HFF announces $22 million financing for garden-style apartments in South Florida’s Broward County

Coral Falls Apartments, 2801 91st Street NW, Coral Springs, FL

Josh Simon

DENVER, CO–– Holliday Fenoglio Fowler, L.P. (HFF)announces $22 million in financing for Coral Falls, a 190-unit, garden-style multi housing community in Coral Springs, Florida.

The HFF team worked on behalf of CF Partners, Ltd. and Iron River Management, LLC to secure the seven-year, 4.47 percent, fixed-rate, interest-only loan through Freddie Mac’s CME Program. 

The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  Loan proceeds are being used to replace a floating-rate loan the HFF team arranged on the owner’s behalf in 2015.

Coral Falls is located at 2801 NW 91^st Street in Coral Springs providing access to Boca Raton to the north and Fort Lauderdale and Miami to the south. 

Elliott Throne

The 99-percent-leased asset has a mix of newly renovated one- and two-bedroom floor plans averaging 1,029 square feet each.  

Community amenities include a swimming pool with sundeck, brand new fitness center, picnic areas, tennis court, playground and car wash station.

The HFF debt placement team representing the borrower included managing directors Josh Simon and Elliott Throne.

“Our goal with Coral Falls has always been to hold long-term, maintain our presence in the market, and maximize our cash flow,” said Jonathan Ringham, President of Southshire, the general partner of CF Partners Ltd., and owner of Iron River Management, LLC. 

“The HFF team has always understood this and provided the necessary guidance to achieving our long-term goals.  The placement of this debt allows us to continue our history of success with this property.”

 For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

HFF announces acquisition financing for industrial building near Philadelphia

103 Central warehouse distribution center,
Mount Laurel Township, NJ

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the acquisition financing for 103 Central, a highly divisible, Class B+, 112,000-square-foot warehouse distribution center located in the Philadelphia-area community of Mount Laurel Township, New Jersey.

The HFF team worked on behalf of the borrower, Burton Real Estate (BRE), to place a two-year, floating-rate loan with one one-year extension. 

The loan will enable the borrower to purchase the property and execute its business plan, which includes leasing up the currently 74-percent-occupied building.  This financing comes on the heels of another recently announced transaction on behalf of BRE, 405 Heron Drive, which is also a suburban Philadelphia industrial property. 

Michael Klein

Situated on 5.57 acres, 103 Central is part of the “3M” area of Marlton, Mount Laurel and Moorestown less than one mile from the New Jersey Turnpike and Interstate 36.

  The property‘s location allows tenants access to 19 major U.S markets and nearly 40 percent of the U.S. population within 24 hours. 

It is also positioned within 200 miles of three major ports, Ports of Newark/Elizabeth, Philadelphia and Baltimore, and is less than one mile from Interstate 295 (Exit 36) and New Jersey Turnpike (Exit 4), making it a highly desirable location. 

The one-story property features 18-foot clear heights and a combination of exterior and interior loading docks.

The HFF debt placement team representing the borrower included managing director Michael Klein.

“HFF is pleased to have had the opportunity to once again secure acquisition financing on behalf of Burton Real Estate as it continues to grow its portfolio of industrial properties,” Klein said. 

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

Burton Real Estate is a privately held real estate investment firm specializing in the acquisition, management, and potential redevelopment of both performing and under performing properties in the United States. 

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

http://burtre.com 

Sound West Group and Securities Veteran Greg Genovese Launch New Company in Seattle Focused on Qualified Opportunity Zone Funds

Greg Genovese

SEATTLE, WA– Sound West Group, a leading property developer and asset manager in Seattle, Washington, announced today the launch of Sound West Realty Capital, an investment firm primarily focused on the sponsorship of project-specific qualified opportunity zone funds, in partnership with securities and real estate investment industry veteran Greg Genovese.

Sound West Realty Capital’s opportunity zone investment strategy is the result of a comprehensive internal study initiated in March 2018 of the Tax Cuts and Jobs Act of 2017, which allows for the creation of opportunity zones in each of the 50 states.

The Sound West study determined that there are notable investor advantages and program structures available to best facilitate successful opportunity zone investments. The study also estimates that the demand for this type of investment program will be significant.

Wes Larson

Genovese, a 30-year veteran of the real estate securities industry, leads Sound West Realty Capital as principal and president. 

He has played pivotal roles in the creation and growth of some the country’s largest and most respected realty capital groups.

“The timing is right for us to take this next step as we’ve continued to grow our development and asset management business,” said Sound West Group Chief Executive Officer Wes Larson.

"We have built a reputation over many years of delivering above average returns for our investors while also providing socially responsible, investor-centric programs, and the launch of Sound West Realty Capital is a natural extension for our expertise.

“Our entry into the real estate securities capital markets is one we are well-suited and prepared for with Greg at the helm. I’ve worked with Greg for more than 20 years in the securities industry and he is a phenomenal leader. His proven abilities to create and grow realty capital companies that are best in class make this venture a great match.”

Jonathan Morris

Jonathon Morris, a professor in Georgetown University’s Master of Professional Studies in Real Estate program and a Sound West Realty Capital board member, said:

“I particularly like that Sound West is focused on project-specific programs supported by tax opinions.

"The tax advantages are outstanding, of course, and opportunity zone funds can be a real game changer, but I’ve always cautioned investors to not invest exclusively because of the tax advantages.

“Rather, invest because of your belief in the project, the demographic drivers, the management, and the exit strategies. History tells us that deals are successful because they are good deals and managed properly, period.”

For more information, please contact:

Jill Swartz

Spotlight Marketing Communications                   

949.427.1389 
jill@spotlightmarcom.com

Sound West Group and Securities Veteran Greg Genovese Launch New Company in Seattle Focused on Qualified Opportunity Zone Funds

Greg Genovese SEATTLE, WA  – Sound West Group, a leading property developer and asset manager in Seattle, Washington, announced the launch of Sound West Realty Capital, an investment firm primarily focused on the sponsorship of project-specific qualified opportunity zone funds, in partnership with securities and real estate investment industry veteran Greg Genovese. Genovese, a 30-year veteran of the real estate securities industry, leads Sound West Realty Capital as principal and president. He has played pivotal roles in the creation and growth of some the country’s largest and most respected realty capital groups.

“The timing is right for us to take this next step as we’ve continued to grow our development and asset management business," said Sound West Group Chief Executive Officer Wes Larson. 

Wes Larson

“I particularly like that Sound West is focused on project-specific programs supported by tax opinions, said Jonathon Morris, a professor in Georgetown University’s Master of Professional Studies in Real Estate program and a Sound West Realty Capital board member.

"The tax advantages are outstanding, of course, and opportunity zone funds can be a real game changer, but I’ve always cautioned investors to not invest exclusively because of the tax advantages.

 “Rather, invest because of your belief in the project, the demographic drivers, the management, and the exit strategies. History tells us that deals are successful because they are good deals and managed properly, period.”

Jonathan Morris

A qualified opportunity zone fund is a new investment vehicle created as part of the Tax Cuts and Jobs Act of 2017, where people can invest their gains from prior investments into designated state opportunity zones. 

These investments provide significant tax benefits to investors and stimulate economic development and job creation. 

The tax benefits include a temporary deferral of taxes arising from gains invested in an opportunity zone, an increase in basis that reduces the amount of taxes ultimately owed in respect of the deferred gains, and a potentially permanent exclusion from taxable income of gains arising from the new investment in the qualified opportunity zone fund. 


For more information, please call:

Jill Swartz

Spotlight Marketing Communications                   

949.427.1389 
jill@spotlightmarcom.com

soundwestrc.com or call 877-277-7886.

NAI Realvest Negotiates $3.975 Million Sale of Downtown Orlando’s Historic Church Street Train Depot Property

Church Street Train Depot, 78 and 90 West Church Street, Downtown Orlando

Rob Nunziata

ORLANDO, FF – NAI Realvest completed the $3,975,000 sale of the historic Church Street Train Depot, a venue consisting of 15,000 square feet under roof, located at 78 & 90 West Church St. in downtown Orlando. 

NAI Realvest principals Kevin O'Connor and Matt Cichocki negotiated the transaction on behalf of the seller, Ferg’s Depot,which had been operating as a sports bar and restaurant until just prior to close of the sale.   

Joe Nunziata

Local investors, brothers Joe and Rob Nunziata, and principals of Orlando Crazy Train LLC, purchased the property “to bring more retail back into downtown Orlando.” 

 They’re seeking a national or regional retailer to fill the space at this high-profile Church Street location.     Christi Smith of Stoneshire Realty represented the Nunziatas.

For more information, please contact: 

  

Beth Payan, Larry Vershel Communications Inc.

407 644 4142 Lvershelco@aol.com

Lewis Retail Centers Opens Renaissance Marketplace, a Ground-Up 'Taste, Shop and Experience' Center in Rialto, CA

 

Renaissance Marketplace, Rialto, CA

Randall Lewis

 RIALTO, CA – Lewis Retail Centers has opened the first portion of its Renaissance Marketplace, a 430,000 square-foot shopping, dining and entertainment center, which is one of the first ground-up retail centers to be built with modern architecture, tenanting, and marketing specifically for today’s Millennials, according to Randall Lewis, Executive Vice President of Marketing of the Lewis Group of Companies, Lewis Retail Centers’ parent company. 

“Millennials are now 22 to 37 years old, encompassing both youthful singles and parents of young children,” Lewis notes.  “This center is not only situated in a vibrant location, it is also built and tenanted with the options and design that Millennials and Boomers alike have come to desire in a community gathering spot.”

Tenants will include favored eateries such as The Habit, California Fish Grill, Ahi Poke Bowl, Pho ’77, Panera Bread and Septembers Taproom and Grill, as well as hip shopping options, such as Five Below, a 22,000 square-foot Ross, a Grocery Outlet, and a 43,000 square-foot Burlington.

Wayne T. Williams

Renaissance Marketplace, which is anchored by Cinemark Theatres, 24 Hour Fitness and Burlington, are all tenants that are performing extremely well across the country, Lewis notes.

Renaissance Marketplace is already a local favorite, according to Wayne Williams, Director of Marketing for Lewis Retail Centers.

“Our 24 Hour Fitness club posted strong numbers for new members prior to opening their doors and continues to welcome new members at a robust pace.  When we opened our Starbucks, we had hundreds of people come in the first day,” Williams notes. 

The center is located off the 210 Freeway with more than 127,000 daily traffic count. 

For more information, please contact:

Lexi Astfalk · Account Director 
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

Email · Website · Facebook · Twitter · Instagram

www.lewisgroupofcompanies.com.

NAIOP South Florida Presents Broward County, FL Bus Tour Sept. 27

Jules R. Morgan

FORT LAUDERDALE, FL – NAIOP South Florida, a Commercial Real Estate Development Organization, will kick off its annual bus tour season with the 2018 Broward County Bus Tour on Thursday, September 27.

Miramar Park of Commerce, Miramar, FL

Hosted by Sunbeam Properties & Development at the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, the Broward County Bus Tour will begin at 11 a.m. with registration at building MPC-30, located at 3150 Executive Way, Miramar, FL 33025.

Following registration, brokers will board a double-decker luxury bus with seating for 75 people at tables and lounge chairs. 

After lunch, the tour will give riders an up-close look at some of Broward County’s premium commercial real estate with walk-throughs, stops, drive-throughs and drive-bys of properties in Miramar, Pembroke Pines, Fort Lauderdale, Pompano Beach, Deerfield Beach and Hollywood.

During the tour, developers and market experts will give insights regarding upcoming projects and the state of each city’s commercial real estate industry. The tour will also feature multiple opportunities for riders to win exclusive prizes.

“The Broward County Bus Tour is ideal for networking and dealmaking,” said NAIOP South Florida Executive Director Jules R. Morgan.

 “Brokers can sit across from each other in a relaxed, fun and productive environment as they are educated about the state of various sub-markets throughout Broward County and get up close and personal with some of the newest commercial properties.”

The tour concludes at the Miramar Park of Commerce with a football-themed evening cocktail reception at 5 p.m. featuring tailgate games, BBQ, drinks and prizes.

“I’ve had people tell me they’ve had deals come out of this tour,” Morgan added. “It gives brokers a platform to directly interface with property owners, developers and each other to establish new contacts, facilitate leads and close new deals. 

Plus, the bus tour offers unparalleled value for industry professionals as licensed commercial real estate brokers ride free.”

Tickets for the Broward County Bus Tour are available on a first-come, first-serve basis. Seating is limited. The bus tour is free for licensed commercial real estate brokers.

 Tickets for non-brokers are $100 for NAIOP members and $125 for non-members. To register to attend, visit https://bit.ly/2OnLuzQ. For more information, contact 954-990-5116 ornaiop.info@naiopsfl.org.

NAIOP is a commercial real estate development organization. It provides strong advocacy, education and business networking opportunities and connects its members through a powerful North American network. 

For more information, please contact: 

Lexi Robinon 
954-776-1999 ext. 255 
lrobinson@piersongrant.com

Marcus & Millichap Brokers $10 Million Sale of 18-acre Riverside Oaks manufactured home community in Punta Gorda, FL

PUNTA GORDA, 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 Riverside Oaks, an 18-acre manufactured homes community in Punta Gorda, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,000,000.

Dan Mulkey

Dan Mulkey, an investment specialist in Marcus & Millichap’s Tampa office, represented the seller, a private investor, in this transaction.The buyer, Northwestern Mutual Life Insurance Company, was also secured by Dan Mulkey.

“This acquisition was the perfect fit for NML since they own a large community directly across the street from Riverside Oaks, allowing them to easily blend in the task of management for the newly acquired community. Riverside is a solid 5-Star community which compliments the NWM portfolio,” stated Mr. Mulkey.

Riverside Oaks is an all adult community with 102 spaces. Established in 1990, Riverside Oaks offers large sites with mature trees and nature trails. Riverside Oaks is located at 27205 Jones Loop Road in Punta Gorda, Fla.

For more information, please contact: 

Whitney Davis,

Whitney.Davis@marcusmillichap.com

or

Ari Ravi

Regional Manager, Tampa, FL

(813) 387-4700

HFF announces sale and financing of the Jefferson Building in Washington, D.C.

Jefferson Building, 1225  19th Street Northwest, Washington, DC

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and financing of the Jefferson Building, a 73,168-square-foot, boutique office building in the heart of Washington, D.C.’s central business district (CBD).

Dan McIntyre

The HFF team represented the seller, Invesco Real Estate, a global real estate investment manager, and procured the buyer, Marcus Partners.  Additionally, working on behalf of the buyer, the HFF team arranged acquisition financing through a balance sheet lender.

The Jefferson Building is located at 1225 19^th Street Northwest at the corner of 19^th Street and Jefferson Place in the heart of the CBD’s Golden Triangle. 

This location along “Restaurant Row”, a renowned dining, shopping and entertainment strip, is just two blocks south of Dupont Circle and is within walking distance to four Metrorail stations.   

 Most recently renovated in 2016, the Jefferson Building features average floorplates of 9,300 square feet, parking for 64 vehicles, and it is the only building in the CBD with premium full floor top floor availability that is under 10,000 square feet with four sides of glass. 

Jay Graham

The eight-story property is 87 percent leased to 12 tenants, including office tenants SNI/SI Networks LLC; International Center for Alcohol Policies; Relman, Dane & Colfax PLLC and London & Mead/Andrew J. Kline LLC, as well as The Palm, one of Washington, D.C.’s landmark restaurants.

The HFF investment advisory team representing the seller included Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker.

HFF’s debt placement team representing the borrower consisted of Dan McIntyre and Jay Graham. 

For more information, please contact: 

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

www.marcuspartners.com.  

www.invesco.com