HFF secures $165 million financing for 4-property retail portfolio in Pennsylvania and Ohio

The Waterworks, Pittsburgh, PA

PITTSBURGH, PA - HFF announced it has secured $165 million in financing for a four-property retail portfolio totaling more than 1.9 million square feet in Pennsylvania and Ohio.

Working on behalf of the borrower, J.J. Gumberg Co., HFF secured a fixed-rate loan on three of the properties through CorAmerica Capital, LLC and JP Morgan Chase Bank, National Association and a floating-rate loan on the fourth property through CorAmerica Capital, LLC. 

The portfolio includes a mixture of two enclosed malls, a grocery-anchored retail center and a power center.  Individual property details are listed below:

Property Name & Location      Size                     Year Built      Occupancy

Clearview Mall                                     760,000 SF            1998         94%

Butler, Pennsylvania

The Waterworks                             640,000 SF            2005           99%

Pittsburgh, Pennsylvania

North Huntingdon Square                 130,000 SF            1975            100%

North Huntingdon, Pennsylvania    

Northtowne Mall                              385,000 SF            1986            98%

Defiance, OH                                       

The HFF debt placement team was led by executive managing director Gerard Sansosti and senior analyst Brandi Wyskocil.

Brandi Wyskocil

J.J. Gumberg Co. is a third-generation, global real estate investment and development company.  Headquartered in Pittsburgh, Pennsylvania, Gumberg has been an established industry leader for nearly 90 years, and is one of the largest privately held retail real estate developers in the country with a focus on creating institutional-quality, large-scale retail properties.

For more information, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF secures $40.41 million financing from U.S. Bank for creative office campus in Los Angeles

bLAckwelder office campus, La Cienega Boulevard at Fairfax Avenue,  Los Angeles, CA

Mark Wintner

LOS ANGELES – HFF announced it has arranged a $40.41 million financing for bLAckwelder, a 150,627-square-foot creative office campus in Los Angeles, California.

HFF worked on behalf of the borrower, a joint venture between Alcion Ventures and Genton Property Group, to secure the three-year, floating-rate bridge and construction loan through U.S. Bank.  The loan will be used for the continued redevelopment of the asset.

The bLAckwelder campus is located on La Cienega Boulevard at the intersection of Fairfax Avenue just north of Jefferson Boulevard and approximately one-half mile south of Interstate 10. 

The project is situated on a 6.18-acre site that consists of 19 renovated, to-be-renovated, or to-be-constructed creative office buildings.  13 buildings were recently renovated and are 100 percent leased to multiple tenants.

  Five of the six remaining buildings are scheduled for conversion from industrial to creative office space, with the last scheduled to be demolished and replaced with a new creative office building.

The HFF team representing the borrower was led by managing director Mark Wintner along with senior managing director Doug Bond.

Doug Bond

Alcion Ventures is an entrepreneurial real estate private equity firm that executes a high-yield investment strategy with uniquely positioned real estate in select North American markets.

Genton Property Group, based in Los Angeles, California, is a diversified real estate investment company focused on Southern California office, industrial and multifamily acquisition and development opportunities. 

Genton Property Group, directly or through affiliates, currently owns real estate investments totaling more than $500 million, with invested equity exceeding $150 million.

For more information, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

NAI Realvest Negotiates New Industrial Lease of 10,000 Square Feet in Apopka, FL

George Livingston

ORLANDO, FL--- NAI Realvest recently negotiated a new lease for 10,000 square feet of industrial property at 2402 Clark St. in Apopka.  

           

NAI Realvest broker associate Drew Saphos, CCIM, associate Paul Vera, principal Christie Alexander, and chairman George Livingston represented the local tenant Elro Manufacturing, a manufacturer of exterior cladding and other metal products for the construction industry.

The landlord is Rubenstein Investment Co. of Longwood, represented by Results Real Estate Partners.

For more information, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com   

Third Annual HELP Conference Attracts Record Crowd

  

Ken Wilson

  BOSTON, MA — A record 400 attendees at the third annual Hotel Equity Lending and Perspectives (HELP) Conference held at the Seaport Boston Hotel were in an upbeat mood, expressing optimism about a positive industry outlook for as far out as 2020, with the vast majority weighing in for continued growth through at least 2016. 

The continued success of the event prompted organizers to announce the dates for the fourth annual event, which will be held at the same location April 6/7, 2015.

                “For the third straight year, attendees have become increasing optimistic about the hotel industry outlook,” said Ken Wilson, CHM, and HELP Conference co-founder.

 “Much of the conference focused on potential disrupters that could impact the industry, from continued sluggish economic growth to rising interest rates.  However, the overall consensus was that the industry was in the sweet spot, with a continued uptick likely well into the foreseeable future.”

                More than 60 senior officials from ownership groups, brands, equity groups, REITS, lenders and others weighed in on a number of issues.

For a complete copy of the company’s news release, please contact:

Jerry Daly                                                                                   

Daly Gray Public Relations                                                   

(Media)                                                                                        

jerry@dalygray.com                                                               

(703) 435-6293                                                                           

Sawgrass Plaza in Sunrise, FL Reaches 100% Occupancy

  

Sunrise Plaze, Sunrise, FL

Donna Korn

Sunrise, FL --Taylor & Mathis has signed Centene Management Company, LLC, a Fortune 500 company, to a 42,678 square foot lease at Sawgrass Plaza, bringing the 61,440 square foot office building to 100% occupancy. 

Taylor & Mathis took over the leasing of the building a year and a half ago on behalf of owner The Brookdale Group. 

Donna Korn and Jennifer Gemma negotiated the lease on behalf of Brookdale with Robert Listokin of Colliers International and Scott Bazoian of Cassidy Turley representing the tenant. The healthcare company will occupy two floors of the three story building.

Sawgrass Plaza is located within Sawgrass International Corporate Park, South Florida’s largest office park.

Strategically bound by I-595, I-75 and Sunrise Boulevard, the state-of-the-art business park features a variety of business space from high-tech manufacturing and R&D to executive office suites and mid-rise Class A office projects.

 Taylor & Mathis, the exclusive leasing agent for the properties, leases and manages a 436,853 square foot office portfolio at the park comprised of Corporate Centre I, II & III, International Place I and Sawgrass Plaza.

For a complete copy of the company’s news release, please contact:

Donna Korn dkorn@taylormathis.com (954)845-8840

  www.TaylorMathis.com

www.taylormathisflorida.com

Marcus & Millichap Launches New Company Website

  

John J. Kerin

 CALABASAS, CA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the launch of its new company website, www.marcusmillichap.com

            “Marcus & Millichap has been a pioneer in real estate technology since 1971,” says John J. Kerin, president and CEO of Marcus & Millichap. “Our new website is a reflection of our culture of information sharing and commitment to offering the most efficient system of matching buyers and sellers in the investment marketplace.”

The new www.marcusmillichap.com includes many added enhancements and features designed with ease of use, precise navigation and efficient information delivery in mind. These include:

·         Enhanced property search of more than $8 billion in listings

·         Faster connection to the firm’s more than 1,300 investment professionals in 76 offices across the U.S. and Canada

·         Bold new national branding

·         More actionable information, research and data on national, regional and local investment markets

Hessam Nadji

“Marcus & Millichap was one of the first companies to embrace the power of the Internet and our new website is another important addition to the suite of proprietary tools we provide to our brokers and clients,” says Hessam Nadji, senior vice president and chief strategy officer.

Richard Peltz, senior vice president and chief information officer, affirms the value of the enhanced platform. “We have built a dynamic and robust content management system and search tools to help investors access our research, professionals and investment opportunities as efficiently as possible,” says Peltz.

Marcus & Millichap is a recognized pioneer and leader in developing new technologies to serve the commercial real estate investment market.

 Recently the firm was recognized as one of the Elite 100 firms in the U.S. by InformationWeek, based on its technological achievements in 2013. The award was the ninth consecutive year in which Marcus & Millichap earned the publication’s top distinction.

 For a complete copy of the company’s news release, please contact:

Ben Johnson

Marketing Director

(925) 953-1736

160 Units Trade Hands in Lee County, MS

Vista Ridge Apartments, 699 Nation Hills Drive, Tupelo, MS

 TUPELO, MS– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Vista Ridge, a 160-unit multifamily community in Tupelo, Miss., approximately 110 miles southeast of Memphis, Tenn.

Mason Green

The terms of the sale were not released. Mason Green, senior associate in Marcus & Millichap’s Forth Worth office, represented the seller, a Texas-based limited partnership and the buyer, a Dallas-based real estate investment trust. Anne Williams, senior associate and the firm’s broker of record for the state of Mississippi, assisted in the sale.

            “Built in 2009, Vista Ridge is a high-quality, gated apartment complex that has limited competition in the area and benefits from its close proximity to the Toyota manufacturing plant in Blue Springs,” says Green.

            The property is located on 8.5 acres at 699 Nation Hills Drive in Tupelo, Miss. near local employers, shopping and entertainment. Vista Ridge’s unit mix features one-, two- and three-bedroom floor plans ranging from 658 square feet to 1,154 square feet.

Apartments feature built-in mahogany-stained cabinets, built-in microwave, pantry and garden bathtubs. Washers and dryers are included on second floor units and the first floor units feature washer and dryer connections.

Each unit has a spacious balcony with outside storage. Exterior amenities include a resort-style saltwater swimming pool with cabana area and barbecue stations. The clubhouse features complimentary wireless Internet service, a 24-hour fitness and business center, a lounge and a kitchen area with a coffee bar.

            The purchaser assumed the existing HUD 221(d) (4) loan, which is a 40-year fully amortizing loan with an interest rate of 4 percent.

 For a complete copy of the company’s news release, please contact:

Gina Relva,

Public Relations Manager

(925) 953-1716

South Beach, FL Office Condo Hits the Market at $10 Million

South Beach office condo, 1680 Michigan Avenue, Miami Beach, FL

Arthur Porosoff

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced it has received the exclusive listing for a 15,863-square-foot office condo on the seventh floor of the 11-story office building at 1680 Michigan Ave. in Miami’s South Beach neighborhood.

 The listing price is $10,000,000. Arthur Porosoff, vice president investments, and Ryan Shaw, senior associate, both in Marcus & Millichap’s Miami office, are representing the seller, a Miami Beach-based limited liability company. 

            “1680 Michigan is one of the few buildings in the Lincoln Road area with floor-to-ceiling glass windows, an on-site parking garage and a concierge,” says Shaw.

 “The 100-percent-occupied seventh floor condo presents investors with an opportunity to acquire a stable asset with a strong return in a desirable market with high barriers to entry.

Ryan Shaw

“The acquisition will provide the new owner with a range of long- and short-term options, including occupying a portion of the space, selling the 23 offices individually, selling the parking interest rights or retaining the asset,” Shaw concludes.

            The office building is situated on the corner of Michigan Avenue and 17th Street in Miami Beach, Fla. near both Interstate 395 (the MacArthur Causeway) and Interstate 95 (the Julia Tuttle Causeway). Lincoln Road, South Beach’s eight-block-long pedestrian walkway and shopping area, is next door.

For a complete copy of the company’s news release, please contact:

Gina Relva,

Public Relations Manager

(925) 953-1716

Lincoln Brokers The Nemours Foundation’s 34,000-Square-Foot Lease Renewal in Orlando, FL

1717 South Orange Avenue, Orlando, FL

ORLANDO, Fla. (April 15, 2014) – Lincoln Property Company Southeast (Lincoln) has brokered The Nemours Foundation’s renewal of its 34,092-square-foot lease at 1717 South Orange Avenue in Orlando.

Robert Kellogg

Robert Kellogg, vice president of office leasing for Lincoln, represented the landlord in the transaction. Richard Solik of Cushman & Wakefield represented the tenant, a non-profit organization that operates several children’s healthcare facilities throughout the country.

The three-story, 53,000-square-foot office building at 1717 South Orange Avenue is just south of downtown Orlando and features beautiful views of Lake Lurna.

It is located across the street from the Orlando Regional Medical Center and the Arnold Palmer and Winnie Palmer hospitals. The Nemours Foundation operates an outpatient pediatric clinic in the building.

“The Nemours Foundation has been a longtime and highly valued client of 1717 South Orange Avenue,” Kellogg said. “We are ecstatic that this relationship will continue.”

For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Jeff Henson of Lincoln Property Company Represents Tenants in More than 42,000 Square Feet of Metro Atlanta Leases

ATLANTA (April 18, 2014) – Jeff Henson, a senior associate in Lincoln Property Company Southeast’s Office Leasing Group, recently represented tenants in eight commercial leases totaling more than 42,000 square feet in metro Atlanta.

The details of the transactions are below:

• ABE Enterprises Inc. signed a five-year lease for 13,000 square feet of industrial space at 1965 Vaughn Road in Kennesaw, Ga. Mark Hawks of CBRE represented the landlord.

Jeff Henson

• SMB Essentials signed a lease for 10,000 square feet of industrial space at 130 Satellite Boulevard in Suwanee, Ga. Rodney Davidson and Reed Davis of Jones Lang LaSalle represented the landlord.

• Clearstar Inc. signed a seven-year lease for 6,000 square feet of office space at 5955 Shiloh Road East in Alpharetta, Ga. Leo Terrazas of Mimms Enterprises represented the landlord.

• Integrated Tower Services signed a five-year lease for 4,316 square feet of industrial space at 1000 Cobb International Drive in Kennesaw, Ga. Joseph Rogers with Wilson, Hull & Neal represented the landlord.

• Bin Boy Management signed a five-year lease for 3,600 square feet of industrial space at 1730 Cumberland Point Drive in Marietta, Ga. Calvin O’Keefe of Shaheen & Co. represented the landlord.

• Groundhog Enterprises signed a five-year lease for 2,000 square feet of office space at 6230 Shiloh Road in Alpharetta. Ryan Cone of Cone Middour Partners represented the landlord.

Tony Bartlett

• Security Innovations Protective Services signed a five-year lease for 2,000 square feet of office space at 50 Hurt Plaza in downtown Atlanta. Adam Blue of Boxer Property represented the landlord.

• Kaplen Communities signed a three-year lease for 1,182 square feet of office space at Northside Tower, located at 6065 Roswell Road in Sandy Springs, Ga. John Baker of Baker Denard & Geotz represented the landlord.

“Jeff continues to perform outstanding work on behalf of his tenant and landlord clients,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office. “His deep understanding of their needs combined with his extensive knowledge of the Atlanta markets will continue to serve his clients vey well.”

Henson joined Lincoln in 2013. A three-year letterman for the University of Georgia Bulldogs football team, Henson is an active volunteer for Habitat for Humanity.

For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Essex Realty Group Brokers the Sale Of Multi-Family Apartment Building in Skokie, IL

7381 North Damen Avenue apartments, Rogers Park Neighborhood, Chicago, IL

Kate Varde

CHICAGO, IL,  April 18, 2014 - Essex Realty Group, Inc. is pleased to announce the recent sale 7381 N. Damen Ave., a 32 unit courtyard building located in Chicago’s Rogers Park neighborhood. 

The Property is situated on the northwest corner of Damen and Fargo Avenues.

The property was significantly renovated including the individual units, kitchens, bathrooms and common areas. 

In addition various amenities were added to the property including space built out for future use as a gym and a three-room office with a full kitchen and bathroom.

Doug Imber and Kate Varde of Essex represented seller and Jim Darrow and Jordan Gottlieb also of Essex represented the purchaser in the transaction. 

The sale price was approximately $2,400,000. Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

For a complete copy of the company’s news release, please contact:

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

HFF secures $21.25 million acquisition financing for Hudson’s Bay Centre in Denver, CO

Hudson's Bay Centre, central business district, Denver, CO

DENVER, CO – HFF announced today that it has secured $21.25 million in financing for Hudson’s Bay Centre, a Class A, 172,912-square-foot boutique office building in Denver’s central business district.

Josh Simon

               Working on behalf of the borrower, a 50/50 partnership between MDC Realty Advisors USA, Inc. and Artis REIT, HFF placed the seven-year, 3.76 percent, fixed-rate loan with Principal Real Estate Investors.  Loan proceeds were used to acquire the property.

               Hudson’s Bay Centre is located at 1600 Stout Street along the mile long 16th Street Mall in the Midtown East section of Denver’s central business district.  The transit-oriented, 20-story property, which is currently 96.4 percent leased, is adjacent to the 16th and Stout Station RTD light rail station and a half of a block away from the 16th and California Station.

               The HFF team representing the borrower was led by director Josh Simon and real estate analyst Leon McBroom.

               MDC Realty Advisors USA, Inc. through its affiliated company Hannay Realty Advisors is a private commercial real estate company that focuses on asset and property management in the United States.  Hannay Realty Advisors currently manages approximately 12 million square feet of commercial properties and has offices in Phoenix, Denver, Los Angeles, Orange County, San Francisco and Las Vegas.

Artis REIT (TSX: AX.UN), is one of the largest diversified commercial real estate investment trusts in Canada.  Artis REIT’s management team has extensive experience in construction, development, and management of commercial and other properties in Canada and the United States. Over the last 10 years, Artis has executive an aggressive but disciplined growth strategy, building a portfolio of office, retail and industrial properties in Canada and select U.S. markets with a major concentration in Western Canada. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Banner Essex Strategic Apartment Fund II LLC Acquires Ansley Falls Apartments in Charlotte, NC

  

Ansley Falls Apartments, Charlotte, NC

Milton Pinsky

NORTHBROOK, IL – Banner Essex Strategic Apartment Fund II announced that it has acquired the 274 unit Ansley Falls Apartments located in Charlotte, NC.

  Ansley Falls is strategically located in the Pineville submarket, only 5 miles from downtown Charlotte, 3 miles from the airport, and has convenient access to multiple highway systems and desirable retailers. 

The Fund purchased the Class-A asset, built in 2010, in joint venture with an affiliate of The Hartford (NYSE: HIG).  The Seller was an affiliate of Sherman Residential, also of Northbrook, IL.  Dean Smith and John Heimburger of ARA Carolinas brokered the transaction.

According to Milton Pinsky and Doug Imber, sponsors of the Fund, “Ansley Falls is an outstanding asset and is consistent with our criteria of acquiring well-located properties in select Midwest and Sun-belt markets that exhibit strong population, job and wage growth, along with a business friendly climate.

“ Additionally, joint-venturing with The Hartford further strengthens our platform, while simultaneously providing better  diversification to our Fund.” 

Doug Imber

They added that “Financing the property with a modest 60% loan to value from Freddie Mac enhanced our borrowing terms as well as our risk adjusted returns.”   

This is the Fund’s second acquisition, after its 2013 purchase of the 192 unit Wellington at Willow Bend Apartments in Plano, Texas.  The fully integrated real estate operating company was founded in 1989 and has since acquired and operated 40 multifamily properties totaling nearly 8,500 units across nine states.

For a complete copy of the company’s news release, please contact 

Doug Imber at 773.305.4902 or email him at dougimber@essexrealtygroup.com

Southeast Food Distribution Moves Corporate Office to Miramar Park of Commerce in Florida

Miramar Park of Commerce, Miramar, FL

Richard Bauer

MIRAMAR, FL – Southeast Food Distribution, a leading distributor of dry, frozen and refrigerated food products in the Southeast, has moved its corporate office from Miami Gardens to the Miramar Park of Commerce, the largest locally owned and managed Business Park in South Florida. 

With the move to the Park, the company will house all corporate functional areas under one roof.

 “Miramar Park of Commerce provides a well-maintained and flexible environment and offers Southeast Food Distribution and its three operating divisions: Southeast Frozen Foods, Southeast Wholesale Foods, and The American Logistics Group/TALG, many benefits by now being located in one of the largest commerce parks in the region to conduct business" said Rich Bauer, President/CEO of the company.

Maridee Bell

 “Our new offices will be strategically located between both our Southeast Frozen Foods’ distribution center and our Southeast Wholesale Foods’ distribution center,” Bauer adds. 

 “We chose MPC for its strategic location and its aesthetically pleasing and safer environment. The location also provides a good labor pool and access to many hotels and restaurants for our visitors and associates.”

“Large regional companies such as Southeast Food Distribution not only require specific space needs but also easy access to major roadways, and we’re able to offer that here at the Park,” said Maridee Bell, vice president of Sunbeam Properties, developer of the Park.

Bell and Ryan Goggins of Sunbeam Properties, along with Jonathan Kingsley of Jones Lang LaSalle, represented the Park in the transaction. Representing Southeast Frozen Foods were Lee Katsikos of The Katsikos Group and Michael Sigerman, PA.

 For a complete copy of the company’s news release, please contact:

Jenna Leon

Pierson Grant Public Relations

954-776-1999, ext. 242

jleon@piersongrant.com

Sky by Crown Apartments Breaks Ground in North Sydney, Australia

Crown Group CEO Iwan Sunito and North Sydney Mayor
Jilly Gibson at ceremonial ground-breaking of
 Skye by Crown apartments

NORTH SYDNEY, AUSTRALIA– North Sydney’s transformation from weekday business hub to thriving residential village has stepped up a gear as an iconic apartment development breaks ground.

 Skye by Crown, the latest development from Sydney-based property developer Crown Group, set to become one of North Sydney’s iconic apartment buildings, officially commenced construction after a ground breaking ceremony held today. 

Designed by Japanese-Australian architect Koichi Takada, the 20-storey building will feature 242 apartments, an expansive foyer, ground-floor retail outlets, a top-floor gym and infinity-edged rooftop pool with stunning views over North Sydney.

More than $200 million worth of apartments at Skye by Crown have been sold since its launch last year, including a penthouses sold for $3.38 million and $3.465 million.

 Crown Group CEO Iwan Sunito together with Mayor of North Sydney Jilly Gibson turned the first sod on site.  The successful demolition of a pre-existing office building paved the way for construction of Skye by Crown to begin on schedule.

Crown Group CEO Iwan Sunito said the company’s vision for Skye by Crown was to create an icon in Sydney for decades to come.

“Skye by Crown has been an exceptional project from the start – from the first stages of development and design selection through to one of the most successful sales launches in Crown Group’s history,” Sunito said.

For a complete copy of the company’s news release, please contact:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190