Thursday, June 25, 2009

Premier Capital Arranges $3.4M Financing for Comfort Inn

BELLEVUE, WA– Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, has arranged and closed a $3.4 million financing transaction for acquisition of a 69-unit Comfort Inn, located in Coeur d’Alene, Idaho.

“The buyer called on Premier Capital to step in late in the acquisition process and deliver a competitive commitment,” said Jeff McKee, (top right photo) managing director of Premier Capital Associates, LLC. “We were able to work with the buyer, seller and lender to find solutions that benefited all parties.”

“Experience and relationships are key components of getting transactions completed in today’s market,” said Greg Morris, (middle left photo) managing director of Premier Capital Associates, LLC.


“With values, income and market constantly in question, we leaned on our 20-plus years of hotel finance experience to develop a creative solution. In this loan, we worked with a little-used government-backed program. This program is not widely known, but we were able to harness the capital and get the transaction completed in about half the time of a more traditional loan.



“Loans under $10 million for acquisitions and refinancing are being completed, but locating sources and acceptable terms require special expertise and relationships.

"Development loans are more difficult but can be accomplished. We see the credit markets beginning to show the first signs of thawing, but believe it will be another six months to a year before financing for larger loans is more readily available.”

Premier Capital Associates, LLC, located in Bellevue, Washington, is a national, full-service real estate investment company specializing in debt and advisory services for hospitality and other income-producing commercial real estate, with relationships across the United States.


The company arranges debt for construction loans, acquisition, refinancing, and reposition financing.

For additional information, please contact either Jeff McKee at 425-957-0600 or Greg Morris at 425-957-0700. Or, visit the company’s Web site: http://www.premiercapitalassoc.com/.

Contact: Jerry Daly, Chris Daly, (703) 435-6293, jerry@dalygray.com

Construct Two Group wins second consecutive national safety award

ORLANDO, FL — Construct Two Group has won its second consecutive national safety award from Associated Builders & Contractors (ABC), the nation’s largest construction organization. The construction management company’s safety program received ABC’s Safety Training and Evaluation Process (STEP) gold level of achievement.

“This award underscores our belief that safety is not an option, it is an integral part of our company culture,” said Derrick Wallace, (top right photo) chairman, Construct Two Group.

Created in 1989, the STEP program is overseen by the National Environment, Health & Safety Committee of Associated Builders & Contractors to recognize member companies with exceptional safety records.

Presented annually, the awards recognize four levels of safety program achievement, bronze, silver, gold and platinum.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Palmer Electric Co. wins contract for assisted living facility

WINTER PARK, FL— The multi-family division of Palmer Electric Company has secured a contract for just over $300,000 for electrical services and lighting for the 78-unit assisted living facility at LifePointe Village at Orlando, a senior living complex under development in Orlando, Fla.

Under its contract with general contractor Allen & O’Hara Construction Co. LLC of Olive Branch, Miss., Palmer is providing site and building electrical contracting, and a fire alarm system for the three-story, 70,000-square-foot facility. Showcase Lighting & Home D├ęcor Center, Palmer Electric’s sister company, is providing lighting fixtures. The project is scheduled for completion in February 2010.

The assisted living facility is the first of three levels of senior housing planned for LifePointe Village at Orlando that includes future construction of independent living residences and patio homes.

The project’s owner and developer is Orlando Central Community Inc. of Orlando, Fla. Dale Littlefield of Memphis, Tenn., is the project architect. Electrical engineering is being provided by Hall Engineering LLC of Jackson, Tenn.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com,
www.pr-works.com

Plaza Advisors Announces Fourth Shopping Center Sale of 2009

TAMPA, FL Plaza Advisors is pleased to announce the sale of the Palafox Square shopping center (top left photo) in Pensacola, Florida.

The center contains shadow anchors’ WalMart Supercenter (219,742 sf) and a 22,500 sf Office Depot.

The project, built in 1999, is located at the intersection of Pensacola Boulevard and West Hood Drive. The property was 100% occupied at the time of sale and included 17,150 sf of local space with several recognizable tenants such as Radio Shack, Gamestop, GNC, Fantastic Sams, and Sally Beauty Supply.

Plaza Advisors represented the seller in the transaction and co-managing partners Jim Michalak (middle right photo) and Anthony Blanco (middle left photo) , together with Senior Financial Analyst Lenard Williams (bottom right photo) were involved in the engagement.

The seller and buyer were Developers Diversified Corporation and Yale Realty Services Corp., respectively. The sale of Palafox Squarer is the fourth transaction for Plaza Advisors in 2009.

Earlier this year, Plaza Advisors sold Regency Village, a Publix-anchored center located in Orlando, The Village Shopping Center, a Publix and Bealls Outlet anchored center in Port Orange, and Belleair Bazaar, a Bonefish Grill-anchored center in the Clearwater area.

Plaza Advisors, with offices in Tampa and Miami, is a real estate brokerage firm that specializes in the disposition of anchored shopping center properties in the southeastern United States.

Plaza Advisors clients include private equity, developers, and major institutions including pension funds, servicing agents, life insurance companies, REITs, and money center banks.

Co-managing partners Jim Michalak and Anthony Blanco have a combined 35 years investment brokerage experience. The duo has closed over 140 shopping center transactions, with a combined GLA exceeding 15 million square feet with an aggregate sales volume in excess of $2 billion.

CONTACTS:

HFF to market sale of Hines’ One Northwestern Plaza in Southfield, MI

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been retained by Hines to market the sale of One Northwestern Plaza, (top right photo), a 240,900-square-foot office building in Southfield, Michigan.

The HFF investment sales team will be led by managing directors Jeff Bramson (middle right photo) and Jaime Fink,(middle left photo) who will market the property on behalf of the Hines U.S. Office Value Added Fund, which has owned the building since 2005.

One Northwestern Plaza is being offered without an asking price free and clear of debt.

One Northwestern Plaza is located at 28411 Northwestern Highway in the southeast Michigan suburb of Southfield surrounded by the affluent suburban communities of Oakland County.

Situated at the confluence of Northwestern Highway, Reuther Freeway (I-696), and John C. Lodge Freeway (US-10), the property is visible from all three highways and has lengthy unobstructed views in every direction.

The 13-story, Class A office tower is 87 percent leased to tenants including Watson Wyatt Worldwide, Massachusetts Mutual Life Insurance, John Hancock Life Insurance, Principal Life Insurance, Denenberg Tuffley, and Consolidated Financial.

“This is an exceptional opportunity to acquire an architecturally striking, award-winning, well-tenanted property. The building’s diverse tenant base includes financial services, media, legal and other professional service firms.

"The property’s rent roll is well-positioned with mid-to-long-term lease expirations, which provide income stability coupled with long-term growth potential,” said Fink.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide.

The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes more than 1,100 properties representing approximately 454 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $25.8 billion, Hines is one of the largest real estate organizations in the world. Visit http://www.hines.com/ for more information.

Contacts:
JEFFREY M. BRAMSON, HFF Managing Director, (312) 528-3650, jbramson@hfflp.com
JAIME M. FINK, HFF Managing Director (312) 528-3650, jfink@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713)852 3500, krmurphy@hfflp.com