The Galleria and Tower at Erieview, 1301 East Ninth Street,
Downtown Cleveland, OH

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Galleria and Tower at Erieview, a 760,339-square-foot, premier high-rise office building and 93,663-square-foot retail center in downtown Cleveland’s business district.

Jamie Fink

The HFF team represented the seller and procured the buyer, KRA Management.

The Galleria and Tower at Erieview is located at 1301 East Ninth Street in the heart of Cleveland’s central business district. 

This “Main and Main” location places the property within walking distance of all downtown amenities and attractions, including Playhouse Square, the Warehouse District, The Flats, Public Square and Gateway. 

 Additionally, the asset’s location along the primary avenue in Cleveland’s Financial District provides it with superior connectivity to Interstates 90, 71 and 77, and easy access to Cleveland Hopkins International Airport. 

Bryan Rosenberg

 The 40-story mixed-use property is the fourth tallest building in Cleveland and features an array of amenities, including sweeping views of Lake Erie, indoor heated parking, and a 40,000-square-foot YMCA fitness facility that has a three-lane lap pool, yoga and spinning studios and a spa/wellness clinic. 

The retail portion of the complex is a glass-enclosed, two-story urban retail center that offers a mix of retail stores as well as a food hall. 

The HFF investment advisory team representing the seller included directors Bryan Rosenberg and Patrick Shields, and senior managing directors Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio.

Patrick Shields

“The Galleria and Tower at Erieview is an iconic project in Downtown Cleveland with tremendous potential,” Rosenberg said. “We are excited to watch the transformation.”

KRA Management is a family owned and operated real estate development and property management business that was founded by James Kassouf in 1972. 

The Kassouf family owns over 20 acres of real estate in Downtown Cleveland, a chain of gas stations, approximately 1.33 million square feet of retail, and multiple office buildings in Downtown Cleveland. 

Metro Parking System’s, an affiliate of KRA, has been an industry leader since 1972.  Through its history, Metro Parking Systems has operated more than 51 parking lots and garages with over 12,000 parking spaces across 4 states.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Mesa, AZ welcomes Cognizant to Waypoint at Mesa Riverview

Waypoint at Mesa Riverview Development, Mesa, AZ

 Mesa, AZ – Cognizant, a Fortune 500 digital technology firm and one of the world’s leading professional services companies, opened its newest U.S. regional center at 1130 North Alma School Road.

Mesa, AZ  Mayor John Giles

 “Cognizant is an exciting addition to Mesa,” Mayor John Giles said. “Their decision to expand to Mesa is a great endorsement of our business-friendly environment and the work they do to help companies transform their business with specialized technology is at the epicenter of the IT industry.”

 They are joining many other technology-driven companies at Waypoint within Mesa Riverview.

 Occupying two floors and 50,000 square feet, Cognizant will invest $4.5 million this year in the Mesa facility and bring more than 500 new jobs to the site to serve companies in 15 industry sectors including banking, consumer goods, education healthcare manufacturing and transportation.

Mark Freeman

 The new jobs will be full-time, technology and business professionals who provide business process services as well as software application development and maintenance.

 "The amazing number of jobs Cognizant is bringing to this facility will help solidify Mesa as a leader in tech industry careers," said District 1 Councilmember Mark Freeman. "This location at Waypoint in District 1 is ideal for the workforce, because of its proximity to two major freeways and the retail and restaurant options right next door." 

Craig Krumwiede

The 35-acre Waypoint totals four buildings designed to accommodate single- and multiple-occupancy tenants. It sits adjacent to Mesa’s Riverview district, which offers 1.3 million square feet of retail, restaurants, entertainment and the upscale Sheraton and Hyatt Place hotels.

Also, within Riverview are Riverview Lake and Sloan Park, home of the Chicago Cubs spring training facility.

 “Waypoint was located and built with an eye toward serving the modern corporate tenant. We are thrilled to welcome Cognizant, and to see our efforts put to use by an exceptional Fortune 195 company,” said Harvard Investments President and CEO Craig Krumwiede, who serves as the project developer along with Lincoln Property Company.

David Krumwiede

 “With the addition of Cognizant, our 430,000-square-foot Waypoint campus is now 95 percent leased,” said Lincoln Property Company Executive Vice President David Krumwiede. “It creates a very dynamic place for Cognizant, and all of our tenants, to grow and thrive.”

 The City of Mesa partnered with Cognizant and the Arizona Commerce Authority on this project. 

For more information about Cognizant, please visit www.cognizant.com. 

For more information, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF announces acquisition financing for Class A office building in West Houston, TX

Rendering of Westgate1 Office Complex,
West Houston, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Westgate I, a state-of-the-art, Class A office building totaling 248,707 square feet in West Houston.

The HFF team worked exclusively on behalf of Canada-based Nicola Crosby Real Estate to arrange a seven-year, 4.63 percent fixed-rate acquisition loan through Principal Real Estate Investors.

Westgate I is situated on 5.99 acres at 17220 Katy Freeway at the Barker Cypress exit in the heart of the Park 10 Business Center, a well-established, 550-acre business park, which accounts for more than one-third of the square footage in Houston’s Energy Corridor. 

The building is part of a three-building master-planned development totaling more than 660,000 square feet.  The other two adjacent buildings, which are not part of this transaction, are 100 percent leased to Wood Group Mustang, Inc.

Cortney Cole

 Delivered in 2014, Westgate I has been designed to LEED Gold standards and features high-quality finishes, an upscale café, full fitness center and a five-level parking garage. 

The 95.7-percent-leased property is anchored by Subsea 7 and Atkins PLC, two global corporations with investment-grade credit that together occupy 68 percent of the building’s net rentable area. 

Additional tenants comprise a cross-section of industries, including energy, engineering, human resources, automotive and waste management.

HFF’s debt placement team representing the borrower consisted of managing director Cortney Cole.

For more information, please contact:

CORTNEY COLE

HFF Managing Director

(713) 852-3500

ccole@hfflp.com

OR

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

www.nicolacrosby.com.

Hold-Thyssen Closes Five-Year Lease for Sherwin-Williams Expansion at Enterprise Plaza in Orange City, FL

Sherwin Williams store, Enterprise Plaza, Orange City, FL

ORANGE CITY, FL -- Hold-Thyssen, Inc., a full service commercial property firm based in Winter Park, recently negotiated a five-year lease expansion and renewal agreement with Sherwin-Williams Company, a tenant for more than 30 years at Enterprise Plaza, located at 2499 Enterprise Rd. in Orange City.

Darby Hold, transaction specialist at Hold-Thyssen, who represented the Michigan-based Landlord Florida Premier-Enterprise LLC, said Sherwin-Williams extended the lease of its 4,020 square foot unit and expanded into an additional 1,284 square feet totaling 5,304 square feet for another five year term.

Darby Hold

At the same time Hold represented the landlord in a three year lease renewal agreement with SalonCentric, Inc.   The tenant, a professional salon products distributor with more than 565 locations nationwide occupies 2,720 square feet at Enterprise Plaza and has been serving the area for 13 years.  

The two tenants, Sherwin-Williams and SalonCentric combined, occupy a total of 8,024 square feet at Enterprise Plaza.

Hold-Thyssen, Inc. provides commercial property brokerage 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 more information about this press release, please contact

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 

407-644-4142 Lvershelco@aol.com. 

Allianz and Brookfield provide debt facility to Blackstone for HFF-coordinated refinance of London’s St Katharine Docks

St. Katharine Docks, London, England

LONDON, ENGLAND –– Allianz Real Estate and Brookfield have refinanced Blackstone’s St Katharine Docks, London, in a deal coordinated by HFF Real Estate Limited (HFF). 

 Allianz as senior lender arranged the senior facility on behalf of a number of Allianz Group insurers. Brookfield - through the Brookfield Real Estate Finance Fund V - provided mezzanine financing.

The five-year, floating-rate deal represents the first time Blackstone has borrowed from both Allianz and Brookfield in Europe.  Additionally, this marks the first transaction globally in which Allianz Real Estate and Brookfield have partnered together on a financing.

Roland Fuchs

St. Katharine Docks, a 23-acre estate built in 1827 and central London’s only marina, has evolved into an iconic destination within London with more than 500,000 square feet of commercial space and featuring 80 companies, 24 bars and restaurants, 200 berths and 6,500 employees.

  

In 2014, Blackstone strategically purchased the asset via the acquisition of Max Property Group and has since enhanced the asset via significant capital improvements that have attracted top-tier tenants such as WeWork, Clarkson Plc., QA Limited and Six Degrees.

The debt provided by Allianz is split into a senior term loan and a capex line to redevelop Devon House, a 90,000-square-foot building on the estate. 

 It is Allianz’ second UK transaction in 2018 – in April, Allianz lent £50 million as part of the £100 million development financing for 80 Fenchurch Street, a prime office property in the City of London.  Both deals are part of Allianz’s European value-add growth strategy.

Brad Greenway

“This is a landmark opportunity to refinance one of London’s unique estates, said Roland Fuchs, Head of European Debt at Allianz Real Estate.  

"St Katharine Docks is a prime development that correlates with our focus on very high-quality, long-term assets owned by exceptional managers such as Blackstone. 

  

“This deal, our second value-add transaction in the UK this year, also illustrates our increasing focus on London, which we believe will continue to be one of the world’s most influential and dynamic cities offering a compelling selection of prime assets for investors.”

The HFF debt placement team working on behalf of Blackstone included director Brad Greenway and managing director Edward Daubeney.

“To be able to bring together three world-class real estate platforms for an inaugural, iconic transaction shows the strength of the London market and Blackstone’s ability to impressively execute on the identified repositioning,” Greenway said. 

Edward Daubeney

“Blackstone has breathed life into St. Katharine Docks while continuing to execute its successful business plan,” Daubeney added.  “It has been a real pleasure working with all the parties involved on an important mandate for the HFF London team.”

  

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

OR

BRAD GREENWAY

HFF Director
+44 (0)20 7509 6700

bgreenway@hfflp.com

EDWARD DAUBENEY

HFF Managing Director
+44 (0)20 7509 6700

edaubeney@hfflp.com

Allianz Real Estate:  

LEILA SALIMI

+33 1 42 99 63 15

leila.salimi@allianz.com

or

Citigate Dewe Rogerson FAO Nick Corrin / Hugh Fasken / Patrick Evans

+44 (0)20 7638 9571

nick.corrin@citigatedewerogerson.com

hugh.fasken@citigatedewerogerson.com

patrick.evans@citigatedewerogerson.com

Hanley Investment Group Arranges Sale of Coffee Bean & Tea Leaf with Drive-thru in Rialto, CA for $1,667 PSF

Coffee Bean and Tea Leaf Headquarters,
1877 North Riverside Avenue, Rialto, CA

RIALTO, CA -- Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of a brand-new single-tenant retail property occupied by The Coffee Bean & Tea Leaf at 1877 North Riverside Avenue in Rialto, California.

Bill Asher

The sale price was $2,895,000, representing a 3.8 percent cap rate and $1,667 per square foot.

Hanley Investment Group Executive Vice President Bill Asher and Vice President Jeff Lefko represented the seller, Fountainhead Development based in Newport Beach, California. 

Ash Joshi of Capital Realty Solutions Inc. in San Fernando, California, represented the buyer, a private investor based in Chatsworth, California.

The new construction, freestanding, 1,710-square-foot The Coffee Bean & Tea Leaf, which opened on July 23rd, has a drive-thru and is located on a 0.48-acre pad at the hard corner, signalized intersection at Riverside Avenue and Easton Street/Highland Avenue, where traffic counts are in excess of 62,000 cars per day.

Jeff Lefko

The property is immediately adjacent to the Interstate 210 freeway at the Riverside Avenue entrance/exit. 

The 210 Interstate freeway is one of the major east/west freeways connecting California’s San Gabriel Valley and Inland Empire.

“The initial 15-year lease term was a very compelling attribute to the investment in obtaining sub-four percent cap pricing and generating multiple additional offers within striking distance,” said Asher.

Ash Joshi

“The asset featured the outstanding real estate fundamentals passive investors look for in today’s market - hard corner, signalized location, morning drive side to work for coffee drinkers, immediate access to a major freeway, and rare prominent city freeway signage,” notes Asher.

“The property benefits from high-identity freeway signage rights owned in perpetuity; one of only three retail tenants featured on the City of Rialto’s 95-foot pylon located along the 210 Interstate freeway, which is highly visible by daily eastbound and westbound traffic,” said Lefko.

“Average daily traffic count along the 210 freeway is approximately 112,000 cars per day. The property is also situated near Interstate 215. At the Ramona Expressway exit on Interstate 215 average daily traffic count is 145,000 cars per day.”

“Sharing a signalized intersection with In-N-Out Burger (directly across the street) doesn’t hurt either,” added Asher. “Coffee Bean will certainly benefit tremendously long-term from the regional traffic In-N-Out Burger draws and speaks to the overall strength of the quality of the location.”





Other nearby national credit tenants that drive sales traffic to the immediate area include Arco/AMPM, Chipotle, Jack in the Box, Jersey Mike’s Subs, Wingstop, 7-Eleven, Carl’s Jr., Del Taco, Rite Aid, Walgreens and Verizon.

The City of Rialto is the sixth largest city in San Bernardino County and the 11th largest in the Inland Empire with over 369,000 people within a five-mile radius of the property. There are one million people within 10 miles.

The Coffee Bean & Tea Leaf is the oldest and largest privately-held American coffee chain. Founded in 1962 with over 1,000 locations around the world and growing, the specialty coffee and tea retailer is known for providing and sourcing the finest ingredients and flavors from around the world.

For more information, please contact:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963

www.hanleyinvestment.com.

HFF announces $63 million financing for 385-unit apartment community in Littleton, CO

HiLine at Littleton Commons Apartments, Littleton, CO

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces $63 million in financing for HiLine at Littleton Commons, a 385-unit, Class A apartment community in the south Denver suburb of Littleton, Colorado.

Working exclusively on behalf of FMF Littleton LLC, the HFF team secured the five-year, 4.15 percent fixed-rate loan through a life company lender.  Loan proceeds were used to recapitalize the deal and refinance existing construction financing.  

Josh Simon

The loan featured full-term, interest-only, flexible prepayment and the ability to advance future loan proceeds at a future date.

Situated on 18.06 acres at 8300 Erickson, HiLine at Littleton Commons is in the Highlands Ranch/Lone Tree submarket south of Denver. 

 The property is just off C-470 and near the Mineral Light Rail Station, which offers access to the Rocky Mountains, downtown Littleton and the Denver Tech Center.  

Completed in 2016, HiLine at Littleton Commons features a mix of one-, two- and three-bedroom units and a total of 620 parking spaces, including attached and detached garages.  

Community amenities include an outdoor pool, hot tub, tanning deck with cabanas, outdoor kitchen and grilling area, 24-hour fitness center, clubhouse, billiards table, business center and dog park with dog wash station.

The HFF debt placement team representing the borrower consisted of managing director Josh Simon.

For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com