News Briefs
Auto Parts Concern Claims 70,000SF at 775,000-SF Industrial Park in Suburban Philly
Sept 5, 2008
The Tri-County Commerce Park in Pottstown, about 40 miles northwest of Philadelphia, will welcome a new tenant now that CJ's Tire and Automotive Services has inked a multi-year lease for 70,000 square feet at the property. The one-story warehouse and distribution facility consists of 775,000 square feet of warehouse and manufacturing space located in the Route 422 Corridor. Property owner BCW Associates is in the midst of upgrading the industrial complex, which is also home to third-party logistics provider Genco, Prostar Packaging and Johnson Matthey. CJ's Tire was represented by The Flynn Co. in the transaction and CB Richard Ellis represented BCW.
The Tri-County Commerce Park in Pottstown, about 40 miles northwest of Philadelphia, will welcome a new tenant now that CJ's Tire and Automotive Services has inked a multi-year lease for 70,000 square feet at the property. The one-story warehouse and distribution facility consists of 775,000 square feet of warehouse and manufacturing space located in the Route 422 Corridor. Property owner BCW Associates is in the midst of upgrading the industrial complex, which is also home to third-party logistics provider Genco, Prostar Packaging and Johnson Matthey. CJ's Tire was represented by The Flynn Co. in the transaction and CB Richard Ellis represented BCW.
Design Plans Unveiled for $450M Arts Center in Orlando
Sept 5, 2008
Plans for the development of the Dr. P. Phillips Orlando Performing Arts Center move forward with the unveiling of the design for the 330,000-square-foot project. Working with HKS Inc. and Baker Barrios Architects, Barton Myer and Associates is heading up the design process. Located downtown on land that was acquired from the First United Methodist Church, the arts facility will feature two grand performance halls, including the 1,800-seat Walt Disney World acoustic hall; a 300-seat community theater; an outdoor plaza and performance space; rehearsal rooms; administrative offices; and educational programming space. The project, carrying a development price tag of $450 million, will be funded through private contributions and loans, including an $80 loan from Bank of America that the center secured last December. Hines is overseeing development of the facility, and expects to break ground in 2009 to accommodate an opening in 2012.
Plans for the development of the Dr. P. Phillips Orlando Performing Arts Center move forward with the unveiling of the design for the 330,000-square-foot project. Working with HKS Inc. and Baker Barrios Architects, Barton Myer and Associates is heading up the design process. Located downtown on land that was acquired from the First United Methodist Church, the arts facility will feature two grand performance halls, including the 1,800-seat Walt Disney World acoustic hall; a 300-seat community theater; an outdoor plaza and performance space; rehearsal rooms; administrative offices; and educational programming space. The project, carrying a development price tag of $450 million, will be funded through private contributions and loans, including an $80 loan from Bank of America that the center secured last December. Hines is overseeing development of the facility, and expects to break ground in 2009 to accommodate an opening in 2012.
Chemical Company Stays Put at Suburban Phoenix Home with 53,000-SF Lease Renewal
Sept 5, 2008
BioLab Inc. has decided to extend its commitment to its digs at 5555 North 51st Avenue in Glendale, Ariz., with the signing of a new seven-year lease. A swimming pool chemicals provider, BioLab has had its name on the tenant roster of the 104,000-square-foot industrial property since 1985. Located off I-17 less than 10 miles from Phoenix, 5555 North 51st was developed in 1980, and in addition to warehouse and a small amount of office accommodations, encompasses hazardous material storage space. USI Rel Estate represented BioLab in the lease transaction, while DAUM Commercial Real Estate Services stood in for the landlord, T&R Properties.
BioLab Inc. has decided to extend its commitment to its digs at 5555 North 51st Avenue in Glendale, Ariz., with the signing of a new seven-year lease. A swimming pool chemicals provider, BioLab has had its name on the tenant roster of the 104,000-square-foot industrial property since 1985. Located off I-17 less than 10 miles from Phoenix, 5555 North 51st was developed in 1980, and in addition to warehouse and a small amount of office accommodations, encompasses hazardous material storage space. USI Rel Estate represented BioLab in the lease transaction, while DAUM Commercial Real Estate Services stood in for the landlord, T&R Properties.
Two Orange County Industrial Buildings Financed
Sept 5, 2008
First mortgage financing has closed for Etchandy Commerce Center and Etchandy Industrial Complex II, two industrial parks encompassing an aggregate 207,000 square feet in Orange County. NorthMarq Capital Inc. orchestrated the transaction, securing two 10-year term loans with 30-year amortization schedules through its correspondent relationship with ING Life Insurance and Annuity Co. and ING USA Annuity and Life Insurance Co. The 102,000-square-foot Etchandy Commerce in Anaheim was financef for $4.6 million and the 105,000-square-foot Etchandy Industrial was financed for $5.8 million. The loan-to-value ratio was less than 25 percent and the loan-to-land value was below 50 percent.
First mortgage financing has closed for Etchandy Commerce Center and Etchandy Industrial Complex II, two industrial parks encompassing an aggregate 207,000 square feet in Orange County. NorthMarq Capital Inc. orchestrated the transaction, securing two 10-year term loans with 30-year amortization schedules through its correspondent relationship with ING Life Insurance and Annuity Co. and ING USA Annuity and Life Insurance Co. The 102,000-square-foot Etchandy Commerce in Anaheim was financef for $4.6 million and the 105,000-square-foot Etchandy Industrial was financed for $5.8 million. The loan-to-value ratio was less than 25 percent and the loan-to-land value was below 50 percent.
Financing Closes for New Jersey Retail/Office Center
Sept 5, 2008
The 185,000-square-foot office and retail property at 2143 State Route 35 in Holmdel, N.J., has been financed to the tune of $17.4 million. Cronheim Mortgage Corp. orchestrated the deal, which encompassed a 10-year loan with a 6.32 percent interest rate and a 25-year amortization. The loan came in two parts; an initial $12 million based on rents in place, along with the capacity to earn out an additional $5.4 million over a two-year period. Kohl's Plaza is anchored by a nearly 88,000-square-foot Kohl's Department Store and a 36,500-square-foot SteinMart store that recently joined the tenant roster, moving into the former TJ Maxx space. The borrower will use a portion of the proceeds to upgrade the property.
The 185,000-square-foot office and retail property at 2143 State Route 35 in Holmdel, N.J., has been financed to the tune of $17.4 million. Cronheim Mortgage Corp. orchestrated the deal, which encompassed a 10-year loan with a 6.32 percent interest rate and a 25-year amortization. The loan came in two parts; an initial $12 million based on rents in place, along with the capacity to earn out an additional $5.4 million over a two-year period. Kohl's Plaza is anchored by a nearly 88,000-square-foot Kohl's Department Store and a 36,500-square-foot SteinMart store that recently joined the tenant roster, moving into the former TJ Maxx space. The borrower will use a portion of the proceeds to upgrade the property.
Miami Medical Office Building Trades at $316 Per-SF
Sept 5, 2008
The 53,700-square-foot Sunset Professional Center at 6280 Sunset Dr. in Miami has come under new ownership, courtesy of a transaction valued at approximately $17 million. ProMed Properties, which owns and operates a portfolio encompassing over 1 million square feet of medical and research office space, snapped up the six-story structure from Sunset Associates Ltd. L.L.P. Occupying a 1.4-acre parcel adjacent to South Miami Hospital, Sunset Medical Plaza sits within close proximity to U.S. Highway 1. The 28-year-old building also features an attached three-level parking facility. Marcus & Millichap Real Estate Investment Services represented both the buyer and the seller in the transaction.
The 53,700-square-foot Sunset Professional Center at 6280 Sunset Dr. in Miami has come under new ownership, courtesy of a transaction valued at approximately $17 million. ProMed Properties, which owns and operates a portfolio encompassing over 1 million square feet of medical and research office space, snapped up the six-story structure from Sunset Associates Ltd. L.L.P. Occupying a 1.4-acre parcel adjacent to South Miami Hospital, Sunset Medical Plaza sits within close proximity to U.S. Highway 1. The 28-year-old building also features an attached three-level parking facility. Marcus & Millichap Real Estate Investment Services represented both the buyer and the seller in the transaction.
Houston Hotel Emerges from $22M Makeover
Sept 5, 2008
Sunstone Hotel Investors has wrapped up its reinvention of the former Wyndham Greenspoint Hotel, re-opening the 480-room property as the Hilton Houston North. The company, which has owned the hotel since buying it from Wyndham International Inc. in 2002, spent $22 million on the renovation. Located at 12400 Greenspoint Dr., about a half-hour from downtown Houston and approximately seven miles from the George Bush Intercontinental Airport, the new Hilton features 51,000 square feet of revamped meeting space, a wine bar that will debut in October and a state-of-the-art fitness facility scheduled to open its doors by November.
Sunstone Hotel Investors has wrapped up its reinvention of the former Wyndham Greenspoint Hotel, re-opening the 480-room property as the Hilton Houston North. The company, which has owned the hotel since buying it from Wyndham International Inc. in 2002, spent $22 million on the renovation. Located at 12400 Greenspoint Dr., about a half-hour from downtown Houston and approximately seven miles from the George Bush Intercontinental Airport, the new Hilton features 51,000 square feet of revamped meeting space, a wine bar that will debut in October and a state-of-the-art fitness facility scheduled to open its doors by November.
New $430M Detroit Airport Terminal Cleared for Debut
Sept 5, 2008
Construction of Detroit Metropolitan Airport's new 26-gate North Terminal has wrapped up, paving the way for the project's official unveiling on September 17. Work on the development kicked off in 2005 with the demolition of the former James M. Davey Terminal, which had been constructed in 1966. North Terminal, in addition to its gates, also contains about 50,000 square feet of concession space. The project cost the Wayne County Airport Authority approximately $430 million to complete.
Construction of Detroit Metropolitan Airport's new 26-gate North Terminal has wrapped up, paving the way for the project's official unveiling on September 17. Work on the development kicked off in 2005 with the demolition of the former James M. Davey Terminal, which had been constructed in 1966. North Terminal, in addition to its gates, also contains about 50,000 square feet of concession space. The project cost the Wayne County Airport Authority approximately $430 million to complete.
Denver Office Market Expected to Close the Year in Good Standing
Sept 5, 2008
The future looks rosy for the Denver office market. As per a recent research report by Marcus & Millichap Real Estate Investment Services, the Rocky Mountain city is on track for a steady operating performance for 2008, and a positive performance for the long-term. The vacancy rate is anticipated to improve 60 basis points this year, and effective rents are forecasted to jump 5.5 percent. Driving the trend is employment growth that, at 0.3 percent, is expected to be above the national average for the next five years, thanks in no small part to businesses' attraction to the area's educated workforce and desirable business climate.
The future looks rosy for the Denver office market. As per a recent research report by Marcus & Millichap Real Estate Investment Services, the Rocky Mountain city is on track for a steady operating performance for 2008, and a positive performance for the long-term. The vacancy rate is anticipated to improve 60 basis points this year, and effective rents are forecasted to jump 5.5 percent. Driving the trend is employment growth that, at 0.3 percent, is expected to be above the national average for the next five years, thanks in no small part to businesses' attraction to the area's educated workforce and desirable business climate.
Financing Deal in Place for Two Suburban Dallas Affordable Housing Properties
Sept 5, 2008
With the assistance of Holliday Fenoglio Fowler L.P., Juniper Investment Group has gotten its hands on $17.5 million in financing for its Garden Gate Fort Worth and Garden Gate Plano affordable housing communities located in Fort Worth and Plano, respectively. Holliday Fenoglio placed a seven-year $7.8 million fixed-rate loan for the 240-unit Garden Gate Fort Worth with Freddie Mac, and also obtained a $9.7 million seven-year fixed-rate loan for the 240-unit Garden Gate Plano with the mortgage lender. Both Dallas-area properties were developed in 1995 under the Section 42 Low Income Housing Tax Credit program.
With the assistance of Holliday Fenoglio Fowler L.P., Juniper Investment Group has gotten its hands on $17.5 million in financing for its Garden Gate Fort Worth and Garden Gate Plano affordable housing communities located in Fort Worth and Plano, respectively. Holliday Fenoglio placed a seven-year $7.8 million fixed-rate loan for the 240-unit Garden Gate Fort Worth with Freddie Mac, and also obtained a $9.7 million seven-year fixed-rate loan for the 240-unit Garden Gate Plano with the mortgage lender. Both Dallas-area properties were developed in 1995 under the Section 42 Low Income Housing Tax Credit program.
Distributor Expands to Entire 231,900-SF Chicago-Area Building
Sept 5, 2008
It took only a few months for Rivera Logistics, a distributor for Seoul, Korea-based Hankook Tires, to determine that it needed more elbow room at its new locale. Early spring found the company signing a five-year lease with HSA Commercial Real Estate to occupy 231,900 square feet at the industrial property at 1203 Bilter Rd. in Aurora, Ill, and now late summer has brought a change in the agreement. The company recently committed to the entire 294,800-square-foot building, expanding its months-old lease by 62,900 square feet. Developed just one year ago, 1203 Bilter Rd. is part of Aurora Distribution Center Phase II, a complex that includes the 125,000-square-foot building at 1207 Bilter Rd. Reviva was represented in the transaction by CRESA partners, while HSA turned to Colliers Bennett Kahnweiler.
It took only a few months for Rivera Logistics, a distributor for Seoul, Korea-based Hankook Tires, to determine that it needed more elbow room at its new locale. Early spring found the company signing a five-year lease with HSA Commercial Real Estate to occupy 231,900 square feet at the industrial property at 1203 Bilter Rd. in Aurora, Ill, and now late summer has brought a change in the agreement. The company recently committed to the entire 294,800-square-foot building, expanding its months-old lease by 62,900 square feet. Developed just one year ago, 1203 Bilter Rd. is part of Aurora Distribution Center Phase II, a complex that includes the 125,000-square-foot building at 1207 Bilter Rd. Reviva was represented in the transaction by CRESA partners, while HSA turned to Colliers Bennett Kahnweiler.
Las Vegas Sands, Starwood Hotels Sign Contract to Open First St. Regis Residences in Las Vegas
Sept 4, 2008
Las Vegas Sands has reached an agreement with Starwood Hotels & Resorts Worldwide Inc. to develop The St. Regis Residences at the Venetian Palazzo in Las Vegas, Nev. The residential project is currently under construction between Las Vegas Sands' Palazzo and Venetian resorts on the Las Vegas Strip. Anticipated to open in March 2010, the St. Regis Residences will offer the Signature St. Regis Butler Service, custom tailored experiences, and luxury accommodations.
Las Vegas Sands has reached an agreement with Starwood Hotels & Resorts Worldwide Inc. to develop The St. Regis Residences at the Venetian Palazzo in Las Vegas, Nev. The residential project is currently under construction between Las Vegas Sands' Palazzo and Venetian resorts on the Las Vegas Strip. Anticipated to open in March 2010, the St. Regis Residences will offer the Signature St. Regis Butler Service, custom tailored experiences, and luxury accommodations.
McNally Joins Colliers Meredith as Associate
Sept 4, 2008
Dana McNally has joined Colliers Meredith & Grew as an associate in the Boston Brokerage Group, focusing on the Boston office market where he is responsible for the generation of new business, leasing, financial analysis, lease negotiations, client presentations and market research.
Dana McNally has joined Colliers Meredith & Grew as an associate in the Boston Brokerage Group, focusing on the Boston office market where he is responsible for the generation of new business, leasing, financial analysis, lease negotiations, client presentations and market research.
Grubb & Ellis Acquires The Retreat at Peachtree City
Sept 4, 2008
Grubb & Ellis Realty Investors L.L.C. has acquired The Retreat at Peachtree City, a 312-unit multifamily community in the Atlanta suburb of Peachtree City, on behalf of tenant-in-common investors. Situated on nearly 26 acres, the approximately 306,000-square-foot property consists of 15 residential buildings and a separate building that houses the clubhouse and leasing center. Built in 1998, the property features many amenities, including a swimming pool, lighted tennis court, fitness center, storage units, executive business center and direct access to a 90-mile walking and golf cart trail. Grubb & Ellis purchased The Retreat at Peachtree City from a joint venture between AMLI Residential and Prudential, which was represented by Engler Financial Group. Financing was provided by Teacher's Insurance and Annuity Association, arranged by Capstone Realty Advisors.
Grubb & Ellis Realty Investors L.L.C. has acquired The Retreat at Peachtree City, a 312-unit multifamily community in the Atlanta suburb of Peachtree City, on behalf of tenant-in-common investors. Situated on nearly 26 acres, the approximately 306,000-square-foot property consists of 15 residential buildings and a separate building that houses the clubhouse and leasing center. Built in 1998, the property features many amenities, including a swimming pool, lighted tennis court, fitness center, storage units, executive business center and direct access to a 90-mile walking and golf cart trail. Grubb & Ellis purchased The Retreat at Peachtree City from a joint venture between AMLI Residential and Prudential, which was represented by Engler Financial Group. Financing was provided by Teacher's Insurance and Annuity Association, arranged by Capstone Realty Advisors.
AMB Leases 150,000 SF in Savannah
Sept 3, 2008
AMB Property Corporation has announced it has leased more than 150,000 square feet of the AMB Morgan Business Center - Building 100 development in Savannah to Dorel Juvenile Group Inc., a manufacturer and distributor of children's products. AMB Morgan Business Center - Building 100 is a 347,000 square foot facility proximate to the Port of Savannah, and the first speculative industrial development in the southeastern United States built to the LEED Silver Standard. The building is the first in the master-planned AMB Morgan Business Park, which is expected to total more than 3 million square feet of distribution space.
AMB Property Corporation has announced it has leased more than 150,000 square feet of the AMB Morgan Business Center - Building 100 development in Savannah to Dorel Juvenile Group Inc., a manufacturer and distributor of children's products. AMB Morgan Business Center - Building 100 is a 347,000 square foot facility proximate to the Port of Savannah, and the first speculative industrial development in the southeastern United States built to the LEED Silver Standard. The building is the first in the master-planned AMB Morgan Business Park, which is expected to total more than 3 million square feet of distribution space.
Elanco Sites New HQ in Indiana's Hancock County
Sept 3, 2008
Elanco, a global animal health company, has announced that it has chosen a site at I-70 and Ind. 9 as the location for its new worldwide headquarters. Construction on the state-of-the-art facility, set to begin in March 2009, marks the launch of a 52-acre business and life sciences park being developed by Browning Investments. The new headquarters will be owned, built and managed by Browning, a Midwest commercial development company. The Elanco headquarters will encompass about 135,000 square feet over 20 acres within the Browning park. Elanco's global headquarters is the first project in the new business park, and will launch the development of 32 remaining acres for additional development within this campus. The park, when completed, could accommodate up to 400,000 square feet of business space.
Elanco, a global animal health company, has announced that it has chosen a site at I-70 and Ind. 9 as the location for its new worldwide headquarters. Construction on the state-of-the-art facility, set to begin in March 2009, marks the launch of a 52-acre business and life sciences park being developed by Browning Investments. The new headquarters will be owned, built and managed by Browning, a Midwest commercial development company. The Elanco headquarters will encompass about 135,000 square feet over 20 acres within the Browning park. Elanco's global headquarters is the first project in the new business park, and will launch the development of 32 remaining acres for additional development within this campus. The park, when completed, could accommodate up to 400,000 square feet of business space.
Village Oaks in Tampa Goes for $21M
Sept 3, 2008
Cushman & Wakefield’s Florida apartment brokerage services has announced the sale of Village Oaks for $21 million. The purchaser was Mid-America Apartment Communities, a Tennessee-based REIT. Byron Moger and Luis Elorza negotiated the sale on behalf of the owners, Radco Management L.L.C., receiver for EB Developers. Village Oaks, located at 8425 Montravail Circle in Tampa, Fla. The property consists of a total 280,000 square feet, 234 units with 19 units owned individually as condominiums. Mid-America Apartment Communities purchased the remaining 215 unsold units.
Cushman & Wakefield’s Florida apartment brokerage services has announced the sale of Village Oaks for $21 million. The purchaser was Mid-America Apartment Communities, a Tennessee-based REIT. Byron Moger and Luis Elorza negotiated the sale on behalf of the owners, Radco Management L.L.C., receiver for EB Developers. Village Oaks, located at 8425 Montravail Circle in Tampa, Fla. The property consists of a total 280,000 square feet, 234 units with 19 units owned individually as condominiums. Mid-America Apartment Communities purchased the remaining 215 unsold units.
Younan Contracts to Buy Loan Portfolio
Sept 3, 2008
Younan Finance Group, an affiliate of Younan Properties Inc., has announced that it is under contract to acquire a portfolio of five separate, performing mezzanine loans from Rubicon Capital America L.L.C. These loans are backed by 2.5 million square feet of stable Class A and B-plus office assets in California, Texas, Florida, Connecticut, Missouri, Oklahoma, Alabama and Arkansas. Most of these assets operate at 100 percent occupancy with a stable tenant base that includes federal government agencies and Fortune 100 companies, which ensure immediate, positive cash flow.
Younan Finance Group, an affiliate of Younan Properties Inc., has announced that it is under contract to acquire a portfolio of five separate, performing mezzanine loans from Rubicon Capital America L.L.C. These loans are backed by 2.5 million square feet of stable Class A and B-plus office assets in California, Texas, Florida, Connecticut, Missouri, Oklahoma, Alabama and Arkansas. Most of these assets operate at 100 percent occupancy with a stable tenant base that includes federal government agencies and Fortune 100 companies, which ensure immediate, positive cash flow.
NYC Real Estate Whiz Busted
Aug 29, 2008
Manhattan District Attorney Robert Morgenthau has brought down NYC real-estate investor Adam Hochfelder, according to news reports. The DA arrested and charge Hochfelder with allegedly bilking associates and banks out of more than $17 million. The most serious charge, grand larceny, for lying on and forging various documents, could earn him a whopping return--25 years in jail. The 37-year-old was chairman & CEO of Max Capital Management Corp.
Manhattan District Attorney Robert Morgenthau has brought down NYC real-estate investor Adam Hochfelder, according to news reports. The DA arrested and charge Hochfelder with allegedly bilking associates and banks out of more than $17 million. The most serious charge, grand larceny, for lying on and forging various documents, could earn him a whopping return--25 years in jail. The 37-year-old was chairman & CEO of Max Capital Management Corp.
San Fran Boutique Hotel Gets $45M Refi
Aug 29, 2008
A refinancing deal valued at $45 million has closed for the 201-room Hotel Monaco San Francisco. Property owner Kimpton Hotel & Restaurant Group, on a payoff deadline and feeling the chill of the CMBS market, found a helping hand in GE Real Estate, which provided a three-year fixed-rate on-book loan. Located in the heart of downtown, the boutique lodging destination known today as Hotel Monaco was born as the Bellevue Hotel in 1910. Kimpton acquired the property in 2004 and after a $24 million renovation, re-opened its doors as the Hotel Monaco, the first to carry Kimpton's Monaco flag.
A refinancing deal valued at $45 million has closed for the 201-room Hotel Monaco San Francisco. Property owner Kimpton Hotel & Restaurant Group, on a payoff deadline and feeling the chill of the CMBS market, found a helping hand in GE Real Estate, which provided a three-year fixed-rate on-book loan. Located in the heart of downtown, the boutique lodging destination known today as Hotel Monaco was born as the Bellevue Hotel in 1910. Kimpton acquired the property in 2004 and after a $24 million renovation, re-opened its doors as the Hotel Monaco, the first to carry Kimpton's Monaco flag.
$46M Affordable Housing Project in San Diego Reaches Milestone
Aug 29, 2008
Father Joe's Villages 16th & Market Workforce Affordable Housing Development takes a big step toward realization with the topping off of the 12-story downtown San Diego residential property. ROEL Construction is spearheading building efforts on behalf of developer Father Joe's Villages, which conceived the $46 million project, its inaugural housing endeavor, to accommodate low-income and working families in the area. Joseph Wong Design Associates is the architectural firm behind the 217,100-square-foot structure that ultimately will feature 136 apartment units, ground-level retail space and a two-level underground parking facility. Construction of 16th & Market is scheduled to conclude in January 2009, and doors will open to residents a month later.
Father Joe's Villages 16th & Market Workforce Affordable Housing Development takes a big step toward realization with the topping off of the 12-story downtown San Diego residential property. ROEL Construction is spearheading building efforts on behalf of developer Father Joe's Villages, which conceived the $46 million project, its inaugural housing endeavor, to accommodate low-income and working families in the area. Joseph Wong Design Associates is the architectural firm behind the 217,100-square-foot structure that ultimately will feature 136 apartment units, ground-level retail space and a two-level underground parking facility. Construction of 16th & Market is scheduled to conclude in January 2009, and doors will open to residents a month later.
Nelson Brothers Breaks Into TIC Investment Biz with Phoenix Retail Purchase
Aug 29, 2008
Nelson Brothers Professional Real Estate, a one-year-old firm based in Aliso Viejo, Calif., has completed its first Tenant-in-Common transaction with the purchase of Palm Valley La Piazza Retail Center in Goodyear, Ariz. Suncor Development Co., developer of the 30,500-square-foot property, served as the lender and executed a carry back loan for the remaining equity for up to 24 months. Palm Valley occupies a nearly five-acre parcel within the retail corridor of the burgeoning West Phoenix submarket and is presently 100 percent occupied. Nobeus Property Management has been brought on board to assist the new ownership in tapping into the shopping center's upside potential. Nelson Bros., which focuses its activities on the western and southwestern regions of the country, was established to engage in the acquisition, financing and ownership of retail, office and multifamily assets for TIC investments.
Nelson Brothers Professional Real Estate, a one-year-old firm based in Aliso Viejo, Calif., has completed its first Tenant-in-Common transaction with the purchase of Palm Valley La Piazza Retail Center in Goodyear, Ariz. Suncor Development Co., developer of the 30,500-square-foot property, served as the lender and executed a carry back loan for the remaining equity for up to 24 months. Palm Valley occupies a nearly five-acre parcel within the retail corridor of the burgeoning West Phoenix submarket and is presently 100 percent occupied. Nobeus Property Management has been brought on board to assist the new ownership in tapping into the shopping center's upside potential. Nelson Bros., which focuses its activities on the western and southwestern regions of the country, was established to engage in the acquisition, financing and ownership of retail, office and multifamily assets for TIC investments.
$118M Two-Property Multi-Family Sale Largest in Orlando This Year
Aug 29, 2008
LaPalazza at Metro West and The Cottages at Hunter's Creek, two premier Orlando apartment communities with a total of 1,042 residences, have sold for $118 million. TA Associates Realty bought the assets from Trimont Real Estate Advisors in the largest multi-family sale of 2008 to date. LaPalazza is a 510-unit garden-style apartment complex located at 2450 Lake Debra Dr., just minutes from The Universal Orlando Resort Theme Park. The Cottages, a gated community saddled between Walt Disney World and the Orlando International Airport, occupies a 28-acre parcel at 13300 Colony Square Dr. and features 532 residences. Jones Lang LaSalle's Capital Markets team orchestrated the transaction.
LaPalazza at Metro West and The Cottages at Hunter's Creek, two premier Orlando apartment communities with a total of 1,042 residences, have sold for $118 million. TA Associates Realty bought the assets from Trimont Real Estate Advisors in the largest multi-family sale of 2008 to date. LaPalazza is a 510-unit garden-style apartment complex located at 2450 Lake Debra Dr., just minutes from The Universal Orlando Resort Theme Park. The Cottages, a gated community saddled between Walt Disney World and the Orlando International Airport, occupies a 28-acre parcel at 13300 Colony Square Dr. and features 532 residences. Jones Lang LaSalle's Capital Markets team orchestrated the transaction.
Permanent Financing Totaling $21M Closes for Newport Beach
Aug 29, 2008
While many of the details are being kept mum, permanent financing to the tune of approximately $21 million has been put in place for the 25-acre Hyatt Regency Hotel property in Newport Beach, Calif. Commercial mortgage banking firm Newmark Realty Capital Inc. arranged the loan on behalf of a life insurance company; the arrangement took place in January with a forward commitment. In addition to 403 guestrooms, the property features 26,000 square feet of meeting space, a tennis club and a golf course.
While many of the details are being kept mum, permanent financing to the tune of approximately $21 million has been put in place for the 25-acre Hyatt Regency Hotel property in Newport Beach, Calif. Commercial mortgage banking firm Newmark Realty Capital Inc. arranged the loan on behalf of a life insurance company; the arrangement took place in January with a forward commitment. In addition to 403 guestrooms, the property features 26,000 square feet of meeting space, a tennis club and a golf course.
$25M Loan in Place for 276,000-SF Jersey Office Portfolio
Aug 29, 2008
A joint venture involving Ivy Equities and Urdang Capital Management has gotten its hands on nearly $25.2 million in financing for a group of four office buildings in Parsippany, N.J. Holliday Fenoglio Fowler L.P. orchestrated the transaction on behalf of the joint venture, securing the three-year adjustable rate loan from Babson Capital Management. Developed between the late 1970s and the late 1980s, the properties involved include the 68,000-square-foot building at 4 Wood Hollow Rd.; the 79,600-square-foot building at 299 Cherry Hill Rd.; and 10 Lanidex Plaza and 30 Lanidex Plaza, featuring 73,400 square feet and 55,000 square feet, respectively. The borrowers will use the 65 percent leveraged loan to take-out an existing first mortgage, as well as for tenant improvements and leasing costs. Vacancy rates at the properties range from a low 51.1 percent to 100 percent; the joint venture plans to stabilize the portfolio's occupancy over the next 12 to 18 months.
A joint venture involving Ivy Equities and Urdang Capital Management has gotten its hands on nearly $25.2 million in financing for a group of four office buildings in Parsippany, N.J. Holliday Fenoglio Fowler L.P. orchestrated the transaction on behalf of the joint venture, securing the three-year adjustable rate loan from Babson Capital Management. Developed between the late 1970s and the late 1980s, the properties involved include the 68,000-square-foot building at 4 Wood Hollow Rd.; the 79,600-square-foot building at 299 Cherry Hill Rd.; and 10 Lanidex Plaza and 30 Lanidex Plaza, featuring 73,400 square feet and 55,000 square feet, respectively. The borrowers will use the 65 percent leveraged loan to take-out an existing first mortgage, as well as for tenant improvements and leasing costs. Vacancy rates at the properties range from a low 51.1 percent to 100 percent; the joint venture plans to stabilize the portfolio's occupancy over the next 12 to 18 months.
Subscribe to this blog's feed
