Tuesday, July 22, 2014

Hold-Thyssen Negotiates New Professional Office Lease with Harbor Community Bank in Winter Park, FL

  
Darby Hold
WINTER PARK, Fla. --- Hold-Thyssen Real Estate Services, recently negotiated a five-year lease agreement for 3,817 rentable square feet in Suite 200 at 243 W. Park Ave. in downtown Winter Park. 

Darby Hold and Therese Taylor, lease consultants for Hold-Thyssen, Inc., negotiated the transaction representing the local landlord, New England Partners, LLC.   

 The new tenant, South Florida-based Harbor Community Bank, will establish its Central Florida Administrative Center in Winter Park, effective Aug. 1.  The bank chose this building due to its excellent location in downtown Winter Park. 

 Other major tenants at the New England Building include Kelly Price and Company, Elizabeth Hawthorne Faiella, PA and Kracht Law Firm.

Therese Taylor
 Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.



For a complete copy of the company’s news release, please contact:



Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.

Brown Gibbons Lang Real Estate Partners Sells 41,125 SF Self Storage Property in Savannah, GA


Jennifer D. Stein
TAMPA, FL - Brown Gibbons Lang Real Estate Partners (BGLRP) completed the sale of a self storage facility, totaling 41,125 square feet in Savannah, Georgia. SecurCare acquired 15050 Abercorn Street, Savannah, Georgia in late June 2014.

The seller, was represented by Jay J. Crotty, Thomas A. Doyle and Jennifer D. Stein, with BGLRP's national self storage group. The buyer was secured in-house.

"This transaction represents yet another example of the ongoing consolidation of our industry, with a local operator selling to a larger, national operator. We are happy for our client, as he was able to capitalize on a very favorable market for selling self storage assets," states Jay J. Crotty.

Jay J. Crotty
The 41,125 square-foot facility was constructed in 1987, expanded in 1991, and contains a total of 306 non-climate controlled storage units with 46 rentable parking spaces for RV and boat storage.

Located in a growing submarket off a major road in Savannah, this property has additional land for expansion. Amenities at the property include: perimeter fencing, on-site video surveillance, and a central management office.

BGLRP's Self Storage Group takes a methodical, systematic approach to the business of self storage investment sales, ensuring that every detail gets attended to during the transaction and no stone goes unturned.

Thomas A. Doyle
We work hard to understand the needs, objectives and goals of our clients and work together to implement a strategy tailored to each individual client. We collaborate with our clients by executing open and candid communication.
  
For a complete copy of the company’s news release, please contact:

Tom Doyle | Associate
Brown Gibbons Lang | Real Estate Partners
T: 813.712.8767 | E: tdoyle@bglco.com
FL RE Salesperson | LIC # SL3093911
 
Jay Crotty | Sr Vice President
Brown Gibbons Lang | Real Estate Partners
T: 813.712.8767 | E: jcrotty@bglco.com
FL RE Broker | LIC # 3061418
 
Jennifer Stein | Senior Advisor
Brown Gibbons Lang | Real Estate Partners
T: 213.446.5366 | E: jstein@bglco.com
GA RE Broker | LIC # 348812

Monday, July 21, 2014

Chatham Lodging Announces Second Quarter Earnings Call on Tuesday, Aug. 5, 2014


Jeffrey H. Fisher
PALM BEACH, FL,  July 21, 2014—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, today announced that it will report second quarter 2014 financial results on Tuesday, August 5, 2014, before the opening of the market. 

That same day at 10:00 a.m. ET, Jeffrey H. Fisher, Chatham’s chief executive officer, and Dennis M. Craven, its chief financial officer, will host a conference call to review second quarter 2014 financial results.

Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, www.chathamlodgingtrust.com, or www.streetevents.com, or may participate in the conference call by dialing 1-888-299-7209 reference number 8711670. 

Dennis M. Craven

A recording of the call will be available by telephone until 1 p.m. ET on Tuesday, August 12, 2014, by dialing 1-888-203-1112, reference number 8711670.  A replay of the conference call will be posted on Chatham’s website.



For a complete copy of the company’s news release, please contact:



Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

$46.36 million loan secured by HFF for northern New Jersey office property


Center 78 Office Building, Warren, NJ
FLORHAM PARK, NJ – HFF announced today that it has secured a $46.36 million loan for Center 78, a 371,680 -square-foot, Class A office property in Warren, New Jersey.

                Working exclusively on behalf of Normandy Real Estate Partners, HFF placed the three-year, floating-rate loan with Square Mile Capital Management, LLC.

Center 78 is located at 184 Liberty Corner Road just north of Interstate 78 about 30 miles west of New York City.  The LEED Gold certified property was originally built in 1982 and was renovated between 2012 and 2013. 

The HFF team representing the borrower was led by senior managing director Jon Mikula and associate director Michael Lachs.

John Mikula
“Center 78 is an excellent example of how a building can be totally renovated and creatively reconfigured to attract new high-quality, discerning tenants.  Normandy has done just that,” said Mikula.

“Like Normandy, Square Mile has a long and successful track record as an equity investor in commercial real estate assets that require repositioning in order to unlock hidden value,” said Square Mile Vice President Matt Drummond. 

“With the recent launch of Square Mile’s senior loan origination platform, we now are utilizing our firm’s proven real estate and structuring expertise to serve institutional and entrepreneurial borrowers as a direct lender.  Center 78 was a perfect fit for our loan platform and a prime example of the kind of financing opportunities we are seeking.” 

Normandy Real Estate Partners is a fully integrated real estate investment management company based in Morristown, New Jersey with offices in Boston, New York City, and Washington D.C. 

Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments and representing over $5 billion in asset value.

 For more information visit www.normandyrealty.com

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


HFF arranges $95 million financing for development of 21-story luxury apartment building in Reston, VA


BLVD at Restaton Station Apartments,
 Wiehle-Reston East Metro Station
Reston, VA
WASHINGTON, D.C. – HFF announced today that it has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit, luxury apartment building atop the entrance of the Wiehle-Reston East Metro Station in Reston, Virginia.

HFF worked on behalf of Comstock Partners to place the 48-month construction loan with Citizens Bank.

Preleasing in late 2015, BLVD at Reston Station will be located atop the entrance of the Wiehle-Reston East Metro Station, which is the last stop on Phase I of the new Silver Line. 

Walter Coker
The building will be the inaugural phase of the Reston Station mixed-use development that will include 550,000 square feet of Class A office space, a 200-room hotel and an additional multi-family residential building.

 All buildings will have integrated retail and will be situated around the urban plaza.  The property’s residential units will average 868 square feet each and will include studio, one-, two- and three-bedroom floor plans. 

Community amenities will include a resort-style rooftop swimming pool, spa-quality fitness facility, yoga room and private entertaining area including a glass fireplace, wet bar, media screen and state-of-the-art billiard room.

The HFF debt placement team was led by Walter Coker and Brian Crivella.

Brian Crivella
“The project received significant interest from lenders as it is a best-in-class development opportunity with institutional sponsorship and is the centerpiece of Comstock’s Reston Station, a mixed-use development, which at full build-out will be more than one million square feet with immediate access to the new Silver Line Wiehle-Reston East Metro Station,” commented Coker.

Comstock Partners, LC ("Comstock") is a privately held real estate enterprise with a focus on urban, mixed-use and transit-oriented developments in the Washington, D.C. region.


For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


HFF arranges $5.4 million financing for Holiday Inn Daytona Beach


Holiday Inn Daytona Beach, 137 Automall Circle
 Daytona Beach, FL
ORLANDO, FL – HFF announced today that it has arranged $5.4 million in financing for the Holiday Inn Daytona Beach, a 96-room hotel in Daytona Beach, Florida.

Working on behalf of the borrower, Linchris Hotel Corporation, HFF placed the 10-year, fixed-rate loan with MC-Five Mile.  The securitized loan will also be serviced by HFF. 

                The Holiday Inn Daytona Beach is located at 137 Automall Circle, which is just off Interstate 95 at LPGA Blvd. 

  Daytona International Speedway and beach access are within a 15-minute drive, and the two championship golf courses housed at LPGA International is less than five minutes away. 

Greg LaBine
  Opened in 2009, the hotel has 2,300 square feet of meeting space, full restaurant and lounge, outdoor pool and whirlpool, fitness room and business center.  Guests enjoy amenities including flat-screen televisions, refrigerators, microwaves and high-speed wired and wireless Internet.  

                The HFF debt placement team representing the seller was led by managing director Greg LaBine and director Michael Weinberg.

               “Momentum from debt capital providers continues to grow for all major product types in Florida,” Weinberg said.  “We are consistently amazed by the amount of liquidity, particularly the rebound of interest in the hotel sector.”

“Linchris is a tremendous operator and has strong operating margins on their existing Northeast-focused portfolio,” LaBine added.  “Linchris is looking to take their management talent to a new marketplace, and this asset is the first of many they hope to acquire in the southeastern United States.”            

Michael Weinberg
HFF’s Hotel Group has been active in the sale and financing of similar upscale hotels across the country.  In the last 24 months, the firm financed or sold more than $1 billion of hospitality properties in Florida.

                Headquartered in Hanover, Massachusetts, Linchris Hotel Corporation is a hotel management company with an outstanding reputation for high-quality and first-rate service.  The company controls 30 hotels with more than 3,400 rooms.  Find more information on Linchris Hotel Corporation at linchris.com.

MC-Five Mile provides fixed-rate permanent financing to borrowers on commercial real estate assets across the United States and the Caribbean.  MC-Five Mile finances various types of properties including office, retail, multifamily, student housing, industrial, hotel and self storage.  

The company is run by a highly-experienced management team with expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. 

  Headquartered in New York City, MC-Five Mile was founded as a joint venture between Five Mile Capital Partners LLC and MC Asset Management Holdings, LLC.  Learn more at mcfivemile.com.
  
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


HFF secures financing for 412 Mt. Kemble Avenue office buildings in Morris Township, NJ


Jon Mikula
FLORHAM PARK, NJ - HFF announced today that it has secured $47.5 million in financing for 412 Mt. Kemble Avenue, comprising three interconnected office buildings totaling 477,843 square feet in Morris Township, New Jersey.

HFF placed the three-year, floating-rate loan with Colony Mortgage Capital and CorAmerica.  Keystone Property Group, which acquired the property through a joint venture with Mack-Cali Realty Corporation, plans to make capital improvements to the buildings to enhance their competitive distinction in the Morristown submarket.

Originally built in 1985, 412 Mt. Kemble Avenue is conveniently located in the northern New Jersey office market on Route 202, less than three miles from Interstate 287, providing easy access to New York City, Philadelphia and the surrounding markets. 

Jim Cadranell
The HFF debt placement team was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Andrew Roland.

“We were excited to be a part of such an important transaction for the Keystone team,” said Mikula.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


Marcus & Millichap Arranges Sale of LA Fitness in Doral, FL for $9.98 Million

                       
LA Fitness, Northwest 41st Street, Doral, FL

 DORAL, FL, July 21, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of LA Fitness, a 37,500 square-foot net-leased fitness center located in Doral, FL. The asset sold for $9,975,000.

Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from St. Petersburg Beach, FL, and the buyer, a private investor from Aventura, FL.

“Net-leased properties remain a target of commercial real estate buyers as both a capital preservation vehicle and steady cash-flow investment.  Buyers are looking to maximize returns while cap rates are near historically low levels.  This LA Fitness is one of the best performing locations nationwide and benefits from its location in a densely populated suburban community,” says Zylberglait.

Alex Zylberglait
The 37,500 square foot building is situated on 2.29 acres and is 100 percent leased to LA Fitness.

 Located along Northwest 41st Street, the area's main retail corridor, the property is centrally located between the Palmetto Expressway and Florida's Turnpike and serves the high-income residential community of Doral Park and Costa del Sol. 

Major corporations nearby include: Carnival Cruise Lines, Univision, the Federal Reserve, Samsung, Pespi-Cola and more.

LA Fitness is located at 10055 N.W. 41st Street in Doral, FL.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici
First Vice President/Regional Manager, Miami
(786) 522-7000

EagleBridge Capital Arranges $6.3 Million For Medford, MA Condo Conversion


Rendering of the Residences at St. Francis Condominiums
Medofrd, MA
Boston, MA -- EagleBridge Capital has arranged acquisition/construction financing in the amount of $6,300,000 for the Residences at St. Francis Condominiums currently under construction and located at One St. Clare Road in Medford, Massachusetts.

The mortgage was arranged by EagleBridge principals Brian Sheehan and Ted Sidel. 

The Residences at St. Francis is an 18 unit condominium comprised of units ranging in size from 651 square feet for a one bedroom/one bath unit to 917 to 1453 square feet for two bedroom/two bath units to 1735 to 1835 square feet for three bedroom/three bath units.

Brian Sheehan
Nine of the units will be three-story townhouses with private roof decks.  Finishes will be of the highest quality. Units will include granite countertops, painted solid oak custom cabinets, stainless steel appliances, hardwood floors in the living areas, and. ceramic tile in the bathrooms and kitchens. Parking shall be available for 36 vehicles.

One St. Clare Road’s convenient location will provide its residents with an easy commute to Downtown Boston and the Greater Boston area.  It is 2.5 miles from the MBTA Orange Line Wellington Station.

Ted Sidel
Bus service to the station is located adjacent to the property with Downtown Boston being an 11 minute train ride from Wellington.  The Route I-93 interchange is less than one-half mile to the North and Route I-95 (Route 128)/I93 interchange is just five mile away.

 EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for apartment, condominium, office, industrial, r & d buildings, hotels, and mixed use properties as well as special purpose buildings.

For a complete copy of the company’s news release, please contact:

Stanley J. Sidel
Senior Advisor
EagleBridge Capital
33 Broad Street
Boston, MA 02109
Tel: 617-292-7177 Ext. 14


Sunday, July 20, 2014

Marcus & Millichap sells vacant south beach retail building for $5.25 million

  
1400 Alton Road, Miami Beach, FL
 MIAMI, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1400 Alton Road, a two-story, 11,716 square foot vacant retail building, located in Miami Beach, FL. The asset sold for $5,250,000.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Greenwich, CT. 


Drew A. Kristol
Harrison Rein, an associate, Felipe J. Echarte, a vice president investments, Evan P. Kristol, a senior vice president investments - all in Marcus & Millichap’s Fort Lauderdale office - secured the buyer, a limited liability company from Miami, FL.

“Alton Road retail is very sought after due to the lack of product and the density of high-end condominium projects that line West Avenue along the west side of South Beach.

"Even rarer are corner properties that benefit from the dual exposure. This is a prime opportunity for the investor to stabilize the building with new tenants which will result in strong cash flow upon lease up,” says Drew Kristol.

“The buyer plans to complete major renovations to the property before occupying a portion of the space with his high-end cosmetics and skin care company. He saw this as a phenomenal opportunity to improve the company’s brand recognition by being in close proximity to the Lincoln Road Mall,” adds Rein.

Felipe J. Echarte
1400 Alton Road is a vacant retail property located on the northwest corner of 14th Street and Alton road in the heart of South Beach.

The building totals 11,716 rentable square feet over two floors (8,000 on the ground and 3,716 on the second floor), with an additional 1,296-square foot outdoor terrace.

 Also included in the offering was a 7,500-square foot vacant parking lot zoned RM-3 currently striped for 22 parking spaces.
  
For a complete copy of the company’s news release, please contact:

Kirk Felici
First Vice President/Regional Manager, Miami
(786) 522-7000