HFF announces sale of single-tenant retail building near Houston, TX

Walgreens-Leased Building, 1180 Clear Lake City Boulevard, Clear Lake, TX                                                                                                                Photo by Mabry Campbell                                                                                                                                

HOUSTON, TX –– HFF announces the sale of a 13,905-square-foot single-tenant retail building net leased to Walgreens in the suburban Houston community of Clear Lake, Texas.

Ryan West

The HFF team marketed the property for the seller, Lister Property Company.  The Chiang Family Trust purchased the asset. 

Walgreens has occupied the property since 1998 and has more than nine years remaining on its net lease after a recent renewal last year.  

Situated on 1.9 acres at 1180 Clear Lake City Boulevard, the freestanding building is in Clear Lake, one of Houston’s premier suburbs that is approximately 20 miles southeast of downtown Houston.  

The property is one mile from Interstate 45, which welcomes 193,000 vehicles per day.  More than 70,000 residents earning an average annual household income of $105,000 live within a three-mile radius of the Walgreens. 

HFF’s investment advisory team representing the seller included senior managing director Ryan West and analyst Charles Strauss.   

Charles Strauss

“The market for single-tenant, triple-net-leased properties is robust,” West said.  “Private investors like the idea of ‘mail-box money’ – receiving a monthly rent check with no management responsibility.  

"We continue to see buyer pools increase, especially for properties such as this that are supported by a best-in-class tenant in one of Houston’s most sought-after suburbs.”

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

CONTACTS: 

RYAN WEST

TX Lic. #478560

HFF Senior Managing Director

(713) 852-3500

rwest@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

Levin Johnston Directs $24.25 Million Trade of 73-Unit Multifamily Community in Pleasanton, CA

Vista Del Sol, 2451-2529 Santa Rita Road. Pleasanton, CA

PLEASANTON, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the $24.25 million trade of Vista Del Sol, a 73-unit multifamily asset in Pleasanton, California. 

Adam Levin and Robert Johnston, both Senior Managing Directors of Levin Johnston, represented both the seller, a private LLC, and the buyer, a local investor, in the transaction.

Adam Levin

“Alameda County is currently experiencing the fastest population growth in the region – making it a highly desirable investment market,” says Levin. 

“The appeal of this asset is further substantiated by Pleasanton’s strong employment fundamentals and low-vacancy levels, which will drive high occupancy and a well-sustained renter base for years to come.”

Vista Del Sol recently underwent a $1.44 million capital improvement campaign consisting of extensive exterior and interior upgrades. 

During its ownership, the seller remodeled the clubhouse, updated the gym and outdoor pool/barbeque area, and added new signage. 

Inside, 50 of the 73 units were completely remodeled with designer finished, updated kitchens, and large walk-in closets.

“This was a premier opportunity to acquire a property that is already positioned for strong NOI growth,” says Levin. “By identifying a buyer who was seeking the opportunity to expand his portfolio into the Greater Bay Area, we were able to support the buyer’s goals while also achieving a strong sale price for the seller.”

Situated on 3.37 acres, the property is located in downtown Pleasanton in close proximity to I-580 and I-560, two BART stations, as well as a commuter train and regional bus service, providing direct access to the Silicon Valley, San Francisco, and the Central Valley.

Robert Johnston

“This is a prime rental location for commuters, which contributes to the strength of this asset as an investment,” says Johnston, who notes that the asset is located just one mile from Hacienda Business Park, which is home to many major employers including Kaiser Permanente, Boeing, Caltrans, and MetLife, among others, as well as a new six-story corporate headquarters development that is under construction.

“Pleasanton has been listed as one of the ‘Best Places to Live’ by several national publications and offers one of the top 10 ranked school districts in California,” Johnston continues. “These attributes will support continued renter demand for many years ahead.”

The property is also in close proximity to shopping, dining, and outdoor activities.  Community amenities include a pool and spa, outdoor cabana and sundeck, and lush, landscaped greenbelts.

More information is available at levinjohnston.com.

CONTACTS: 

Alex Caswell / Jenn Quader 

Brower Group

(949) 955-7940

acaswell@brower-group.com

RECI Finds Mortgage Rates Still in Borrower-Friendly Pricing Territory

John Oharenko

Chicago, IL -- Chicago-based Real Estate Capital Institute (RECI) finds recent financial market developments resulting from trade wars, global instability and a cooling economy are giving the Fed reasons to back off from an additional rate hike this month.

Such favorable interest-rate news Add captionhelps mortgage rates stay inborrower-friendly pricing territory.  

Proof of low rates is most clearly illustrated by current benchmark ten-year

treasuries priced at 30 basis points lower this month compared to November's

peak level.  This rate almost mirrors April pricing, except for short-term

rates, which are now nearly 50 basis points higher.  And compared to the

some of the best rates seen this decade (Summer of 2016), overall pricing is

about 125 basis points higher -- still relatively attractive by modern

historical standards.  As is the trend for quite some time, long-term debt

continues to be the most attractive funding option vs. short-term loans.

While interest rates hold somewhat steady, other notable realty capital

market news include: (1) Agencies comfortably hitting their annual

multifamily production targets; (2) HUD guidelines for speeding up

processing of Low Income Housing Tax Credits; (3) Life companies meeting their lower-leverage funding goals well before yearend, (4) Banks

maintaining strict underwriting discipline on construction lending and (5)

Debt funds moving into the more competitive pricing arena in direct

competition with mortgage conduits.  

Markets remain flooded with surplus capital across all levels of the capital

stack, including debt and equity.  Yields are compressed and risk-adjusted

pricing is in record-low territory.  Fears of loosening underwriting

standards are mitigated with more investor equity than witnessed in previous

financial cycles.  Lenders carefully compete on pricing instead of higher

leverage, as evidenced by converging perm loan underwriting among conduits

and debt fund players.

The Real Estate Capital Institute's director, John Oharenko, stresses,

"Lenders are already starting to dip into their 2019 funding allocations,

especially life companies. Some lenders avoid quoting new deals until their 2019 budgets are soon finalized." 

CONTACT:

John Oharenko, 
Executive Director

director@reci.com
http://www.reci.com/

Group P6 Announces Ribbon-Cutting Ceremony for 327 Royal Palm in East Boca Raton, FL

327 Royal Palm, East Boca Raton, FL

BOCA RATON, FL -- Group P6, a leading developer of luxury residences in south Florida is hosting a ribbon cutting ceremony on Monday, Dec. 17 at 5 pm, to celebrate the official opening of 327 Royal Palm.

Ignacio Diaz

Since launching sales in January of 2015, 70% of residences have been sold, with only a few units remaining, ranging from 3,177 to 3,461 square feet, and prices starting at $1,699,000.

“327 Royal Palm is the culmination of what can result when there is a synergy between developer, architect and the community,” said Ignacio Diaz, Director, Group P6.

“We hope the success of 327 Royal Palm will highlight our continued commitment to an innovative and responsible design philosophy, one that works in sync with the vision of leaders in community as well as a focus on Boca’s unique history, and we look forward to continuing this collaborative effort in the future.”

Mizner Park

This highly successful residential project, Group P6’s first luxury boutique condominium in Boca Raton, is quietly located just one block off of one of the most desired residential streets in East Boca.

The 9 story, 24 unit building offers stunning panoramic views overlooking the lush green fairways of the Boca Resort to the south, historic Mizner Park to the north and the beautiful blue waters of the Atlantic Ocean to the east.

 The building’s central location is within a short walking distance to Boca’s pristine beaches, Mizner Park, high-end shopping & top restaurants.

CONTACT:

Todd Richardson

Group P6

305-775-9629

EverWest Provides Financing For Lake Calhoun Minneapolis Multifamily Development

Rendering of planned LakeHaus apartments, 3100 West Lake Street, Calhoun community, Minneapolis, MN

MINNEAPOLIS, MN  – EverWest Real Estate Investors, together with its investor LibreMax Capital, LLC has announced it will provide financing for the development of LakeHaus, an eight-story, best-in-class multifamily project being developed by Brickstone Partners Inc. and KMK Capital LLC in the Lake Calhoun community of Minneapolis.

Located at 3100 W. Lake St., LakeHaus is scheduled to begin construction in November and deliver during the second quarter of 2020. When completed, it will have 200 luxury apartments situated on the last developable parcel of land along the northwest shore of Lake Calhoun, a premier live-work-play community within one of the country’s strongest rental markets.

Zi Sen Chong

“LakeHaus takes full advantage of a market need, delivering in-demand luxury living options with a direct connection to both employment centers and recreation,” said EverWest Senior Associate for Structured Finance Zi Sen Chong.  “That points to a bright future for the development.”

Apartments at LakeHaus will include studio, one- and two-bedroom floorplans with floor-to-ceiling windows, oak hardwood floors, gas ranges, stainless steel appliances, wireless thermostats, automated lighting and fiber optic connection. 

Most units have exterior balconies and views of the lake, downtown or both.

Residents will be served by a secure underground parking garage, a resort-style rooftop pool, fitness facilities, a designated creative workspace, lounge with chef-quality kitchen and bar, ground-floor park and bike repair and car wash stations.

Tom McCahill

The community sits between Lake Calhoun and the Midtown Greenway Trail, which connects to approximately 100 miles of biking and walking trails. It is four miles from downtown, one block from the future Lake Calhoun light rail stop and walkable to dozens of restaurants and retailers including Whole Foods, Walgreens, Chipotle, Wakami Sushi and Bistro, Caribou Coffee, Moda Yoga and ShowPlace Icon Theatre.

EverWest launched its structured finance platform in 2013 under the direction of industry veterans Tom McCahill and Joe Chickey, with a focus on originating and managing mezzanine debt, preferred equity financing and B-notes for commercial properties and developments throughout the U.S.

“The LakeHaus investment aligns extremely well with that platform, delivering an in-demand product to an underserved market,” said McCahill. “We are equally confident in the development team and their proven track record in planning, entitling and building premier projects in the apartment sector. 

"We have every confidence that they will make exceptional use of this opportunity.”

Joe Chickey

The Lake Calhoun apartment submarket sits at a  5.7 percent vacancy rate, with rent growth averaging 6.5 percent since 2013 and expected to continue to grow for the foreseeable future. Average household income within one mile of the LakeHaus site is $133,276 and nearby home prices typically range from $1 million to $7 million.

EverWest continues to actively seek new investment opportunities in major markets across the U.S.

For more information on EverWest, visit www.everwest.com. 

For more information on GWL Realty Advisors, visit www.gwlra.com.

 CONTACT:

 Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF announces $49.66 million financing for redevelopment of historic hotel in downtown Sacramento, CA

Rendering of planned Hyatt Centric City Center,
 formerly Marshall Hotel,
Downtown Sacramento, CA

 LOS ANGELES, CA –– HFF announces the $49.66 million construction financing for the redevelopment of the historic Marshall Hotel into the Hyatt Centric City Center, a 172-room, full-service, upscale, boutique hotel in downtown Sacramento, California.

Louis 'Satchmo' Armstrong

The HFF team worked on behalf of the borrower, Presidio Companies, to secure the senior construction loan with Mosaic Real Estate Investors, along with one of the largest PACE (Property Assessed Clean Energy) financings on the West Coast to date with Counterpointe Sustainable Real Estate.

Situated on 0.26 acres at the corner of 7th and L Streets, Hyatt Centric City Center is directly adjacent to the newly delivered Golden 1 Center, a concert venue and home to the NBA’s Sacramento Kings.

The hotel is located at the epicenter of Sacramento’s $1.1-billion investment to transform downtown into a vibrant live-work-play environment. 

Billie Holiday

 Additionally, the hotel is seven blocks from the Sacramento Convention Center, which hosts more than 875,000 attendees annually. 

The Marshall Hotel, constructed in 1911, is listed as a landmark in the Sacramento Register of Historical and Cultural Resources for its historically significant role in Sacramento’s K Street jazz scene from the late 1920s to the early 1950s. 

 Located on the ground floor of the Marshall, The Clayton Club was a stage for countless jazz musicians, including Louis Armstrong, Billie Holiday and Cab Calloway. 

Cab Calloway

The 11-story Hyatt Centric redevelopment, which also includes the Jade Apartment building, will preserve the two historical facades of the Marshall Hotel.  Expected to be delivered in 2020, the hotel will feature a restaurant, lounge, rooftop terrace and bar, coffee bar, fitness center and spa.

According to HFF, “this was a herculean effort from all parties involved to structure such a complex capitalization, which includes valued municipal efforts. 

"The result will be a long-waited hotel with historical significance that will be a great addition to the vibrant Downtown Sacramento revitalization.”

Holliday GP Corp. ("HFF"), California Department of Real Estate License #01385740.     
     

Old Jade Apartments, Downtown Sacramento, CA

Presidio has over 20 years of experience in ground up development, deep renovations and management of operations of virtually every segment of the hospitality market. 

CONTACTS: 

MATTHEW STEWART               

CA Lic. # 01956812

HFF Director

(310) 407-2100

mstewart@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

Illustrated Properties Adds Waterfront Luxury Real Estate Specialists Brewster Kump and Cindy Spee to Growing Team

Brewster Kump and Cindy Spee

PALM BEACH, FL,  Dec. 4, 2018 – Illustrated Properties continues to attract top talent to its growing team of luxury real estate agents. In the latest example, the firm has added waterfront specialists Brewster Kump and Cindy Spee to its Jupiter West office.

F.F. Bud Admas Sr. (right)
and son, Bud Adams Jr.

A Jupiter native, Kump brings more than 16 years of luxury experience to Illustrated, most recently with Jupiter-based Waterfront Properties and Club Communities.

He is among the most experienced and knowledgeable Realtors when it comes to properties located on the Loxahatchee River, Intracoastal Waterway and Jupiter Inlet Colony.

Real estate marketing specialist Cindy Spee is joining Kump in the move to Illustrated.

Francis Chappy Adams III

“Our Illustrated Properties family is thrilled to welcome the husband and wife duo of Brewster Kump and Cindy Spee,” said Mike Pappas, CEO of Illustrated Properties since 2016. 

“Kump’s ability to consistently exceed the expectations of his luxury clients will combine with our exclusive luxury affiliations: Christie’s International Real Estate, Luxury Portfolio International and Illustrated’s unique marketing platform utilizing innovative technology to produce incredible results.”

Kump advises clients in the purchase and sale of a wide range of luxury waterfront properties in Palm Beach and Martin counties, handling transactions from $500,000 to more than $10 million.

“It is impossible to ignore what Illustrated is accomplishing and building throughout the Palm Beaches,” said Kump. “Cindy and I are beyond excited to be part of this special team. Illustrated has an unparalleled reputation in the luxury market.”

Illustrated has more than 20 percent market share in the Palm Beach luxury market. In September, the firm announced its partnership with top producer and premier luxury specialist Linda Bright.

About Illustrated Properties: The story of Illustrated Properties began in the 1930s, when F.F. “Bud” Adams, Sr. started selling land in Hobe Sound and on Jupiter Island. His son, Bud Jr., took the family business to Palm Beach in 1975 and founded Illustrated Properties. 

Mike Pappas

He also became the exclusive broker for Lost Tree Village and John’s Island. Under the leadership of Bud Jr.’s son, F.F. “Chappy” Adams III in the 1980s, Illustrated grew significantly while implementing new and innovative real estate technologies. 

The company endured a great loss with the passing of Chappy Adams in January 2013 but continued to grow as the #1 real estate brand in Palm Beach County while maintaining the culture of a family-owned business. 

Today, Illustrated Properties has more than 500 agents in 21 offices throughout Palm Beach, Martin, St. Lucie, Volusia and Collier counties. Illustrated is a Christie’s International Real Estate affiliate and a member of the Leading Real Estate Companies of the World^® network.

                                                  

 CONTACT: 

Jasmin Curtiss

Account Executive, BoardroomPR

jcurtiss@boardroompr.com

O 954-370-8999

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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