HFF closes $15 million sale of build-to-suit medical office property for Joe DiMaggio Children’s Hospital in South Florida

Joe DiMaggio, New York Yankees, 1936--1951

ORLANDO, FL, April 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $14.75 million sale of a build-to-suit medical office property in Wellington, Florida, totaling 31,830 square feet and fully leased to Joe DiMaggio Children’s Hospital.

Alan Benenson

The tenant’s parent health system, Memorial Healthcare System, exercised its right of first refusal to purchase the building. 

HFF marketed the property on behalf of the seller, a joint venture between Liberty Base Investments and MAS Development, led by the firms’ principals Leon Ojalvo and Alan Benenson.

The single-story medical office building was completed in March 2019 and will operate as Joe DiMaggio Children’s Health Specialty Center in Wellington, offering services, including neurology, pulmonology, endocrinology, orthopedics, general surgery, otolaryngology – head and neck surgery/ENT, imaging, rehabilitation services and U18 Sports Medicine rehabilitation services.

Future Home of Joe DiMaggio Children’s Health Specialty Center in Wellington. FL

  The asset has a highly visible location at 3377 State Road 7, which sees more than 61,000 vehicles each day.

Evan Kovak

The HFF investment advisory team representing the seller was led by director Anthony Frogameni, managing directors Evan Kovac and Ben Appel, senior director Scott Wadler, director Andrew Milne and associate Matt DiCesare.

“Our client developed a high-quality, premier medical facility that will be a great amenity to the Wellington community,” Frogameni said. “The project’s value was evidenced by Memorial Healthcare System’s desire to own the asset long term.”

Anthony
 Frogameni

About Liberty Base Investments

Liberty Base Investments is a South Florida-based real estate investment and development firm focusing on the acquisition, asset management and development of value-add real estate assets in primary and secondary markets, principally in the southeastern United States.

About MAS Development

With over 20 years of experience, MAS Development, Corp. has been fundamentally involved in all aspects of real estate development and construction in the southeast United States and the Caribbean. 

Ben Appel

As a developer, the firm is actively involved and directly manages all stages of the process including; site identification, acquisition, planning, design, entitlements, financial analysis, construction and disposition. 

Andrew
Milne

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. 

Scott Wadler

 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).  

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

ANTHONY FROGAMENI

FL Lic. #BK3285289

HFF Director

(407) 745-3900

afrogameni@hfflp.com

EVAN KOVAC

HFF Managing Director

(206) 576-0033

ekovac@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Pacific Industrial Completes Record-Breaking $213.5 Million Property Sale in California's Inland Empire

Sierra Pacific Center, a two-building, 1,495,208-SF, Class A+ industrial facility in Fontana, CA

Fontana, CA (April 24, 2019) – Pacific Industrial, a privately held industrial development and investment firm, has completed the largest non-portfolio industrial property disposition in California in the past 24 months with the sale of Sierra Pacific Center, a two-building, 1,495,208 square-foot, Class A+ industrial facility in Fontana, California.

This property, which is fully leased to LG Electronics and FedEx, is one of the first ground-up developments completed by Pacific Industrial.

The firm sold the asset to an institutional life insurance company for a total consideration of $213.5 million.

Dan Floriani

“This is a milestone transaction that represents the remarkable investment potential of spec industrial developments when they are done well,” says Dan Floriani, Partner and Co-Founder of Pacific Industrial.

 “By developing this asset with a long-term-hold mindset, we thoughtfully designed each detail, resulting in a property with a proven track record of attracting major credit tenants who value best-in-class, Class A+ features.”

Pacific Industrial developed the asset in partnership with an international institutional investor, and continues to partner with institutions and pension funds on additional development projects throughout California.

“We had the opportunity to sell this 1.5 million square-foot property at a record cap rate of 3.68%, and we are simultaneously developing 1.5 million square feet of new best-in-class industrial properties in other Southern California markets,” says Floriani.

 “This activity speaks to a continued institutional appetite for industrial developments where tremendous value creation with the right developer is not only possible, it’s been proven.”

Floriani notes that the buyer of Sierra Pacific Center will also benefit from this value creation strategy.

Jeff Chiate

“This is a substantial core investment property in the top industrial submarket in the nation,” says Jeff Chiate, Executive Managing Director of Cushman & Wakefield’s National Industrial Advisory Group, who represented Pacific Industrial in the disposition. 

 “The Inland Empire West market posted the most lease transactions above 500,000 square feet in the nation last year. Market fundamentals in this region continue to be exceedingly strong, with vacancy rates at a record-low 2.0 percent.

"With this knowledge and a deep expertise in investment-grade industrial property, our team recognized the true potential in the asset, and we were able to attract a competitive pool of high-quality buyers.”

Pacific Industrial has completed the largest non-portfolio industrial property disposition in California in the past 24 months. The above property was part of the disposition. 

“This is a stable, cash flowing asset in an exceptional location with investment grade tenancy and key features that are unlike any other industrial property in the Western U.S., giving the buyer a property that can be profitably held for the long term,” notes Floriani.

Unique features built into the property include three percent skylight coverage delivering 50 percent more natural light than the industry standard of two percent; electric vehicle charging stations; and extremely large, 100% concrete truck courts with depths up to 430 feet. Average truck court depth in a Class A industrial facility is 185 feet.

Completed in 2016, Sierra Pacific Center is adjacent to Interstate 210 and within a 20-mile radius of seven major freeways. The property is located at 5565 and 5885 Sierra Avenue in Fontana, California.

CONTACTS:

Alex Caswell /Jenn Quader

Brower Group

(949) 438-6262

acaswell@brower-group.com

www.Pac-Industrial.com

ShowingTime Index Finds Residential Markets Across the U.S. Experience Continued Declines in Showing Traffic in March

Daniil Cherkasskiy

CHICAGO, IL, April 23, 2019 – The promise that March would see an uptick in home showing traffic in the traditionally busy spring selling season went unrealized as activity continued the trend of year-over-year declines, according to the latest data from the Chicago, IL-based ShowingTime Showing Index®.

Buyer traffic slowed for the eighth consecutive month in the U.S. compared to the same time last year, with activity down 7.2 percent. The West Region was the hardest hit by the continued lag, recording a 17.2 percent drop in year-over-year showing activity. The West has now experienced a full year of declining traffic compared to the previous year.

“Activity has picked up across the board, though showing traffic is still slower than this time last year,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. 

“March was a lot more active compared to February, which could be attributed to the decrease in mortgage rates,” he said. “Specifically, we’re seeing that the lower two pricing quartiles of the market haven't slowed down year over year; rather, it's the higher-end homes that have had less traffic.”

The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month.




Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.

To view the full report, please visit showingtime.com/index.

CONTACT:

Brian Sorenson
bsorenson@showingtime.com

 research@showingtime.com.

River Place Community Hosts Roseburg, OR Mayor to Commemorate Opening of 44 New Budget-Friendly Homes

From Left: David Cornell – Chief Operating Officer for Investment Property Group, JoEllen Yarrish – Regional Manager for River Place , Mayor Larry Rich, Alan Yarrish –  Regional Manager for River Place and Dan Ogden – Director of Operations for Investment Property Group.

ROSEBURG, OR (April 23, 2019) –  Investment Property Group, a developer specializing in manufactured home communities and RV parks, welcomed Roseburg, Oregon’s Honorable Mayor Larry Rich at a recent ceremony to commemorate the grand opening of 44 new budget-friendly homes at River Place.

The event highlighted the community’s affordability in a market where home prices are rising rapidly.

David Bates

“River Place, a collection of gorgeous custom for-sale residences, demonstrates that home ownership is within reach in this market,” says David Cornell, Chief Operating Officer for Investment Property Group. “Affordable, appealing homes do exist, and they can be found right here in Roseburg.”

The new residences feature a broad array of finishes and floor plans and are attractively priced starting under $100,000, says David Bates director of Homes Sales and Marketing for Investment Property Group.

“Each home is unique, offering ample square-footage, full appliance packages, custom backsplashes, modern flooring, and custom paint colors,” explains Bates. “We’ve also added a new playground and a dog park for our residents to enjoy.”

Prices at River Place start at approximately $95,000 for a 1,500 square-foot home, which is approximately a third of the price of a traditional new home, Bates points out.

The River Place community, which now includes 159 residences, is an all-age, pet-friendly gated community in the heart of Douglas County that offers spaciously separated three- and four-bedroom homes.

 River Place also offers a basketball court and private access to Umpqua River and Robert’s Creek.  The community is located close to restaurants, The Wildlife Safari, shopping, schools, hospitals, and houses of worship.

            River Place has expanded its sales office hours to 9 a.m. to 5 p.m every day, seven days per week. Open houses are held at the community every Saturday at 239 River Place Dr., Roseburg, Oregon.

More information about River Place is available at  riverplaceipg.com or by calling 541-816-8905.

CONTACTS:

 Micaela Fehrenbach/Jenn Quader

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com

www.ipgmhc.com.

HFF closes $11.1 million sale of 138-acre development site in West Orange, NJ

 

Jose Cruz

MORRISTOWN, NJ, April 23, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $11.1 million sale of a nearly 138-acre development site in West Orange, Essex County, New Jersey.

HFF marketed the property exclusively on behalf of the seller, Montclair Golf Club.  The Township of West Orange purchased the site.

The site at 90 Rock Spring Road offers views of the Manhattan skyline and access into the city via Interstate 280 and NJ Transit bus and train service. 

The site is directly adjacent to South Mountain Reservation, a 2,000-acre park featuring Turtleback Zoo, indoor ice-skating rinks, walking trails, paddle boating, playgrounds and miniature golf, as well as a short drive to Essex Green Shopping Center and Montclair Township. 

Kevin O'Hearn

The HFF investment advisory team representing the seller included Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli.

“West Orange is excited to now own the Rock Spring Golf Club at West Orange,” Mayor Robert D. Parisi of West Orange said.  “This is the premier golf course in the Mid-Atlantic region, which will now serve the entire community, our neighbors and visitors. 

"We look forward to its success and the opportunities it presents to preserve open space and improve the quality of life.”

“We are very pleased that the town opted to pursue the land site,” Cruz stated.  “The opportunity to acquire 138-plus acres in West Orange is extremely rare.”

Michael Oliver

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

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. 

Stephen Simonelli

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

For more information, please visithfflp.com or follow HFF on Twitter @HFF.

West Orange, NJ
Mayor Robert D. Parisi

CONTACTS:

JOSE CRUZ

NJ Lic. #8743725

HFF Senior Managing Director

(973) 549-2000

jcruz@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

Structured Development and Burnt City Brewing Complete First-of-its-Kind Brewpub in Chicago’s West Town

Burnt City Brewing warehouse, 417 North Ashland Avenue,
 West Town neighborhood. Chicago, IL

CHICAGO, IL (April 23, 2019) – Structured Development LLC and Burnt City Brewing have announced the completion of District Brew Yards, the nation’s first brewery collective with a pour-your-own beer hall, located in a repurposed warehouse at 417 N. Ashland Ave., in Chicago’s West Town neighborhood.

Structured led the conversion of the former photography studio in partnership with Burnt City, whose beers will be featured in the brewery along with those of Around the Bend Beer Co. and Bold Dog Beer Co.

“Partnering with District Brew Yards allowed Structured to bring our expertise in adaptive reuse to West Town with an innovative project that celebrates the vintage charm of the neighborhood’s historic warehouses while embracing Chicago’s status as the brewing capital of the U.S.,” said Mike Drew, founding principal of Chicago-based Structured Development.

The taproom preserves many of the original design features of the 18,000-square-foot, bow-truss style building. These include refinished concrete floors, exposed brick walls and Douglas fir beams.

J. Michael Drew

Burnt City and partner breweries Around the Bend Beer Co. and Bold Dog Beer Co. each have a dedicated, self-service tap wall that, in addition to pouring 10 of their beer varieties, showcases their respective brands.

In addition, a “Fourth Wall” includes 10 guest taps reserved for established brands and emerging names that will make special varieties in-house. Brew Yards also houses a retail shop and features two original murals: one on the interior by visual artists and illustrators Benjamin Marasco and Erik Lundquist of B&E Studios, and a second – scheduled for completion in May – on the exterior by street artist Lauren Asta.

Ben Saller

“We have an opportunity to have more fun making beer than ever before,” said Ben Saller, head brewer of Burnt City. “What we’ve built at the Brew Yards is basically a playground for experimentation and pushing boundaries.”

Lauren Asta

Among other projects, Structured Development has built the nearly 1 million-square-foot NEWCITY mixed-use complex at Clybourn Avenue and Halsted Street in Chicago’s Lincoln Park neighborhood, was recently tapped to develop the final phase of Orland Park’s Main Street “Triangle” property.

Benjamin Marasco

 Structured Development will soon break ground on the Shops at Big Deahl, another mixed-use development near NEWCITY whose first phase will include a Planet Granite rock-climbing gym.

District Brew Yards is part of a burgeoning brewing district located adjacent to the Fulton Market District, less than a mile northeast of the United Center and four blocks from the CTA’s Ashland/Lake station. It is easily accessible via the Kennedy and Eisenhower expressways.

Erik Lundquist

About Structured Development:

Structured Development is a Chicago-based real estate development company formed in January 2002 to pursue unique real estate development opportunities.

The company thrives on engaging in complex real estate transactions encompassing a range of property types, including retail, residential, mixed-use and industrial.

Whether working with partners or independently, Structured Development strives to unlock and enhance the unseen value of real estate, simultaneously enriching urban and suburban landscapes through sustainable and innovative development practices.

For more information, please visit www.strdev.com.

CONTACTS:

  Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Frank Diaz Joins Berger Commercial Realty as Senior Property Accountant

  

Frank Diaz

FORT LAUDERDALE, FL (April 23, 2019) – Berger Commercial Realty/CORFAC International announces the hiring of Senior Property Accountant Frank Diaz.

With more than 15 years of experience in accounting, Diaz joins the firm’s Miramar office from Morguard Corporation in Pompano Beach, where he served as a senior accountant.

“We’re excited to welcome Frank to the firm. He’s an experienced accountant with a history of success in both residential and commercial real estate. I have no doubts that he will be a valuable member of our team,” said Berger Commercial Realty/CORFAC International President Lloyd Berger.

 

Lloyd C. Berger

Prior to Morguard Corporation, Diaz served as an accountant at West Palm Beach Housing Authority, Gables Residential, Altman Companies and Bluegreen Corporation.

Diaz graduated in 2002 with a Bachelor of Science degree in accounting from Florida State University, where he served as a member of the FSU Accounting Society.

CONTACTS:

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

www.corfac.com.

www.bergercommercial.com.