Tag Archives: HFF

HFF OM - Camelback Center

HFF arranges acquisition financing for Camelback Center

HFF announced it has arranged acquisition financing for Camelback Center, a 32,963-square-foot, CVS-anchored retail center in Phoenix.

HFF worked on behalf of a private real estate fund advised by Crow Holdings Capital- Real Estate to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance, LLC.  Loan proceeds were used to acquire the property.

Camelback Center is situated on 3.85 acres at the intersection of Camelback Road and 16th Street in Phoenix’s Camelback Corridor, an area that contains some of the city’s most upscale neighborhoods.  North of the property is access to the Piestewa Freeway, the main north-south route through the middle of the city.  Built in 2003, the center is 100 percent leased to CVS, Chipotle Mexican Grill, Jimmy Johns, H&R Block, Tropical Smoothie Café, European Wax Center and Massage Envy.  The center is shadow-anchored by Total Wine & More.

The HFF team representing the borrower was led by senior managing director Paul Brindley and associate director Jeff Sause.  Douglas Mueller of Mueller & Associates Realty Advisors in Phoenix served as co-broker on the transaction.

San Brisas

HFF finances multifamily property in Chandler, Ariz.

HFF announced that it has arranged financing for two garden-style multi-housing communities – San Brisas in Chandler, Arizona and The Preserve at Arbor Hills in Plano, Texas.

HFF worked on behalf of Pure Multi-Family REIT LP, to secure the seven-year loan through Northwestern Mutual.  Loan proceeds were used to acquire the properties.

San Brisas is located at 900 North Rural Road, less than three miles from Interstate 10 and approximately 19 miles southeast of downtown Phoenix.  Completed in 1996, the property is 96 percent leased and includes 208 one-, two and three-bedroom units averaging 1,006 square feet each.  Community amenities include a heated outdoor swimming pool, hot tub, fitness center, barbecue grills and sand volleyball court.

The Preserve at Arbor Hills is located at 7001 West Parker Road adjacent to the Arbor Hills Nature Preserve and approximately 21 miles north of downtown Dallas.  Completed in 1998, the property is 97 percent leased and includes 330 one-, two- and three-bedroom units averaging 940 square feet each.  Community amenities include a resort-style tropical pool with waterfall, heated spa, 24-hour fitness center, picnic areas with barbecue grills, business center and coffee bar.

The HFF team representing the borrower was led by senior managing director John Brownlee.

Freeport Distribution Center, HFF, WEB

Freeport Distribution Center sells for $12.17M

HFF announced Monday that it has closed the sale of Freeport Distribution Center, a two-building, 219,240-square-foot distribution center in Phoenix.

HFF marketed the property on behalf of the seller, IDI Gazeley, part of Brookfield Logistics Properties under the Brookfield umbrella.  An affiliate of Lincoln Property Company purchased the center for $12.17 million free and clear of existing debt.

Freeport Distribution Center is a light industrial center situated on 10.92 acres at 5240 and 5302 West Buckeye Road in southwest Phoenix.  The asset is located less than two miles away from Interstate 10.  Built in 1989 and expanded in 1996, the property includes ceiling heights of 25 feet at 5240 West Buckeye and 28 feet at 5302 West Buckeye, a shared truck court depth ranging from 240 to 260 feet, oversized ramp doors and fenced yards.  The center is leased to four tenants, including Nestle Waters North America Inc.; Hardwoods Specialty Products US LP; Moulding & Millwork, Inc., Pacific; and INS Brokers, Inc. dba ViaTek Solutions.  The property was 72-percent occupied at the time of closing, providing significant additional value through lease up.

The HFF investment sales team was led by managing director Ryan Martin along with senior managing directors Anthony J. Brent and Brett Tremaine, director Ryan Fitzpatrick and associate director Tom Simmons.

Freeport Distribution Center, WEB

Lincoln Property Co. acquires Freeport Distribution Center

Lincoln Property Company (LPC) has acquired the two-building, 219,240-square-foot Freeport Distribution Center industrial project in southwest Phoenix. Freeport Distribution Center is located at the northwest corner of Buckeye Road and 51st Avenue, just minutes from the Phoenix Sky Harbor International Airport.

The project is a close-in infill site offering immediate connectivity to the I-10, I-17 and Loop 303 freeway. It boasts a strong tenant roster that includes Nestle North America and two Canadian-based, construction industry credit tenants: Moulding & Millwork (a subsidiary of Metrie) and Hardwoods Specialty (a subsidiary of Hardwoods Distribution, Inc.)

LPC purchased Freeport Distribution Center from Atlanta-based IDI Gazeley Brookfield Logistics Properties and California-based BlackRidge Real Estate Group. Brett Tremaine, Anthony Brent, Ryan Martin and Tom Simmons from HFF represented the seller. LPC will provide exclusive property management services for the new acquisition.

“Phoenix’s southwest Valley is an extremely sought-after industrial real estate submarket,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “Freeport Distribution Center is a great example of the submarket’s strength and its potential to become even stronger as its key assets continue to stabilize.”

Krumwiede quickly engaged LPC’s property management team to capitalize on the project’s potential, and is looking for additional opportunities across the Southwest to do the same. “As a medium-size bay project, Freeport provides a nice balance to our regional portfolio. It is a welcome part of our company’s continued growth.”

“Freeport Distribution Center allows LPC to do what we do best, which is to bring a good asset up to its maximum value,” added Lincoln Property Company’s Director of Management Services Alisa Timm, who oversees a more than 6.5 million-square-foot management portfolio for the company’s Desert West Region. “We do this by providing the services that today’s owners need most: financial savvy, positive relationships and creative ideas that keep tenants and buildings at the top of their game.”

Located on approximately 11 acres at 5240 and 5302 W. Buckeye Road in Phoenix, Freeport Distribution Center includes one 135,114-square-foot industrial building and one 84,126-square-foot industrial building. The project features 25 – 28-foot clear heights, ESFR sprinkler system, front-load configuration and 240 – 260-foot shared truck court.

Discovery Point

HFF secures financing for independent living community

HFF has announced that it has secured $6.5 million in financing for Discovery Point, a 183-unit, independent living community in Mesa, Arizona.

HFF worked on behalf of the borrower, Campbell-Hogue & Associates, Inc., to secure the seven-year, fixed-rate loan through a national lender that will securitize the loan.

Discovery Point is a full-service, seniors independent living facility located at 6210 East Arbor Avenue in Mesa, Arizona approximately 28 miles east of downtown Phoenix. Completed in 1995, the three-story property is 94.54 percent leased and includes 183 units averaging 600 square feet each. Services include meal preparation, home maintenance, personal and group transportation, resident wellness programs and housekeeping. Amenities consist of lounges on each floor, a library, heated swimming pool, activities and billiards room, outdoor gazebo and barbecue area. The property is managed by Guardian Management.

The HFF team was led by managing director Casey Davidson.

Envy Condominiums rendering, WEB

HFF arranges $14M in joint venture equity for Scottsdale condo project

HFF announced today that it has arranged $14M in joint venture equity for the development of Envy, a 90-home, mid-rise condominium project in downtown Scottsdale’s Entertainment District.

HFF worked on behalf of the borrower, Deco Communities, to secure joint venture equity from an alternative investment manager.

Envy will be situated on a one-acre site at 4422 North 75th Street near the intersection of Camelback and Scottsdale Roads.  Slated for completion in the second half of 2015, the 90 for-sale residences will feature a variety of one- and two-bedroom floorplans.  The eight-story property will include amenities such as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, negative-edge rooftop pool and spa, bicycle storage, electric car charging stations and concierge service.

The HFF team was led by associate director Bryan Clark.

43rdAvenueLogisticsCenter, WEB

HFF secures joint venture equity for industrial acquisition

HFF announced today that it has secured joint venture equity for the acquisition of 43rd Avenue Logistics Center, a new state-of-the-art, 394,775-square-foot industrial facility located in Phoenix.

HFF worked on behalf of the buyer, Cohen Asset Management, in arranging the joint venture equity in an off market transaction. Equity proceeds were used to purchase the property.

The 43rd Avenue Logistics Center is located in the southwest Phoenix industrial area, a warehouse district popular with large and smaller scale distribution and manufacturing companies. The property has rail access and is situated close to Interstates 10 and 17 as well as State Routes 143, 101, 202 and 303. Completed in 2013, the property is LEED certified and was developed jointly with a local prominent developer and a regional bank that had previously foreclosed on the site.

The HFF team representing Cohen Asset Management was led by senior managing director Paul Brindley senior managing director Wally Reid and associate director Jeff Sause.

Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm. Established in 1992 and strategically headquartered in Southern California with a regional office in northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector. The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.