Runway at Playa Vista, CA Takes Flight

Runway Playa Vista Mixed-Use Development, Playa Vista, CA

David Binswanger

PLAYA VISTA, CA, (Feb.10, 2016)—The development team of Lincoln Property Company and Phoenix Property Company, with their capital partner Alcion Ventures, have sold the 14-acre Runway Playa Vista mixed-use development to Invesco Real Estate in one of the largest real estate transactions of the year.

HFFrepresented the development team in both the capitalization and sale of this iconic property.

“This sale caps nearly a decade since Lincoln began its work at Playa Vista, and it’s incredible to see the vision come to life in such a significant way,” said David Binswanger, Senior Executive Vice President of Lincoln Property Company.

 “Playa Vista had been an idea for decades, and the completion of Runway demonstrates that the Playa Vista community concept was smart, visionary and achievable. Lincoln is proud to have played a meaningful role alongside so many other talented companies, real estate professionals, architects, urban planners, community leaders, pioneering residents and government officials that helped bring the Playa Vista concept to life.”

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

Steve Sugerman

(310) 974-6680

steve@sugermangroup.com

Sale of boutique Cambridge, MA hotel closed by HFF

Hotel Tria, Alewife Brook Parkway, Cambridge, MA

Denny Meikleham

BOSTON, MA, Feb. 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Hotel Tria, a 121-room Best Western Plus Hotel in Cambridge, Massachusetts.

         

HFF marketed the property on behalf of the seller, Boston-based KW Development LLC, who has developed, owned and managed several hotels throughout New England since its inception in 1984.

          

The Hotel Tria was completely redeveloped and expanded in 2009 from a 69-room limited service hotel to a 121-room boutique hotel with brand new furnishings, mechanical systems and public space.

  The four-story hotel features Hotel Tria Bar 220, Starbucks Café, complimentary hot breakfast, complimentary high speed Internet access, complimentary shuttle service, complimentary parking, a business center, fitness room and two meeting rooms totaling 1,014 square feet.

The Hotel Tria is situated on  Alewife Brook Parkway within walking distance of the MBTA Alewife Station, providing access to Harvard Square, Davis Square, Kendall Square and downtown Boston. 

Local demand drivers include Harvard University, MIT and Tufts University, all of which are within three miles of the property.  In addition, the hotel is situated in the West Cambridge office and laboratory submarket providing corporate demand from biotechnology and life science companies, Biogen Idec, Novartis, Pfizer and Sanofi/Genzyme and others such as Raytheon and Forrester Research.

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

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

Kristen M. Murphy

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 hires Carrie Kahn as a director to focus on multi-housing investment sales transactions in the Pacific Northwest

                                 

Carrie Kahn

PORTLAND, OR,  Feb. 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Carrie Kahn has joined the firm as a director in its Portland office.  Ms. Kahn will focus on multi-housing investment sales transactions in the Pacific Northwest.

Ms. Kahn has more than 10 years of multi-housing experience and joins HFF from CBRE where she was a first vice president in the investment properties group.  During her tenure at CBRE she was involved in more than $1.5 billion of multi-housing transactions in Portland as well as Chicago, where she began her career. 

Ms. Kahn has also worked at Fifield Companies, a multi-housing and office development and acquisitions firm, and in the real estate banking group of JP Morgan. 

Nicholas Kucha

She is a member of Urban Land Institute and is a licensed real estate broker in Oregon, Washington and Illinois.  Ms. Kahn holds a Bachelor of Science in Finance from the University of Illinois at Urbana-Champaign.   

“Carrie is a tremendous addition to our Pacific Northwest multi-housing team led by Ira Virden,”  said Nicholas Kucha, senior managing director and co-head of HFF’s Portland office.

“Her background encompasses all facets of the multi-housing industry – acquisitions, dispositions, development, asset management and banking – and she has wonderful relationships with many of the prominent players in the Pacific Northwest area.

“2015 was a banner year for our multi-housing team as they were ranked the #1 multi-housing broker in Portland by volume according to Real Capital Analytics and we look forward to seeing what 2016 will bring with the addition of Carrie to the group.”

“The addition of Carrie to our Pacific Northwest multi-housing team will further our ability to continue to grow our footprint into Seattle and other markets in the Northwest,"   added Matthew Lawton, executive managing director and a member of HFF’s Executive Committee.  "It is an unusual opportunity to get a very experienced young producer like Carrie and we are very fortunate to have her join the HFF team.”

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

Kristen M. Murphy

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

$3.2 Million Sale of Development Site in Fort auderdale, FL Brokered by Marcus & Millichap

  

 

Joseph Thomas

FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Tidewater Development Site,  a 30,538-square foot waterfront land parcel located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,200,000.

“The northern section of Fort Lauderdale Beach is experiencing a tremendous amount of redevelopment. This was a unique opportunity to acquire a AAA waterfront location on the Barrier Island,” says Duncan, a senior associate in Marcus & Millichap’s Fort Lauderdale office.

“We received 18 offers in two weeks, 16 of which were at or above list price.  Ultimately, the sellers selected the buyer who could close in the shortest amount of time, offered $700,000 above list price and waived all due diligence contingencies upon the execution of the contract.”

Duncan along with Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Baldwinsville, NY, and the buyer, a private investor from Fort Lauderdale, Fla.

Derek Soven

“The property is currently zoned RMH-60, which provides the buyer with the potential to redevelop the site into a residential building of up to 42 units or a hotel of up to 60 rooms,” says Thomas. “Auberge Beach Residences, a two-tower, 171-unit oceanfront condominium estimated for completion in late 2017, is located nearby.”

Situated a few blocks south of Oakland Park Boulevard and a few blocks west of North Ocean Boulevard (A1A), the Tidewater development site consists of two adjacent waterfront parcels totaling 0.7011 acres of land with approximately 219 linear feet of water frontage. The site is currently improved with a 17-unit multifamily complex.

The property allows for convenient access to many local shops, restaurants and attractions, including Bokampers Sports Bar & Grill, Shooters Waterfront, Lauderdale-by-the-Sea fishing pier, the Coral Ridge Mall and The Galleria at Fort Lauderdale.

Tidewater development site is located at 3115 - 3209 NE 28th Street in Fort Lauderdale. 

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Marcus & Millichap Arranges $2.7 Million Sale of 31-Unit Margate Manor Apartments in Margate, FL

Derek R. Gibbs

MARGATE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Margate Manor, a 31-unit apartment property located in Margate, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,775,000.

“Small private investors are targeting assets in good physical condition and with strong tenant profiles outside of the city of Fort Lauderdale - where they can achieve greater returns,” says Derek R. Gibbs, an associate vice president investments.

“Margate Manor Apartments is fully-occupied and features unit upgrades and recent building improvements,” adds Daniel J. Cunningham, an associate vice president investments. “We received multiple offers and ultimately closed at list price.”

Gibbs and Cunningham along with Evan P. Kristol, a senior vice president investments, Brandon J. Rex, a vice president investments, and Robert S. Hunter, a senior associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Fort Lauderdale, Fla., and the buyer, a limited liability company from Miami Beach.

The two-story residential property contains 31 units comprised of 22 two-bedroom/two-bathroom units, eight one-bedroom/one-bathroom units and one studio. Each apartment features brand new wood kitchen cabinets, granite counter tops, ceramic flooring and new central air-conditioning units. The building also has a new roof and updated landscaping.

Located at 6095 NW 8th Street on 0.814 acres along State Road 7, Margate Manor Apartments is in a high-density neighborhood predominantly consisting of retail supercenters, restaurants and bars.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Bayer Properties to Lease and Market Ashley Park in Newnan, GA

  

Jeffrey Bayer

BIRMINGHAM, AL – Bayer Properties announced it has been selected by Return Holdings to lease and market Ashley Park, a 554,364-square-foot regional open-air retail center, located in Newnan, Georgia.

Ashley Park serves southern Metro Atlanta’s rapidly expanding I-85 South corridor and the burgeoning communities of Newnan and Peachtree City. Newnan is continually named as one of Georgia’s fastest growing cities.

 Built in 2004 and completed in 2008, the center is anchored by Dillard’s, Best Buy, Dick’s Sporting Goods, Barnes & Noble and a 50,580-square-foot Regal Cinemas Georgian 14 Theater. 

Its diverse national and regional tenant base of retail, restaurants, services and entertainment consistently position it as the area’s leading open-air shopping center.

Jeffrey Bayer, president and CEO of Bayer Properties, said, “We look forward to evolving the tenant mix at Ashley Park, securing its position as a destination for customers to shop, dine, live, work and play.”

For more information about Ashley Park, visit www.bayerproperties.com. For leasing information contact: Jackson Ratliff at 205.907.2686 or jratliff@bayerproperties.com.

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

Kristin Jones • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

M: 630-363-5747  

@kayjay818

www.thewilbertgroup.com

Verigreen Development Announces Start of Renovations at Historic St. Charles Hospital in Downtown Aurora, IL

Mayor Thomas Weisner

CHICAGO, IL  -  VeriGreen Development, a division of Evergreen Real Estate Group, announced it will begin renovations at the former St. Charles Hospital in downtown Aurora in early February, transforming the historic Art Deco building into a 60-unit independent living facility for seniors.

A groundbreaking ceremony held on February 3, commemorated the significance of the project and the positive impact it will have on the Aurora community.

Verigreen Development collaborated with Invest Aurora, the Northern Lights Development Corporation, the City of Aurora, the Illinois Housing Development Authority and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the project’s complicated layers of financing and tax credits.

“The City of Aurora is excited about the opportunity to revitalize a long-vacant building that was once a cornerstone of our community,” said Mayor Thomas Weisner. “The work that went into securing the tax credits needed to make this project financially viable is simply amazing.

“This speaks to the dedication of VeriGreen and its development partners who share in our mission of preserving this important landmark for generations to come.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

NAI Realvest Team Negotiates $9.3 Million Sale of Class A Office Building at Heathrow International Business Center in Heathrow, FL

 

Christie Alexander

 HEATHROW, FL -- NAI Realvest recently negotiated the $9,300,000 sale of a 75,860 square foot Class A office building at 500 International Parkway at Heathrow within the Lake Mary Blvd. / I-4 corridor. This is a three-story building which was built in 1997 on its 8.65-acre site.

The NAI Realvest team of Chairman George Livingston and Broker Associate Drew Saphos, CCIM, and Christie Alexander, Crossman & Company Director of Brokerage Services negotiated the sale representing the seller, Remington Administrative Services, Inc. 

The local buyer, Heathrow Land Holdings, LLC, was represented by Tom Green of Providence One Asset Management, LLC.

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

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

Crossman & Co. negotiates the Sale of an 18,000 Square Foot Retail Center in Lakeland, FL

Brian Carolan

LAKELAND, Fla. – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently closed on the sale of Huntington Hills Plaza, a Lakeland neighborhood retail center constructed in 2001.

The center, located at 2905 Duff Rd. at the intersection of US Highway 98, was 62 percent occupied at the time of sale and provided a significant value-add opportunity for the purchaser, according to Brian Carolan, Crossman & Company’s Director of Investment Sales.  Carolan negotiated the transaction on behalf of the seller, a Miami-based special servicer.

The buyer is a private investor based in Tampa. 

The Early Years childcare center and Sorrento’s Italian Restaurant are major tenants at the Huntington Hills Plaza.     

Crossman & Company will continue to lease and manage the center for the new owner.

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

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

Aruba Condominium Names Architect and Builder for New Condo Project in Daytona Beach Shores, FL

  

 

Jim Mack

Daytona Beach Shores, FL --- Aruba, the first oceanfront condominium project to get started in the area in seven years, named Architect Larry Robinson of Daytona Beach and Peck and Associates Construction, Inc. as builder of the 84-unit condominium development in Daytona Beach Shores.

Jim Mack, who heads the Aruba sales and marketing team at Oceans Luxury Realty,

said the project recently received full approval by the City Council of Daytona Beach Shores, while sales are ahead of schedule.

“More than 60 percent of the condominiums have sold priced from the $300s to the $600s,” Mack said, 

Developer of the project, Jacksonville-based Greenpointe Communities, is on target to start construction of Aruba in May with completion the end of 2017.

Peck and Associates Construction has built over thirty condominium projects in the East Volusia County area, Mack said.

Add caption

Aruba is located at 3721 S. Atlantic Ave. with 225 lineal feet of beachfront south of the Sunglow pier. Sixty of the units will directly overlook the ocean and 24 will have ocean and river views. 

Condominiums will range from 1,400 square feet of living area to over 1,800 square feet. Four floor plans are available in three-bedroom two-bath designs, and end units available have the four-bedroom, three-bath plans that include wraparound balconies.

Amenities include onsite maintenance and building management, a home owners association, underground parking, a fully equipped workout center, clubroom, a swimming pool and an adults-only outdoor spa area.

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

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

Berkadia Closes on 48 Units for $3 Million in Birmingham, AL

  

Joshua Jacobs

BIRMINGHAM, AL  --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Chesterfield, a 48-unit apartment community located in the Highlands district of Birmingham.

Josh Jacobs, Associate and David Oakley, Managing Director in Berkadia’s Alabama office brokered the transaction representing the local Seller, Chesterfield, LLC.    Chesterfield, which was built in 1968, was sold free and clear of any existing debt.

The local Buyer, Manchester Partners, LLC paid $3,000,000 for the two-story garden-style apartment community, or $62,500 per unit, and plans to upgrade and renovate the interiors in the coming year.  

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

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

Hold-Thyssen Completes $5.1 Million Sale of 42,000 Square Foot Retail Center in Kissimmee, FL Attractions Area

N. Joelle Forster

Kissimmee, FL --- Hold-Thyssen, Inc., a commercial real estate services firm based in Winter Park, recently closed the $5,100,000.00 sale of a 42,072 square foot retail center at 5737 W. Irlo Bronson Memorial Highway (S.R. 192) in Kissimmee.

Martin Forster

The Hold-Thyssen Associates Martin Forster, CCIM and N. Joelle Forster brokered the transaction representing the local seller, Grand Oaks Plaza, Inc.

RT Retail Investments of Parkland, Fla. purchased the property that consists of two separate retail buildings – one containing Big Bargain World and Ponderosa Steak House, and the other housing four tenants, including Senigallia Restaurant, Full House Chinese Restaurant and Baraka Electronics. 

Located adjacent to McDonalds and directly across from the Old Town attraction in the tourist area, “the retail center offered the buyer the opportunity for a good return and potential upside,” Joelle Forster said.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

Trion Properties Acquires Two Value-Add Multifamily Properties in Heart of San Francisco’s East Bay Area

San Francisco Bay Area

Los Angeles, CA (Feb. 8, 2016) – Trion Properties, a Los Angeles-based boutique private equity firm that specializes in opportunistic real estate investments along the west coast, has acquired two value-add multifamily assets in the East Bay, the most highly populated region of San Francisco’s Bay Area.

The two acquisitions, a 30-unit apartment community in Hayward, California and a 38-unit complex in San Leandro, California, add $13.58 million to Trion Properties’ portfolio of more than $100 million in assets under management.

“Sourcing two value-add properties in these prime East Bay locations demonstrates our ability to add outstanding opportunistic assets to our existing investment portfolio,” explains Farhan Mahmood, Director of Acquisitions at Trion Properties.

“Situated within close proximity to the Silicon Valley, San Francisco, and Oakland job markets, these apartment communities provide easy access to thousands of jobs for renters who are being pushed out of the central Bay Area due to high rents.”

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

Katie Kea / Judy Brower

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

          

HFF closes $183.37 million sale of 1,224-unit apartment community in northern New Jersey

Oakwood Village Apartments, 77 Oakwood Village, Flanders, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Oakwood Village, a 1,224-unit apartment community located in Flanders, a northern New Jersey town located in southwestern Morris County.

HFF marketed the offering exclusively on behalf of the seller, AIG Global Real Estate Investment Corp. (AIG).  An undisclosed buyer purchased the property for approximately $183.37 million free and clear of existing debt. 

This transaction follows the sale of a 12-property multi-housing portfolio that HFF closed on behalf of AIG in December 2015.  

According to HFF, the total sale amount for the entire 13-property portfolio totals $348.8 million, which represents one of the largest apartment sales in the Mid-Atlantic region during the past year.

Oakwood Village is located at 77 Oakwood Village along Route 206 in Morris County, approximately three and a half miles south of Interstate 80 and close to the International Trade Center commercial hub. 

Situated on 166.62 acres, the property has 107 two- and three-story residential buildings that house one- and two-bedroom units averaging 823 square feet each.  Community amenities include a swimming pool, tennis court, multiple playgrounds, two dog parks and attached garage parking.  The property is 95 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz, Andrew Scandalios and Mark Thomson, managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli.

“There is significant upside in Oakwood, and the buyer will be capitalizing on that,” Cruz said.  “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes $42 million sale of and secures $33.6 million financing for 292-unit apartment community in southeast Denver, CO

Cypress Point Apartments, 1211 South Quebec Way, Southeast Denver, CO

 

Jordan Robbins

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Cypress Point, a 292-unit, garden-style apartment community in southeast Denver, Colorado.

HFF marketed the property on behalf of Jackson Square Properties.  Advenir, Inc. (Advenir) purchased the offering for $42 million free and clear of existing debt. 

Additionally, HFF assisted the new owner in securing a $33.6 million, seven-year, 2.75 percent, floating-rate loan with three years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

 The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Advenir will rebrand the property as Advenir@Cherry Creek South and will implement a capital improvement program to achieve greater rental premiums.

Cypress Point is located at 1211 South Quebec Way near the intersection of South Quebec Street and Leetsdale Drive, approximately seven miles southeast of downtown Denver.  Situated on 11.36 acres, the property offers convenient access to Interstate 25, Cherry Creek Shopping Center/Cherry Creek North, Cherry Creek State Park, Highline Canal Trail and many of Denver’s major employment centers. 

The property has 15 two- and three-story residential buildings, which house 292 one- and two-bedroom units averaging 815 square feet each.  Community amenities include a swimming pool, spa, tennis court, basketball court, volleyball courts, state-of-the-art fitness center, clubhouse, internet café, lounge and business center.

The HFF investment sales team representing Jackson Square Properties was led by Jordan Robbins and Jeff Haag.

HFF’s debt placement team representing Advenir was led by Josh Simon and Eric Tupler.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com