HFF closes sale and arranges financing of Westlake Place in Austin, TX

Cathy Nabours

AUSTIN, TX –– HFF announces that it has closed the sale and arranged financing for WestlakePlace, a five-story office building totaling 61,740 square feet in Austin, Texas.

HFF marketed the property on behalf of the seller, Moore & Associates, Inc., and procured the buyer, Oakpoint Real Estate.  Additionally, HFF worked on behalf of the buyer to secure the 10-year, fixed-rate acquisition loan through Lincoln Financial Group. 

WestlakePlace, a five-story. 61,740 SF office building, 1515 South Capital of Texas Highway in the hills of Southwest Austin, TX

OakPoint acquired the asset using a portion of a $50MM capital infusion they received last year and is seeking additional investments in the Austin and Nashville MSAs.

OakPoint plans to invest in additional capital improvements in order to further enhance Westlake Place’s desirability for tenants.

Walter Saad

Westlake Place has an irreplaceable location at 1515 S. Capital of Texas Highway in the hills of Southwest Austin. 

The 2.5-acre site offers superior visibility and positioning along Loop 360 and access to a highly amenitized area featuring the Village at Westlake Shopping Center and Barton Creek Square, among others. 

Additionally, the property is surrounded by some of Austin’s most prestigious neighborhoods, including West Lake Hills, Rollingwood, Rob Roy, Barton Creek and Lost Creek, and has an average household income within one mile of the property of more than $225,000. 

Drew Fuller

 Renovated in 2015, Westlake Place has average floor plates of 12,500 square feet, offers scenic hill country and downtown views and is 92% leased. 

The HFF investment advisory team representing the seller included managing directors Cathy Nabours and Walter Saad and director Drew Fuller.

Chris McColpin

HFF’s debt placement team representing the new owner was led by senior director Chris McColpin.

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

About Moore & Associates, Inc.

Moore & Associates, Inc. is an owner-managed, full-service commercial real estate investment, development and management firm serving affiliated and independent clients throughout the Washington, D.C. and Austin, Texas metropolitan areas.

CONTACTS:

CATHY NABOURS

TX Lic. #479015

HFF Managing Director

(512) 532-1962

cnabours@hfflp.com

CHRIS MCCOLPIN

HFF Senior Director

(512) 532-1941

cmccolpin@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

HFF arranges $30 million refinancing for Corporate Parkway North in Phoenix, AZ

Zack Holderman

 SAN DIEGO, CA –– HFF announces that it has arranged a $30.1 million refinancing for Corporate Parkway North, a 225,523-square-foot, recently renovated, office property in the Deer Valley submarket of Phoenix, Arizona.

HFF worked on behalf of the borrower, Second City Real Estate, to secure the refinance. 

Corporate Parkway North is situated on 18.99 acres at 16404 N Black Canyon Highway just west of Interstate 17 in the Deer Valley submarket of Phoenix.  \

Phoenix consistently ranks as one of the top metro areas for population growth and the city has added more than 78,000 jobs over the last 12 months (as of September 2018) driven largely by corporate expansion, access to a talented workforce and a high quality of life. 

Olga Walsh

Renovated in 2018, Corporate Parkway North features two stories of office space with average floor plates of 112,761 square feet.

The HFF debt placement team representing the borrower was led by senior director Zack Holderman and senior managing director Jeremy Womack as well as senior associate Olga Walsh.

Jeremy Womack

“The successful refinance of Corporate Parkway North is a testament to the excellent business strategy and professionalism demonstrated by the team at Second City,” Holderman added.  “Their ability to identify assets in select markets, enhance, and stabilize performance has been proven time and again.” 

About Second City Real Estate

Headquartered in Vancouver, BC, Second City Real Estate is a private equity partnership dedicated to sourcing and maximizing value from real estate transactions.

Since 2011, the firm’s related entities have completed over $2.4 billion of property acquisitions across a variety of markets. Second City Real Estate is a value creation leader in the mid-market sector.

CONTACTS:

ZACK HOLDERMAN

HFF Senior Director

(858) 552-7690

zholderman@hfflp.com

JEREMY WOMACK

HFF Senior Managing Director

(602) 648-8700

jwomack@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

CHMWarnick Names Diane Tanner Fox (CHAM) Senior Vice-President

Diane Tanner Fox

 CHICAGO/BOSTON/PHOENIX – CHMWarnick, hotel asset manager and business advisor to the hospitality investment community, announced Diane Tanner Fox, CHAM (Certified Hotel Asset Manager), has been named senior vice-president. 

 In her new role, Fox will be responsible for maintaining and strengthening CHMWarnick’s Midwestern presence through the establishment of a Chicago office.

                “Diane is a highly-respected industry executive whose vast experience, capabilities and impressive track record of maximizing all aspects of hospitality real estate makes her a valuable addition to our team,” said Chad Crandell, CEO and managing director, CHMWarnick. 

 “Her two-plus decades of hotel investment experience include numerous roles, ranging from acquisition and development to hotel asset management for both public and private entities. 

Chad Crandell

"She brings a multifaceted dimension to CHMWarnick, having successfully enhanced the value of hotels and portfolios within luxury, select- and full-service segments.”

Fox has asset managed hotels, resorts and large-scale portfolios in primary and secondary markets across the country, with more than a decade in the Midwest, representing knowledge and experience in an important region for CHMWarnick clients.

 Roughly a quarter of the 70 hotels and 29,000 rooms in CHMWarnick’s asset management portfolio are located in the Midwest, including some of the country’s leading convention center headquarter hotels, such as the Hyatt Regency and Marriott Marquis at Chicago’s McCormick Place, Hilton Cleveland Downtown, Hilton Des Moines Downtown and the Detroit Marriott at the Renaissance Center.

Rich Warnick

                “Diane brings tremendous versatility to our group, both in terms of product tier and market experience with firm roots in the Midwest," remarked Rich Warnick, co-chairman and managing director of CHMWarnick.

   "While CHMWarnick has actively asset managed properties throughout the region since 1998, the recent surge in hotel development and client investment activity in the Midwest makes this the ideal time for us to establish an office in the Chicago area.

 "Diane is a strategic hire, one of the best in the business, and the perfect candidate to enhance our team to drive value for our hotel investment clients in the Midwest and beyond,”

                Most recently, Fox served as executive vice-president of a national hotel asset management firm, where she oversaw the company’s West Coast portfolio of 14 hotels totaling approximately $1 billion in asset value. 

Prior to that, she held the position of senior vice-president of asset management with Waterton, a Chicago-based real estate investment and property management company with a focus on U.S. hospitality, multifamily and senior living properties. 

While there, she was responsible for a  portfolio of 10 hotels totaling approximately $500 million in value. 

Fox also has worked for such prestigious organizations as Clarion Partners as senior vice-president of asset management, Hilton Hotels Corporation as vice-president of development for the south-central region, and CNL Hospitality Corporation as vice-president of portfolio management.

She is an active member of HAMA (Hospitality Asset Managers Association) and represents the seventh member of CHMWarnick’s professional team to hold the coveted CHAM designation, an advanced certification in hotel asset management held only by 39 individuals worldwide. 

Hyatt Regency at McCormick Place, Chicago, IL

Fox graduated from Cleveland State University with an M.A. in public administration and a joint B.A. in business administration and marketing.

                “CHMWarnick has a tremendous team and unmatched coast-to-coast presence in the third-party asset management field,” Fox said.  

“The CHMWarnick team is focused on delivering the best results for their clients. They have created an organization focused on value creation by building out a team of seasoned asset managers who cross-share ideas and best practices.

"Also, they have invested in developing Proph+IT, a technology platform that allows the asset management team access to state-of-the-art detailed benchmarking and analytics. I look forward to helping further establish our Midwestern footprint as we continue to grow.”

Contact: 

Chris Daly

 Daly Gray Public Relations

Email: chris@dalygray.com

Phone: 703-435-6293

Adam Levin Directs $30 Million Sale of 1,777-Unit Storage Facility in Newark, NJ

 FlatRate Storage, a three-building, 1,777-unit self-storage facility with an in-house moving company at 856-882 Frelinghuysen Avenue, Newark, NJ

NEWARK, NJ– Adam Levin, Senior Managing Director of Levin Johnston of Marcus and Millichap, has successfully directed the $30 million sale of FlatRate Storage, a three-building, 1,777-unit self-storage facility with an in-house moving company in Newark, New Jersey.

“The self-storage investment market has reached more than $38 billion in annual revenue, based on increased transaction activity that reflects solid fundamentals within this property type,” says Levin. “In this case, the buyer recognized the tremendous opportunity in acquiring a stable income-producing asset in a premier metropolitan area.”

Adam Levin

Levin represented the buyer, SmartStop – a national real estate company with $1.9 billion of real estate assets under management including 129 self-storage facilities – as well as the seller, a private investor.

Situated on a 6.25-acre lot, the property is located just outside Manhattan and only 3.8 miles from Newark Liberty International Airport – the second-busiest airport in the New York metro area.

With a population of 720,600 within a five-mile radius, the facility is in close proximity to major economic drivers including major employers and several leading corporate headquarters, such as Prudential, Panasonic, Audible.com and IDT Corporation, among others.

“Self-storage properties remain in very high demand, based in large part on national occupancy rates in the sector, which are at an all-time-high at well above 90 percent,” explains Levin. “The FlatRate Storage property, which is nearly fully occupied, also benefits from ancillary income generated by an in-house moving company that is owned by the seller.”

To best leverage this, Levin worked closely with the seller and buyer to negotiate a leaseback through which the seller will continue to operate the moving company, and the buyer will benefit from additional rental income.

“By looking at the investment holistically, we were able to demonstrate the value of both business strategies and create an ideal situation for both buyer and seller,” Levin notes.

The FlatRate Storage facility recently underwent considerable capital improvements totaling more than $3 million.

 Renovations included roof replacements, upgraded fire alarms, sprinkler systems, indoor and outdoor security cameras, HVAC, heating blowers, lighting, safety signage, sidewalk and motorized gates with remote access.

Located at 856-882 Frelinghuysen Ave. in Newark, New Jersey, the facility consists of three buildings, two parking lots, 32 loading docks and five fire pumps, as well as 118 exterior portable units totaling approximately 8,761 square feet, resulting in a total of approximately 101,161 rentable square feet property wide.

  

CONTACTS:

Alex Caswell / Jenn Quader 

Brower Group

(949) 438-6262

acaswell@brower-group.com

U.S. Average Homeownership Tenure Dips to 8.05 Years and Posts Biggest Annual Increase Since Q4 2015

 Denver, Austin, Dallas and Nashville Sales Prices 50+ Percent Above Pre-Recession Peaks

Todd Teta

IRVINE, CA –— ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS),  released its Q1 2019 U.S. Home Sales Report, which shows that homeowners who sold in the first quarter realized an average price gain of $57,500 since purchase, representing an average 31.5 percent return on the purchase price.

Meanwhile, the report also shows that homeowners who sold in the first quarter had owned an average of 8.05 years, down slightly from a record-high average homeownership tenure of 8.17 years in Q4 2018 but still up from 7.75 years in Q1 2018.

 Homeownership tenure averaged 4.21 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession.

“We are starting to see homes sales prices and profit margins softening for the nation, and the average homeownership tenure did see a slight dip from last quarter,” said Todd Teta, chief product officer at ATTOM Data Solutions.

“However, home prices are still above pre-recession peaks in 59 percent of local markets, and as the buying season starts to kick into gear, the next few months may provide even more answers to the question of whether a lasso is indeed around the market or if the recent trend is a temporary bump in the ride.”

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

HFF secures financing totaling $37.85 million for Florida and Georgia apartment communities

Litchfield Place Apartments, 6301 Chief of Love, Southwest Savannah, GA

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured financing totaling $37.85 million for The Place at Alafaya in Orlando, Florida, and Litchfield Place in Savannah, Georgia.

HFF worked on behalf of the borrower, Beachwold Residential, to place two 10-year, interest-only, fixed-rate loans with Freddie Mac. 

The loans will be serviced by HFF, a Freddie Mac Optigo℠ lender.  Loan proceeds were used to refinance existing debt on The Place at Alafaya and to acquire Litchfield Place.

The Place at Alafaya Apartments,  11600 MacKay Boulevard,
East Orlando, FL

The Place at Alafaya consists of 36 two-story buildings encompassing 400 one- and two-bedroom units. 

 Located at 11600 MacKay Boulevard, The East Orlando property is less than two miles southwest of the University of Central Florida (UCF) campus as well as multiple lifestyle amenities, parks and hospitals. 

Mona Carlton

The community features a swimming pool, basketball courts, tennis courts, volleyball courts, state-of-the-art fitness center, clubhouse, student lounge, hammocks throughout the property, business center and UCF shuttle service.

Litchfield Place consists of 76 units averaging 1,119 square feet across eight two-story buildings located at 6301 Chief of Love in the high-growth submarket of Southwest Savannah, which provides accessibility to the CBD and the suburban community of Richmond Hill. 

Elliott Throne

Additionally, the property is positioned within 15 minutes of Savannah College of Art and Design and 10 minutes from Georgia Southern University – Armstrong Campus.  The property was completed in two phases between 2008 and 2014.

Jesse Wright

The HFF debt placement team was led by senior managing director Mona Carlton, managing director Elliott Throne and director Jesse Wright.

About Beachwold Residential

Through its vast operational and ownership experience, in-depth knowledge of its target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold Residential is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk. 

Beachwold presently controls more than 60 properties and more than 15,000 multifamily units in Connecticut, Texas, Florida, New Jersey, Maryland, Tennessee and Virginia.

  

CONTACTS:

ELLIOTT THRONE

HFF Managing Director

(305) 421-6549

ethrone@hfflp.com

JESSE WRIGHT

HFF Director

(786) 532-2347

jwright@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

17th Annual Southern Lodging Summit Conference Scheduled for Aug. 27- 28 in Memphis, TN

Jane Cooper

MEMPHIS, TN —Officials of the Southern Lodging Summit (SLS), an annual hotel conference focusing on development and operations throughout the southern United States, announced it will host its annual conference August 27-28, 2019, in Memphis, Tenn. 

Mary Beth Cutshall

Confirmed Speakers include Mitch Patel, president & CEO, Vision Hospitality Group; Rick Pastorino, president, REVPAR International; Jane Cooper, president & COO, Herschend Family Entertainment; Mary Beth Cutshall, senior vice president/chief development officer, Hospitality Ventures Management Group; and Dianna Vaughanglobal head, all suites brands, Hilton.

Dianna Vaughan

Though regular entry costs $637, a discounted “Early Bird” rate of $597 runs through July 15, 2019.

“With the industry enjoying historic occupancy levels and near record rate growth, there is plenty for hoteliers to celebrate,” said Chuck Pinkowski, owner of Pinkowski & Company and conference co-founder.

Mitch Patel

 “The Southern Lodging Summit is the ideal venue for industry professionals to learn about what is hot today while simultaneously planning for tomorrow.  As we approach our 20^th year, this conference seems as germane today, if not more so, than the year we started it.”

Now in its 17^th year, the conference launches with the SLS’ signature Luncheon with the Speakers  at the world-famous Rendezvous BBQ Restaurant. 

Chuck Pinkowski

 Following the luncheon and afternoon activity, the opening day offers the “March of the Ducks” at the Peabody and an evening cocktail reception and epicurean dinner.  Day Two commences at the Memphis Cook Convention Center, kicking off with industry prognosticators STR and CBRE presenting past and current trends. 

Additional panels throughout the day will focus on CapEx, national/state legislative update, “visionary viewpoints” from industry leaders and “unbranding the brands,” where panelists will discuss independent and soft brands.

Rick Pastorino

Additionally, the conference hosts an online auction that is scheduled to run from August 1 through August 29, 2019.  Auction items include packages for hotels and resorts, trips, and unique, one-of-a-kind experiences.

Celebrating its 17^th year, the Southern Lodging Summit was co-founded by Pinkowski & Company, an independent hotel industry consulting firm headquartered in Memphis, and Metropolitan Memphis Hotel & Lodging Association.

March of the Ducks, Peabody Hotel, Memphis, TN

 The hospitality industry event brings together hotel professionals who target the southern and mid-south region of the United States for development and operations. 

 The annual event draws a diverse group of owners, operators, sales executives, financial institutions, architects, attorneys, and hotel company representatives.

CONTACT:

Chris Daly

 (703) 435-6293

 chris@dalygray.com