HFF appoints senior managing directors Charles Halladay and Scott Pertel co-heads of San Francisco office

Charles Halladay

SAN FRANCISCO, CA, Jan. 11, 2017 – HFF announced today that HFF senior managing directors Charles Halladay and Scott Pertel have been appointed to co-head the firm’s San Francisco office. 

Mr. Halladay will be relocating from the firm’s Orange County office to San Francisco, where he will lead the office’s debt placement platform, and Mr. Pertel will oversee the office’s investment sales platform.

Mr. Halladay has more than 12 years of experience in commercial real estate, having worked in HFF’s Orange County office since 2005 as a member of their debt placement team.  

During his tenure with the firm, he has successfully transacted more than $10.1 billion in commercial real estate capitalizations.  

Mr. Halladay currently serves as the president of the California Mortgage Bankers Association (CMBA) and is also active in the Urban Land Institute (ULI).  He attended Southern Methodist University.

Mr. Pertel joined HFF in 2015 and has more than 11 years of real estate investment experience.  As a member of HFF’s investment sales team, he focuses primarily on the West Coast industrial market and the U.S. and Canadian net lease market.  Mr. Pertel is an active member of NAIOP’s San Francisco chapter and served as the president of the organization in 2016.  He received his Bachelor of Arts from the University of Colorado Boulder.

Scott Pertel

“These two young men who are assuming leadership of our dynamic San Francisco office exemplify HFF’s team-oriented culture, work ethic and professionalism,” said HFF senior managing director Michael Leggett, co-head of HFF’s West Coast platform.

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 | hfflp.com

ohennessey@hfflp.com

HFF appoints senior managing directors Charles Halladay and Scott Pertel co-heads of San Francisco office

Charles Halladay

SAN FRANCISCO, CA, Jan. 11, 2017 – HFF announced today that HFF senior managing directors Charles Halladay and Scott Pertel have been appointed to co-head the firm’s San Francisco office. 

Mr. Halladay will be relocating from the firm’s Orange County office to San Francisco, where he will lead the office’s debt placement platform, and Mr. Pertel will oversee the office’s investment sales platform.

Mr. Halladay has more than 12 years of experience in commercial real estate, having worked in HFF’s Orange County office since 2005 as a member of their debt placement team. 

During his tenure with the firm, he has successfully transacted more than $10.1 billion in commercial real estate capitalizations. 

Mr. Halladay currently serves as the president of the California Mortgage Bankers Association (CMBA) and is also active in the Urban Land Institute (ULI).  He attended Southern Methodist University.

Scott Pertel

Mr. Pertel joined HFF in 2015 and has more than 11 years of real estate investment experience.  As a member of HFF’s investment sales team, he focuses primarily on the West Coast industrial market and the U.S. and Canadian net lease market.  Mr. Pertel is an active member of NAIOP’s San Francisco chapter and served as the president of the organization in 2016.  He received his Bachelor of Arts from the University of Colorado Boulder.

“These two young men who are assuming leadership of our dynamic San Francisco office exemplify HFF’s team-oriented culture, work ethic and professionalism,” said HFF senior managing director Michael Leggett, co-head of HFF’s West Coast platform.

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 | hfflp.com

ohennessey@hfflp.com

Marcus & Millichap Brokers $1.6 Million Sale of 1,500-SF Avis Budget Car & Truck Rental Absolute-Net (NNN) in Cape Canaveral, FL

Ronnie Issenberg

CAPE CANAVERAL, 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 Avis Budget Car & Truck Rental Absolute-Net (NNN), a 1,560-square foot net-leased property located in Cape Canaveral, FL. The asset sold for $1,611,000.

  Avis Budget Car & Truck Rental Absolute-Net (NNN) just renewed their lease for an additional five years at 8401 Astronaut Boulevard in Cape Canaveral, FL. 

This is a corporate guaranteed, absolute triple-net lease with 3.5 percent annual increases. The 1.37 acres of land sit in front of State Road A1A, which experiences traffics counts of over 29,000 cars per day.

Ronnie Issenberg and Gabriel Britti, vice presidents investments, along with Pierson D. Tedeschi, associate, in Marcus & Millichap’s Miami office had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.

“The additional Five-year extension on the base term lease, keeping the Option Periods intact, showed the tenant’s commitment to the real estate as an overflow rental facility for the Port Canaveral’s booming cruise industry” says Issenberg.  The asset had multiple full price offers within the first five days of marketing showing the Investor community’s interest in the AVIS / Budget Corporation” adds Britti.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami

(786) 522-7000

Berkadia Closes on 375 Apartments in Huntsville, AL for $9.9 Million

(DONE DEAL PUBLISHER’S NOTE:  In a posted story on Jan. 8, 2017, http://alex-donedeals.blogspot.com/search/label/Berkadia%20Hillside%20Village%20and%20Twickenham%20Village%20Hunstville%20AL%201-8-17

(Berkadia provided the name of the wrong buyer to Vershel Communications for this transaction. Vershel Communications then forwarded that erroneous information to Done Deals. The erroneously-named buyer was McCreary Realty Management of Marietta, Ga. That company states:

(“McCreary Realty Management of Marietta, GA has been misidentified as the buyer in this transaction. McCreary has NOT purchased these developments and has NO business interests anywhere in Alabama.
Michael A. McCreary, CPM, MPM
President/Owner
McCreary Realty Management, Inc.
www.McCrearyRealty.com”

(Done Deals regrets having published this error.)

David Oakley

 Here is the corrected version of that transaction provided by Berkadia:

BIRMINGHAM, AL --- Berkadia recently negotiated the sale of Hillside Village and Twickenham Village located in Huntsville with a total of 375 apartment units for $9,925,000.00 or $26,396 per unit.

Managing Director David Oakley, Senior Directors David Etchison and David Wilson with the Birmingham office of Berkadia Real Estate Advisors, LLC represented the seller, Huntsville-based Hillside Village, LLC and Twickenham Village, LLC.

Hillside Village, with 223 units is located at 4515 Bonnell Drive, and Twickenham Village with 152 units is located at 5001 Galaxy Way. Both apartment communities were built in 1985.

The buyer, Huntsville-based VCP Twickenham LLC, has plans for exterior and interior renovations.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

For more information on this transaction, please contact:

  

David Oakley, Managing Director – Alabama, 205.918.0785 x1, David.Oakley@berkadia.com

 David Etchison, Senior Director – Alabama, 205.705.3533, David.Etchison@berkadia.com

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407.644.4142 Lvershelco@aol.com 

Australia’s Newest Hotel Brand to Debut in Sydney; Skye Hotel Suites by Crown Group set to open in Parramatta

Skye Hotel Suites, Parramatta, Western Sydney, Australia

Sydney, AUSTRALIA (Jan. 10, 2017)…The Crown Group, the award-winning developer of distinctive residential and commercial properties across Australia, is putting the finishing touches on its new hotel brand, Skye Hotel Suites in Parramatta.

 Set to open in early 2017, Skye Hotel Suites offers 72 luxury suites overlooking Sydney within the new V by Crown Group, a 28-storey luxury residential and commercial development known as Parramatta’s “Vertical Village.”

 

Iwan Sunito

“We can’t wait to welcome our first guests to the new Skye Hotel Suites,” said Iwan Sunito, co-founder and CEO of Crown Group.  “As we did with our innovative residential offerings, we are creating a distinctive hotel experience, delivering a new style of urban luxury that meaningfully connects world travelers with personalized, memorable experiences.” 

Offering unrivaled urban luxury for discerning guests, Skye Hotel Suites brings together the best elements of hospitality: the warmth and personalized service of a boutique hotel; the grandeur and amenities of a luxury hotel; the spaciousness and familiarity of a local apartment; and the relaxing escape of a resort. 

The hotel is located within V by Crown Group, a distinctive new Sydney landmark designed by Allen Jack + Cottier and Koichi Takada Architects.  The tower houses a diverse mix of 590 residence apartments and hotel suites along with an outdoor, 25m swimming pool, fitness centre, entertainment rooms and outdoor spaces. 

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

Hwee Peng Yeo

Vice President, Asia Markets

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai

Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190

Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021

1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111

Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

www.GlodowNead.com

 杨慧萍

副总裁

博德纳公关咨询公司

Centennial Tower 21层，Temasek Avenue 3号， 新加坡邮区039190

上海湖滨路222号企业天地一号15层，中国邮编20021

E: hweepeng@glodownead.com

www.GlodowNead.com 

Wendover Housing Partners Brings New Affordable Housing Options to Apopka, FL with Wellington Park

Jonathan L. Wolf

ORLANDO, FL  –– Wendover Housing Partners, a privately held real estate development, investment and management company, announces it is breaking ground on a new affordable, family apartment community in Apopka, Wellington Park.

Located at the corner of Thompson Road and East 1st Street, construction on the 120-unit development will be completed in November 2017.

“As with all of Wendover’s family affordable communities, we took time to find the perfect location for Wellington Park—which is close to public transportation, major highways, schools, health care facilities and entertainment options,” said President and Founder of Wendover Housing Partners, Jonathan L. Wolf. “We’ve enlisted Roger B. Kennedy Inc. to build the property, which features the same high quality materials and exciting amenities found in other communities.”

Once completed, Wellington Park amenities will include a swimming pool, fitness center, playground, car care facility and a business center. The community offers one, two and three bedroom apartment homes with open floor plans designed for everyday comfort and convenience. Each unit features energy efficient appliances, walk-in closets and spacious galley kitchens with eating bars, as well as window coverings and washer/dryer connections.

“Our goal is to provide economically viable residences that families are proud to call home—and Wellington Park is another great example of Wendover’s commitment to creating quality housing at affordable prices,” adds Wolf. “In addition to taking advantage of the amenities and green space residents will have at their disposal, Wellington Park residents can engage even more through free enrichment programs and events. We’re building more than apartments, we’re fostering a tight-knit community.”

Wendover will begin accepting rental applications for Wellington Park in August 2017. For additional information about Wendover Housing Partners, visit www.wendovergroup.com.

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

Melissa Landy

Uproar PR for Wendover Housing Partners

321.236.0102 ext. 233

mlandy@uproarpr.com

www.wendovergroup.com

Meridian Completes $4 Million Repositioning of 12,500 SF General Office Building in Palo Alto, CA

  

2626 Hanover Street, Stanford Research Park, Palo Alto, CA

 SAN RAMON, CA - Meridian, a full-service real estate developer and owner of general and medical office real estate, is pleased to announce that it has completed the repositioning of a 12,500-square-foot single-tenant office building located in Santa Clara County at 2626 Hanover Street in Palo Alto, Calif. The building is located in the Stanford Research Park.

Dan Rosenbaum

With a renovation cost of $4 million, Meridian assisted its client in carrying out a complete renovation in six months, both interior and exterior, while the tenant temporarily relocated its staff.

The project had many challenges: multiple stakeholders (landlord, tenant, City of Palo Alto and Stanford University); working with a compressed schedule since there was a hard deadline with the temporary space and a reduced work schedule imposed by the City; obtaining entitlements from the City of Palo Alto and Stanford; and a logistically-challenging site with both exterior and interior improvements having to be addressed  simultaneously. 

According to Dan Rosenbaum, Meridian’s Senior Vice President of Acquisitions in northern California, “This presented an opportunity for Meridian to partner with a landlord to demonstrate its construction and development capacities to meet the challenges of a project requiring extensive renovation, in a tough municipality, a tight labor and subcontractor market, and with extraordinary schedule pressures. The execution capabilities are evident in the on-time/on-budget delivery.”

Mike Conn, Meridian’s Senior Vice President of Development stated, “Creating a culture of open book collaboration and constant communication with all stakeholders is key to achieving success on these challenging projects.” 

Mike Conn

Conn continued, “Working in concert with the City of Palo Alto and Stanford Research Park was critical to obtaining quick approvals for redeveloping this tight general office site. 

"Having strong relationships with our vendors and contractors is critical to a successful project delivery. 

"We could not have done it without the unwavering support and ‘can do’ attitude of our partners KTGY Architecture + Planning and Stevens Hemingway Stevens General Contractors.”

Rosenbaum added, “With more than 300,000 square feet currently in development and redevelopment and another 200,000 square feet in the pipeline, Meridian is still aggressively pursuing more value-add general and medical office opportunities throughout California.”

In the final week of December 2016, Meridian completed the purchase of a six-story 105,000-square-foot office building at 1000 Marina Blvd. in San Mateo County, Calif. The seller was TA Associates, a private equity firm based in Boston, Massachusetts. 

Meridian paid just under $29 million for the 90%-leased building located in the Sierra Point submarket in the city of Brisbane. This purchase represented Meridian’s second major office transaction in northern California since September 2016, when the firm sold The Atrium, a 77,000-square-foot office building in Pleasanton.

  

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.mpcca.com.

Lifescapes International Selected to Design Landscaping for $1 Billion Master Planned Development in Rowlett, TX

Rendering of planned $1 billion master-planned Bayside development,
Lake Ray Hubbard area, Rowlett, TX

ROWLETT, TX - Lifescapes International, a Newport Beach-based landscape architectural firm, has been selected to design the overall landscape environment for Bayside, a $1 billion master-planned development encompassing 262 acres that is planned to feature a variety of retail, restaurants, residential units, and a resort hotel in the Lake Ray Hubbard area of Rowlett, Texas.

The development will feature the very first Crystal Lagoon in Texas, which is a new technology that creates man-made lagoons with crystal-clear, turquoise waters in order to transform any development into an idyllic beachfront property.  In addition, the project will feature a 300-foot long fountain with video projections on mist screens for an unrivalled and visually engaging experience.

Julie Brinkerhoff-Jacobs

“The Bayside master-planned development will be the ultimate destination,” says Julie Brinkerhoff-Jacobs, President of Lifescapes International. “The development team of Kent Donahue and Wilks Development are bringing beachfront property to a Dallas submarket, and doing so in a way that is iconic.

“ Guests and residents will enjoy the eight-acre crystal lagoon and fountain, as well as over four miles of lakefront trails, an open-air trolley and a Town Center Park, all surrounded by the most high-quality office, retail, residential, and hospitality product in the market.”

According to Brinkerhoff-Jacobs, Lifescapes was selected for this project based on its extensive experience in designing iconic mixed-use and resort destinations, including The Grove in Los Angeles, The Americana at Brand in Glendale, the Bellagio Resort in Las Vegas, and a number of other resorts along the Las Vegas Strip, and throughout the globe.

Al Amador

“The concept for this project is centered on an immersive experience. 

" For example, the fountain is planned to deliver the most visual water entertainment show in the United States.  

"This fountain will span one acre of land, and will be comprised of 250 water nozzles, 29 fire nozzles and two laser-projected video mist screens, resulting in an entertainment experience like no other,” says Brinkerhoff-Jacobs.

In addition to the fountain, Lifescapes International will design the landscaping for the entire 116 acre peninsula, including 25 acres of parks, a variety of retail rooftop gardens and beach zones, and the perimeter of the eight-acre crystal lagoon.

According to Al Amador, Senior Principal and lead designer for the project, Lifescapes is planning a series of outdoor amenities surrounding the lagoon, including private beach clubs, cabanas, poolside areas, and terraced gardens overlooking the lagoon.

“Our design concept centers on the water feature,” explains Amador.  “We plan to create a series of terraces and rooftop gardens, giving all restaurants and retail shops a clear view of the spectacular water show.”

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

Katie Kea or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

www.lifescapesintl.com.

Hold-Thyssen completes New Long Term lease with Club Pilate in Newly Redeveloped Orange Avenue Corridor of Winter Park, FL

 

Darby Hold

WINTER PARK, FL --- Hold-Thyssen, Inc., a full service commercial real estate firm based in Winter Park, recently negotiated a new five-year lease agreement for a pilates studio franchise in the heart of Winter Park at 1222 N. Orange Ave.

Darby Hold, lease consultant for Hold-Thyssen, negotiated the transaction on behalf of the landlord, Maltabes Family Living Trust.   Billy Rodriguez with BluRock Commercial Real Estate represented the tenant.

Pilates at the Park, LLC d/b/a Club Pilate, leased 3,600 square feet of retail space adjacent to the Ravenous Pig restaurant.   

Club Pilate, which has more than 360 locations in 28 states, was named among 2016’s Top New Franchises by Entrepreneur.

Hold-Thyssen, Inc. provides commercial property leasing, management and brokerage 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:

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

37 Legendary Historic Hotels Inducted into Historic Hotels of America

 

Lawrence Horwitz

WASHINGTON, DC – Jan. 9, 2017, Historic Hotels of America® has inducted 37 historic hotels into membership in 2016.

The oldest historic hotel inducted dates to 1789. Hotels nominated and accepted into the prestigious National Trust for Historic Preservation Historic Hotels of America program in 2016 range in age from 227 years to 51 years old.

 These newly inducted historic hotels represent 19 states and include Hotel Captain Cook, the first member hotel in the state of Alaska. Nine of the 37 historic hotels are listed in the National Register of Historic Places (see NRHP below). 

Historic Hotels of America welcomed these new members in 2016:

·         The Georges (1789) Lexington, Virginia (AR)

·         Woodstock Inn & Resort (1793) Woodstock, Vermont

·         The Bedford Village Inn (1810) Bedford, New Hampshire (AR)

·         Historic Hotels of Lake Geneva (1856) Lake Geneva, Wisconsin (AR)

·         Plaza Hotel 1882 (1882) Las Vegas, New Mexico

·         Montvale Hotel (1899) Spokane, Washington (NRHP)

·         The DeSoto (1890; 1968) Savannah, Georgia

·         AKA Times Square (1893) New York, New York (NRHP)

Veronica Lake

·         Ames Boston Hotel, Curio Collection by Hilton (1893) Boston, Massachusetts (AR,NRHP)

·         White Stallion Ranch (1900) Tucson, Arizona

·         Pioneer Inn (1901) Lahaina, Maui, Hawaii

·         The Redbury New York (1903) New York, New York

·         XV Beacon (1903) Boston, Massachusetts (NRHP)

·         AKA Wall Street (1907) New York, New York  (AR)

·         AKA Rittenhouse Square (1912) Philadelphia, Pennsylvania (AR)

·         Claremont Club & Spa, A Fairmont Hotel (1915) Berkeley, California

·         Hotel Congress (1918) Tucson, Arizona (NRHP)

·         Marriott Syracuse Downtown (1924) Syracuse, New York (NRHP)

·         The Scarlet Huntington (1924) San Francisco, California

·         La Valencia Hotel (1926) La Jolla, California

·         dusitD2 Hotel Constance Pasadena (1926) Pasadena, California

·         The Hollywood Roosevelt (1927) Los Angeles, California

·         NOPSI Hotel New Orleans, a Salamander Hotel (1927) New Orleans, Louisiana (AR)

·         Hotel Durant- Berkeley (1928) Berkeley, California

·         The Renwick Hotel New York City, Curio Collection by Hilton (1928) New York, New York  (AR)

·         AKA Sutton Place (1929) New York, New York

·         Silver Birches Resort (1929) Hawley, Pennsylvania

·         Hotel Warner (1930) West Chester, Pennsylvania (AR, NRHP)

·         Hotel Phillips Kansas City, Curio Collection by Hilton (1931) Kansas City, Missouri (NRHP)

·         The Lodge at Wakulla Springs (1937) Crawfordville, Florida (NRHP)

·         The Raleigh Miami Beach (1940) Miami Beach, Florida

 ·         The Campbell House Lexington, Curio Collection by Hilton (1949) Lexington, Kentucky

·         Morris Inn (1952) Notre Dame, Indiana

·         Hotel Valley Ho (1956) Scottsdale, Arizona

·         The Dewberry (1964) Charleston, South Carolina (AR)

·         Hotel Captain Cook (1964) Anchorage, Alaska

·         Mauna Kea Beach Hotel, Autograph Collection (1965) Kohala Coast, Hawaii

Frank Sinatra

 Ten of the historic hotels are adaptive reuse (AR) projects that have involved converting some or all of a historic building to a hotel. Originally, these buildings were built for another purpose in their history.

 Examples include buildings originally built as a historic theatre, a military barracks, U.S. post office, office buildings, private homes, farmhouse, and residential buildings.

Several of these historic hotels have ties to famous guests, and have been featured in television and film. The Pioneer Inn has been the background for a number of films and television shows, such as The Devil at 4 O’Clock, a movie starring Spencer Tracy and Frank Sinatra, as well as the TV series Hawaii 5-0, Hawaiian Eye, Adventures in Paradise, and Baywatch.

Spencer Tracy

The White Stallion Ranch can be seen in over 25 films and television shows dating back to 1939 when William Holden shot Arizona on the site of the ranch.

 Famed Hollywood star Veronica Lake lived and worked as a barmaid at The Redbury New York during a slower point in her career. Several films have either been inspired by or filmed at The Bedford Village Inn, including In Your Eyes starring Jennifer Grey.

“Each of these historic hotels has contributed to our nation’s history,” said Lawrence Horwitz, Executive Director, Historic Hotels of America and Historic Hotels Worldwide.

“One was built as the first hotel in New York City to provide both short term and long term lodging for professional women. Another was the site of the first Academy Awards ceremony held in Hollywood on May 16, 1929.

John Steinbeck

Another was once the NYC residence to John Steinbeck, Thomas Mann and other celebrated writers and artists. One was built and is still home to the world’s longest known marble bar, at 70 feet 3 inches. Each is unique and has a history worth exploring and experiencing. We are delighted to recognize these wonderful historic hotels.” 

Historic Hotels of America is the official program of the National Trust for Historic Preservation for recognizing and celebrating the finest Historic Hotels.

Historic Hotels of America has more than 295 historic hotels that have all faithfully maintained their authenticity, sense of place, and architectural integrity in the United States of America, including 46 states, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico.

Thomas Mann

 Historic Hotels of America is comprised of mostly independently owned and operated properties. More than 30 of the world’s finest hospitality brands, chains, and collections are represented in Historic Hotels of America.

To be nominated and selected for membership into this prestigious program, a hotel must be at least 50 years old; has been designated by the U.S. Secretary of the Interior as a National Historic Landmark or listed in or eligible for listing in the National Register of Historic Places; and recognized as having historic significance.

Click here to see a video on how to leverage your historic hotel. 

To view the Historic Hotels of America 2016 Annual Directory visit www.HistoricHotels.org/Directory.

(NRHP) Listed in the National Register of Historic Places

(AR) Adaptive Reuse converted hotel originally built for another purpose

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

Heather Taylor

Historic Hotels of America    

Manager, Marketing Communications

Tel: +1 202 772 8333 Fax: +1 202 772 8338

htaylor@historichotels.org

www.HistoricHotels.org.

Stepp Commercial Completes $9.7 Million Sale of 44-Unit Ocean Plaza Apartments in Long Beach, CA

Ocean Plaza Apartments, 633 East 1st Street, Downtown Long Beach, CA

LONG BEACH, CA, Jan. 9, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $9.7 million sale of Ocean Plaza, a 44-unit apartment property within the East Village Arts District of Downtown Long Beach.

Robert Stepp

Robert Stepp, principal of Stepp Commercial, represented the seller, Santa Monica-based Joda Investments, as well as the Westchester, Calif.-based private buyer. The property closed at a 4.2 percent cap rate and a price per unit of $220,455.

Built in 1956 and located at 633 E. 1st Street on just over one-half acre, the property consists of three, two-story buildings with a pool in its center courtyard and offers 18 one-bedroom units and 26 studio units. The property recently underwent light renovations, including remodeled kitchens.

“This is a sizable property for the neighborhood that offered room for the buyer to add value through future renovations and bringing rents to market rates,” said Stepp.

Ocean Plaza Apartments is just one block from Ocean Blvd, within the East Village Arts District, one of the hottest areas of Downtown Long Beach. This area is undergoing a growing demand for housing as it provides an eclectic mix of retail, dining, entertainment, and art.

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

Darcie Giacchetto

949.278.6224

www.steppcommercial.com

 

George Smith Partners Secures $73M for Creative Office Conversion at Seattle Design Center

Rendering of Seattle Design Center, Seattle, WA

 Seattle, WA (Jan. 9, 2017) - Leading investment banking firm George Smith Partners has secured a $73 million non-recourse bridge loan for the conversion, renovation and stabilization of the Seattle Design Center on behalf of Greenbridge Investment Partners, a full-service commercial real estate firm.  The financing was arranged by George Smith Partners Principal Steve Bram.

Steve Bram

“Seattle’s creative office market is flourishing, and shows no signs of slowing in the near future,” says Bram.  “Vacancy rates have reached pre-recession lows, and tech giants such as Amazon and Facebook are expanding in the market.  This activity fuels a deeper demand for creative office, and presents an opportunity for owners who are in a position to deliver creative space to the market.”

The design center, comprised of two buildings situated in the Georgetown submarket of Seattle, historically served as a well-known destination for high-end home furnishings and design services.  Since acquiring the property in 2014, Greenbridge Investment Partners rebranded the buildings into:

Building 1: a 157,000 square-foot asset now called Seattle Design Center

Building 2: a 280,000 square-foot asset now called Georgetown Squared (G2)

“While our client had purchased the two adjacent design center buildings for $24.9 million at 43-percent overall occupancy, over the last two years, Greenbridge renovated the Seattle Design Center building and consolidated the showroom/design tenants into that facility,” explains Bram.  “Now, Greenbridge is ready to begin a major repositioning of the G2 building from showroom space into creative office.”

Bram notes that the challenge in this transaction was identifying a lender that could refinance the existing loan to support this major conversion.

“There were two key obstacles to overcome,” he says.  “First, the existing lender was unable to increase the size of the lending facility.  Second, the sponsor had greatly increased the scope of the renovation plan in order to meet the need for high-end creative office. By demonstrating the shortage of creative office product in the market, as well as the strong demand for this product type, the George Smith Partners team identified a lender who recognized the value in the project and funded the loan.”

Sean Hashem

The $73 million non-recourse bridge loan closed at 59.7-percent loan-to-stabilized value at a competitive LIBOR spread for a 24-month term with one 12-month option. 

$49 million was funded at closing, and an additional $24 million will pay for renovation, construction, tenant improvements and leasing commissions at the G2 building.

Sean Hashem, Principal of Greenbridge Investment Partners explains, “This is a major success story for our firm.  We recognized that demand was not sufficient to operate both buildings as a home furnishing and design center, and we understood the need for creative office space in the marketplace.

“By implementing our re-tenanting and repositioning strategy, we have brought the Seattle Design Center building to 86-percent occupancy, and our G2 building is already 45-percent pre-leased to strong tenants.”

Greenbridge’s G2 office building will offer a full creative environment with expansive 60,000 square-foot floorplates, exposed ceilings and concrete floors, glass walls for natural light, unobstructed views of downtown Seattle and Mt. Rainier, and full-service amenities, including an upscale fitness center and conference center.

The property is located at 5601 & 5701 Sixth Avenue in Seattle, Washington, in close proximity to major traffic routes.  More information on G2 is available at www.georgetownsquared.com.

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

Miki Conant / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

mconant@browermillercole.com

 www.browermillercole.com

www.GSPartners.com

www.greenbridgemgmt.com

Bull Realty Debuts Atlanta Places TV

 

April Phelan

ATLANTA, GA — Bull Realty is the presenting sponsor of a brand new lifestyle show, Atlanta Places TV. 

The show is produced by AKB Media Partners and is set to debut on January 8th, 2017.

Atlanta Places TV is a video and companion radio show about the best places around metro Atlanta to live, work, dine, shop and play. 

The show about what’s going on around us, the places, the people and the experience.

The show hosts are April Phelan, an Atlanta-based actress and host, and Michael Bull, host of The Commercial Real Estate Show and CEO of Bull Realty.

These shows are shot on-site providing a great audience experience. For example, in one show, host April Phelan interviews residents at Avalon about what it’s like to live in a mixed-use development. In another show, Michael interviews John Buckett about the aerial atom racecar driving experience at Atlanta Motorsports Park.

The video shows will be available on-demand beginning January 8th on AtlantaPlacesTV.com and are available now on YouTube.

The companion radio show can be heard at 12:30 PM every Sunday afternoon beginning January 8th on Atlanta radio station, AM 920 The Answer, as well as on-demand on iTunes.

Michael Bull

“Some people in Atlanta tend to get into a routine doing the same things and going to the same restaurants, maybe partly because of traffic and lack of convenient transit options. This show helps viewers determine if ‘places’ are worth the drive,” said host Michael Bull.

The show’s producer is James Koontz. Koontz’s previous project as producer of The Commercial Real Estate Show (www.CREShow.com) was an incredible success. The show has a huge national audience as America's most heard and watched commercial real estate show in the nation.

For more information contact Michael Bull at 404-876-1640 x 101 or Michael@BullRealty.com. AKB Media Partners also produces and hosts The Commercial Real Estate Show (www.CREshow.com).

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

Melissa Henry

Communications Manager

Bull Realty, Inc. 

404-876-1640 x 110

$100 million refinancing secured by HFF for Fox Valley Mall near Chicago, IL

Claudia Steeb

PITTSBURGH, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $100 million refinancing for Fox Valley Mall, a 1.4-million-square-foot super regional enclosed mall in the Chicago-area suburb of Aurora, Illinois.

HFF worked on behalf of a joint venture partnership between Centennial Real Estate Company (Centennial), Montgomery Street Partners (MSP), USAA Real Estate Company (USAA RealCo) and Westfield America to place the five-year loan with one 24-month extension option with a lender group led by J.P. Morgan Chase Bank, N.A. and participant lenders Aareal Capital Corporation and CIT Bank NA. 

In 2015, HFF assisted the partnership by arranging $308.4 million in acquisition financing for three shopping malls totaling 2.3 million square feet in Connecticut, Illinois and Washington in addition to facilitating transfers under the existing debt financing on two additional malls that the partnership was purchasing: Fox Valley Mall and MainPlace Mall in Santa Ana, California.

 The current financing proceeds were used to pay off the existing CMBS loan on Fox Valley Mall, which was assumed when the partnership purchased the property.

Fox Valley Mall is the only super regional mall in Aurora, one of the fastest-growing submarkets in the Chicago MSA. 

 Ninety-three percent leased, Fox Valley Mall is home to national tenants, including H&M, Abercrombie & Fitch, Books-A-Million, Charming Charlie, American Eagle Outfitters, XXI Forever, Victoria’s Secret, Gap and Rue 21. 

Additionally, the mall has four anchors, Carson Pirie Scott, Macy’s, Sears and JCPenney.  Fox Valley Mall is situated on 43.016 acres at 195 Fox Valley Center Drive equidistant between two of the largest suburban downtown areas in the Chicago MSA:  Aurora and Naperville.  

Jim Curtin

The property is located along Interstate 88 approximately 35 miles from downtown Chicago.

HFF’s debt placement team was led by managing director Claudia Steeb, director Jim Curtin and real estate analyst Brandi Welsch along with managing director Timothy Joyce and associate director Christopher Knight.

 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 | hfflp.com

ohennessey@hfflp.com

www.usrealco.com

www.montgomerystreetpartners.com