HFF closes sale of Brandon, Florida multi-housing community

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Providence Place Apartments, a 444-unit multi-housing community in Brandon, Florida.

he HFF investment sales team was led by senior managing director Jason Nettles (top right photo)  and director Megan Thompson (bottom left photo)  who represented a New York-based advisor. The buyer was Nashville-based Covenant Capital Group.

Providence Place Apartments is located in Brandon close to the Crosstown Expressway, providing access to all of the Bay-area’s employment nodes.

“It was a notable transaction in that nearly every buyer that bid on the asset was underwriting a significant value-add,” says Nettles. “The strategy makes perfect sense as new construction is at a virtual stand-still, and there is an improving rental market for the high-end product.”

Covenant Capital Group is a real estate private equity firm specializing in the value-added acquisition and redevelopment of apartment communities. Covenant manages $350 million of equity invested in over $1 billion of apartment assets with over 18,000 units.

Contacts:

Jason Nettles, HFF Senior Managing Director, (404) 832-8460, jnettles@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
krmurphy@hfflp.com

HFF named to market for sale Shops at Sea Island on St. Simons Island, Georgia

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale The Shops at Sea Island (lower right photo), a 95,729-square-foot, grocery-anchored retail center on St. Simons Island, Georgia.

HFF directors Jim Hamilton (lower left photo)  and Richard Reid (bottom right photo)  will lead the marketing efforts on behalf of the seller.

The Shops at Sea Island is located at 600 Sea Island Road along the primary thoroughfare into Sea Island.

 Completed in 1996, the property is fully leased to tenants, which include Harris Teeter, Bank of America, Blockbuster, Chico’s, CVS Pharmacy, GNC, Jos. A. Banks, Talbots and the UPS Store.

“The Shops at Sea Island is one of the strongest grocery-anchored centers to hit the market this year and is located on one of the best pieces of real estate in the southeast.

"Furthermore, the Shops at Sea Island is the dominant retail development that serves Sea Island and St. Simons Island, and it is anchored by the number one grocer on the islands,” said Hamilton.

Contacts:

Jim R. Hamilton, HFF Director, (404) 942-2212jhamilton@hfflp.com
Richard M. Reid, HFF Director, (404) 942-2209 rreid@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) mailto:852-3500krmurphy@hfflp.com