Saturday, June 27, 2009

NAI Realvest Completes $1M Sale of 10,723 SF former Whistle Junction Restaurant in St. Cloud, FL

ORLANDO, FL -- NAI Realvest recently completed the $1 million sale of the 10,723 square foot Whistle Junction restaurant facility located at 4551 13th St.
in St. Cloud.

Paul P. Partyka, (top right photo) principal and managing partner at NAI Realvest, who represented the seller Sovereign Investment Company of Palo Alto, Calif., said the property was purchased by Melbourne-based Sooner Investment.

Partyka said this is the second former Whistle Junction restaurant sale handled by NAI Realvest.

CONTACTS:

Paul P. Partyka, Managing Partner/Principal NAI Realvest, 407-875-9989, ppartyka@realvest.com;
Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Baymont Brand Opens First Hotel Outside the U.S. in Canada

PARSIPPANY, NJ– At a time when news reports are focused on the challenging economic climate, the Baymont brand, one of North America’s fastest growing hotel chains known for its hometown hospitality, continues to grow to meet consumer demand with the opening of its first hotel outside of the U.S.: the 59-room Baymont Inn & Suites® by the Falls hotel in Niagara Falls, Ontario.

Owned and operated by PHI Properties Inc., the recently renovated hotel marks a significant achievement in the growth of the Baymont brand, which, since joining the Wyndham Hotel Group family in 2006, has almost doubled the size of its portfolio to more than 225 hotels.

“With so many loyal Baymont consumers located just across the border, we’ve been focused on finding the right opportunity for the brand to enter the Canadian market,” said Patrick Breen, Baymont Inn & Suites brand senior vice president.

“Given its outstanding location and exceptional staff, the Baymont Inn & Suites by the Falls hotel was the ideal choice. As we grow and expand the brand throughout Canada we will continue to seek hotels of a similar quality and character.”

CONTACT:
Christine Da Silva, +1 (973) 753-6590
chris.dasilva@wyndhamworldwide.com

IHR Opens Lancaster County Convention Center and Lancaster Marriott at Penn Square in Pennsylvania

ARLINGTON, VA—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, has opened the 299-room, full-service integrated Lancaster Marriott at Penn Square (bottom left photo) and Lancaster County Convention Center, (top right photo) comprising a combined 90,000 square feet of meeting space.

Interstate has been actively involved in the development of the project for more than a decade, including feasibility, construction oversight and devising marketing strategies to maximize the overall economic benefit for Lancaster County.

The $177-million hotel and convention center project is a joint venture of the Redevelopment Authority of the City of Lancaster, Lancaster County Convention Center Authority and private developer Penn Square Partners. Interstate operates both parts of the integrated facility.

“Lancaster County, with its rich history, old-world charm and unique tradition, is a major regional travel destination, and this all-new upscale hotel and convention center offers a compelling lodging alternative for both business and leisure travelers,” said Thomas F. Hewitt, (middle left photo) Interstate chairman and chief executive officer.

“With its central Pennsylvania location and more than 90,000 square feet of combined meeting space that can accommodate groups of up to 5,000, this state-of-the-art facility offers a convenient and affordable option for meeting planners throughout the Northeast.

" It also will be a magnet for the millions of visitors who come to enjoy the natural beauty and amenities of the Pennsylvania Dutch countryside.”

“Interstate’s proven track record with convention centers and hotels, along with its size advantage, in-depth knowledge of the region, and experience and relationship with Marriott made them a very compelling choice for our hotel management company selection," said Nevin Cooley, (middle right photo) chief executive officer of Penn Square General Corp.

“As the facility fully ramps up, it is expected to create 200 to 300 new jobs and attract more than 150,000 new visitors to Lancaster annually.”

Located at 25 South Queen Street in historic Penn Square, the combined facility features a unique architectural blend of the old and the new in an adaptive reuse of an historic landmark.

The 19-story Lancaster Marriott at Penn Square incorporates the 19th-century Beaux Arts fa├žade of the landmark Watt & Shand department store and features a breathtaking lobby highlighted by grand cathedral ceilings and mahogany paneling.

All 299 guest rooms feature stunning views of downtown Lancaster, as well as 37-inch LCD high-def televisions and the industry’s only digital “plug & play” system that connects laptops to TVs.

The integrated facility features a spacious 46,500-square-foot exhibition space; 9,000 square-foot ballroom; and numerous smaller, finely appointed meeting spaces.


Wireless connectivity is available throughout the facility. Other hotel amenities include two on-site business centers; a fine dining restaurant/lounge with 100-seat dining room and private dining; lobby bar; indoor swimming pool and whirlpool tub; exercise room; and two spa treatment rooms.

“This represents one of the 16 management contracts we have signed for properties under development or construction,” said Leslie Ng, chief investment officer. “Our pipeline remains quite active as we continue to focus on expanding our third-party management contract business.”
CONTACTS:

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293. F 703-435-6297, julie@dalygray.com


Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

Tremont Structures $4,749,500 Bedford Office Financing

BOSTON, MA--The Boston office of Tremont Realty Capital arranged financing for the refinance of 54 Middlesex Turnpike,(top right photo) a two story, 42,500 square foot, multi-tenant office building and separate 8,068 square foot daycare center located on 6.7 acres in Bedford, MA.

David Ross, (bottom left photo) a Managing Director with Tremont, arranged the $4,749,500 loan, which was funded through a local bank.

The 20 year loan provided for roughly 70% loan-to-value with a 5.75% interest rate. The property is located near Routes 95 and 3.

According to Ross, “The owners had just completed the addition of a free-standing, 8,000 square foot daycare center at the property. They had financed the new improvements out of pocket and were looking for a new permanent loan to refinance the existing loan, in order to recoup some of their recent investment into the daycare center.

"While the daycare center was a start-up, the location was terrific and the office history and rent roll were compelling.”

Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services.

Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital. The Boston office of Tremont Realty Capital is located at 800 Boylston Street, 45th Floor, Boston, MA 02199.

CONTACTS:

David Ross, 617.867.0700 x773

Aimee Munsey, Senior Associate, Marketing & Communications, Tremont Realty Capital

p: 617.867.0700 x784. f: 617.867.0077.
amunsey@tremontcapital.com
http://www.tremontcapital.com/

Jones Lang LaSalle Expands Orange County, CA Operations

IRVINE, CA – Jones Lang LaSalle has relocated and expanded its Orange County operations by combining its Irvine and Newport Beach operations in a new full-service, regional office located at 4 Park Plaza (bottom left photo) in Irvine, California.

The expanded office will be multi-functional and will house 20 executives with expertise in tenant representation, agency leasing, capital markets, and project and development services.

“It was important for us to have our entire Orange County team in one location so that all our teams – across all business lines – can collaborate more effectively on behalf of our clients,” said Leland Bruce, (top right photo) Senior Managing Director for Jones Lang LaSalle’s Irvine office.
“We are now better positioned to satisfy the needs of our growing client base in Orange County.”

With a property and facilities management portfolio of 43.4 million square feet, Jones Lang LaSalle employs more than 700 professionals in Southern California’s six offices in the region, including Los Angeles Downtown, Los Angeles West, Los Angeles North, South Bay, Orange County and San Diego.

CONTACT: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

HFF arranges $25M in financing for Longwood, FL multifamily properties


CHICAGO, IL – The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged nearly $25 million in financing for Golf Brook (bottom left photo) and Sabal Park Apartments,(top right photo) two multifamily communities totaling 357 units in Longwood, Florida.

HFF directors Matthew Schoenfeldt (bottom right photo) and Elliott Throne (bottom left photo) worked on behalf of NTS Development Company to secure the floating-rate loans through Freddie Mac’s “capped ARM” financing program.

A $14.63 million loan was arranged for Golf Brook and a $9.6 million loan was secured for Sabal Park. Both loans will be serviced by HFF.

NTS Development Company is a full-service, diversified real estate company with a portfolio of apartment homes, residential communities and commercial properties located in Kentucky, Indiana, Tennessee, Virginia, Georgia and Florida.

Located at 385 Golf Brook Circle (Gold Brook Apartments) and 32 Sabal Park Place (Sabal Park Apartments), both communities are easily accessible from State Route 434 and Interstate 4 approximately 13 miles from downtown Orlando in Longwood.

Golf Brook Apartments has 195 units averaging 1,538 square feet each and is currently 92.3 percent leased. The 90.7 percent occupied Sabal Park Apartments offers 162 units averaging 1,497 square feet each. Both communities feature fitness centers, swimming pools, hot tubs and car wash facilities for residents.
“Despite the tightening lending conditions, a quality multifamily product with superior sponsorship will still be able to find financing,” said Schoenfeldt.

HFF (NYSE: HF) operates out of 17 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, loan sales and commercial loan servicing.

CONTACTS:

Matthew R. Schoenfeldt, HFF Director, (312) 528-3650, mschoenfeldt@hfflp.com

Elliott P. Throne, HFF Director, (305) 448-1333, ethrone@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of New Jersey self-storage facilities

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of two United Stor-All self-storage facilities in Parsippany and Fairfield, New Jersey.


HFF senior managing director Aaron Swerdlin (top left photo), managing director Doug McCarron (top right photo) and associate director Michael Klein (bottom right photo) led the investment sales team exclusively on behalf of the seller, a joint venture between United Stor-All and the Fidelity Real Estate Group.

An unrelated third party purchased both properties for an undisclosed price.

Completed in 2004, the two United Stor-All properties total approximately 1,406 units in 139,850 square feet and feature climate-controlled space, individual unit alarms and digital camera security monitoring.


“The self-storage asset class has held up extremely well in the current environment relative to operations and value constancy, especially when compared to the broader investment real estate market.

"High quality assets such as these are well-positioned to continue to outperform as the capital markets and the US economy stabilizes,” said Swerdlin.

Fidelity Real Estate Group pursues value-added real estate investment opportunities throughout the U.S. on a fully discretionary basis for its managed funds.

Fidelity Real Estate Group is a division of Pyramis Global Advisors, which is a wholly owned subsidiary of Fidelity Investments.

Fidelity Real Estate Group manages in excess of $1.1 billion on behalf of institutional and individual clients.

United Stor-All is a national self storage developer, operator and property manager.

United Stor-All has developed in excess of 40 self-storage facilities in the past 10 years and currently manages a portfolio of approximately 90 self-storage facilities for its own account and on behalf of third party clients.

Contacts:

Aaron A. Swerdlin, HFF Senior Managing Director, (713) 852-3500, aswerdlin@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

HFF secures $17M financing for Philadelphia, PA retail center

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $17 million in financing for Columbus Crossing, (top left photo) a 142,166-square-foot, grocery-anchored shopping center in Philadelphia, Pennsylvania.

Working exclusively on behalf of Cedar Shopping Centers, Inc., HFF managing director Jim Cadranell (middle right photo) and director John Taylor arranged the five-year, 6.75 percent fixed-rate loan with Susquehanna Bank.


Cedar Shopping Centers, Inc. is a publicly-traded, self-managed real estate investment trust focused on the development and ownership of grocery-anchored and convenience shopping centers primarily in the northeast United States.

Columbus Crossing is located at 1851 South Christopher Columbus Boulevard close to Interstate 95 and Penn’s Landing along the Delaware River waterfront.
The 11.33-acre site is shadow-anchored by Home Depot and Walmart. Currently 97 percent leased, the property’s tenants include SuperFresh, Old Navy, A.C. Moore, Famous Footwear, Bath & Body Works and Lane Bryant.
“This is a good example of the availability of capital to quality real estate and borrowers,” said Cadranell.

Susquehanna Bank provides retail and commercial banking services, with more than 235 branches in the Mid-Atlantic region. It is a subsidiary of Susquehanna Bancshares, Inc. (Nasdaq: SUSQ), a financial services holding company with assets of approximately $14 billion. http://www.susquehanna.net/.

CONTACTS:
James A. Cadranell, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com
John N. Taylor, HFF Director, (973) 549-2000, jtaylor@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

CB Richard Ellis Broker Margo Thomas Secures Five-Year Lease for Party Land

ORLANDO, FL--The Orlando office of CB Richard Ellis is pleased to announce Margo Thomas, (t0p right photo) Senior Retail Specialist, has secured a five-year lease transaction on 2,835-sq.-ft. for Party Land, retail seller of paper, stationery, gifts and party goods.

The space in Red Willa Plaza is located at the Northeast corner of Red Bug Lake and Tuskawilla Roads in Winter Springs, Florida. The renovation of the center, which is anchored by Carrabba's and Lifestyle Family Fitness, is in its final stage. Heather Lannon of Stiles Realty Co. represented the landlord, GRE Red Willa, LLC.


Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

New Faces and New Assignments at Grubb & Ellis


Mano E. Leventakis Promoted to Executive Vice President, Managing Director of Inland Empire

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has promoted Mano E. Leventakis (top right photo) to executive vice president, managing director, of the company’s Inland Empire offices, effective immediately.

“Mano is a consummate professional. His commitment to building a cohesive team of real estate services professionals who put client service first has led to the growth and success of our Inland Empire operations,” said Kurt Strasmann, executive vice president and managing director of Grubb & Ellis’ Orange County operations. “This promotion is well-deserved.”

Leventakis joined Grubb & Ellis in 1993 as an associate and has since been promoted five times.



Walker, McNutt, Read Move Up as New Executive Vice Presidents

NEWPORT BEACH, CA-- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has promoted Dixie Walker (top left photo), Jack McNutt and Jeff Read to executive vice president.

“Dixie, Jack and Jeff’s consistently high performance and commitment to superior client service set the standard for professionals throughout our company and the entire industry,” said Jack Van Berkel, (middle right photo) chief operating officer of Grubb & Ellis and president, Real Estate Services. “We are very proud of what they have achieved and couldn’t be more pleased to have them on our team.”

Walker specializes in the sale of retail investment properties, including market/drug, community and specialty retail centers. He has completed retail transactions totaling in excess of more than 15 million square feet with a value of more than of $2 billion.

With more than 25 years of commercial real estate experience, McNutt primarily specializes in tenant representation in the office sector. He joined Grubb & Ellis in 1986 and is a member of the company’s President’s Council.

With a focus on the industrial sector, Read specializes in acquisitions, dispositions and lease transactions, as well as development and investment analysis. He began his career with Grubb & Ellis in 1989. Read was the top overall producer for the company’s north Orange County region in 1995, 2000 – 2004, 2006 and 2007. His sales production placed him in the top 10 agents nationally for Grubb & Ellis in 2001, 2002 and 2007.

Contact: Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com



Chris Doerr is New Vice President, Investment Group for Metro Washington, DC

WASHINGTON, D.C.– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Christopher Doerr has joined the company as vice president, Investment Group, effective immediately. Doerr will focus on on multifamily investment properties in the Washington, D.C., metropolitan area.

“Having been a real estate attorney, broker, acquisitions manager and institutional fund director, Chris’ diverse experience enables us to provide solutions for all types of clients, many of whom we haven’t been able to serve in the past,” said Keith Lipton, executive vice president and managing director of Grubb & Ellis’ Washington, D.C.-area offices. “Since Washington, D.C., has one of the most attractive multifamily markets in the country, his hire greatly enhances Grubb & Ellis’ services for investors on both the local and national levels.”

Contact: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com



Tim Harrington and Victor Frandsen Earn Executive Vice President Posts
DENVER, CO-- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has promoted Tim Harrington and Victor Frandsen to executive vice president.

“Tim and Victor’s consistently high performance and commitment to superior client service set the standard for professionals throughout our company and the entire industry,” said Jack Van Berkel, chief operating officer of Grubb & Ellis and president, Real Estate Services. “We are very proud of what they have achieved and couldn’t be more pleased to have them on our team.”


Hovivian, Smart, Ross, Plummer Promoted to Executive Vice President

LOS ANGELES, CA Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has promoted Clayton Hovivian, Jeff Smart, Michael Ross (bottom left photo) and Richard Plummer to executive vice president, Transaction Services.

“Each of these professionals has made a substantially positive impact to our Los Angeles operations and will continue to be a key part of our growth over the next several years,” said Chuck Hunt, executive managing director of Grubb & Ellis’ Los Angeles operations.