Long Beach Exchange Announces New Tenant Lineup at The Hangar in East Long Beach, CA

LONG BEACH, CA – Long Beach Exchange, a new retail and lifestyle destination in East Long Beach that is comprised of favorite national, regional and local retailers, eateries and boutique fitness offerings, continues to announce the addition of exciting tenants to its roster.

 A few of Long Beach Exchange’s (LBX) larger retailers include Wholefoods 365, PetSmart, T.J. Maxx, ULTA Beauty and Nordstrom Rack — a lineup which will soon be joined by an engaging and innovative mix of local and regional purveyors of food, fashion, and more at The Hangar. 

Stephen Thorp

 Designed as the dynamic heart of LBX and to pay homage to the site’s rich aviation history, The Hangar is a 16,800-square foot enclosed hangar-inspired space with soaring, exposed-beam ceilings and a modern industrial feel and is slated to open in late summer/early fall 2018.

“The Hangar will be a place unlike anywhere else in Long Beach,” says Steve Thorp, Partner at Burnham-Ward Properties –the developers, owners and operators of LBX. 

 “At The Hangar, the community will come together to enjoy delicious and unique food, beverage and retail offerings from the region’s most innovative talents. It’s a space designed for community, celebration, new discoveries and fun.”

Thorp adds, “It was important for us to honor the history of Long Beach, and of this site in particular, throughout the development and building of Long Beach Exchange and The Hangar.
 “Our mission is to ‘Build Community Through Property,’ and we are pleased to be doing that at LBX in meaningful ways — ranging from the incorporation of authentic historical elements to aviation-inspired architecture to a tenant mix that celebrates and enhances the experience of this area for residents and visitors, alike.”

For more information, please contact:

Miki Akil/ Carrie Williams

Kitchen Table PR832.260.4414

miki@kitchentablepr.com 

or

Jordan Kruk

Kitchen Table Marketing + PR

714.928.5085

Jordan@kitchentablepr.com

www.kitchentablepr.com

http://www.amorytacos.com/ 

www.bitemi.com

http://donerg.com/

https://www.bottlecraftbeer.com/

http://www.thekroft.com/

http://www.portolacoffeelab.com/ 

http://www.pop-bar.com

http://thecellarsite.com/black-sheep-gcb/

HFF announces $28.5 million refinancing for Class A industrial warehouse in North New Jersey

350 Clark Drive Warehouse, Mount Olive, NJ

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $28.5 million refinancing for 350 Clark Drive, a three-building Class A industrial warehouse facility totaling 443,030 square feet in the North New Jersey community of Mount Olive, New Jersey.

Greg Nalbandian

The HFF team worked on behalf of the borrower, Commercial Realty Group (CRG), to place a 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.  Additionally, HFF will service the loan.

The industrial facility at 350 Clark Drive was originally constructed to house the headquarters of Calvin Klein Cosmetics and is now 97.1 percent leased to office and industrial tenants. 

Divided into three contiguous components called Building A, B and C, the property features 24- to 30-foot clear heights, 26 loading docks, two drive-in doors, 42- by 34-foot column spacing, 20,000-square-feet of freezer space and 22.9 percent office finish. 

Situated on 20.2 acres in the Route 80 Corridor Industrial submarket, 350 Clark Drive is within the International Trade Center (ITC), a master planned industrial park located along Interstate 80 and one of five designed Foreign Trade Zones (FTZ) in New Jersey. 

Tim Mason

The property’s Interstate 80 location provides access to the rest of Northern New Jersey in addition to New York City, eastern Pennsylvania, New York State and the Northeast and the Mid-Atlantic regions.

The HFF debt team representing CRG included senior managing director Greg Nalbandian and analyst Tim Mason. 

“The HFF investment advisory team sold this asset to CRG less than three years ago,” Nalbandian said.  “In this short period of time, CRG increased the NOI by more than $1 million through aggressive lease-up of vacant space, renewing tenants at market rents and reduction of operating costs. 

"CRG also completed a building upgrade package and remedied deferred maintenance.  The substantial value creation allowed CRG to execute its value-added neighborhood model for a full cash out of the sponsor’s equity, which they intend to redeploy into other value-add opportunities.”

  

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

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

crg-realty.com. 

HFF announces $99.4 million sale and $69.2 million financing of 52-building industrial portfolio in Dallas-Fort Worth and Atlanta

Part of Industrial Portfolio in Dallas-Fort Worth, TX
and Atlanta, GA Submarkets

Adam Herrin

 

DALLAS, TX –– HFF announces the $99.4 million sale of and the $69.2 million acquisition financing for an 11-asset, 52-building industrial portfolio totaling 1.63 million square feet in infill, established industrial submarkets in the Dallas-Fort Worth and Atlanta MSAs.

The HFF team marketed the property on behalf of the seller, Berkeley Partners.  

A partnership led by Circle Industrial with the FREO Grouppurchased the assets.  

Additionally, working on behalf of the new owner, the HFF team placed the three-year, floating-rate acquisition loan with two one-year extension options with CIBC. 

The 87.3-percent-leased portfolio includes seven DFW-area properties that total 1.07 million square feet in five industrial markets, South Fort Worth, North Fort Worth, Northeast, South Stemmons and Metropolitan/Addison. 

Stephen Bailey

 The 28 buildings are categorized as either warehouse or light industrial and are leased to 149 tenants. 

 The four remaining portfolio properties are housed in the Atlanta area and comprise 24 light industrial buildings totaling 558,583 square feet all in the Doraville Industrial market.  The Atlanta properties are home to 183 tenants.

The HFF investment advisory team representing the seller included managing director Adam Herrin, director Stephen Bailey and senior managing director Chris Norvell along with managing director Ralph Smalley.

The HFF debt placement team representing the borrower included executive managing director Kevin MacKenzie, senior director Jeff Sause, director Michael Cosby and analyst Spencer Richley.

Chris Norvell

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

Founded in 2005, Berkeley Partners has formed a series of funds focused on the light industrial sector. 

The partnership includes a seasoned team of professionals with diversified experience in fund management, real estate investment, and property and leasing management.  

The company and its affiliated entities make-up a vertically integrated real estate operating company, which has demonstrated an ability to manage investments, operations and dispositions through market cycles.  

Berkeley Partners' industrial platform currently has assets under management totaling over $425 million, including value-add and core-plus strategies.  The company's investors include large pension plans, insurance companies, endowments, foundations and family offices.  Learn more at http://www.berkeleypartners.com.

Ralph Smalley

Circle Industrial is an industrial sector specialist focused on the acquisition, development and operation of properties in select major U.S. markets with high barriers to entry.  For more information, visit http://www.circle-industrial.com.

Established in 1996, FREO Group is an independent international investor, developer, and asset manager of high quality commercial real estate, with over $2 billion in assets under management in 15 offices throughout Europe and the U.S. 

FREO’s past and present portfolio includes more than 40 projects totaling in excess of 16 million square feet across a variety of asset classes including industrial, office, retail, hotel, and residential. To learn more, visit http://www.freogroup.com.

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

HFF announces sale and financing of Westin Reston Heights Hotel near Washington, D.C.

Westin Reston Heights Hotel, Reston, VA

 

Cyrus Vazifidar

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and acquisition financing of Westin Reston Heights, a 191-room, full-service hotel in the Washington, D.C.-area community of Reston, one of Northern Virginia’s most dynamic and growing areas.

The HFF team marketed the property on behalf of the seller.  Noble Investment Group purchased the hotel and will soon implement a comprehensive guest room and public area upgrade and renovation.  

Additionally, working on behalf of the new owner, the HFF team arranged a floating-rate acquisition loan with a balance sheet lender.

The Westin Reston Heights opened in 2008 and features a 24-hour business center; the award-winning Vinifera Wine Bar & Bistro; 1,000 square feet of flexible meeting and boardroom space.

Also, Westin Kids Club and various fitness outlets, including the rooftop WestinWORKOUT® Fitness Studio with a heated indoor pool, RunWestin program with custom local running maps and the Westin New Balance program, which provides guests athletic shoes and apparel they can borrow during their stay. 

Chris Hew

Situated at 11750 Sunrise Valley Drive, the hotel is in the heart of the Reston Master Plan, consisting of 22,000 new residential units, more than eight million square feet of new office space and 700,000 square feet of additional retail. 

The pet-friendly hotel is also located directly off of the Dulles Toll Road, which averages 270,000 daily trips and allows immediate vehicular access throughout the D.C. MSA. 

Additionally, The Westin Reston Heights will be within walking distance of the future Reston Town Center Metrorail Station (Silver Line), which is expected to be completed in 2019.  The future station will include a pedestrian walk along Reston Parkway, which will provide direct access to the Westin in less than a 0.5-mile walk.

The HFF investment advisory team representing the seller included senior director Cyrus Vazifdar.

The HFF debt placement team representing the borrower consisted of senior directors Chris Hew and KC Patel. 

“The Reston story is one of the best in the Mid-Atlantic, with incredible development spurring major corporate relocations,” Vazifdar said.  “The Westin Reston Heights is a phenomenal physical asset and will greatly benefit from Reston’s future growth prospects.”

KC Patel

Since 1993, Noble has specialized in making value-added, opportunistic and income investments in upscale select service and extended-stay hotels affiliated with Marriott, Hyatt, Hilton and Intercontinental. 

 Through its private equity real estate funds, Noble has invested more than $3 billion in communities throughout the United States, creating thousands of jobs. 

As a fiduciary to state pensions, university endowments and foundations, Noble's endeavors help to preserve and grow our limited partners' capital which provides retirement benefits for millions of our country's teachers, policemen and firefighters as well as financial resources for students to attend college.

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

www.nobleinvestment.com. 

Award-Winning Shaner Hotel Group Takes Over Management of Sebring’s Château Élan Hotel & Conference Center

Chateau Elan Hotel & Conference Center, Sebring, FL

SEBRING, FL - Officials of the 123-room Château Élan Hotel & Conference Center announced that the award-winning Shaner Hotel Group, one of the hospitality industry’s leading owner-operators of full- and select-service hotels, will take over operations of the hotel beginning Saturday, June 16.

Plato Ghinos

“We plan on leaning on Shaner to use their experience and contacts in the hospitality industry to bring new and creative ideas to Château Élan,” said Rick Humphrey, vice president, IMSA Properties. “They are associated with a variety of brands and bring a wealth of experience to the property.

“The Château Élan will benefit from the economies of scale and best practices afforded by Shaner’s additional hotels in Florida.  

"The hotel also will make use of Shaner resources for an expanded reach for events and other meetings that are taking place in the state.”

Situated next to Sebring International Raceway on the famous hairpin turn, the Château Élan is a premier, luxury hotel that provides an array of upscale services, from spa treatments to fine dining. 

With trackside viewing, conference meeting space and golf packages, the property targets business and leisure travelers to Central Florida. Hotel amenities include an outdoor pool and more than 7,000 square feet of meeting space. 

“The Sebring property is a natural expansion of our operations in Florida,” said Plato Ghinos, Shaner President. “Our current co-development and partnership at One Daytona hotels gives us the opportunity to expand our sports venue hotel portfolio with our quality partners.”

The Château Élan is one of three IMSA Properties. The others are two of the most prestigious road racing facilities in the world - Road Atlanta in Braselton, Ga., and Sebring International Raceway in Sebring, Fla., which is adjacent to the hotel.

Rick Humphrey

Shaner has a rich tradition of dedicated, high-quality hotel management service that dates back three generations. The company is dedicated to meeting the needs of customers and the resourcefulness of the company’s associates. 

The company, based in State College, Pa. has 17 properties in Florida out of its 55 worldwide that it manages. Two of those include the recently opened Fairfield Inn and the soon to be open The Daytona, Autograph Collection in the One Daytona development across from Daytona International Speedway.

 For more information, please contact:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

www.cesebring.com or call 888-844-6835.

www.shanercorp.com.

Alpha Wave Investors Acquires 144-Unit Mulitfamily Property in Rapidly Growing Las Vegas Market

Cypress Springs Apartments, Centennial Hills Submarket,
Las Vegas, NV

Jordan Fisher

LAS VEGAS, NV --  Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has acquired Cypress Springs Apartments, a 144-unit multifamily community situated in the Centennial Hills submarket of Las Vegas. Alpha Wave acquired the asset in an off-market transaction for $15 million.

“The Las Vegas market is experiencing some of the fastest population and job growth in the country, making it an ideal locale for strategic investment,” says Jordan Fisher, a Founding Partner of Alpha Wave Investors.

“There is tremendous excitement surrounding new projects in the region, including the multi-billion-dollar Raiders stadium, several new billion-dollar-plus hotels on the strip, as well as growth of major employers such as Amazon, which is developing a second distribution center in the region.”

Devin Lee

The city, which ranks among the top 10 metro areas for population growth, boasted the second-largest employment gain in the U.S. last year, growing 2.9 percent. Fisher notes that the resulting multifamily rent growth - up 5.3 percent year-over-year – demonstrates that market fundamentals are strong enough to support true value-add investments.

“Our focus is always on properties that are poised for renovation and repositioning that will cater to the demands of the local rental market. Cypress Springs meets that criteria perfectly,” Fisher says.

Fisher also explains that Cypress Springs’ location in northern Las Vegas is a strategic advantage.

“New multifamily product being built in Las Vegas has been concentrated in Summerlin and Henderson – all in the southern part of the market,” explains Fisher.  “Our property is situated in the north, where there is little to no new supply, making the asset well-positioned to attract and retain residents seeking upgraded workforce housing in the region.”

The seller, a private investor based in California, owned the asset for more than a decade and kept it well-maintained, according to Fisher.

David Walkin

“Because the property is already in good condition, we have the opportunity to focus all capital improvements on amenities and upgrades that will drive NOI growth and support long-term value for residents,” Fisher continues.

Alpha Wave plans to implement approximately $1.7 million in upgrades and improvements to the property, including the addition of security gates, a play structure, a dog park, an outdoor gas barbeque, new landscaping, exterior paint, a new pool area, clubhouse, and fitness center, as well as fully renovated interiors.

Devin Lee, CCIM of Northcap Multifamily identified the opportunity for Alpha Wave and represented both the buyer and seller in the off-market transaction.

David Walkin of Meridian Capital Group, LLC arranged $13.65 million in acquisition financing for Alpha Wave from lender Resource Real Estate Funding, Inc.

“It was clear that Resource Real Estate Funding quickly understood our vision for the project, and the collaboration between Devin, David, and the lender made for a seamless transaction,” noted Fisher.

Ken Cruse

Built in 1994, Cypress Springs Apartments offers large one-, two- and three-bedroom apartments in close proximity to employment and transit, as well as a wide variety of restaurants, retail, and entertainment options. The property is located at 3651 Rancho Drive in Las Vegas, Nevada.

            Led by Ken Cruse, former CEO of a $5 billion publicly traded REIT, as well as Jordan Fisher and David Sloan, Alpha Wave Investors targets opportunistic and value-add investments and conducts management through its in-house property management platform.

For more information, please contact:
 

Samantha Kay ·  Account Coordinator 
O 949 955 7940 

Brower Group, Inc.
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660

Email · Website · Facebook · Twitter · Instagram

OR

Jenn Quader

Brower Group

(949) 955-7940

jquader@brower-group.com 

www.alphawaveinvestors.com.