Friday, June 27, 2008

Oaks Development Group Closes on Second San Antonio Project

SAN ANTONIO, TX, June 27 /PRNewswire/ -- North Carolina-based Oaks Development Group announced today the company closed on 7.9 acres in Westover Hills (aerial site map above) on San Antonio's fast-growing west side.

The site, located on the south east corner of 151 and Westover Hills Boulevard, will be home to a 95,000-square-foot Class A medical office building featuring Oaks' unique tenant-ownership model.

The land, which is not subject to a ground lease and has no restrictions on the provision of ancillary services, is part of a mixed-use development by Great American Company that will include a Staybridge hotel, planned restaurant and retail.

This is Oaks' second San Antonio project in San Antonio and is expected to open early to mid 2009. Committed tenant owners already include Alamo Medical Group and Urology San Antonio, with a planned magnetic resonance imaging (MRI) facility on the first floor.

"The Westover Hills area has now become the center of the most dynamic growth area in San Antonio. Three major hospital systems -- CHRISTUS Health, Baptist and Methodist -- all have or will have a major presence in the area," says Marty Wender,(top right photo) Westover Hills developer. "I am excited about the new medical office building, and Oaks coming in to develop it," Wender adds.

Oaks' first San Antonio project in the Medical Center will include an ambulatory surgical center, the developer also announced today. That facility is a planned 105,000-square-foot, Class A medical office building (rendering middle left) located at the corner of Floyd Curl and Hamilton Wolfe.

In addition, Oaks is under contract to purchase an existing building in Shavano Park and is assembling tenants for locations in Stone Oak, downtown and near Northeast Methodist Hospital.

In April, Oaks closed on Post Oak Center North, a 29,724-square-foot medical office building in Austin, Texas. Oaks' unique tenant ownership structure is set up as a single purpose limited liability company (L.L.C.). Tenant partners split 50 percent ownership interest based on how much space they occupy.

While there is no capital outlay required for pro rata ownerships, tenant partners may acquire additional ownership through capital investment. Oaks retains only 25 percent ownership and is responsible for professionally managing the asset over the long term.

Tenant partners receive distributions from operations and refinancing as the value of the investment increases over time. (Photo at right shows San Antonio's famed Downtown Riverwalk location.)

Sarah Teel, (photo at left) MSL Investments, represented Oaks and is the leasing agent for all Oaks' projects in San Antonio. The seller was self-represented.

As a testament to Oaks' long-range vision, the company has built and acquired 44 assets and retained them all in its portfolio. Over the years, Oaks has carefully structured its model to minimize costs and maximize returns on the assets it owns for its partners.

Such refinements include:-- limiting partner risk by starting to build only after 50 percent of the building is pre-leased;-- requiring a minimum of five parking spaces for every 1,000 square feet of building;-- focusing on properties without restrictions or other limiting covenants that would prevent the provision of ancillary services by tenants-- multi-tiered exit strategies;-- nesting of complimentary professions to create synergy, increased patient flow; and-- designing buildings and practice combinations that enhance patient care.

The company has found the model works equally well for new construction as well as in the acquisition of existing facilities.

"Our approach relieves doctors of having to take time away from their practices to manage property, while still offering tax benefits and investment income," says Kerry Angus, partner in Oaks' Texas office.

"We believe when doctors focus on what they do best, they create value in the asset. Shouldn't they be the ones to benefit?" he adds.

Oaks Development Group,, is a private equity funded real estate investment group specializing in the acquisition, construction, conversion, restructuring and management of medical/professional properties to achieve a consistent long term and stable return for private investments.

The Oaks model involves strategically sharing equity in transactions with individual tenants. Oaks Development Group is headquartered in Cary, North Carolina; with offices in Boston; Chicago; San Antonio, TX; Austin, TX; Savannah, GA; Tampa, FL; and Wilmington, NC.


Ann Close of Oaks Development Group, +1-919-460-6779,;

or agency, Debi Pfitzenmaier, +1-210-669-6911,, for Oaks Development Group

Marcus & Millichap Names Steven Seligman Vice President

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Steven J. Seligman (top right photo) to vice president, according to Harvey E. Green, (middle left photo) president and chief executive officer of Marcus & Millichap.

Seligman serves as the regional manager of the firm’s Palo Alto office.

“Steve’s leadership has brought great success and respect to our Palo Alto office,” comments Green. “His excellent management skills and superior knowledge of the Silicon Valley/San Jose market make him a tremendous asset to our clients and investment specialists.”

Seligman joined Marcus & Millichap in 1992 as an investment specialist in the Palo Alto office, where he soon earned the title of vice president/investments. While serving as an investment specialist, Seligman consistently ranked as one of our top producers, earning a spot among the top 10 agents nationally for four consecutive years.

He also earned a spot among the company’s top 20 agents nationwide for six out of his seven years as an agent. In October 2003, Seligman was named regional manager of Marcus & Millichap’s Palo Alto office.

Seligman graduated cum laude from the University of California, Los Angeles, with a bachelor’s degree in economics.

He also earned a Juris Doctorate degree from the University of San Francisco School of Law

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

NAI Realvest Negotiates Office Lease for 3,199 SF in Orlando

MAITLAND, Fla. – NAI Realvest has negotiated a new lease agreement for 3,100 square feet of office space at 4700 Millenia Blvd., Suite 110 in Orlando.

Candice Southwick at NAI Realvest negotiated the lease representing the tenant, Orlando-based Wave Software, LLC. Sasha Hefler of Parkland International Realty represented the landlord, The Ryland Group, Inc. of Orlando.

For more information, contact:

Candice Southwick, NAI Realvest, 407-875-9989,
Janice Paiano, Director of Marketing NAI Realvest
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Marcus & Millichap Sells 203-Unit Apartment Community in Phoenix for $10.3M

PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Brookside, (top right photo) a 203-unit multi-family community in Phoenix.

The sales price of $10.3 million represents $50,739 per unit and approximately $74.96 per square foot.

Alon Shnitzer, an associate vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller, Brookside-Premier LLC.

Richard Butler, a vice president investments and also a director of the firm’s NMHG in Phoenix, represented the buyer, Brookside Properties LLC.

“Brookside was an excellent opportunity for the buyer to acquire a well-maintained multi-family community in a strong in-fill location near several transportation corridors, schools and retail centers,” says Shnitzer.

Located at 6131 West Thomas Road, the approximately 137,400-square foot multi-family community is situated on a 6.87-acre lot, within minutes of the Interstate 17 Black Canyon Highway, the Loop 101 Agua Fria Freeway, the Interstate 10 Papago Freeway and the State Highway 60 Grand Avenue Freeway.

Brookside is also within two miles of The Desert Sky Mall (photo at right) and Cricket Pavilion Amphitheater.

Brookside features a mix of studio, one- and two-bedroom units. Interior amenities include an alarm system, walk-in closets, balconies or patios and ceiling fans. Community amenities include two sparkling swimming pools, each with a relaxing spa, children’s playground, reserved covered parking and two laundry facilities.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

Meridian Capital Group Arranges Financing for Multi-Family Building in Fort Lauderdale, FL

FORT LAUDERDALE, FL - Meridian Capital Group has arranged a loan in the amount of $3,00,000 for the refinance of 96 residential units (Park Apartments, top right photo) located at 1901 NW 46th Avenue.

Chaim Lanner of Meridian’s Florida office negotiated to secure a rate of 5.70% over a 10-year term with 3 years of interest only payments.

Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors.

The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas.

Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties.

Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.

Contact: Dani Sabesan: (212) 612-0109

Tilt-Con Starts Two New Projects in South Florida

Tilt-Con Corporation Under Way on New 150,000-SF AVE Aviation and Commerce Center in Opa-Locka, FL

ORLANDO, FL – Orlando-based Tilt-Con Corporation is under way on the new 150,000-square-foot AVE Aviation and Commerce Center at 14200 NW 57th Avenue in Opa-Locka, FL, under contract with Link Construction Group, Miami.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilizes its economical system for tilt-up concrete walls. Ranked as Florida’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work includes foundations, slab-on-grade and tilt-up concrete wall panels, and is slated for completion in July 2008. The project was designed by RLC Architects, Boca Raton, FL.

Link Construction Group is a privately-held, full-service commercial general contractor that provides clients with premier construction, construction management and design/build services. Headquartered in Miami, Link is responsible for more than one million square feet of office, healthcare, industrial, retail, and public projects throughout the South Florida area. For additional information, please contact Jennifer Enos at 305-665-9826.

Tilt-Con Starts New U.S. Postal Service Facility in Opa-Locka, FL

Tilt-Con has also started work on the new 478,800-square-foot U.S. Postal Service facility at 5500 N.W. 142nd Street in Opa-Locka, FL, under its contract with The Korte Company, Highland, IL. Tilt-Con’s scope of work includes foundations, slab-on-grade, tilt-up concrete wall panels and walkways, and is slated for completion in July 2008. The project was designed by TKC Architects, St. Louis, MO.

Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA. PH 407-774-2515 FX 407-774-6647. Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

HFF Arranges Sale of IBM Office Building in Boca Raton, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged the sale of the IBM Office Building, (above photo) a 160,000-square-foot Class A office building in Boca Raton, Florida.

HFF executive managing director Manny de Zárraga (top right photo) and managing directors Danny Finkle (top left photo) and Hermen Rodríguez, (middle right photo) marketed the property exclusively on behalf of the seller, Falcon Real Estate Investment Co. L.P. as an advisor to London-based Strategic Real Estate Advisors.

Flagler Development Company purchased the IBM Office Building and assumed existing debt on the property.

The four-story property was completed in 2001 as a build-to-suit for IBM, which leases the entire property. Features include hurricane resistant windows, 40,000-square-foot floor plates, a dining facility and parking for 936 cars.

Located at 8051 Congress Avenue, The IBM Office Building is close to Interstate 95 in Boca Raton.

Falcon Real Estate Investment Co. L.P. is a specialized professional organization that provides a full range of advisory and management services for foreign investors in U.S. real estate.

Flagler Development Group (Flagler) owns, develops, leases and holds in joint ventures approximately 9.2 million square feet of Class A office and industrial space, as well as an additional 1.2 million square feet under construction in Florida.

The company also provides construction, consulting and third-party brokerage and management services to its customers. Flagler owns 921 acres of entitled land in Florida, directly and through joint ventures, which is available for development of up to an additional 16.5 million square feet.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.


Manuel de Zarraga, HFF Executive Managing Director, 305 448 1333,

Daniel P. Finkle, HFF Managing Director, 305 448 1333,

Hermen Rodriguez, HFF Managing Director, 305 448 1333,

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,

Global Hyatt 'BBB+' Rating Outlook Revised To Negative

NEW YORK NY--Standard & Poor's Ratings Services has revised its rating outlook on Global Hyatt Corp. to negative from stable, while affirming its 'BBB+' corporate credit rating on the company.

"The outlook revision reflects our expectation that, over the intermediate term, Global Hyatt may begin to pursue a more aggressive financial policy of using debt to finance its strategic growth initiatives," said Standard & Poor's credit analyst Emile Courtney. "This comes at a time when flexibility in the company's leverage profile for additional large debt-financed investments is limited at the current rating."

Media Contact:
Mimi Barker, New York (1) 212-438-5054,
Analyst Contact:
Emile Courtney, CFA, New York (1) 212-438-7824