Daum Commercial Helps Developer Acquire 28.8-Acre Land Parcel and Also Sell 18.5 Acres in One Day in Phoenix, AZ

Land Sites Sold in Deer Valley Submarket of Phoenix, AZ

Kirk Jenkins

• PHOENIX, AZ – DAUM Commercial Real Estate Services has assisted in the completion of three land transactions encompassing a total volume of $20 million and 47 acres in the Deer Valley submarket of Phoenix, Arizona.

DAUM Executive Vice President and Phoenix office Co-Branch Manager Kirk Jenkins directed the acquisition of a 28.8-acre developable land parcel on behalf of Jeff Garrett and R.T. Starr of Garrett Development Corporation. Jim Keeley of Colliers International represented the seller, JVK-VL LLC, in the transaction. 

R.T. Starr

Jenkins, Keeley, and Bob Lundstedt, First Vice President at DAUM, simultaneously negotiated the sales of two portions of the same land parcel to two separate buyers. Both sales closed on the same day as the acquisition in a complex triple-escrow transaction, according to Lundstedt.

Jim Keeley

“Based on our extensive experience in the Deer Valley market and history with this specific land site, DAUM was able to secure more than 28 acres of developable land for acquisition at a highly competitive price, in the largest land transaction in Deer Valley since 2009 in both acreage and dollar volume,” explains Lundstedt.

The buyer strategically chose to immediately dispose of approximately 18.5 acres of the land in order to decrease the amount of capital investment needed upfront, as well as facilitate a smoother process as they prepare to break ground on a modern, ‘live-work-play’ mixed-use development.”

Robert Lundstedt

In the first sale, Lundstedt and Keeley represented Garrett as the seller in the disposition of 1.38 acres of the newly acquired 28.8-acre parcel to the buyer, Cobblestone Carwash, who was represented by Chris Stamets and Brian Gausden of Western Realty Advisors.

The second sale involved Lundstedt and Keeley representing both Garrett as the seller and the buyer, ELUX Deer Valley LP (Snowdon Residential-Harvard joint venture) in the sale of 17.15 acres of the 28.8-acre parcel for future multifamily development, which is planned to include 212 Casita Style units and a Club House, notes Lundstedt.

Chris Stamets

“The Garrett property will benefit from being across the street from the USAA campus with 4,700 employees, as well as the new Union Park at Norterra, which includes 1,100 single-family homes, 1,100 multifamily units, a school site, and specialty retail corridor,” says Lundstedt.

Jenkins notes that this highly complex transaction would not have been possible without cooperation of all parties, including the seller of the 28.8 acres, who allowed for a long escrow to facilitate the negotiations.

Brian Gausden

According to Lundstedt, DAUM has sold six land sites in Deer Valley within the last 12 months, totaling $33 million and currently controls 75 percent of the deliverable land parcels in the Deer Valley market. This was Lundstedt’s 144th land transaction in the I-17/Deer Valley market since 1997.

The land parcel involved in the three transactions is located on the Southeast corner of the intersection of Happy Valley Road and 19th Avenue in Phoenix, Arizona.

CONTACTS:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com 

www.daumcommercial.com.

HFF announces sale of site in Jersey City, NJ

626-acre site sold at 175 Sip Avenue in the Journal Square neighborhood of Jersey City, NJ

Jose Cruz

MORRISTOWN, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of the .626-acre site at 175 Sip Avenue in the Journal Square neighborhood of Jersey City, New Jersey.

175 Sip Avenue is in the heart of Journal Square, a rapidly gentrifying Jersey City neighborhood, and within walking distance to restaurants, new retail and the Journal Square Path Station, which takes passengers into Manhattan in less than 15 minutes.

The HFF team included senior managing director Jose Cruz and director Marc Duval. 

“There is strong demand for redevelopment sites in Jersey City and this location is well suited given it immediate access to a major roadway,” Cruz said.

Marc Duval

About HFF

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. 

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  

HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

JOSE CRUZ

NJ Lic. #8743725

HFF Senior Managing Director

(973) 549-2000

jcruz@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

Arbor Funds $4 Million Fannie Mae DUS® Loan in Houston, TX

              

Matt Norman

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Houston, TX.

Ashford Court Apartments, a 442-unit multifamily property, received $4.M in supplemental funding through the program. The loan features a seven-year term with four-year yield maintenance and a 30-year amortization schedule.

Matt Norman of Arbor’s Bloomington, Indiana, office originated the loan. 

Ashford Court Apartments, Houston, TX

“This loan was a prime example of how Fannie Mae’s supplemental program rewards a borrower’s efforts to improve a property’s condition and maximize net operating income by releasing trapped equity on a longer term hold,” Norman said. “In the end, the client received a 75% LTV, co-term debt product without being subjected to any prepayment penalties.”

Built in 1983, Ashford Court Apartments offer spacious one- and two-bedroom units equipped with breakfast bars, granite countertops and wood-burning fireplaces, as well as private patio and balcony options. 

Community amenities include a swimming pool, 24-hour fitness center, clubhouse with full kitchen and business center, as well as tennis and volleyball courts. 

  

Contact: 

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Arbor Funds $10.8 Million Fannie Mae DUS® Loan in Houston, TX

Brian Scharf

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® deal in Houston, TX. Capewood Apartments, a 176-unit multifamily property, received $10.8M in refinance funding through the program. The loan includes a seven-year fixed rate term.

 Brian Scharf of Arbor’s Uniondale, NY office originated the loan.

 “On this property, we worked with a repeat sponsor who has a significant presence in the Houston market,” Scharf said. “By offering prepayment flexibility and a fixed rate conversion option, we were able to accommodate key financing needs.

"This deal demonstrates our commitment to customer service and building enduring partnerships with our clients.”

Capewood Apartments, Houston, TX

  Built in 1976, Capewood Apartments offer garden style residences with newly renovated interiors. The property features a number of community amenities including a swimming pool, playground, laundry facility, automatic access gates and on-site maintenance. Capewood is pet friendly and in walking distance to public transportation.

Contact: 

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Arbor Funds $4.6 Million Fannie Mae DUS® Loan in Bettendorf, IA

                                     

Michael Noll

  

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® deal in Bettendorf, IA.

 The Townhomes at Highland Pointe, a 24-unit multifamily property, received $4.6M in refinance funding through the program. The loan includes a 30-year fixed-rate term with an 80% LTV ratio.

Michael Noll of Arbor’s New York City office originated the loan.

“This was a beautiful property in a great part of town,” said Noll. “We were able to take out the existing construction debt with a long term nonrecourse loan while removing all refinance risk at a very attractive interest rate.”

Townhomes at Highland Pointe, Bettendorf, IA

Built in 2018, The Townhomes at Highland Pointe offer spacious, three-bedroom units equipped with two oversized attached garages, covered decks, granite counter tops, and stainless steel appliances with luxury finishes.

Additionally, each townhome features its own in-unit washer and dryer. The Townhomes at Highland Pointe are conveniently located near several major highways, providing easy access to shopping areas or a routine commute to work and are just steps away from the Highland Bike Path.

Contact: 

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Henin Launching Phases 3 and 4 of Springview Woods Sooner than Planned in DeBary, FL; Phases 1 and 2 nearly Sold Out

Jerome Henin

DeBary, FL---   Henin Group’s Springview Woods, which opened in 2018, will launch Phases 3 and 4 with another 97 homesites at the 64-acre community of single-family homes by D.R. Horton.  

  Nine new homes were just sold in March.  Phases 1 and 2 at Springview Woods are nearly sold out less than a year after the homebuilder opened its model home at 400 Tallow Wood Circle at the community off U.S. 17-92, down the street from West Volusia SunRail Station.

West Volusia Rail Station

New one and two-story single-family homes in six distinct designs with three to five bedroom floor plans are priced starting from the mid $200s. 

D.R. Horton is the preferred builder at the community with ongoing successful sales from their model home.

“We’re pretty sure the remaining homes in Phases 1 and 2 will go pretty fast, so we have launched final phases 3 and 4 sooner than expected.  Infrastructure and site development is already underway there with completion anticipated in October,” said Jerome Henin,  president of Henin Group.

“Sales are going extremely well at this development as more and more homebuyers who commute are open to public transportation and living near the SunRail,” he explained.    

There will be 195 homes in all four phases of Springview Woods. Buildout is projected to be in 2022.   The Junction, a new town center that will be getting underway nearby on 17-92 is also slated for completion by 2022.

CONTACTS:

         

Jerome Henin, Founder / President, Henin Group,

386-668-7811;   jerome@henin-co.com

Rob Lawson, VP of Sales, D.R Horton,

407-466-4363 RLawson@DRhorton.com

Larry Vershel or Beth Payan, Larry Vershel Communications,

407-644-4142  lvershelco@aol.com  

Proper Title, LLC Earns Two Awards; named one of Chicago’s “Best Places to Work” by Crain’s Chicago Business; awarded 2018 'Excellence in Action' award by Fidelity National Title Group, Inc.

The Proper Way

  CHICAGO, IL – Proper Title, LLC, a full-service title insurance firm serving the commercial and residential real estate industry, today announced two recent award recognitions. It has been named one of Chicago’s “Best Places to Work,” an annual ranking of 100 companies compiled by Crain’s Chicago Business. 

Separately, Proper Title also received the “Excellence in Action” award from Fidelity National Title Group, Inc., which is a member of the Fidelity National Financial (NYSE: FNF) family of companies and the nation’s largest group of title companies and title insurance underwriters.

This is the first time Proper Title has earned a spot on the competitive list of Crain’s “Best Places to Work.” 

David Garside

“While we’ve rapidly added and expanded offices throughout the Chicago metropolitan area, we never lost sight of our vision of providing an enjoyable and supportive place for our employees to work,” said David Garside, executive vice president of title and escrow operations at Proper Title. 

“The positive energy of our team results in efficient closings that the real estate attorneys and brokers really appreciate, and we highly value the relationships we’ve built with our customers.”

Proper Title was also recognized this month by Fidelity National, earning the “Excellence in Action” award for the fifth year in a row. The award is given to title insurance agencies that exemplify outstanding performance in best practices, customer service and operations, among other criteria.

                               

Contacts: 

 Paula Widholm, pwidholm@taylorjohnson.com, (773) 726-7993

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

propertitle.com.

JLL Q1 Phoenix Industrial Report highlights rise of 50,000 SF-- to 200,000-SF sector; Mid-bay product represents nearly half of all industrial construction

Kyle Westphall

PHOENIX, AZ  – According to JLL’s Q1 Phoenix Industrial Market Report, the mid-bay industrial market now represents 42.1 percent of the Valley’s under construction industrial stock. 

The report points to a lack of product in the 50,000- to 200,000-square-foot size range as a driver of this new construction.

“For many years, demand for Phoenix industrial space has centered around very large, e-commerce and distribution-focused tenant requirements,” said JLL Vice President Kyle Westfall.

9494 West Buckeye Road, Phoenix, AZ

“The rise of the mid-bay sector is a welcome addition to that demand. It balances out our industrial landscape and allows the large-scale and mid-size sectors to grow in tandem and complement each other – a trend we think will continue in a very robust way.”

As noted by JLL, mid-bay product has recorded more than 5 million square feet in gross leasing in the past 18 months, at an average rate of three deals per month and an average lease size of just under 100,000 square feet. The first quarter continued to reflect that trend, recording nine deals that collectively total just under 900,000 square feet.

The Southwest submarket enjoyed the lion’s share of mid-bay leasing activity with 528,410 square feet, or 72.6 percent, of all first quarter commitments. The largest of these deals was CHEP Pallets, taking the full 186,336-square-foot building at 9494 W. Buckeye Rd. for warehousing and distribution.

In metro Phoenix, there are currently 23 mid-bay projects underway. Together, these total more than 2.5 million square feet, or 42.1 percent, of all local industrial stock currently under construction.

“Mid-bay industrial demand is rising at a rapid enough pace that some of these projects are already starting to see pre-lease activity,” said Westfall.

“One example is 777 South 67^th Avenue, which has already secured a 109,620-square-foot lease by United Foods International that will take over half of the 187,920-square-foot building.”

777 South 67th Avenue, Phoenix, AZ

As demand increases, so are mid-bay industrial rents, now sitting at an average $0.67-per-square-foot, a 28.8 percent premium over the Valley’s average asking rate of $0.52-per-square-foot.

Across the Phoenix industrial sector, first quarter industrial fundamentals remain strong. Six million square feet of new space is under construction alongside 1.3 million square feet of net absorption, and overall rental rates have increased by 4 percent year-over-year. 

To access JLL research for Phoenix and across the U.S., please visit the company’s research page at https://www.us.jll.com/en/trends-and-insights#research.

Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com

HFF arranges equity for 1629 Market Street in San Francisco

                                                                                           Rendering by David Baker Architects
1629 Market Street Apartments, San Francisco, CA

Scott Bales

SAN FRANCISCO, CA –– HFF announces it has arranged joint venture equity for the development of 1629 Market Street, a fully entitled, 420-unit multi-housing project in San Francisco, California.

Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project.

1629 Market Street will encompass 420 units averaging 732 square feet along with nearly 9,000 square feet of retail situated within three mid-rise buildings that will share a sub-grade parking garage. 

Charles Halladay

The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub. 

The 24/7 location provides access to more than 400 restaurants and bars within an eight-block radius along with immediate access to public transportation options and approximately 30 percent of the city’s largest technology-based companies, all of which has garnered the site a Walk Score® of 99.  The project is due for completion in mid-2021.

Jordan Angel

The HFF equity placement team representing the developer included managing director Scott Bales along with senior managing director Charles Halladay, managing director Jordan Angel, director Peter Yorck and analysts Eric Bet and Nolan Moore.

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About Strada Investment Group

Jesse Blout

Headquartered in San Francisco, Strada is a vertically integrated real estate investment company with a proven track record in acquisition, development and advisory services.  

The firm was founded in 2010 by principals Jesse Blout, Michael Cohen and Scott Stafford, with a unique mix of public and private sector real estate experience.

Supported by a team of real estate professionals with expertise in research, acquisitions, asset management, and construction and development, Strada has managed more than $1 billion of real estate assets with top-tier institutional capital partners, and currently has more than two million square feet in the development pipeline.

Michael Cohen

About Stockbridge Capital Group

Stockbridge Capital Group (http://stockbridge.com) is a real estate investment management firm headquartered in San Francisco, California, with offices in New York, Chicago and Atlanta. 

The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States.  As of December 31, 2018, the firm’s total assets under management totaled approximately $13.5 billion.

Scott Stafford

CONTACTS:

SCOTT BALES

CA Lic. #01002027

HFF Managing Director

(415) 276-6300

sbales@hfflp.com

PETER YORCK

CA Lic. #01999279

Peter Yorck

HFF Director                              

(415) 276-6300                                   

pyorck@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

Blackton Earns Contract to Provide Flooring for D.R. Horton’s New Polk County Community Orchid Grove in Polk County, FL

Micky Blackton

Haines City, FL --- Blackton, Inc., an Orlando-based supplier for the home building industry, was recently awarded a contract from D.R. Horton to provide flooring products worth an estimated $500,000 for Orchid Grove being developed in Polk County.

   Micky Blackton, chief executive officer of the family-owned firm, said the contract with Dallas/Ft. Worth-based D.R. Horton includes all flooring materials for the homebuilder’s 91 single-family homes planned for Orchid Grove located off U.S. Hwy. 27 in Haines City.   

Blackton, Inc., a family owned business headquartered on Alden St. near Ivanhoe Row north of downtown Orlando, has been ranked as one of Central Florida’s largest distributors of materials to homebuilders.  They have been supplying the industry from Jacksonville to Tampa for 65 years.

 Contacts:

Michael “Micky” Blackton, CEO, Blackton, Inc. 

407-898-2661 Micky@Blacktoninc.com

Beth Payan, Larry Vershel Communications 

407-644-4142 Lvershelco@aol.com or beth@larryvershel.com