Wednesday, May 12, 2010

Marcus & Millichap Sells $19M Royal Palm Offices at Doral, FL

DORAL, Fla., May 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Royal Palm Offices (top left photo)  at Doral, a 122,000-square foot office building in Doral. The property commanded a sales price of $19 million.

Greg Zeifman, a senior associate, and Benjamin Silver, an associate, both located in the firm’s Miami office, secured the buyer, the American Welding Society, a New York City nonprofit organization. The seller was a limited liability company based in Coral Gables, Fla.

“This was an excellent transaction for both the buyer and the seller. The building met the buyer’s specific requirements for their expansion needs and the seller was able to get a very fair price from a qualified, all cash buyer who saw value in the asset,” says Silver.

“The building was delivered in shell condition except for 15 percent of the space, which was built-out and leased up prior to the sale. The American Welding Society plans to build-out and occupy approximately 50 percent of the facility for its new corporate headquarters and lease out the remaining space,” says Zeifman.

Built in 1972, the five-story office building was recently renovated. The five-acre property is located at 8669 NW 36th St. on the major intersection of Doral Boulevard and NW 87th Avenue across the street from The Doral Golf Resort & Spa.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

HFF Arranges Total $36.2M in New Loans in 4 States

HFF Arranges $4.4M Refinancing for Industrial Building in New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $4.4 million refinancing for 506 Route 46, a 77,804-square-foot, multi-tenant industrial building in Teterboro, New Jersey.

Working on behalf of The Hampshire Companies, HFF senior managing director Jon Mikula (top right photo)  and associate director Michael Klein (lower left photo)  placed the five-year, fixed-rate financing with Oritani Bank. Loan proceeds are paying off an existing life insurance company mortgage HFF arranged for the borrower in 2004.

506 Route 46 is located on a 3.3-acre site across from the Teterboro Airport approximately 10 miles from midtown Manhattan in Teterboro. The property benefits from an extensive highway infrastructure with Routes 3, 17, the New Jersey Turnpike and Interstate 80 a short distance away. In addition, the property is fully leased to W.W. Grainger, Inc. and S. W. Anderson Sales Corp.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.


Jon Mikula, HFF Senior Managing Director, (973) 549-2000,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures more than $30M  in financing on behalf of WS Development Associates, LLC

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured more than $30 million in financing on behalf of WS Development Associates, LLC for Charles River Center and Stateline Plaza, retail centers in Massachusetts and New Hampshire.

HFF directors Greg LaBine (lower right photo)  and Janet Krolman (lower left photo)  exclusively represented the borrower in the transactions.

Goldman Sachs Commercial Mortgage Capital, LP provided a fixed-rate refinancing for Charles River Center. Ocean Bank, a division of Peoples United Bank, provided a construction loan for Stateline Plaza. WS Development Associates, LLC is a real estate development and management corporation that owns more than 16 million square feet of retail space in the northeast.

Charles River Center is located at 245-249 Hartford Avenue close to Interstate 495 in the southeastern Massachusetts town of Bellingham. The Class A property has 199,511 square feet of space and is anchored by Whole Foods. Other tenants at the center include Gap, Old Navy, Pier One Imports, Michaels’ Stores and Regal Cinemas.

Stateline Plaza is a 181,606-square-foot retail center that includes Lowe’s Home Improvement, NAMCO and a Sovereign Bank branch. Located at 539-541 Broadway Avenue in Salem, New Hampshire, the property is situated near the Massachusetts/New Hampshire State Border one mile from Interstate 93.

“These financings show that lenders are still active for high-quality sponsors with superior assets,” said LaBine. “The local banking community will still fund new construction for retail transactions like Stateline Plaza that have some level of pre-leasing. The Charles River Center refinance received interest from a wide variety of lenders including banks, life insurance companies, CMBS lenders and debt funds.”


Gregory F. Labine, HFF Director, (617) 338-0990,
Janet N. Krolman, HFF Director, (617) 338-0990,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF arranges $1.8M  acquisition financing for 27 units at Liberty Lofts in Kansas City, MO

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $1.8 million in financing for the acquisition of 27 units at Liberty Lofts (bottom right photo) , a fractured condominium development in Kansas City, Missouri.

HFF associate director Adam Herrin worked exclusively on behalf of the borrower, Atlas Properties, to secure the five-year, construction mini-perm loan through Mutual of Omaha Bank. Loan proceeds were used to acquire the 27 vacant units and complete the remaining construction that the original developer did not complete.

Liberty Lofts is located at 360 West Pershing adjacent to Union Station in the Crossroads Arts District of Kansas City.

Originally built in 1904, the property was redeveloped in 2004 into a 34-unit luxury loft community; however 27 of the units remain vacant and unfinished.

Community amenities include a fitness center, storage area in the basement, a rooftop deck and on-site parking.

“Mutual of Omaha Bank did a fantastic job in getting up to speed on this transaction and getting it closed within a short period of time. It was apparent that this was a great opportunity for an investor to come in and purchase the vacant units and reposition them as rental units. The downtown Kansas City multi-housing market should allow properties such as Liberty Lofts to lease-up quickly once brought to market,” said Herrin.

Atlas Properties was founded in 2004 and has grown by managing, owning, syndicating, and developing residential, commercial, and mixed-use properties throughout the United States, with Dallas/ Fort Worth being its primary market. Atlas also provides real estate syndication, management, and brokerage services.


Adam F. Herrin, HFF Associate Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Grubb & Ellis Selected to Market Interstate Transportation Center in Rochelle, IL

ROSEMONT, Ill. (May 12, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has been selected by Black Earth Companies to market Interstate Transportation Center, a 200-acre industrial park featuring a direct connection into the Global III Intermodal Terminal in Rochelle.(top left photo)

John Basile, associate vice president, and Frank Melchert, senior associate, both in the Food & Cold Storage practice group, and Chris Lydon, senior vice president in the Global Logistics Group, are responsible for marketing the park.

“With its conventional and intermodal rail service to BNSF and Union Pacific rail lines and direct access to I-39 and I-88, Interstate Transportation Center is one of the best possible options for logistics and food/cold storage users in the Chicago area,” said Basile. “Essentially, users can potentially reach 80 million people within a 24-hour time period.”

Interstate Transportation Center has build-to-suit warehouse/distribution opportunities available ranging from 100,000 square feet to 1 million.

The park is considered a Foreign Trade Zone/Port of Entry and features flexible site plan and building configurations. Offering the lowest combined gas and electric costs in the Midwest, the greater Rochelle area hosts 5 million square feet of space currently used by food-related industrial users.

For more information, contact Basile at 847.655.8483 or or
Erin Mays, Phone: 312.698.6735, Email:

Sales at Trump Towers in Sunny Isles Beach, FL Surpasses $100M Mark

SUNNY ISLES BEACH, FL--(BUSINESS WIRE)--Heralding the ongoing positive direction of South Florida’s residential real estate market, Dezer Properties  announced that they had surpassed the $100 million mark in sales since assuming the marketing of all remaining units at Trump Towers (top left photo) , the three-tower, 813-unit luxury oceanfront condominium development located at 16001 Collins Avenue, in Sunny Isles Beach, Florida.

The Dezers recently assumed a $265 million loan from a development partnership that included the Related Group, with Wells Fargo serving as agent for a syndicate of 11 participating financial institutions.

 The project’s three towers have a combined 475 units left to sell. The 181 units sold so far sold range in price from $550,000 to $1.9 million, averaging $414/ square foot.

“We are confident that our adjusted pricing is what has driven beyond-expected results,” says Dezer Properties president Gil Dezer (bottom right photo).. “The ability to purchase a unit in a building as prestigious as Trump Towers for $350 to $600/ square foot has generated unprecedented response from a broad range of local, national and international buyers.”

Trump Towers was New York real estate mogul Donald Trump’s (middle right photo) second development with the father and son team of Michael and Gil Dezer.

 The Dezers and Trump also collaborated on Trump Grande in Sunny Isles Beach, a three-building oceanfront enclave consisting of the Trump International Beach Resort, Trump Palace and Trump Royale.
“We have always felt that prime oceanfront property would be a signal of the strength of the recovery, as these types of units are so much of South Florida’s appeal,” adds Dezer. “While the residential real estate market clearly has a ways to go to reach full recovery, these initial results have been very encouraging about the state of our industry, at least in Sunny Isles Beach.”

“Our success in marketing Trump Towers has generated numerous inquiries from financial institutions to discuss potential work-outs of distressed properties in their portfolios,” concludes Michael Dezer (middle left  photo)

 “Our experience working with high-end residential condominiums gives us a unique differential advantage in that we understand the needs of the potential buyers, while also recognizing how value-driven the market has become, even in relation to oceanfront property.”

Contacts For Dezer Properties, Kreps DeMaria PR, Israel Kreps or Laura Acker, 305-663-3543

Place/BV Student Housing Fund Acquires Stadium View Student Housing in Minneapolis

MINNEAPOLIS, MN /PRNewswire/ -- Place/BV Student Housing Fund, LLC, a real estate investment fund focused on the acquisition and development of student housing properties nationwide, announces that it purchased and is assuming management of Stadium View student apartments, formerly known as The District on Delaware.

BVP Managers, LLC, a joint venture between Atlanta, Georgia-based Place Properties, an affiliated group of companies and Chicago-based Blue Vista Capital Management, LLC, serves as the Manager of the Fund.

Stadium View student apartments is a 956 bed high-rise community overlooking the University of Minnesota's TCF Bank Stadium. Place Management Group, LLC's on-site team is overseeing the day-to-day management responsibilities and has many community improvements planned, such as faster internet service, cable upgrade packages, courtyard WiFi, and more.

Bob Clark, (top right photo)  Executive Vice President, Place Management Group, LLC, said "We are very pleased to add Stadium View to our student housing portfolio. This asset is the premier asset in the market and our capital plan, along with our management team, will enhance the residents experience and satisfaction."

Contact: Jessica H. Nix, National Director of Marketing, 404-495-7591,

Tanger Outlets and AARP Announced New Relationship to Make Outlet Savings Available to AARP Members

GREENSBORO, NC--Tanger Outlet Centers, one of the nation’s leading shopping center companies, announced a new program that makes discount savings available to AARP members.

By simply showing their AARP membership card at the Tanger Shopper Services Center, AARP members will receive a free Tanger Coupon Book, which may be worth hundreds of dollars in additional outlet savings from many of the upscale outlet stores located at Tanger Outlet Centers.

 The offer is valid at all 33 Tanger Outlet Centers in 22 states across America.

“We are excited to have the opportunity to make these savings available to AARP’s millions of members each and every time they shop Tanger Outlets,” said Steven B. Tanger, (top right photo) President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc.

“From New York to Texas and South Carolina to California, today’s active, fashion-conscious AARP members can flash their card at Tanger Outlet Centers to get a free coupon book offering real deals from their favorite brands.”

For a complete copy of the company's news release, please contact:
Mike Buescher, 336-834-6826, 3200 Northline Ave., Suite 360  Greensboro, NC 27408  336-834-6826  FAX 336-852-7954

Crescent Hotels & Resorts Successfully Expands into Canada

TORONTO, Ontario, May 12, 2010—Crescent Hotels & Resorts announced today that on its first anniversary of the launch of Crescent Hotels & Resorts Canada, it plans to continue to expand substantially over the next 12 months after growing in its first year of operation to 14 hotels, primarily for full-service, branded and independent hotels and resorts.

The company said it expects to add six to 10 additional management contracts in Canada over the next year in response to signs of a recovery in the hotel industry and the demand for Crescent’s operating expertise that can optimize profitability in all phases of the economic cycle.

“It has always been part of the company’s strategy to have a solid base of operation in Canada,” said Michael George, (top right photo)  Crescent Hotels & Resorts president and CEO.

“The senior management team has in-depth experience in Canadian markets. We have a full operating company infrastructure in place in Toronto and the field, supported by corporate leaders and resources at the parent company’s headquarters office outside of Washington, D.C.

"This allows us to achieve significant economies of scale. We see growing interest in our services from both publicly and privately held institutional grade hotel ownership groups.”

“The Canadian hotel industry, like most parts of the world has had a difficult time with the worldwide economic downturn,” said Anthony “Tony” Cohen, (middle left photo)  Crescent Canada senior vice president of development.

“In this challenging environment, hotel owners seek a high impact, proven operator who can positively influence revenues while holding down costs, while preparing to take full advantage of the opportunities available as the economy and industry recover. Crescent fills that need and void in Canada and also can bring fresh equity to transactions, when appropriate.”

Crescent Hotels & Resorts Canada, a division of Crescent Hotels & Resorts, operates hotels and resorts in the provinces of Ontario, Alberta and Northwest Territories. The division is headquartered in Toronto, Ontario.

Headquartered in Fairfax, Va., outside of Washington, D.C., parent company Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is a nationally recognized Top 10 independent, third-party operator of hotels and resorts.

The company currently owns or operates 65 hotels and resorts aggregating more than 13,000 rooms in 28 states, Canada and the Caribbean.

The company’s portfolio encompasses properties in the resort, luxury, upper upscale, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as ledgendary independent hotels and resorts.

Additional information about Crescent Hotel & Resorts Canada may be found on the company’s Web site

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