Sale of Old Fourth Ward Apartment Community Sets New Record for Metro Atlanta

Anthem on Ashley Apartments, Old Fourth Ward, Atlanta, GA

ATLANTA, GA – North American Properties (NAP) has announced the sale of Anthem on Ashley, a 244-unit multifamily community with park side restaurant space, to Invesco Advisers, Inc.

At $370 per square foot, the sale sets a new benchmark for wood-framed multifamily development in Metro Atlanta. JLL Multifamily Investment Sales represented the seller.

Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the Class AA community is within walking distance of the Atlanta BeltLine’s Eastside Trail and is the only apartment community with direct access to Historic Fourth Ward Park. 

Anthem on Ashley aerial view, Old Fourth Ward, Atlanta, GA

Ranked as one of the 10 hottest neighborhoods in the country, Old Fourth Ward has quickly emerged as one of the Southeast’s coolest urban destinations, known for its walkability, lifestyle options, transit and culture.

Old Fourth Ward’s booming growth has been spurred largely by the Atlanta BeltLine. The partially built trail is responsible for 30,000 permanent jobs and nearly $10 billion in economic development, with more than $4 billion in new development. 

Richard Munger

“Urban trail-oriented development is the new beachfront property, as people of all ages increasingly seek to live in active, walkable environments that offer a diversity of experiences,” said Richard Munger, partner and senior vice president of residential development at NAP.

 “At Anthem, we created an urban, creative experience that resonates with the market. Every project is unique because every market is different, and we work very closely with the neighborhoods we serve to deliver a quality development that enhances the community.”

In addition to its access to the Atlanta BeltLine and Historic Fourth Ward Park, Anthem offers residents the following amenities: 

a saltwater pool with a sun deck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking Historic Fourth Ward Park; outdoor grilling stations and fire pit; clubhouse with bar lounge; bike storage; 

Wi-Fi enabled micro-offices; and an event stylist who curates resident experiences such as build-your-own craft cocktail bars and garage painting parties with local artists that resulted in a number of artful wall murals.

  

For more information, please contact:

Britni Johnson · Account Executive

1718 Peachtree St., Suite 1048 · Atlanta, GA. 30309

M: 912-580-7241

www.thewilbertgroup.com

naproperties.com.  

      

EverWest Continues Bay Area Push with Significant Burlingame Buy

Burlingame Bay Office Park, 555 Airport Boulevard,
 Burlingame, CA

  

EMERYVILLE, CA – EverWest Real Estate Investors, in partnership with global private markets investor Partners Group (on behalf of its clients), has completed the purchase of Burlingame Bay Office Park, adding yet another landmark office asset to its Northern California portfolio.

The two-building, Class A Burlingame Bay Office Park totals almost 13 acres and 261,959 square feet at 555 and 557 Airport Blvd. in Burlingame, California.

Burlingame Bay Office Park, 557 Airport Boulevard, 
Burlingame, CA

Building sizes range from 120,681 to 139,413 square feet – and five to eight stories – respectively. Both buildings are visible from Highway 101/Bayshore Freeway and sit along the west side of the San Francisco Bay, offering immediate views of the East Bay and San Francisco.

Ryan Madson

Managing Director Ryan Madson directed the property acquisition on behalf of EverWest.

“The North Peninsula office market is enjoying exceptional conditions, with overall vacancy at just 6 percent and strong and broad tenant demand that will continue to benefit well-located, high-profile projects like Burlingame Bay Office Park,” said Madson, who oversees EverWest’s Northern California and Pacific Northwest acquisition activity.

 “We are very pleased to add this asset to our portfolio, and believe we can add even more value through capital improvements and lease-up in the months and years ahead.”

The Burlingame acquisition marks the latest in EverWest’s consistent Northern California Bay Area portfolio growth. This push was punctuated last fall with the purchase of another high profile asset: the Offices at Public Market, which totals 109,242 square feet in eight stories facing I-80 in Emeryville, California. Last month, EverWest also completed the acquisition of a 16,000-square-foot creative office building at in downtown San Francisco.

Josh Rowell

Other notable EverWest assets in the area include the 405 Victory industrial project in south San Francisco and recently completed industrial project on Depot Road in Hayward, California.

Burlingame Bay Office Park sits adjacent to a Hilton DoubleTree hotel, the Hilton San Francisco Airport Bayfront hotel and numerous restaurants. It is also minutes from San Francisco International Airport and less than 30 minutes from downtown San Francisco, Palo Alto and Mountain View.

Josh Rowell, Craig Kalinowski and Dan Matteucci with Newmark Knight Frank serve as the project’s exclusive leasing brokers.

For more information, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

JLL Completes Sale of Redeveloped Ocotillo Plaza in Chandler, AZ

Ocotillo Plaza, Chandler, AZ

Peter Bauman

PHOENIX, AZ – The Phoenix office of JLL has completed the $11.2 million sale of Ocotillo Plaza, a redeveloped retail building situated in the heart of Chandler’s Ocotillo area, a thriving residential, retail and employment hub adjacent to the popular Price Road commercial corridor.

JLL Senior Vice Presidents Peter Bauman and Tivon Moffitt, Senior Managing Director Dennis Desmond and Senior Vice President Tyson Switzenberg represented the building seller, Thompson Thrift Retail Group. Nina Patel represented the buyer, Southern California-based Slater Avenue II LP.

Ocotillo Plaza totals 121,829 square feet at 2880 S. Alma School Road, on the northwest corner of Queen Creek and Alma School roads in Chandler, Arizona.

Tivon Moffitt

 The building and 10-acre site was purchased in 2017 by Thompson Thrift and then renovated from a former Target store into a multi-tenant retail building that is now fully leased to Goodwill and the flagship location of Shoppers Supply, a ranch, home and outdoor supply retailer.

The repositioned building sits within the larger Ocotillo Plaza shopping center, which is also in the process of a redevelopment that includes the addition of an Aldi supermarket. 

It is part of a desirable retail corridor boasting anchor tenants such as Albertsons, HomeGoods, Office Max, Sprouts and Stein Mart.

“Investors continue to be attracted to high quality, stabilized greater Phoenix commercial real estate, and that created significant investor demand for this listing,” said Bauman.

Dennis Desmond

“The area’s demographics, combined with this building’s newly renovated space and its stable long-term tenancy, were a strong draw for the buyer. 

"We were very pleased to work with them on a property that we believe will provide a high-quality, income-producing asset for their portfolio.”

 “It has been a pleasure to work with the entire JLL team on this transaction,” said Chris Hake, Thompson Thrift Vice President, Director of the Southwest Region.

 “We feel this redevelopment exemplifies the need for creativity in today’s retail real estate environment. As the Prie Road corridor continues to grow its office presence and its number of daily employees, this intersection of Alma School and Queen Creek Road will continue to show strong results from the retailers that are located there.

Tyson Switzenberg

"Again, thank you to Tyson Switzenberg, Peter Bauman and Tivon Moffitt for their outstanding work on this project.”

Ocotillo Plaza is the second project sold by the JLL team in the Ocotillo/Price Road corridor area in the past few months. Their other recent transaction was the sale of a single-tenant, Class A office building located on the Price Road corridor. That office building, which is fully occupied by Walgreens, sold during the first quarter for $16.7 million.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

 In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Chris Hake

In Phoenix, JLL is a market leader employing more than 580 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process.

 In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio.

For more news, videos and research resources on JLL, please visit ir.jll.com or www.jll.com/phoenix.

For more information, please contact:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

HFF announces $48.51 million refinancing for CITYCENTRE Five in Houston, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces a $48.51 million refinancing for CITYCENTRE Five, a 201,437-square-foot, Class A office building within the CITYCENTRE mixed-use urban development in Houston, Texas.

CityCentre Five, Houston, TX

The HFF team worked on behalf of the borrower, Midway Companies, to secure the loan through New York Life Real Estate Investors. 

CITYCENTRE Five is located at 825 Town & Country Lane at the southeast corner of Interstate 10 and Beltway 8 in Houston’s Energy corridor.

Colby Mueck

  Its location within the 50-acre CITYCENTRE development, which is considered Houston’s premier open-air mixed-use shopping and entertainment destination, provides tenants with immediate access to a diverse mix of restaurants and fashionable retailers, a Life Time Athletic club, three luxury apartment communities and the 265-room Hotel Sorella. 

 Additionally, the property benefits from its location near some of the strongest demographics in West Houston; average housing values within a one-mile radius of the property are more than $563,000 and average household income is roughly $179,000. 

The HFF debt placement team representing the borrower included senior managing director Colby Mueck.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

midwaycompanies.com.

http://www.newyorklife.com/realestateinvestors 

M Hotel Group Announces Key New Hires: Expansion in Business Development, Corporate Communications and Lifestyle Special Projects

Amish Naik

Chevy Chase, MD –– PM Hotel Group, one of the nation’s leading hotel management companies, announces the addition of two executives to positions in business development and communications, as well as new hires in revenue management.

 As the company continues to see record growth in 2018, these hires mark PM Hotel Group’s commitment to continuing to add industry-leading talent with a focus on innovation, inclusion and strong financial performance.

Jennifer Diamond Haber

Amish Naik joins PM Hotel Group as vice president, business development and owner relations. In this role, Amish will lead new business growth concentrating on the continued expansion of the portfolio’s footprint.

His responsibilities include owner relations and working to develop new revenue streams with existing ownership groups. Amish brings impressive experience in hotel development, acquisitions and owner / franchisee relations.

 Most recently, he was vice president, franchise development strategy & operations for Choice Hotels International. Previously, Amish spent nearly a decade with Marriott International as vice president, owner & franchisee services.

Joseph Bojanowski

Jennifer Diamond Haber joins PM Hotel Group in the newly created role of vice president, communications, where she leads corporate communications, public and media relations, as well as internal and associate communications.

Jennifer brings experience both as an Emmy-award winner network news producer and as an agency executive with expertise in integrated marketing, social media, thought leadership and experiential activations.

  A dedicated communications strategist, Jennifer is a natural storyteller with a track record of bringing brands to life. Previously, she was vice president at MSLGROUP with clients including Feld Entertainment, Emirates Airlines and PayPal. Earlier in her career, she was a network news producer for ABC, NBC and CBS News in New York.

Raina Taillon

Raina Taillon joins PM Hotel Group as development manager focusing on the development of new specialty luxury and lifestyle projects.

Raina’s previous experience includes four years at Hilton Worldwide as senior manager, luxury & corporate development, supporting the strategic growth of the Conrad and Waldorf Astoria brands across North America.

A graduate of Cornell University’s School of Hotel Administration, Raina began her career at LaSalle Hotel Properties as a financial analyst.

“These newly created leadership roles illustrate our passion for building a best-in-class team that’s entrepreneurial and dedicated to creative thinking,” said Joseph Bojanowski, president, PM Hotel Group. “Developing a culture that’s collaborative and goal-oriented has positioned us well to attract top talent to support our robust pipeline of new projects.”

Adding to the PM Hotel Group’s revenue management team, Libbi Carlson has been named corporate director, revenue management.

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

Jennifer Diamond Haber

 JHaber@PMHotelgroup.com 

PH:  202.559.1916.

www.pmhotelgroup.com

HFF announces $13.6 million financing of Class A industrial center near Orlando, FL

Chris Drew

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $13.6 million financing of Innovation Center at Lake Mary, a 565,927-square-foot, Class A, multi-tenant industrial property in the Orlando suburb of Lake Mary, Florida.

​The HFF team worked on behalf of the borrower, a joint venture between IP Capital Partners, LLC and Blue Vista Capital Management, to secure the floating-rate loan through NXT Capital.  Loan proceeds were used to fund the acquisition of the property and undertake a capital improvement project.

Innovation Center at Lake Mary consists of Class A bulk warehouse space that features clear heights ranging from 22 to 34 feet, 50 dock-high doors and three grade-level doors. 

Located at 2452 Lake Emma Road, the property is in in Lake Mary’s High-Tech corridor and situated along Interstate 4 ten miles north of downtown Orlando.

Matthew McCormack

 Innovation Center at Lake Mary has easy access to Florida’s highly traveled transportation arteries, including Interstate 95 and Florida’s Turnpike, and a Sun Rail hub is located 4.6 miles from the property. 

HFF’s debt placement team representing the borrower included senior managing director Chris Drew, director Maxx Carney and associate Matthew McCormack.

“The borrower’s expertise in the repositioning of industrial assets and Innovation Center’s central location will result in a successful and expeditious execution of the business plan,” Drew said.

IP Capital Partners, LLC is a private real estate investment and asset management firm headquartered in Boca Raton, Florida.  IP Capital was formed to focus exclusively on co-investing with various institutional and high net worth joint venture partners in office, retail and industrial real estate in the major growth markets of Florida. 

 For more information, please contact:

Kimberly Steele​ Digital Content/Public Relations Specialist T: 713-852-3420

ksteele@hfflp.com http://bluevistallc.com.

HFF announces the $13.38 million sale and $8.5 million financing for single-tenant retail building in suburban Pittsburgh, PA

Claudia Steeb

Marc Mandel

PHILADELPHIA, PA –– HFF announces the $13.38 million sale of and the $8.5 million acquisition financing for a 53,000-square-foot, single-tenant retail property occupied by Levin Furniture in the Pittsburgh-area community of Wexford, Pennsylvania.

The HFF team marketed the property on behalf of the seller, a REIT.  A private East Coast buyer in a 1031 Exchange purchased the asset free and clear of existing financing.  

Additionally, working on behalf of the new owner, the HFF team placed the 20-year, fixed-rate loan with Protective Life Insurance Company.  HFF will service the loan, proceeds of which were used to purchase the asset.

Steve Schrenk

Levin Furniture, which is now part of Art Van Furniture following its acquisition of Wolf Furniture and Levin Furniture in November 2017, occupies the building under a triple net lease that expires in approximately 20 years.  

The building is situated on 6.24 acres at 10688 Perry Highway in Wexford, a community about 17 miles north of Pittsburgh with superior access to major highways.  

The building’s location along Perry Highway exposes it to more than 22,800 vehicles per day, and it is contiguous to the Whole Foods Market-anchored Wexford Plaza, which is one of only three Whole Foods locations in the Pittsburgh MSA. 

Coler Yoakam

The HFF investment advisory team representing the seller included managing directors Marc Mandel and director Steve Schrenk, senior managing directors Coler Yoakam and Mark West and director Michael George.

The HFF debt placement team representing the new owner consisted of senior managing director Claudia Steeb.

“The Levin sale was a great example of how HFF’s platform can best serve its client,” Mandel said.  “Through a collaboration of three HFF offices, we were able to produce a successful result for all parties involved.” 

For more information, please contact:

Kimberly Steele​ Digital Content/Public Relations Specialist T: 713-852-3420

ksteele@hfflp.com