Saturday, October 21, 2017

Caribbean Hotel Profits Suffer In 2016

Scott Smtih
Atlanta, Ga. – CBRE Hotels Americas Research announced that the average Caribbean hotel in its survey sample suffered a 4.7 percent decrease in gross operating profit (GOP) during 2016, according to its newly released twelfth edition of Caribbean Trends® in the Hotel Industry.  

This decline in profitability follows four consecutive years of double-digit increases in GOP.

The decline in the bottom-line starts with the falloff in top line revenue.  During 2016, occupancy for the Trends® sample declined by 2.8 percent, along with a 0.2 percent decrease in average daily rate (ADR).  The net result was a 3.0 percent decline in RevPAR. 

All other revenue generating departments (food & beverage, other operated departments and miscellaneous income) also saw a loss in sales during the year, resulting in a 2.2 percent drop in total hotel operating revenue.

“A multitude of factors caused the decline in revenue for Caribbean hotels in 2016,” said Scott Smith, managing director, CBRE Hotels Consulting.  “These include new supply, currency exchange rates and the Zika virus.”

For more information on this press release, please contact:


620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

Voit Real Estate Services Directs First Sale of Iconic 102-Year-Old San Diego, CA Landmark

Santa Fe Depot Building, 1050 Kettner BoulevardSan Diego, CA

San Diego, CA– Voit Real Estate Services successfully completed the first-ever sale of the historic Santa Fe Depot building in San Diego, California - a local landmark built in 1915 and home to Amtrak’s San Diego Union Station since 1920.

Kipp Gstettenbauer and Ryan King of Voit’s Private Client Group represented the seller, Prologis, Inc. and the buyer, Santa Fe Depot, LLC.

“This building is one of the most historically important assets in all of San Diego,” says Gstettenbauer, a Senior Vice President in Voit’s San Diego office.  “The sale is significant to the San Diego community, and represents the seller’s deep commitment to preserving this landmark asset.”

Kipp  Gstettenbauer (left) and Ryan King

The seller, Prologis, owned the asset by way of a series of mergers of firms dating back to the original Santa Fe Railway company, Gstettenbauer explained, making this the first actual sale of the property to a new owner.

As a world leader in real estate with more than $72 billion in assets under management, Prologis recognized the need to entrust this sale to a local team with deep relationships in order to find the right buyer for the asset.

The Voit Private Client Group team marketed the Santa Fe Depot property widely and garnered multiple strong offers from around the globe. However, the process of choosing a buyer was extremely selective, according to Gstettenbauer.

More information on Voit’s Private Client Group is available at

For more information on this press release, please contact:

Katie Clendening/Jenn Quader
Brower, Miller & Cole
(949) 955-7940


Rhodes+Brito Architects Nearing Completion of Design Projects for Orange County, FL Public Schools

Ruffin Rhodes
ORLANDO, FL – Rhodes+Brito is nearing completion of the design of two Orange County Public Schools projects that totals more $16 million.

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said his firm was assigned the design of the $14.8 million Comprehensive Project at Dover Shores Elementary School at 1200 Gaston Foster Rd. off of S. Conway and Curry Ford Rds.   

The Dover Shores project is in the early construction stage of a new building and renovation of one existing building.  Construction got underway in June and the elementary school will be ready to accommodate 644 students for the fall 2018 school year. 

Rhodes+Brito are in the process of designing the athletic fields’ replacement and expansion at Jackson Middle which is located at 6000 Stonewall Jackson Rd. off of LaCosta Drive and Semoran Blvd.  Jackson Middle and Engelwood Elementary are located on adjacent properties.

Construction of the middle school’s $2 million athletic fields is scheduled to begin in the summer of 2018 and involves the track/soccer field, volleyball courts and parking area relocated to another area of the school property. The new fields and courts will replace the earlier Engelwood campus currently serving as the “swing school” once Dover Shores is completed.

For more information on this press release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142


Meridian Buys Medical Office Building in Laguna Hills, CA

The Laguna Medical Office Building, Laguna Hills, Orange County, CA

SAN RAMON, CA – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the firm has closed escrow on the purchase of The Laguna, a 57,057-square-foot medical office building in Orange County, California.

John Pollock
This acquisition expands Meridian’s footprint in Southern California coming on the heels of last year’s purchase of Cotton Medical Center, a 115,000-square-foot, $49 million medical office complex in Pasadena, California, adjacent to the recently completed Shriners Hospitals for Children and near the Huntington Memorial Hospital.

Located at 24022 Calle de la Plata in Laguna Hills on a .75-acre parcel, The Laguna medical office building is on the campus of and adjacent to Saddleback Memorial Hospital – a 325-bed hospital recently designated by Healthgrades as one of the top 50 hospitals in America.

“This acquisition presented us with a rare opportunity to purchase a medical office asset located on-campus to one of the premier hospitals in Orange County,” said John Pollock, Meridian CEO.

“The South Orange County submarket has exceptional demographics. Approximately 50 percent of the population within a one-mile radius of the property is 65 or older, which accounts for the highest per capita healthcare spending. We’re looking forward to providing the community with a comfortable and inviting medical space that they can get to quickly and easily.”

For more information on this press release, please contact:

Anne Monaghan


The Astor Companies Tops Off Construction at Merrick Manor in Coral Gables, FL

Merrick Manor, 301 Altara Avenue, Coral Gables, FL

CORAL GABLES, FL  – Pioneering Miami developer The Astor Companies has topped off construction ahead of schedule at Merrick Manor, a luxury residential project rising in the heart of Coral Gables. Construction of the 10-story, 227-residence project at 301 Altara Avenue was originally scheduled to top off during the first quarter of 2018.

Henry Torres
Astor is set to host their “Top-Off” celebration at the project site on Friday, October 27 from 11 a.m. to 4 p.m. City of Coral Gables commissioners, city officials and other invited guests will be on hand to tour the project, as well as enjoy a catered lunch and live music. Valet parking will also be provided for guests.

The overall project completion date has been moved up from January 2019 to the fourth quarter of 2018.

“We are excited to celebrate this important milestone for our project,” said Henry Torres, President, CEO, and Founder of The Astor Companies. “It is a testament to the incredible team at general contractor Jaxi Builders that we were able to reach this stage so far ahead of schedule – even with the recent interruption from Hurricane Irma. Our buyers will now be able to enjoy the unparalleled lifestyle Merrick Manor offers sooner.”

More than 55 percent of the project is under contract, with prices for remaining units starting in the $500,000’s and ranging up to $2.5 million. Remaining units range from 747 square feet to more than 3,400 square feet.

For more information on this press release, please contact:

Eric Kalis
Account Director, BoardroomPR
O 954-370-8999

C 305-794-5123

Friday, October 20, 2017

Ackerman & Co. Sells 334,675 SF Phoenix Office Park Portfolio

Frank Farrell
Atlanta, GA – Ackerman & Co. announced it has sold the remaining properties in its Phoenix Office Park portfolio to WePartner, an Atlanta-based real estate investment and management firm.  Ackerman sold nine buildings totaling 334,675 square feet for approximately $22 million.
Ackerman & Co. purchased the 100-acre, 11-building Phoenix Office Park in 2005 and invested in extensive renovations over the years. Ackerman’s leasing team led by Senior Vice President of Leasing Frank Farrell also boosted occupancy at the park to 86 percent with recent lease signings including 44,891 square feet with LogistiCare, 28,275 square feet with the State of Georgia and 10,799 square feet with the U.S. Department of Veterans Affairs.

The properties sold to WePartner include: Two Crown Center - 1745 Phoenix Boulevard (87,384 square feet); 1800 Phoenix Boulevard (4 buildings totaling 103,319  square feet); South Pointe – 1691 Phoenix Boulevard (66,120 square feet); 1640 Phoenix Boulevard (49,577 square feet); and 1680 Phoenix Boulevard (28,275 square feet).

Stewart Calhoun
“In addition to its strategic location at I-285 and Riverdale Road near Hartsfield-Jackson International Airport, Phoenix Office Park offers the benefits of its location within the Airport South Community Improvement District (CID) that Ackerman helped create in 2015,” said Ackerman’s Frank Farrell.

Recent improvements implemented by the Airport South CID include the addition of MARTA stops along Phoenix Boulevard, traffic mitigation at I-285 and Riverdale Road, beautification cleanup along business corridors and improved way-finding signage.

Stewart Calhoun, Samir Idris and David Meline of Cushman & Wakefield Atlanta represented Ackerman in the transaction.

For more information on this press release, please contact:

Tuesday, October 17, 2017

Altis Bonterra Celebrates Grand Opening Oct. 19: Upscale Hialeah rental community will offer one, two and three bedroom units starting at $1,530

Altis Bonterra Celebrates Grand Opening Oct. 19: Upscale Hialeah rental community will offer one, two and three bedroom units starting at $1,530

Rendering of Altis Bonterra luxury rental community, Hialeah, FL 

Joel Altman
MIAMI, FL,  Oct. 17, 2017 – Altman Companies and BBX Capital Corporation, industry leaders in developing upscale multi-family communities, are pleased to announce the grand opening of their latest luxury rental community, Altis Bonterra.

An oasis of modern apartment living in the beautiful and thriving Hialeah, Altis Bonterra is comprised of 16 3-story buildings offering one, two and three bedroom high-end apartment homes complete with fantastic amenities, trendy d├ęcor and designer finishes.

The Havana Nights-themed grand opening will include a private event at the resort-style pool area on Thursday, Oct. 19 from 4 p.m. to 7 p.m.

“Our team is excited to bring Altis Bonterra to life and to better able an exceptional living experience to our new residents,” said Mr. Joel Altman, President and CEO of The Altman Companies. “We are a company that takes great pride in creating and developing outstanding communities for our residents and add valuable assets to the communities in which we develop.”

For more information on this press release, please contact:

Todd Templin

HFF announces Sale of Pacific Center in Los Angeles’ South Bay area

Pacific Center, Torrance, CA

Ryan Gallagher
NEWPORT BEACH, CA, Oct. 16, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Pacific Center, a 306,765-square-foot, state-of-the-art office building in the Los Angeles/South Bay-community of Torrance, California.

The HFF team represented the seller, Stream Realty Partners, L.P., and procured the buyer, Related Fund Management. 

Pacific Center is located at 21250 Hawthorne Boulevard at the heavily trafficked intersection of Hawthorne and Torrance Boulevards across from the Del Amo Fashion Center, which recently underwent a $500 million renovation.

 The property is strategically located within close proximity of many of the areas affluent neighborhoods, including Palos Verdes, Rancho Palos Verdes, Rolling Hills Estates, Hermosa Beach and Manhattan Beach.  Renovated in 2017, the eight-story Pacific Center is 91 percent leased to tenants, including Bank of America, Morgan Stanley, ANA, Wells Fargo and Barrister Executive Suites. 

The HFF investment sales team representing the seller included senior managing director Ryan Gallagher and managing director Andrew Harper. 

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

  For more information on this press release, please contact:

Kristen Murphy
 Director, Public Relations
 One Post Office Square Suite 3500
 Boston, Massachusetts 02109
 T: 617-848-1572
 |  M: 617-543-4873

HFF announces sale of 26-building office/flex portfolio in Southern New Jersey

Jose Cruz

FLORHAM PARK, NJ, Oct.16,  2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a 2-6-building, 1.2 million-square-foot office/flex portfolio in Moorestown and Burlington Townships, New Jersey. 

The HFF team marketed the portfolio on behalf of the seller, Mack-Cali Realty Corporation.  Brennan Investment Group purchased the portfolio free and clear of any mortgage financing.

The portfolio comprises 24 buildings in Moorestown and two buildings in Burlington Township that are 91 percent leased overall.  Tenants include businesses in health care services, pharmaceutical/clinical packaging and medical supplies.

 The properties are situated within two of the area’s top business parks near the Pennsylvania/New Jersey border.  This location has easy access to the area’s primary thoroughfares, including Interstates 295, 195, 95 and 276 and Routes 130, 206, 70 and 38. 

Additionally, the portfolio is located within 20 miles of the Philadelphia International Airport and within 10 miles of the Philadelphia Regional Port.

Doug Rodio
The HFF investment sales team representing the seller included senior managing directors Jose Cruz and Doug Rodio and managing directors Brett Segal and Kevin O’Hearn.

 “This portfolio had a significant amount of interest give its size and the potential upside,” Cruz said.
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

  For more information on Mack-Cali Realty Corporation and its properties, visit

Monday, October 16, 2017

Passco Companies Acquires Class A Multifamily Asset in Louisiana’s Fastest Growing City

Watervue Apartments, Lake Charles, LA

Lake Charles, LA. (Oct. 16, 2017) – Passco Companies, a privately-held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired Watervue, a 264-unit Class A multifamily community in Lake Charles, Louisiana, a city currently experiencing record-breaking growth.

The apartment community is located at 1225 Country Club Road, Lake Charles, Louisiana. Ryan Epstein, Senior Managing Director, and Gregg Cordarro, Managing Director with Berkadia represented the seller, a Texas-based real estate developer, and Passco Companies as the buyer in this transaction.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

Lake Charles is the fastest growing city in Louisiana, and boasts some of the most ideal multifamily fundamentals in the nation, according to Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

Colin Gillis
Gillis explains that by the year 2018, the growth rate of Lake Charles is expected to be nine times greater than the entire state of Louisiana.

“With $45 billion in industrial projects under construction in the region, The Lake Charles MSA is currently experiencing record setting growth,” says Gillis. 

The MSA’s current industrial boom serves as a significant indicator of the future economic growth of the region and is a key demand driver for multifamily product, he adds.

“For example, many of the area’s petrochemical plants are experiencing expansion, ultimately leading to thousands of new jobs in the area,” Gillis explains. “In fact, job growth over the next ten years is projected to be nearly 50%, which is keeping pace with the 25% job growth the region has experienced over the last five years.”

According to Site Selection, there are more than 15,000 construction workers currently working on industrial developments in the Southwest region of Louisiana and that number is anticipated to be 25,000 by the end of 2017.

For more information on this press release, please contact:

Lauren Burgos/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940