Wednesday, June 1, 2011

Miami Airport Hilton Begins $16 million Guest Room Revitalization

MIAMI, FL. – Situated on a private peninsula on Blue Lagoon, the Miami Airport Hilton  is embarking on a new voyage – a complete makeover of the hotel’s 500 guest rooms and suites, guest elevators and a new fitness center; all expected to be completed by Fall 2011.

 To accent the natural beauty outside the hotels doorsteps, the rejuvenation project will blend tropical accents and sustainable products with a contemporary design of comfort and the feeling of home. 

 Overlooking a natural lagoon teeming with a variety of local flora and fauna including manatees, iguanas and tropical birds, the Miami Airport Hilton’s reinvention will pay homage to its natural surroundings.

The new guest room design features sustainable products to support energy efficiency while complimenting contemporary decor in a nature inspired, earth-tone color palette, alongside dark wood furnishings, and colorful and vibrant accents of reds and oranges like the burning Florida sunset.

All guest rooms, many offering city views of the sparkling downtown skyline are well-appointed, welcoming guests in a relaxed, contemporary setting.

 The rooms are outfitted with Hilton Serenity collection’s plush-top beds and down duvets, wireless Internet access, a 37” high-definition flat screen television, and a Hilton alarm clock with MP3 player connection, as well as a sitting area, spacious work desk, and laptop-size in-room safe. 

Guest bathrooms will also be fully renovated evoking a spa-like feeling with glass-enclosed showers and neutral ceramic tile throughout.  The bathrooms will also feature all-new granite bath and counter, new fixtures and built-in shelving stocked with Hilton’s new signature Peter Thomas Roth bath amenities.

 In 2010, the hotel completed renovations of all guest room and meeting room corridors, the Cove Ballroom, as well as a refurbishment of Coral CafĂ© and the Blue Lagoon Saloon Bar.

 In addition to its renovated accommodations, this AAA Three Diamond award winning property offers 30,000 sq ft of flexible function space, international cuisine in its restaurant, light menus in its coffee shop and Cove/ Blue Lagoon bars as well as amenities in guest suites and Executive Floor rooms.

 For more information, visit

Cecilia Orbegozo
Director, Sales & Marketing
5101 Blue Lagoon Dr. | Miami, FL 33126
305-265-3821 | 7 305-265-3883

Marcus & Millichap Lists $29.75 Million Multifamily Asset in Milwaukee

MILWAUKEE, WI June 1, 2011– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Harbor Pointe (top left photo), a 596-unit multifamily property in Milwaukee. The listing price of $29,750,000 represents $49,916 per unit and $56 per square foot.

Scott Harris, a senior vice president investments in the firm’s Oak Brook office and Matthew Whiteside, a vice president investments in Milwaukee, are representing the seller, a private investment group.

“Milwaukee is one if the strongest rental markets in the country with expected overall market occupancy of 96 percent this year,” says Harris. “This is an opportunity for an investor to acquire one of the largest multifamily properties in Wisconsin,”

“Harbor Pointe is underwritten at a current economic occupancy of 88 percent and the property is showing signs of significant operational improvement this year,” adds Whiteside. “This is a great chance for an investor to get a foothold in the Milwaukee market.”

The 531,186-square foot property is located at 9200 North 75th St. on Milwaukee’s north side, within walking distance of major retailers, restaurants and hotels.

Harbor Pointe is a 42-building apartment complex situated on a scenic 83-acre site that includes a large lake. The property has a variety of floor plans and unit sizes.

The unit mix includes 36 studios, 295 one-bedroom units, nine two-bedroom/one-bath units, 78 two-bedroom/ 1.5 bath apartments, 68 two-bedroom/two-bath units, 70 three-bedroom/two-bath townhouses and 40 Glen Brook townhouses with full basements. Unit sizes range from 502 square feet to 1,359 square feet.

Harbor Pointe residents can access an island clubhouse, business center, indoor pool, tennis courts and exercise facilities.

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

Carter Hired to Sell Atlanta Technology Center

 ATLANTA, GA (June 1, 2011) - Carter was recently hired to sell Atlanta Technology Center (top left photo), an office complex on Northside Drive less than a mile from Atlantic Station (middle right photo).

The 19-acre property has four buildings containing a total of 197,357 square feet of office space.

The office space has an average historic occupancy of 94 percent. The tenant roster includes several high-profile creditworthy companies such as GE Healthcare, Golin Harris, Grady Memorial Hospital, The Atlanta Opera, Davita, Otis and Vitas Healthcare.

The property is entitled for future residential and commercial development. As intown living continues to grow in popularity, Atlanta Technology Center’s ability to accommodate a mix of uses is becoming more valuable.

The Carter team of Gary Lee (bottom left photo), Watson Bryant and Morgan Stengel is marketing Atlanta Technology Center on behalf of the LeCraw family, a regional apartment developer that operates as Tribridge Residential.

Built in 1986, Atlanta Technology Center is situated along the old Atlanta railway, which was classified as an Atlanta Beltline Overlay District in 2005. With the $2.8 billion mixed-use Beltline development planned along the historic rail line, the Atlanta Technology Center property is positioned to benefit from the light-rail station planned at the northwest corner of the property.

 “We expect a lot of interest in this listing,” said Lee, senior vice president of Carter. “The property is centrally located near Midtown and Buckhead neighborhoods with easy access to the interstate. In addition, the property comprises income-producing buildings and land for future development.”

For additional information on Carter, please visit

Laura Dudebout
O: 404.965.5023
C: 678.642.4301


Charles Dunn Co. Completes $4.1 Million Sale of 16-Unit Multifamily Property in West Los Angeles

LOS ANGELES, CA June 1, 2011 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.1 million sale of a 16-unit apartment community located at 1946 Overland Ave (top left photo). in West Los Angeles near the major cross street of Santa Monica Blvd (bottom left photo). situated just minutes from UCLA, Century City and Beverly Hills.

Hamid Soroudi  (middle right photo) of Charles Dunn Company represented the buyer Los Angeles-based Acorn II Partners, L.P.  Ramin Gheitanchi of Charles Dunn Company represented the seller, Heyat, LLC also from Los Angeles. The property sold at a cap rate of 5.3 percent.

Built in 1963, the property totals just under 20,000 square feet and was 95 percent occupied at the close of escrow.  The building includes gated parking, a lobby, an elevator and units with balconies and dishwashers.

The majority of the units have been renovated with hardwood floors, new bathroom vanities, tiles and fixtures. The apartment community includes large one-, two- and three-bedroom units ranging in size from 900 square feet to 1,300 square feet.

  “This buyer was seeking a multi-residential property located in the Westside and contacted the Charles Dunn Soroudi Group as we specialize in the Westside submarket,” said Soroudi. After a short search, we identified the right property for the buyer and negotiated a reasonable price and terms.

Soroudi added that escrow closed within 60 days. The west Los Angeles multi-residential market currently has a vacancy rate of approximately 3 percent.

Soroudi and Gheitanchi are members of Charles Dunn Company’s The Soroudi Group.

The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

 Contact:  Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224


CHM Acquires Santa Monica Hotel Group


  BEVERLY, MA,  June 1, 2011—Capital Hotel Management (CHM), a leading hotel asset management and investment firm, today announced that it has acquired Santa Monica Hotel Group of Los Angeles, California, to expand its asset management capabilities and presence on the West Coast. 

Pamela Greacen (top right photo), founder and president of Santa Monica Hotel Group, will join CHM as executive vice president, along with Anthony Tarakdjian (middle left photo), a 25-year veteran of hotel finance.

Since founding her company in 2000, Greacen has been responsible for the due diligence, asset management, renovation and repositioning of more than $2 billion in luxury hotels throughout the continental U.S. and Hawaii.

“This acquisition is indicative of the recovering economy,” noted Ken Wilson (lower right photo), CEO of CHM.

 “The transactions market is heating up, and we are expanding our reach to meet our investors’ demand.  In recent years, CHM has been active in major East Coast urban markets, midwestern cities with convention center headquarter hotels and select off-shore resorts, but with this acquisition, we can now offer a national asset management platform with expanded geographic expertise, particularly on the West Coast.  

Santa Monica Hotel Group’s current asset management portfolio includes the Four Seasons, Los Angeles; La Posada de Santa Fe, Santa Fe, N.Mex., Marriott Key Center, Cleveland; and, the Harbor View Hotel & Resort, Martha’s Vineyard. 

CHM has asset managed more than 55 hotels over the past 10 years, with a current portfolio of approximately 15,800 rooms in 29 hotel assets, including urban landmarks, destination resorts and convention center headquarters hotels.

 For more information on CHM, visit their website at  or contact them at (978) 522-7000.

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

HFF closes sale of mixed-use shopping center in Port Charlotte, FL

MIAMI, FL –HFF announced today that it has closed the sale of Promenades (top left photo), a 230,704-square-foot, grocery-anchored community center with a medical office component in Port Charlotte, Florida.

HFF marketed the property on behalf of the seller, Edens & Avant.  In-Rel Properties, Inc. purchased the property.

 Promenades is located at 3280 Tamiami Trail (US 41) on a 26.4 acre parcel adjacent to Fawcett Memorial Hospital and Peace River Hospital in Port Charlotte’s “Medical Arts District”.

 Renovated in 2009, the property is currently 87 percent leased to tenants including Winn-Dixie, Bealls Outlet, Fawcett Memorial Hospital supplemental care services and YouFit, among others.

The HFF team representing the seller was led by managing director Danny Finkle (lower left photo) and director Luis Castillo.

Edens & Avant develops, owns and operates neighborhood shopping centers in primary markets throughout the East Coast.

Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the company has built an institutional-quality portfolio of 124 retail centers. Edens & Avant has regional headquarters in Boston, New York, Washington, D.C., Columbia, SC, Atlanta and Miami.

Founded in 1985, In-Rel Properties, Inc. owns and operates approximately five million square feet of office and retail properties in the southern and eastern regions of the United States.  The company is headquartered in Lake Worth, Florida, with regional offices in Memphis, Nashville, Birmingham and Oklahoma City.

Daniel Finkle, HFF Managing Director, (305) 448-1333,
Luis Castillo, HFF Director, (305) 448-1333,
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $15 million financing for ASICS distribution center in northern Mississippi

DALLAS, TX – HFF announced today that it has secured $15 million in financing for a 513,734-square-foot distribution center that is fully leased to ASICS America in Byhalia, Mississippi.

 Working exclusively on behalf of the borrower, an affiliate of Lexington Realty Trust, HFF placed the five-year, 4.71 percent loan with The Northwestern Mutual Life Insurance Company.  Loan proceeds were used to acquire the property.

 The property was completed in April 2011 as a built-to-suit for ASICS America.  Located at 459 Wingo Road, the property is about 25 miles southeast of downtown Memphis in Byhalia.

The HFF team representing Lexington Realty Trust was led by director Brandon Chavoya. (lower right photo)

 Lexington Realty Trust (NYSE:LXP) is a leading investor in single-tenant commercial properties across the nation, which are generally net-leased to major corporations.

C. Brandon Chavoya, HFF Director, (214) 265-0880,
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $ 60 million refinancing for Seminole Towne Center in Central Florida

PITTSBURGH, PA – HFF announced today that it has arranged a $60 million refinancing for Seminole Towne Center (top left photo), an enclosed regional mall in Sanford, Florida.

HFF worked on behalf of the borrower, Seminole Towne Center Limited Partnership, to secure the 10-year, fixed-rate loan through Citigroup Global Markets, Inc. 

The securitized CMBS loan is replacing maturing debt on the property and will be serviced by HFF.  Seminole Towne Center Limited Partnership includes a Simon Property Group entity and an institutional investor advised by Heitman.

Seminole Towne Center is situated on 79 acres at the Interstate 4 and Florida Beltway intersection north of Orlando’s central business district in Sanford.  Developed in 1995, the property is anchored by Dillard’s, JC Penney, Macy’s, Sears and a 10-screen United Artists Theatre.

The HFF team representing the borrower included executive managing director John Pelusi, managing director Claudia Steeb and director Luis Castillo (lower left photo)

For further information, visit the Simon Property Group website at
John Pelusi Jr., HFF Executive Managing Director, (412) 281-8714
 Luis Castillo, HFF Associate Director, (305) 448-1333,
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Colliers International Completes $4 Million Sale of a 16,469-Square-Feet Office Building in Claremont, CA

CLAREMONT, CA  – Colliers International, the second largest global real estate services organization, recently sold a 16,496-square-feet office space located at 358-398 W Foothill Blvd (top left photo), Claremont, Calif. The transaction is valued at $4 million.

 “I successfully helped buyer exchanged his apartment in Arcadia with less management intensive product, with great location in Claremont,” said Han Chen (bottom right photo), a senior associate based in Colliers International’s Downtown Los Angeles office, who represented the buyer.

  “Through this reposition strategy, I helped my client increased his cash flow position significantly (he more than doubled his cash flow from his downleg property). It is a win-win situation for both buyer and seller.”

 The seller, Community Commerce Bank, was represented by Cheryl Pestor at NAI Capital. The property was built in 1958 and remodeled twice in 2003 and in 2006. 

Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

Colliers International Sells 60-unit –Apartment Community in Culver City, CA for 5.7 CAP Rate


CULVER CITY, CA  – Colliers International, the second largest global real estate services organization, recently sold a 60-unit apartment complex, The Keswick Court Apartments (top left photo), located at 3902-3920 Lenawee Ave, Culver City, Calif. 

 Kitty Wallace (middle right photo), Executive Vice President based out of Colliers International’s West Los Angeles office, represented both the Seller, private investors, and the Buyer, M West Holdings LLC, a Los Angeles-based real estate investment firm in the transaction.

 “The Keswick Court Apartments are located in Culver City, a city in Los Angeles that has recently been transformed by redevelopment and new infrastructure. This sale was a bit more challenging due to the age of the building; however, we were able to sell the city’s non-rent control ordinance,” said Wallace. “We also emphasized the resurgence of the Culver City market which has not yet peaked”

 “Over the past three months we have noticed that the Los Angeles apartment market has gained momentum which helped with this sale. Our team just closed three deals in three weeks, which is a reflection of the kind of demand we are seeing for investment properties.

“According to a recent report by RCA, multifamily sales volume in Los Angeles increased by 138% in Q1’11 YTD. The city now ranks amongst the nation’s top four most active multifamily markets since 2010,” states Wallace.

 The Keswick Court Apartment complex was built in 1957, and includes common area amenities such asa swimming pool, leasing office, landscaped courtyards, two laundry facilities, and 64 open or gated tuck-under parking spaces.

 The property also has an excellent unit mix and is comprised of 15 three-bedroom, two-bathroom units; 27 two-bedroom, two-bathroom units; 8 two-bedroom, one-bathroom units, 3 one-bedroom plus a den, and two-bathroom units, and 7 one-bedroom, one-bathroom units.

Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

Commercial Real Estate Markets Heating Up, RECI Reports

CHICAGO, IL,  June 1, 2011 - The markets are heating up with the summer months, according to the latest Scoreboard from the Real Estate Capital Institute.   Once again, interest rates continue trending downward to some of the lowest levels ever seen and spreads narrow as funding sources case prime quality investments. Investors are rethinking and retooling their funding programs based on the following:

Higher Leverage:  To stay competitive, creative lenders are teaming up with Mezzanine debt players to provide a "one-stop" funding solution based on a higher leverage loan.  The combined leverage often results in loans of up to 85% with blended interest rates in the 6% or higher range, a premium over conventional first mortgage debt.

Mezzanine/Preferred Equity:  With yields tightening in the lower single-digit range, the preference for entertaining more equity rather that debt risk is appealing. Targets of 15% or more are still available within
this funding format.  However, the amount of higher-quality projects are bid up quickly, even in challenging markets as many investors are squeezed out of primary markets.

Alternative Property Types:  Existing "value add" opportunities for favorite property types are sparse.  Lodging, self-storage, data centers, flex industrial/office are gaining attention. Overall yields for such properties also are approaching the mid-teens for stabilized assets, while repositioning and value creation situations approach 20% or more.

New Construction:  A small window exists for new construction, as lenders are reentering the marketplace with construction funds. Through most of 2012, new-construction will be limited, but investment pipeline is increasing for hard-to-find investments, particularly multifamily assets which are trading at pricing close to replacement costs.  Since interest rates are extremely low, return on development cost are approaching a very narrow band, often within 100 basis points or less of the "exit" capitalization rate.

Ms. Jeanne Peck, (top right photo) research director for The Real Estate Capital Institute, forecasts "very little room remains for absolute rates to drop further."Peck thinks, "The main focus must be on improved cash flow performance through expense reductions and more aggressive income growth, where available."
The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

 Furthermore, call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.
The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Research Director /

Available Spec Suites at 3405 Piedmont Draw Interest

 ATLANTA, GA - The three brand-new speculative office suites at 3405 Piedmont (top left photo) in Atlanta’s Buckhead submarket are attracting a lot of attention from small- and mid-sized businesses.

In fact, one of them already has been leased.

 EOS Marketing and Communications, Inc. agreed to lease the spec suite of the building’s top floor. A full-service marketing and advertising agency, EOS will move into its new 3,828-square-foot suite this summer, says Lincoln Vice President Leigh Braswell. (middle right photo)

She and David Danhof, (lower left photo) also a Lincoln VP, lease market and lease space at 3405 Piedmont on behalf of owner Colony Realty Partners. April Hawkinson and Julie Hoffman brokered the deal.

3405 Piedmont is a five-story office building within walking distance to several restaurants, hotels and shops. The building, with has great access to Ga. 400, is about a mile away from Phipps Plaza and Lenox Square.

The Colony-owned building offers free parking to tenants and visitors. The three spec spaces Colony and Lincoln created at 3405 Piedmont are built out and ready for occupancy.

“The spaces are ready to roll,” David says. “They make it easy on the tenant and enable them to spend time on their core business instead of overseeing design and construction of their office space.”

With EOS Marketing taking the spec suite on the 5th floor, two more suites remain available. There’s a 5,180-square-foot space available and ready for occupancy on the first floor and a 4,781-square-foot suite available on the second floor.

EOS Marketing was founded in 2005 by marketing veterans Margaret Gearing and Susan Frost. The firm’s client roster includes companies in consumer products, commercial and residential real estate, hospitality and financial planning.

Lincoln and Colony look forward to having EOS as a client at 3405 Piedmont.

For more information on the Southeast Region of Lincoln Property Company, please visit or To check out the blog, go to

Laura Dudebout
O: 404.965.5023
C: 678.642.4301

Post Properties Announces Donald C. Wood to Join Board of Directors

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), announced that Donald C. Wood (top right photo), age 50, President and CEO of Federal Realty Trust (NYSE: FRT), has been appointed to the Company’s Board of Directors.

Mr. Wood’s appointment as an independent director anticipates the retirement one year from now, under the Company’s mandatory retirement policy, of Douglas Crocker II. Mr. Crocker will continue to serve as Vice Chairman of the Board until the Company’s 2012 Annual Meeting.

Said David P. Stockert (middle left photo) President and CEO of Post Properties, “We are delighted to have Don Wood bring to our Board his considerable experience as a successful REIT-industry CEO.

 “Although our two companies focus on different real estate product types, we have complimentary retail and residential mixed-use development skills.

“Our companies also have experience working together over the years at Pentagon Row™, a dynamic mixed-use project located in Arlington, Virginia, where Federal developed and owns the retail component and Post developed and owns the residential.”

Said  Wood: “I have admired Post’s commitment to product excellence ever since working together to develop Pentagon Row™ over a decade ago. I am honored to join the Post Board at a time that looks especially bright for high quality apartments in the U.S.”

Contact: David P. Stockert, 404-846-5000

Hartman Simons Partner Helps Finalize Sale of Former NEC Distribution Center

 ATLANTA, GA - Recycling Technologies, which recycles computers and other technology assets, is the new owner and soon-to-be tenant of an industrial building in Austell that was formerly home to the National Envelope Corporation (NEC). The building is located at 2989 Humphries Hill Road.

 Hartman Simons partner Jeremy Cohen (top right photo) represented the seller, William Ungar, who, as Trustee of an Indenture of Trust, had owned the property since 1975. The property was occupied by NEC, a paper conglomerate, as the tenant and used as a warehouse/distribution center until NEC filed bankruptcy last year and rejected the lease.

 Cohen not only handled legal aspects of the sale, he also helped identify a buyer and negotiated the terms of the deal. The sale was contingent on the nearly nine acres of land being  rezoned from light industrial to heavy industrial – which the Austell City Council approved this spring.

 “I am very pleased to see this deal close, especially in the current economic climate, and to know that I was able to add value for our client on a number of levels,” said Cohen.

 “At Hartman Simons, we take pride in knowing that we assist not only with the legal aspects of a transaction, but that we also act and think like a business partner to our clients. This is an example of that philosophy in action.”

 For more information check out our website at
Contact: Laura Dudebout, Wilbert News Strategies, 678.642.4301