Saturday, July 19, 2008

HFF closes $34 million sale of Cleveland’s 55 Public Square

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of 55 Public Square, (above centered photo) a 22-story office building plus a seven-story, 439-space parking garage in downtown Cleveland.

HFF managing directors Jaime Fink (top right photo) and Jeff Bramson led the investment sales team on behalf of the seller, Willett Companies. Optima International of Miami purchased the property.

55 Public Square has 420,604 square feet of office space that is 84% leased to tenants including Climaco, Lefkowitz, Peca, Wilcox & Garfoli, LLC and Mansour, Gavin, Gerlack & Manos, LPA. The property is the central hub of Cleveland’s three rapid transit lines and is close to the federal, state and local courthouses.
“Downtown Cleveland is poised for the development of a new convention center and proposed medical mart facility that are both within walking distance of 55 Public Square,” said Fink. “If completed these would further diversify the tenant base in the building to include medical industry related tenants and tenants that need to be in close proximity to the convention center.”

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.


Jaime M. Fink, HFF Managing Director, 312 528 3650,

Jeffrey M. Bramson, HFF Managing Director, 312 528 3650,

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

Tampa's First Planned Leed-Certified Industrial Facility to be Developed by IDI

TAMPA, FL – Madison Business Center Building D, (top right photo)a 146,825-square-foot warehouse and distribution center, is the first industrial facility in the Tampa area designed to receive the U.S. Green Building Council’s (USGBC®) Leadership in Energy and Environmental Design (LEED®) certification.

The facility is expected to receive certification upon completion in second-quarter 2009. Currently in the design phase, construction on the facility is expected to begin in September 2008.

The LEED designation will mark an important milestone for IDI’s Florida Region, which is taking part in IDI’s company-wide sustainability initiatives. LEED is the USGBC’s program that establishes the standards for designing and constructing the world’s greenest, most energy efficient and high-performing buildings.

“As a company, IDI is committed to increasing our green practices over the long term and we’re proud to offer Tampa its first sustainable, Class-A industrial space,” said Scott Helms, senior vice president and regional development officer in IDI’s South Florida office.

“Tampa has continued to show a low vacancy rate and lack of sufficient Class-A space. Madison Business Center Building D will provide much needed inventory alongside its LEED-related benefits.”

Located in Tampa, FL, the Madison Business Center site is in the southeastern corridor of Hillsborough County directly off US Highway 41, south of Interstate 4 and west of Interstate 75. Situated approximately 15 minutes from downtown Tampa Bay, five minutes from the Tampa Bay port and 30 minutes from the airport, the location is the primary industrial corridor for the Tampa Bay market.

The new building will be a replacement for the existing 147,197-square-foot Madison Building E, which has been leased in its entirety by American Tire Distributors. It will feature 30-foot clear-height ceilings and rear-loading accessibility.


Charlotte Marie DuPre, Jackson Spalding for IDI, 404 214 3555.

Tanger Announces Plans for an Upscale Outlet Center Development in Phoenix, AZ

The Tanger Project Will Bring Phoenix Area Shoppers a Collection of 80 Brand Name & Designer Outlet Stores

GREENSBORO, N.C. /PRNewswire-FirstCall/ -- Tanger Factory Outlet Centers Inc. (NYSE:SKT), one of the nations leading shopping center companies, is announcing plans to build an upscale outlet shopping center in the western suburb of Phoenix, Arizona.

Strategically located at the South West quadrant of the 101 Loop & Camelback Road, the new, 330,000 square foot Tanger Outlet Center will be positioned in one of the fastest growing sections of the Phoenix market and only 30 minutes from some of the highest household incomes in the Phoenix Metropolitan area.

Tanger entered into a Purchase and Sale Agreement with HWWCC Development, LLC for the center's 30 acre+ site.The Tanger location is only 1/4 mile west of major league baseball's Chicago White Sox and Los Angeles Dodgers' new spring training facilities, which are currently under construction.

"The growing Phoenix market presents us with an excellent opportunity to expand the Tanger Brand and introduce the Tanger style of great outlet shopping, direct from the manufacturer, to millions of new, value-minded customers," stated Stanley K. Tanger, (top right photo) Chairman and Chief Executive Officer of Tanger Factory Outlet Centers, Inc.

The Tanger Outlet Center is scheduled to break ground in 2009 and open in 2010.

"We plan to build a world-class outlet shopping attraction that will offer Phoenix area residents and visitors upscale amenities and a collection of the world's most popular brand name and designer outlet brands," remarked Steven B. Tanger, (top left photo) President and Chief Operating Officer of Tanger Factory Outlet Centers, Inc.

"The center's strategic location and easy access to the region's major highways will make the new Tanger Outlet Center in west Phoenix convenient to shoppers throughout the Southwest," he added.

Tanger Factory Outlet Centers, Inc., (NYSE:SKT) a publicly traded REIT, presently has ownership interests in or management responsibilities for 31 shopping centers in 22 states coast-to-coast, totaling approximately 9.1 million square feet, leased to over 2,000 stores that are operated by over 400 different store brands.

For more information call 800-4-TANGER or visit
First Call Analyst: FCMN Contact:

CONTACT: Mike Buescher, Tanger Factory Outlet Centers Inc., +1-336-834-6826, Web site:

Sale of The Colonnade in Addison, Texas closed

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of The Colonnade, (top right photo) a Class AA, three-building office complex in Addison, Texas on behalf of Equity Office (a subsidiary of The Blackstone Group) and JP Morgan Investment Management, Inc.

The Property was acquired by CB Richard Ellis Investors on behalf of its Strategic Partners US 5 Fund for an undisclosed amount.

The Colonnade is comprised of three office towers totaling 1,036,975 square feet connected via a three-story, 70-foot glass atrium. Overall the properties are approximately 75% leased to tenants including Bank of America, New York Life, HQ Global, Network Appliance and Palm Harbor Homes.

Located at 15301, 15303 and 15305 North Dallas Parkway, The Colonnade is located in the Far North Dallas submarket between the President George Bush Turnpike and LBJ Freeway in Addison, approximately 12 miles north of Dallas’s central business district.

Blackstone is a leading global alternative asset manager and provider of financial advisory services listed on the New York Stock Exchange (NYSE: BX) with total assets under management of $113.5 billion as of March 31, 2008.

CBRE Investors is a global real estate investment management firm with approximately $42 billion in assets under management.

The firm sponsors investment programs across the risk/return spectrum for investors worldwide. During 2007 the firm made $11.7 billion of acquisitions in North America, Europe and Asia and completed $4.8 billion in dispositions.


Andrew Levy, HFF Senior Managing Director, 214 265 0880,

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

Tilt-Con completes new Ring Power-Riverview, Phase II, Caterpillar equipment dealership in Riverview, Hillsborough County, FL

TAMPA, FL – Orlando-based Tilt-Con Corporation completed the new 2-building, 34,125-square-foot Ring Power-Riverview, Phase II, Caterpillar equipment dealership located at 9797 Gibsonton Drive in Riverview, Hillsborough County, FL, under its contract with Stellar, Jacksonville, FL.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilized its economical system for tilt-up concrete walls. Ranked as Florida’s largest tilt-up concrete constructor by Southeast Construction magazine, Tilt-Con’s scope of work included foundations, slab-on-grade and tilt-up concrete wall panels.

Tilt-Con Corporation completes new Quiet Waters Business Park, Buildings 4 and 5, in Deerfield Beach, Broward County, FL

DEERFIELD BEACH, FL – Orlando-based Tilt-Con Corporation completed the new 245,095-square-foot Quiet Waters Business Park, LLC, Buildings 4 and 5, (middle right photo) in Deerfield Beach, Broward County, FL, under its contract with Panattoni Construction, Fort Lauderdale.
The project was designed by RLC Architects, Boca Raton. Selected for its unrivaled performance and speed of execution, Tilt-Con utilized its economical system for tilt-up concrete walls.

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

Marcus & Millichap Sells LA Fitness in Brooklyn Park, MN for $10.45M

BROOKLYN PARK, MN-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an LA Fitness net-leased asset, a 45,000-rentable square foot free-standing fitness center in Brooklyn Park. The sales price of $10.45 million represents $232 per square foot.

In conjunction with Solomon Poretsky, regional manager of the Minneapolis office of Marcus & Millichap, Patrick Weibel and Robert Bender, investment specialists in the firm’s Detroit office, represented the seller, Solomon Real Estate Group of Eden Prairie Minn. Marcus & Millichap also represented the buyer, Cole Capital from Phoenix.

“This property was an excellent opportunity for the buyer to acquire a net-leased Class A asset in a high-growth, high-income market,” says Weibel.

“Due to strong demographics and the growth of the Brooklyn Park market, it can be assumed that LA Fitness will be profitable and highly successful for decades to come,” adds Bender.

Located at 6600 96th Lane, LA Fitness is one of the anchor tenants in the Park Place Promenade, (top right photo) a 65-acre retail development situated in the northwest quadrant of the Interstate 610 and Zane Avenue intersection. Park Place Promenade is part of a master-planned community that includes more than 300 housing units.
Additionally, there are more than 3,300 new homes underway within a three-mile radius and a $1.75 billion Target, Inc. operations center that is forecast to create 30,000 new jobs.

Built in 2007, LA Fitness will operate under a 15-year absolute triple-net lease with rent escalations every five years. There are three five-year options to extend the lease, all of which have the same scheduled rent escalations.

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