Friday, February 12, 2010

Marcus & Millichap Opens New Office in Columbia, SC

COLUMBIA, SC– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Columbia, according to Gary R. Lucas, (top right photo) regional manager.

The office is located at 1201 Main St., Suite 1170, Columbia, S.C., 29201. The phone number is (803) 678-4900 and the fax number is (803) 678-4910.

The Columbia office is headed by Lucas and lead brokers Scott Taylor and Drew Babcock, both formerly of Coldwell Banker Commercial, United.

“We are extremely excited to bring Marcus & Millichap’s national brand and unique marketing platform to Columbia,” says Lucas.

“During the next several years, there will be tremendous opportunity for growth throughout South Carolina. By acting as long-term advisers to investors in Columbia and throughout the region, we will assist them in acquiring both local and out-of-state investment properties.”

Taylor has 10 years of commercial real estate experience and has closed multifamily, retail, office, large-acreage tract and assemblage development transactions. He is a graduate of the College of Charleston and has an M.B.A. degree from the Darla Moore School of Business at the University of South Carolina.

 Taylor is a candidate of the Certified Commercial Investment Institute (CCIM) and a member of the Institute for Real Estate Management (IREM), the International Council of Shopping Centers (ICSC), the Urban Land Institute (ULI) and the South Carolina Association of Realtors.

Babcock has been a real estate professional for six years, specializing in multifamily and retail property sales. He is a graduate of the University of South Carolina and has attended the ULI Real Estate School for Professional Development. Babcock has also trained at the Certified Commercial Investment Institute and is a member of the Urban Land Institute.

For information about the firm’s services or to inquire about career opportunities, contact
Gary R. Lucas at, or at (803) 678-4900.

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

Franklin Street Announces Four Property Portfolio Sale in North and Central Florida

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce a note sale of a four property multifamily portfolio.

The communities are located in North/Central Florida. The note had an original face value of $9,165,000, originated in December of 2004. The properties were in Gainesville, Ocala, Havana and Starke, FL, and comprised a total of 356 units.

Franklin Street Partners Darron Kattan, (top right photo)  Bob Goldfinger and Kevin Kelleher represented the existing owner and, together with Alfredo Guardado of Assistance Realty International assisted all parties in the sale.

The buyer was a private partnership. The portfolio was in distress, with one property being vacant at the time of the note purchase and two others being vacated.

The properties were previously under a Project Based Section 8 Contract but these contracts were removed due to non-compliance reasons with HUD on three of the four properties. Franklin Street also negotiated on behalf of the owner to effectuate a transfer of title to the new note holder.

“This was a clear case of the lender not wanting to step into the chain of title and willing to discount the sale of the note significantly to make a deal happen,” said Kattan. “The properties had a variety of challenges, physically and operationally, and significant work and time will be required before the true value of the properties is realized.”

Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330 5420 Bay Center Dr. Suite 100, Tampa, Florida 33609,

Richfield Hospitality Lays Out Aggressive Expansion Strategy

DENVER, CO, Feb.  12, 2010—Richfield Hospitality, a leading hotel management company, today laid out a new aggressive growth strategy that will broaden its core, third party-management business.

In addition, Richfield, along with its parent company, City Development Limited, said that it has significant capital to deploy, ranging from structured finance to joint ventures and direct acquisitions.

“In a cash-starved environment like today, we can provide up to 25 percent sponsorship equity for acquisitions and joint ventures with either existing owners or with capital partners seeking acquisitions,” said Greg Mount, (top right photo) Richfield Hospitality president.

“Third-party management will remain our core business, and our strategy, while aggressive, is to grow on a deliberate, planned basis. We are increasing our management bench strength to handle our future growth, and continue to attract great talent to our team. In addition, we have realigned our corporate services to become a field support center, rather than be bureaucratic red tape.”

As part of that support effort, the company announced plans to expand the role of its Sceptre Hospitality Resources division.

“The ability to deliver top-line revenues through sales and channel management is the key to creating optimum success as the hotel economy begins to rebound. Our corporate realignment ensures each property we operate receives enhanced revenue management supported with interactive marketing," says Mount.

Richfield has formed two operating divisions to provide specialized expertise to various types of hotels: a full-service division that will focus on three- to five-star, branded and boutique hotels and a select-service division that will concentrate on premium-branded properties.

“We will work closely with our contacts in the industry to source contracts and acquisition candidates,” Mount said. “Our goal is to more than triple our size over the next five years from our current portfolio of 20 managed hotels.

“We are aided by an impressive operating track record,” he said. “In 2009, 95 percent of our hotels posted higher year-over-year GOP gains. Our goal is to maintain a market-share RevPAR index premium for all of our properties in line with ownership’s objectives.”

The company will focus its third-party management and acquisition activity on major urban and top suburban markets in the U.S., Caribbean and Canada.

“We have the infrastructure in place to take over single assets or large portfolios on short notice,” Mount said.

Contact: Jerry Daly or Chris Daly, (703) 435-6293