt placement team representing the borrower consisted of senior managing director Travis Anderson and senior director Cory Fowler.

 For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

 trinitycapitaladvisors.com.

Marley Overman of Illustrated Properties' Overman Team selected to market 5.27-acre Wellington, FL site for show jumper McLain Ward

Marley Overman

WELLINGTON, FL  – Illustrated Properties, a member of The Keyes Family of Companies, has announced the exclusive listing of a two-property site in Wellington on behalf of two-time Olympic gold medalist McLain Ward.

Marley Overman of Illustrated’s Wellington-based Overman Team is the listing agent.

Ward, an international show jumper who earned his gold medals in the 2004 Athens and 2008 Beijing Olympic Games, is listing the 2169 Appaloosa Trail site for $5.7 million. He is the current top-ranked competitor in the U.S. Equestrian Federation (USEF) standings and No. 2 in the International Federation for Equestrian Sports (FEI).

The 5.27-acre site includes a four-bedroom, three-bathroom residence that was completely remodeled in 2015 with brand-new hurricane impact doors and windows, bathrooms and kitchen. It includes a heated salt water pool with a slide.

Ward meticulously designed the 275’ x 215’ grass riding field, which features three liverpools – portable pools to practice jumping – and a built-in water jump. The site also includes a barn with 13 stalls, three wash/grooming stalls and a paved storage area, and a second barn with eight stalls, a tack room and two wash/grooming stalls.

McLain Ward Has Ridden Rothschild Since 2007

The site is located within hacking – or riding – distance of Wellington’s Winter Equestrian Festival. It serves as the winter home of Ward’s top horses, including HH Azur, Clinta and Rothchild.

“It is an honor to bring this one-of-a-kind property to the market,” said Overman, a former top-ranked equestrian competitor who grew up in Palm Beach. “McLain Ward is the best of the best when it comes to show jumping, so this listing is ideal for any competitors who seek to emulate the best practices of a distinguished champion.”

Overman has a longstanding relationship with Ward and has represented him in other transactions. She is also exclusively listing Windsome Farms, an 80-acre equestrian site in Wellington, on behalf of a different client for $25 million.

“This listing is another example of how Marley and her team are the go-to agents for prime Wellington properties,” said Mike Pappas, CEO of Illustrated. “She is uniquely suited to showcase this stunning equestrian site.”

Mike Pappas

In July 2016, Keyes and Illustrated Properties announced the completion of a merger between the two companies, which continue to operate under their existing brands. Overall, Keyes and Illustrated generate more than $6 billion in annual revenue from their real estate service lines.

Following the merger, Keyes and Illustrated are, together, the largest independently-owned real estate firm in Florida and a Top 30-ranked firm in the entire United States.

 In Palm Beach County alone, the companies have in excess of 1,100 Sales Associates and produce double the sales volume of their closest competitor.

 For more information, please contact:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

Hanley Investment Group Completes Sale of Two-Tenant Retail Property in Los Angeles County for $6.4 Million

Two-tenant retail building occupied by Ross Dress For Less (dba dd’s Discounts) and Stars Gymnastics at 404-410 North Azusa Avenue in Covina, CA

COVINA, CA -- Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of a two-tenant retail building occupied by Ross Dress For Less (dba dd’s Discounts) and Stars Gymnastics at 404-410 N. Azusa Avenue in Covina, California.

Ed Hanley

The 39,159-square-foot building is part of the Covina Shopping Center, a community shopping center situated at the intersection of N. Azusa Avenue and W. San Bernardino Road.

The shopping center includes other notable tenants Smart & Final Extra! and CVS/Pharmacy. The sale price for the two-tenant net-leased investment was $6.36 million.

Hanley Investment Group's Executive Vice President Bill Asher and President Ed Hanley, along with Vice President Jeff Lefko, represented the seller, a family partnership based in Orange County, California.

The buyer, Cecelia, LLC from Los Angeles, was represented by Moon Lim of Marcus & Millichap in Los Angeles, Calif. 

The two-tenant inline building, which was built in 1979, sits on 3.83 acres and features a 27,359-square-foot dd's Discounts and an 11,800-square-foot Star Gymnastics.

dd's Discounts has been a tenant in the building since 2005. Star Gymnastics, which has been in business for nearly 25 years in the area, relocated to Covina Shopping Center in 2017.

Bill Asher

 The property is in the heart of the San Gabriel Valley, approximately 1.5 miles from Interstate 10 (218,000 cars per day), and easily accessible from the Interstate 210, Interstate 605, and State Route 57 freeways.

“We generated an incredible volume of interest due to the property being in Los Angeles County and more specifically the San Gabriel Valley,” said Asher.

 “The property was an attractive investment due to its dense infill location with over 470,000 people located in a five-mile radius and close proximity to four major freeways -  Interstates 10, 210, 605, and State Route 57 freeways.

"The supply of quality retail assets that come up for sale in the San Gabriel Valley submarket is limited from year to year. When they become available, they are followed by a tremendous amount of demand, multiple offers, and top-level pricing.”

Asher notes Ross is a Fortune 500 company and the largest off-price apparel and home fashion chain in the United States with 1,409 locations in 37 states, the District of Columbia, and Guam.

The company also operates 213 dd’s DISCOUNTS® in 16 states. Ross (including dd’s discounts) recently opened 92 stores for a total of 1,627 locations in the US. The goal for Ross is to reach 2,500 total stores in the future, Asher says.

“The investment being anchored by dd’s Discounts, a tenant at the property for the past 13 years with a corporate guaranty from parent company Ross Stores, Inc., was another significant driver to the high level of interest in the property,” Asher said.

Jeff Lefko

“In a time where we continue to see more big-box retail store closures, Ross is a tenant that is thriving and looked upon very favorably by retail investors in today’s market.”

Asher continues, "It continues to be a challenge in today's market for investors to find quality, stabilized retail investments in ‘A’ locations to purchase in Los Angeles County.

"We expect that the market for single-tenant and two-tenant assets in quality locations, especially those leased to name brand tenants that are internet-resistant and have long-term leases, will remain strong in Southern California throughout 2018.”

 For more information, please contact:

 Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963

www.hanleyinvestment.com.