Tuesday, March 15, 2011
HFF arranges $3.6 million financing for JP Realty Partners purchase of Atrium at Bent Tree in Addison, TX
DALLAS, TX – HFF announced today that it has arranged $3.6 million in financing on behalf of JP Realty Partners to fund their purchase of Atrium at Bent Tree (top left photo), a 112,607-square-foot office building in Addison, Texas.
HFF worked exclusively on behalf of Mark Jordan of JP Realty Partners to secure the fixed-rate loan to finance the purchase from CapMark. This is JP Realty Partners’ second purchase in the last year and a half in the Addison area.
According to HFF, this was an extremely quick turnaround as JP Realty Partners went under contract on March 2nd and closed only seven days later on March 9th, which is a testament to the strength of the borrower and the asset itself.
Atrium at Bent Tree is located at 16775 Addison Road close to the Dallas North Tollway and Addison Airport in Dallas’ Far North submarket. The property was renovated in 2008 and is currently 68 percent leased.
“We feel the property is well positioned to offer attractive lease terms, which in turn will facilitate the leasing process,” said Mark Jordan of JP Realty Partners.
The HFF team representing JP Realty Partners included managing director Steve Heldenfels and associate director Adam Herrin.
JP Realty Partners owns approximately 2,000,000 square feet of single entity assets. JP's portfolio consists of a variety of buildings that fall into several scenarios, from Class "A" office buildings leased to long-term credit tenants, to golf courses and/or country clubs.
Steve Heldenfels, HFF Managing Director, (214) 265-0880,
Adam Herrin, HFF Associate Director, (214) 265-0880, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
Completed in 2009, the property was awarded the “Green Multifamily Project of the Year” from the National Association of Home Builders.
La Valencia at Starwood is 95 percent leased and has one-, two- and three-bedroom units ranging from 744 to 1,450 square feet. Community amenities include a business center, resort-style pool, fitness center and gated entry.
The HFF team representing the borrower was led by managing director Kevin MacKenzie (bottom right photo).
Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880 email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
Hall Office Park amenities include a YMCA, conference center, bank, webcasting and videoconferencing facilities, a major university branch and on-site childcare. 2600 Network Boulevard was completed in 2006 and has six stories of office space totaling 143,542 square feet.
Completed in 2007, the six-story building at 3000 Internet Boulevard has 144,913 square feet. 3211 Internet Boulevard, built in 2005, is a three-story building with 87,239 square feet. The properties are 93 percent leased to tenants including ThyssenKrupp Elevator Corporation, Sanyo, Citrus Energy Corporation, Blade Energy Partners and Oracle, among others.
The HFF team representing Hall Financial Group was led by senior managing director Whitaker Johnson (top right photo) and managing director Steve Heldenfels.
Founded in 1968, Hall Financial Group and affiliated companies are comprised of diversified private investment holdings, which are primarily owned by Craig Hall, his family and various family trust.
Whitaker Johnson, HFF Senior Managing Director, (214) 265-0880 firstname.lastname@example.org
Steve Heldenfels, HFF Managing Director, (214) 265-0880 email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
Faris Lee Investments Completes $5.21 Million Sale of Property Occupied by Walgreens in Stockton, CA
Jeff Conover, senior managing director of Faris Lee Investments, represented the seller, West Hammer Properties from San Juan Capistrano, Calif.
The all-cash buyer, a family trust from Gilroy who was in a 1033 exchange, was represented by Kevin Cunningham with Cornish & Carey. The property closed at a 6.5 percent cap rate.
“The cap rate of 6.5 percent on this transaction is the lowest for a single-tenant Walgreens in the state of California over the past 18 months,” said Conover. “Faris Lee garnered multiple, all-cash offers, identified a buyer through mass exposure from Faris Lee investor database that includes a 1031/1033 exchange network for Northern California and closed escrow in just two weeks.”
The Walgreens property includes a drive-thru pharmacy and is part of a neighborhood shopping center near Costco. It sees 68,000 cars per day and is situated at a signalized intersection. Additionally, the property has unobstructed street visibility and monument signage. There are more than 123,000 people within a three-mile radius.
“Single tenant properties in strong retail markets/locations such as this one are highly sought after and provide better returns than bank CDs and less risky income than stock market investments,” said Rich Walter (lower right photo), president of Faris Lee Investments. “The buyer has a tenant with an extremely long-term commitment and no maintenance or landlord responsibilities.”
Walgreen Co. is the number one drug store in the nation in sales. Walgreens builds rather than buys stores, so it can pick prime locations. The company operates approximately 6,934 stores.
For more information, please visit http://www.farislee.com/
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments
“LPC is one of the premier names in real estate, especially in the southeast,” said Gregory. “And I’m very excited to be joining the team.”
Scott holds an MBA from Hawaii Pacific University and a bachelor’s degree from the University of New Hampshire. He is a member of NAIOP, CCIM, ULI, ICSC and EDC.
For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/ or http://www.lpcsoutheast.com/
To check out the blog, go to http://blog.lpcsoutheast.com/
Contact: Midd Read, firstname.lastname@example.org
NEW ORLEANS, LA – Mar. 15, 2011 - The Bourbon Orleans Hotel (top left photo) announced today the appointment of Sherry Walker as director of sales for the 218-room boutique property in the French Quarter of New Orleans. Walker will be responsible for sales team leadership and sales revenue at the property.
“We are delighted to welcome Sherry to the hotel,” said General Manager Mark Wilson. “With 20 years of director-level sales experience, Sherry will be a great asset to the Bourbon Orleans team, guests and clients.”
Most recently Walker was director of sales and marketing for the Chateau Bourbon where she was instrumental in developing several signature events including the Tennessee Williams Festivals Annual Cocktail contest and the annual Kids on Canal event in conjunction with the New Orleans Downtown Development District’s Home for the Holidays.
Walker’s experience also includes director of sales and marketing positions with the Baton Rouge Marriott and the Best Western Richmond Suites. While at the Marriott, she received several commendations including Marriott International’s William R. Tiefel Award of Excellence and Columbia Sussex Top Performer Sales Shop Award.
Contact: Mark Wilson, General Manager, 504 523 2222