Saturday, August 2, 2008

Phillips Development & Realty Catapults into Cary, NC Market

PDR Closes on Land for "Phillips Swift Creek"

CARY, N.C. /PRNewswire/ -- Phillips Development & Realty, LLC (PDR) closed on 13.2 acres for its Phillips Swift Creek apartment project in Cary, N.C., a market with high barriers to entry.

Headquartered in Tampa, Fla., PDR solidified the property in November 2007, and anticipates construction of the $20 million+, garden-style development to begin in the third quarter of 2008.

Close to downtown Cary on the Northeast corner of Old Apex Rd. and West Chatham St., the project marks another successful penetration into a challenging area to acquire multifamily entitlement.

"Phillips Swift Creek's 2008 construction start contributes to our burgeoning project pipeline," said PDR Managing Director Donald Phillips (top right photo).

"We made progress in Cary by maintaining PDR's core disciplines, including site selection excellence and strong partner relationships. We are pleased to add another new development to our portfolio in a prosperous location not many have successfully penetrated."

For more information, visit


Allison Fogt, +1-850-878-5531, Ext. 223,, forPhillips Development & Realty, LLC

The Pointe at Chapel Hill--Engler Financial Group Exclusive Offering

ATLANTA, GA--Engler Financial Group presents The Pointe at Chapel Hill,(top right photo) an upscale 240 unit apartment community located in the affluent City of Chapel Hill, North Carolina.

The property's ideal location has outstanding proximity to the University of North Carolina at Chapel Hill, Duke University in Durham, two major research hospitals and the Research Triangle Park

The Pointe at Chapel Hill is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a well-located Class "A" apartment community in an extremely desirable market with high barriers to entry.

Tours will begin next Thursday, August 7th and continue through Friday, August 22nd.

Property highlights include:

The Pointe at Chapel Hill benefits from an outstanding location off SR 86 approximately one half mile south of Interstate-40. Downtown Chapel Hill and the University of North Carolina campus (27,700 enrollment) and the UNC Hospital are conveniently located approximately three miles south of the property.

Duke University (12,400 enrollment) and the prestigious Duke Medical Center are located in Durham approximately eight miles east of The Pointe at Chapel Hill. The University of North Carolina, UNC Hospital, Duke University, and the Duke Medical Center (bottom right photo) combined employ approximately 48,750 people.

Research Triangle Park (RTP), located ten miles southeast of the property, is the largest planned research park in the nation. RTP represents an investment of over $2 billion, with more than 240 major research, technology, and development organizations employing an estimated 45,000 fulltime workers.

Chapel Hill has historically been one of the best performing submarkets in the overall Raleigh-Durham region. As of January 2008, Chapel Hill's average rent of $0.87 per-square-foot ranked highest among Raleigh-Durham's twelve apartment submarkets.

In addition, Chapel Hill's 5.6% average vacancy rate also ranked among the lowest of any individual submarket in the metropolitan area. Five competitive properties surveyed in July 2008 for comparison to The Pointe at Chapel Hill had market rents which ranged from $1.00 to $1.17 per-square-foot, with occupancies ranging from 92% to 97%.

If you have an interest in pursuing this outstanding investment opportunity, please execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of The Pointe at Chapel Hill, please contact Greg Engler, Pat Jones or Kris Mikkelsen. We look forward to working with you on this exciting opportunity.

Greg Engler, CEO/President, 678/992-2000, ext. 1,
Pat Jones, Senior Vice President, 678/992-2000, ext. 2,
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4,

Hodges Ward Elliott Announces Sales of Rockland Radisson and Milford Sheraton

Firm’s First-Half 2008 Sales in Excess of $1 Billion

ATLANTA, GA—Hodges Ward Elliott (HWE), the nation’s premier hotel brokerage and investment banking firms, has announced the sales of the 127-room Rockland Radisson Hotel (top left photo)) and the 173-room Milford Sheraton Hotel (middle right photo).

Both properties are located in Massachusetts and were sold to the Linchris Hotel Corporation on behalf of Ashford Hospitality Trust.

“The Massachusetts marketplace remains much in demand among hoteliers, with its high barriers to new entry and top-tier destination locations,” said Bill Hodges (top right photo), principal of Hodges Ward Elliott.
“While the economy has cooled, we continue to see large numbers of interested buyers and sellers in the hotel industry, with our firm’s transactions exceeding $1 billion through June. The expectations gap between buyers and sellers has begun to narrow, which should positively impact the level of sales going forward.”

“The transaction was complicated by several factors, not to mention the challenging economic environment, but the buyer and seller worked through them in a highly professional manner,” said Hodges Ward Elliott's Tim Southard, (bottom left photo) who worked closely with the buyer.

Founded in 1975, HWE is the world’s leading hotel brokerage and investment firm, completing more than $21 billion in hospitality real estate and investment banking transactions over the past 11 years.

The company provides brokerage and investment banking services through four divisions: the HWE Full-Service/Luxury Hotel and Resort Division, which concentrates on assets valued at greater than $10 million; the International Division, which provides hospitality real estate services through its London office, the Focused-Service Division, which concentrates on hospitality transactions up to $10 million and the Golf Division.

Contacts: Jerry Daly or Chris Daly, Daly Gray Public Relations, ph: 703-435-6293

GVA Advantis Represents Security Storage Co. in Sale of 621 North Payne St. in Alexandria, VA

WASHINGTON, D.C. - - GVA Advantis is pleased to announce a recent investment sales transaction in Alexandria, Virginia, in the amount of $18,000,000.

Don Mercer, SIOR, executive director, and Ryan Moody, director, of the Tysons Corner office of GVA Advantis represented Security Storage Company of Washington, (headquarters building top right photo) the Seller, in the transaction. The Buyer, an affiliate of Erkiletian Construction Company LLC, was represented by Erkiletian Real Estate Services, LLC.

Founded in 1890, and one of the oldest international relocation companies in the world, Security Storage Company of Washington sold 621 North Payne Street, for $18,000,000, or $182/SF.

The Property is a 99,000 SF warehouse building located at 621 North Payne Street in Alexandria, Virginia. Erkiletian Construction Company has been building in the area for over thirty years, and plans to redevelop the warehouse as multi-family residential housing.

Media Contact: Tonya Ginter, 703.790.2127,

GVA Advantis, 1747 Pennsylvania Avenue, NW, Suite 1100, Washington, DC 20006

Industrial Team at Southern Commercial Completes New 4,800-SF Lease

ORLANDO, FL.-- Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 4,800 square foot new lease at Vantage Point (top left photo) located at 576 Monroe Road in Sanford.

Bradford and McFadden represented the landlord, GID Investment Advisors and negotiated the seven year new lease. The tenant, Hulke Construction was represented by Kaycee Kapels with Jones, Lang & LaSalle.

Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 20 N. Orange Avenue, Suite 605, Orlando, FL 32801. PH 321-281-8503

Marcus and Millichap Sells a 263 Room Hotel/Motel Property

ALTAMONTE SPRINGS, FL- – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Holiday Inn Altamonte Springs,(top right photo) a 263 room Hotel/Motel property located in Altamonte Springs, FL, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $9,500,000. Jaimin Patel, Senior Associate and Niven Patel, Associate had the exclusive listing to market the property on behalf of the seller, Citi Hospitality, LLC.

The buyer, Jade Hospitality, LLC, was secured and represented by Jaimin Patel, Senior Associate and investment specialist in Marcus & Millichap’s Tampa office.

Holiday Inn Altamonte Springs is located at 230 West Highway 436, Altamonte Springs, FL. This property will be converted to a Clarion Hotel.

Press Contact:

Steven M. Ekovich, First Vice President/Regional Manager, Tampa(, 813) 387-4700

HFF secures financing for southern California multifamily properties

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged financing for Sommerset La Costa, a 48-unit multifamily community in Carlsbad, and Monarch Terrace Apartments (top right photo) a 56-unit multifamily community in Glendale, California.

HFF senior managing director Tim Wright (top left photo) and associate director Pat Burger worked on behalf of a joint venture between an investor portfolio advised by the US real estate business of UBS Global Asset Management and Silverado Canyon Partners, LLC to secure two five-year loans through Aetna Life Insurance Company. The fixed-rate loans were structured as acquisition and renovation bridge loans.

Sommerset La Costa is located at 2937-2949 Unicornio Street at the corner of Alga Road and El Fuerte Street in La Costa, a submarket of Carlsbad. The fully-leased, condo-mapped property has six residential buildings with 48 two-bedroom/two-bath units. Each unit has its own garage and there is a community swimming pool and leasing office on-site.

Located at 1595 East Chevy Chase Drive in Glendale, Monarch Terrace Apartments has easy access to the Ventura and Glendale Freeways and is situated across the street from the Glendale Adventist Medical Center.

The three-story property has an interior garden-style configuration with studio, one- and two-bedroom units averaging 759 square feet each. Community amenities include a gated pool, underground parking garage, laundry facilities and storage space.

“Both Sommerset La Costa and Monarch Terrace Apartments will undergo significant exterior and interior renovations that will raise Sommerset up to a Class A property and Monarch Terrace to a Class B in their respective submarkets,” said Wright.

Silverado Canyon Partners, LLC currently owns five apartment properties totaling 473 units in Southern California.

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.


Timothy Write, HFF Senior Managing Director, 858 552 7690,

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

HFF closes sale of Class A office in West Palm Beach, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of 1400 CentrePark,(top right photo) a 95,935-square-foot Class A office building in West Palm Beach, Florida.

The HFF investment sales team was led by managing director Hermen Rodríguez, (middle left photo) executive managing director Manny de Zárraga,(middle right photo) director Ike Ojala (lower left photo) and associate director Luis Castillo who marketed the property on behalf of the seller, JP Morgan Asset Management. TA Associates purchased the property for an undisclosed amount free and clear of debt.

“TA Associates also purchased nearly 400,000 square feet within the CentrePark and CentrePark West in early 2006 in a transaction that was arranged by HFF,” said Rodríguez. “With this most recent acquisition, TA Associates continues to expand its presence in the CentrePark business park and office submarket.”

1400 CentrePark is situated on a 3.6-acre site along CentrePark Boulevard convenient to downtown West Palm Beach and Interstate 95. The property has 10 stories of office space that is 89% leased to tenants including Shoes for Crews, STH Architectural Group, HDR Engineering, FL Law Enforcement and the Army Corps of Engineering.

Founded in 1968, TA Associates is one of the largest and most experienced private equity firms. With offices in Boston, London and Menlo Park, the firm manages $12 billion in capital and has invested in more than 380 companies.

TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at

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.


Hermen Rodriquez, HFF Managing Director, 305 448 1333,

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

NAI Realvest Negotiates a New Lease Agreement in DeBary

ORLANDO, Fla. NAI Realvest recently negotiated a new lease agreement for 6,449 square feet of industrial space at Springview CommerCenter, 290 Springview Commerce Dr., Suite 5 in DeBary.

Michael Heidrich, Principal at NAI Realvest negotiated the lease agreement on behalf in the landlord, Springview CommerCenter, LLC of Maitland.

The tenant is Artscape, LLC of Lake Mary.

For more information, contact:

Michael Heidrich, Principal NAI Realvest, 407-875-9989,

Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989

Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Marcus & Millichap Sells Class A Lifestyle Shopping Center for $29.4M in Olathe, KS

OLATHE, KS-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the $29.39 million sale of Olatha Pointe, (top right photo) a 289,455-square foot shopping center in Olathe, Kansas.

John Riser, (middle right) a vice president investments and senior director of Marcus & Millichap’s National Retail Group in Indianapolis, represented the seller, Maefield Development Corp. of Indianapolis. He also represented the buyer, Phoenix-based Arciterra.

“The new owner has acquired a Class A shopping center in one of Kansas City’s most upscale and rapidly growing suburbs,” says Riser.

Olathe has attracted a great deal of media attention recently because of its rapidly growing population, quality of life and strengthening economic base. Money magazine recently named Olathe the 13th-best city in which to live in the United States.

Located at the southeast corner of 119th Street and Blackbob Road, the shopping center consists of two multi-tenant buildings situated on approximately 25 acres.
The egg-shaped layout of the shopping center maximizes tenant visibility from the signalized intersection and generates excellent foot traffic to the center.

Built in 2006, Olathe Pointe offers a timeless architectural appeal with a rich blend of textures, colors and shapes to capture a unique and inviting shopping experience. “The attention to detail demonstrated in the architecture is on par with premier lifestyle centers throughout the country,” says Riser.

Some of the tenants include Marshall’s, Home Goods, Michaels, Off Broadway Shoes, Ulta, Party America, Dressbarn, HuHot Asian Grill, Five Guys Burgers & Fries, Cold Stone Creamery, T-Mobile, Sports Clips, Massage Envy, and Cartridge World.

“The property attracted offers from investors across the country because of its strong tenant mix, excellent location, efficient layout and timeless architectural appeal,” adds Riser. “Olathe Pointe should continue to be one of the premier retail destinations in this market well into the future.”

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