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HFF Closes an Almost $15 Million Mixed-Use Properties Transaction in one of Brooklyn's Growing Neighborhoods

Wednesday, June 24, 2015

HFF recently closed the $14.225 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood. HFF marketed the asset on behalf of the seller, Second City Real Estate. Caton Acquisition Partners, LLC purchased the asset free and clear of existing debt. HFF previously assisted the seller in securing financing for the property in January 2014. The mixed-use property features: Located at the intersection of Caton and Bedford Avenues Approximately four blocks from the Church Avenue subway station Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units 97 percent leased and 2,698 square feet of ground floor retail space, fully occupied by a local daycare center Near Prospect Park and benefits... [Read More]

Multi-Housing Market in Philadelphia Still Strong in 2015 Despite Below Average Job Growth

Tuesday, June 16, 2015

The overall economic recovery in the Philadelphia metro area has been slow compared to the U.S., however, digging deeper into the job numbers, there are subsectors that dominate the metro area employment and those sectors are adding a fair amount of jobs. The Philadelphia economy is dominated by three stable industries: education and health services (22 percent); professional and business services (17 percent) and trade, transportation and utilities (18 percent). Philadelphia’s job growth ended 2014 at 0.6 percent and is expected to increase by 40 basis points (bps) to 1 percent in 2015, showcasing opportunities for multi-housing buildings for sale in Philadelphia. The pace of job growth is expected to pick up through 2016.  “Despite lower-than-national-average job growth, apartment demand in Philadelphia is... [Read More]

South Florida Retail Market Investment Opportunity at Promenade at Coconut Creek

Thursday, June 11, 2015

HFF is proud to exclusively offer an investment opportunity for a retail property in South Florida, one of the strongest performing and desirable retail markets in the country, for a lifestyle retail center with tremendous growth potential. The Promenade at Coconut Creek is a 297,000-square-foot mixed-use lifestyle center located within the epicenter of some of the most prestigious neighborhoods in Broward County, Florida. Coconut Creek is a well-planned city located between Miami and Palm Beach known for its thriving business opportunities such as this one. The Promenade at Coconut Creek features nationally prominent retailers, some of the industry's hottest restaurant concepts, and is anchored by a new 11-screen Silverspot Cinema. Built in 2008, the site covers 22.94 acres.... [Read More]

Austin's Multi-Housing Building and Apartment Market to Remain Strong in 2015

Monday, June 01, 2015

Though some moderation in fundamentals is expected, Austin’s multi-housing buildings and apartment market will likely remain healthy in 2015. Strong job growth within the metro, primarily in the tech sector, remains enticing to young professionals, sparking demand for multi-housing buildings for sale in Austin. Demand is expected to remain strong with more than 35,000 jobs projected to be added to the market, a growth rate of 3.9 percent. As noted by Axiometrics, “whether it is for employment or entertainment, Austin is a huge draw for millennials. Supply was a major concern in 2014, but the market still achieved an occupancy rate of 95 percent. Most areas outside of the CBD experienced rent growth at or above 5 percent.  Outside of a few neighborhoods, the market has weathered the storm of supply, which has been running at twice the long-term... [Read More]

Demand for Multi-Housing Properties in New York City to Grow Along with Job Market in 2015

Monday, May 18, 2015

The New York multi-housing buildings and apartment market bounced back from 2013 to post a rent growth of 4.1 percent in 2014. Employers in the metro area added more than 100,000 jobs in 2014, supported by the professional and business services sector.  That 1.9-percent job growth rate was an increase from 1.7 percent in 2013. Demand for multi-housing buildings for sale in New York City has increased, as more jobs have been added to the market. Single-family and condo prices remain high in the metro area, keeping households in the renter category. Axiometrics noted, “New York is a major part of what looks to be a resurgent Northeast apartment market. The rise of Brooklyn as a trendy area... [Read More]

HFF Closes an Expansive Industrial Properties Portfolio for Both the Dallas and Houston Areas

Tuesday, May 12, 2015

Holliday Fenoglio Fowler, L.P. (HFF) recently closed the sale of a 27-building, 2.35 million-square-foot, 95.6-percent leased industrial portfolio located in the Dallas-Fort Worth area and Houston, Texas. HFF marketed the portfolio on behalf of the seller, a partnership between Mayfield Properties, LP and AB Real Estate Group. A private fund advised by Crow Holdings Capital – Real Estate (CHC-RE) purchased the assets for an undisclosed amount. The eight Dallas-Fort Worth properties feature: Locations in the DFW Airport North, Great Southwest, Valwood and West Brookhollow industrial markets. 11 buildings, 98.1 percent leased, totaling 1.015 million square feet. Facilities located at 1375 Avenue South and 1002 Avenue T in Grand Prairie; 2400 Centennial Drive in Arlington; 5101 Statesman Drive in Irving; 1625 Vantage... [Read More]

Portland Multi-Housing Market to Stay Elevated in 2015

Monday, May 11, 2015

Employment growth in Portland is expected to average 2.5 percent or 26,700 jobs in 2014. Portland has enjoyed stable job growth since 2010, as it remains a center of the global clean energy economy with an increasing concentration of clean technology firms, experienced manufacturers engaged in supply chain across a variety of sectors and international recognition for innovation in urban development. A robust entrepreneurial environment is helping foster the growth of startup companies in industries such as software and athletic and outdoor. The metro area is expected to produce 32,300 jobs, or 3 percent, in 2015, keeping multi-housing building ... [Read More]

Houston's Multi-Housing Market to Continue to Experience Growth in 2015 Despite Struggling Energy Industry

Tuesday, May 05, 2015

The Houston apartment market and multi-housing buildings are coming off four years of exceptional growth in fundamentals. This has been led by a booming energy industry, along with growth in other sectors such as medical services and education. However, the recent dip in oil prices has introduced some uncertainty into the market. In the short term, this may mean lower job growth. Being more diversified than other energy reliant markets, Houston’s apartment market and multi-housing buildings should not feel too much strain in the short term. As long as oil prices rebound in the near future, there should not be too much cause for alarm. Houston Multi-Housing Development More than 17,100 new apartment units were delivered in 2014, showing growing demand for multi-housing buildings in Houston, with another 15,100 units... [Read More]

Denver Continues to be among the Strongest Multi-Housing Markets in 2015

Tuesday, April 28, 2015

With strong job growth, population growth and multi-housing buildings, Denver emerged as one of the three strongest apartment markets of 2014. The lure of the mountains and relatively low cost of living has made the area a job magnet, sparking demand for multi-housing buildings in Denver. Though the 2014 job growth of 2.6 percent was a 60-basis-point (bp) decrease from 2013’s 3.2 percent, it remained stronger than the national average of 1.8 percent. Employment growth is expected to return to 3.2 percent in 2015. Axiometrics describes Denver as, “one of the top-tier apartment markets in the country for rent growth and occupancy. Strong performance is not contained to one area of town, or one type of property. Practically every neighborhood and asset class performed ... [Read More]

HFF Closes a Self Storage Portfolio Sale of Almost $30 Million in Philadelphia

Tuesday, April 21, 2015

HFF recently closed the $29.25 million sale of a three-property self storage portfolio totaling 191,000 rentable square feet in suburban Philadelphia. HFF marketed the portfolio on behalf of the seller, PFG Capital, LP. A partnership between Metro Self Storage and LaSalle Investment Management purchased the assets for $153 per rentable square foot. Each of the three properties are equipped with multiple security surveillance cameras, have moving trucks for tenant use and offer moving and packing supplies and tenant insurance. The 89-percent occupied portfolio consists of Newtown Storage, StorageWORKs! Warminster and StorageWORKs! North Wales. Newtown Storage: 26,568 square feet, two two-story buildings, located 30 miles northeast of Philadelphia StorageWORKs! Warminster: 89,210 rentable square feet, climate controlled and non-climate controlled units across 15 buildings, located ... [Read More]

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