Monday, July 25, 2011

PwC Signs Long-Term Lease for 250,000 Square Foot Build-to-Suit at MetWest International in Tampa, FL

TAMPA, FL.  July 25, 2011 /PRNewswire/ -- PwC US, the Big Four assurance, tax and advisory firm, has signed a long-term lease with MetLife for an approximately 250,000 square foot build-to-suit office building at MetWest International (top left photo), the two organizations announced today.

In signing a long-term deal to build a state-of-the-art, environmentally friendly facility in the area, PwC is recommitting to its future - and signaling its confidence - in the greater Tampa community.

 Approximately 2000 PwC partners and staff from the firm's Tampa practice office and Tampa Enterprise Solutions Center (ESC) will move to MetWest Two during the second quarter of 2013.  Currently, these operations are in separate locations at 4221 W. Boy Scout Boulevard and 3109 and 3111 W. Dr. Martin Luther King Jr. Boulevard, respectively.

The new building will be home to PwC's Tampa based client service professionals, an Assurance Delivery Center and a number of the firm's key internal functions, such as information technology; finance; human resources operations and systems; and learning and development. Taylor & Mathis, the development manager of the project, said construction of the new building will begin this week.

"MetLife is extremely pleased to welcome such a high caliber firm as PwC to MetWest International. The addition of PwC makes a definitive statement of support for MetWest as one of the top mixed-use developments in Florida.  The central location in the Westshore area as well as the many high-quality amenities the development offers are strategic factors contributing to the success of this project," stated Chuck Davis (lower right photo), regional director of MetLife's Tampa real estate investment office.

PwC was represented by Timothy J. Dempsey and Bill Obregon of CB Richard Ellis and Robert Reichman, Esq. of Wilk Auslander LLP.  MetLife was represented by Hank Brenner and Angela Odell of Taylor & Mathis.

CONTACT: Elliott Frieder, PwC US, +1-646-471-3108, or Emily Phillips, MetLife, +1-212-578-7217,

Wingate by Wyndham Adds Readapted Los Angeles Hotel to Portfolio

PARSIPPANY, N.J. (July 25, 2011) – Wingate by Wyndham®, a hotel brand owned by Wyndham Hotel Group, LLC which is a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), today announced the addition of the 148-room Wingate by Wyndham Los Angeles International Airport (top left photo )in southern California.

The readapted hotel, a former Hampton Inn, was completely renovated and opened its doors under the Wingate by Wyndham growth strategy, which aims to help expand the midscale hotel chain in key markets throughout North America.

 Bill Hall (lower right photo), Wingate by Wyndham brand senior vice president, said growth through readaptation involves taking an existing structure in a market that cannot easily accommodate new construction and incorporating the critical elements that define a Wingate by Wyndham hotel.

“This strategic approach is designed to complement the brand’s new-construction development efforts, enabling new growth without departing from its core values of delivering product consistency and quality guest experiences,” he said. “Readaptation allows us to take a hotel in a market with high barriers to entry and fit it to the Wingate by Wyndham brand’s exacting, unique standards."

Owned by Washington-based LAX Hotel Investment Company, LLC, the Wingate by Wyndham Los Angeles International Airport is two miles east of Los Angeles International Airport, offering travelers convenient lodging near one of the country’s busiest travel hubs.

Additional information is available at

Kathryn Zambito
Public Relations Manager
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
+1 (973) 753-6590

Berger Commercial Realty Corp. Broker Reese Stigliano Closes $6.76 Million Sale in West Palm Beach, FL

FORT LAUDERDALE, Fla. (June 30, 2011) – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced broker Reese Stigliano (top right photo), SIOR, recently closed a $6.76 million sale for BF Accona, LLC, an affiliate of BankFirst of South Dakota.

 Stigliano represented the bank in the sale of a 21.49-acre, multifamily parcel, located at 715 Hank Aaron Drive in West Palm Beach, to Aaron Drive Holdings, a West Palm Beach-based company managed by developer and former Florida U.S. Senate candidate Jeff Greene.

 BankFirst of South Dakota took the title to the land in August 2009 after winning a $44.8 million foreclosure judgment against Hallandale Beach-based developer SWP Palm Beach. The property had been approved for 620 condominiums, 57 townhouses and 20,000 square feet of retail space, but construction on the project never began.

 Aaron Drive Holdings paid cash, allowing the company to close in less than a month. Development plans and a timetable for construction are unknown.

 “Oftentimes buyers won’t close on undeveloped land until site plan approval is in place,” Stigliano said. “However, this property had extended entitlements, which was one of the main reasons they bought it. At the price they paid, they can either sit and land bank it or decide to build something economically feasible."

At Berger Commercial Realty Corp., Stigliano's primary areas of focus are land sales, investment sales and office leasing. He was assisted in this deal by Berger Commercial Realty Corp. Project Manager Gordon Lunt, whose primary focus at the firm is land development management.

 For more information, visit

Contact:  Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226,

ARA Brokers Sale of Luxury, 224-Unit Garden Style Community in Broward County, FL


NORTH LAUDERDALE, FL (July 25, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Lakeview Cove (top left photo), a 224-unit garden style apartment community located in the desirable Cypress Creek submarket in Broward County, FL.

The South Florida ARA sales team, led by Senior Vice President Hampton Beebe and Principal Avery Klann, represented New York City-based Lexin Capital in the sale of the $26.4 million, 224-unit community.

“Lakeview Cove is an institutional-quality asset in close proximity to the Cypress Creek Office District, which is one of the largest in South Florida,” said ARA’s Hampton Beebe.š “The buyer was successful in acquiring a quality product in an excellent location below replacement costs.

The property was acquired by Chicago, IL-based Waterton Associates, LLC for $26.4 million or $117,857 a unit.šš Waterton financed the acquisition with Fannie Mae debt through ARA’s debt platform, ARA Finance.

Constructed in 1997 and 92% occupied at the time of the sale, the community is located on the north side of Cypress Creek Road, only one mile east of the thriving Cypress Creek office market, containing approximately 4.8 million square feet of office space and over 15,000 employees.

This market is home to large corporate headquarters and major employers such as Citrix Systems (1,428 employees), BankAtlantic (2,569 employees), Kaplan Higher Education (2,800 employees), Humana, Brown & Brown Insurance, CBS Interactive, Liberty Power Corporation, DataCore Software Corporation and numerous other well-known national companies.

For detailed information on ARA’s extensive multihousing investment services, visit

Contact: Marti Zenor, 561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax

Grubb & Ellis Represents SIGMA International Group, Inc. in a Sale Leaseback of Three Industrial Properties

CHICAGO, IL (July 25, 2011) – Grubb & Ellis Company (NYSE: GBE) today announced that its Chicago-based Sale Leaseback/Net Lease Properties Group represented SIGMA International Group, Inc., a portfolio company of private equity firm, Frontenac Company, in a sale leaseback transaction of three buildings. 

The buildings, located in suburban Chicago and Houston, were purchased by an undisclosed buyer. 

 Senior Vice Presidents Jonathan M. Wolfe (top right photo) and Jordan A. Shtulman (middle left photo), who co-head the group, facilitated the transaction.

The sale leaseback includes two industrial buildings totaling 73,025 square feet located at 21699 Torrence Ave. and 2701 Kalvelage Drive in Sauk Village, Ill., and a 100,000-square-foot industrial building located at 5000 Askins Lane in Houston.  SIGMA will continue to occupy the buildings under a long term lease.

 "The sale leaseback market has strengthened materially for companies like SIGMA with its strong credit profile and 25 years of consistent results in its core markets. 

"Given the superior execution on this transaction by Grubb & Ellis' Sale Leaseback/Net Lease Properties Group, the deal proved very attractive to SIGMA and I am confident will be a good result for the sale-leaseback buyer.  We are very pleased with the result," said Walter Florence (lower right photo), managing director of Frontenac Company.

 Headquartered in Cream Ridge, N.J., SIGMA International Group, Inc. is a leading, nationally recognized importer and master distributor of ductile iron and cast iron fittings, restraints, municipal castings and other related products used as a part of the delivery infrastructure in the water and wastewater industry

Founded in 1971, Frontenac Company is a leading, Chicago-based private equity investment firm having invested in over 200 family-owned/owner operator companies.

For more information about this transaction or for sale leaseback or net lease inquiries, contact Wolfe at 312.224.3985 or Shtulman at 312.224.3103.

 Contact:  Janice McDill,  Phone:  312.698.6707,                                       

Procacci Development Corp. Refinances Debt and Secures Revolving Credit Line


BOCA RATON, FL (July 25, 2011) – Procacci Development Corporation, leader in the creation of buildings constructed to resist Category 5 Hurricane-force winds and maximize energy efficiency, has refinanced $17.5 million in debt related to development projects for the U.S. General Services Administration. The company also secured a $15 million revolving line of credit.

The new credit facility is for a combined $32.5 million. The funding relates to four projects developed for the GSA by each of four Procacci affiliates: Procacci Orlando, LLC; Procacci Tampa, LLC; Procacci Fort Myers, LLC; and Procacci Nashville, LLC. The properties are located in Orlando, Tampa and Fort Myers, Florida, and Nashville, Tennessee.

“This refinancing significantly enhances our debt structure,” Philip J. Procacci (top right photo), founder and CEO, said. “In addition to the refinancing of construction loans, the availability of the revolving line of credit enhances the company’s liquidity and provides additional capital for the future. It further enables us to react quickly on acquisition and development opportunities throughout Florida and the Southeast.”

Procacci closed the Term Loan and Revolving Line of Credit with PNC Bank. The four properties total 149,364 square feet. All of the properties are leased to federal GSA agencies under long-term leases.

Each of these buildings capitalizes on the developer’s “Built Procacci Strong” construction concepts. They are leading-edge facilities that incorporate hurricane-resistant attributes to protect tenants from water and wind damage in excess of the requirements of the Florida Building Code. 

As with many of the buildings within its portfolio, Procacci will utilize sustainable and environmentally responsible materials, making a significant investment to enhance the building’s structural integrity.

These enhancements will allow the building to meet and exceed Zurich HPR (Highly Protected Risk) standards and have earned the buildings in Tampa, Fort Myers and Nashville Pre-Certification in Leadership in Energy and Environmental Design (LEED) from the U.S. Green Building Council at a Silver level.

For more information, log on to

Contact: Todd Templin, Boardroom Communications, 954-370-8999 or 954-290-0810,

Concord Hospitality Selected to Manage Sheraton Oklahoma City Hotel

RALEIGH-DURHAM, N.C., July 25, 2011—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that it has signed a contract to manage the Sheraton Oklahoma City (top left photo) in Oklahoma. 

The 395-room, full-service hotel is the latest addition to Concord Hospitality’s growing third-party management portfolio.  Concord currently owns or operates more than 80 hotels, aggregating more than 10,000 rooms, with several more properties under development. 

“The Sheraton Oklahoma City is a valuable addition to our full-service portfolio, and we’re honored that Nazarian Enterprises has selected Concord to manage this outstanding asset,” said Mark G. Laport (middle right photo), President and CEO of Concord. 

 “The hotel has tremendous attributes and is the largest business and convention hotel in Oklahoma City, within steps of the Cox Convention Center and across from the Ford Arena.

“ Among its unique features is an underground concourse connecting the property to the rest of downtown, and 28,000 square feet of ‘new’ meeting space, under one roof. 

“The Sheraton has been a prominent hotel in the market and we are confident that with our operational expertise and ability to drive top line revenues, coupled with our sales and revenue management capabilities it will continue to gain a  competitive advantage in Oklahoma City.”

Located at 1 North Broadway Ave., the Sheraton Oklahoma City is in the heart of downtown Oklahoma City, the state’s capitol, next to the Cox Convention Center and the Ford Center Arenas, and is within two blocks of the city’s vibrant Bricktown Entertainment District. 

All rooms feature Sheraton’s signature Sweet Sleeper® beds and large work stations with dual line phones and data ports.  The 100% non-smoking hotel boasts a 24-hour business center and trademark Link@Sheraton workstations featuring complimentary Internet access and a comfortable atmosphere. 

An underground concourse connects the hotel with downtown businesses, and keeps guests warm and dry during inclement weather. 

The hotel’s restaurant, 1889 Land Run Café (lower right photo), offers an authentic chop house experience.  Among the hotel’s recreational amenities are an outdoor pool and sundeck and state-of-the-art Core Performance Fitness Center.

 For more information, visit

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

Decron Proprties Completes Lease with Regency Theatres at The Plant in San Fernando Valley, CA


VAN NUYS, CA,  July 25, 2011 – Decron Properties, a diversified real estate investment company, has announced that it has signed a 10-year, 72,200-square-foot lease with Regency Theatres to serve as theater operator at The Plant, a 367,000-square-foot power retail center located at 7888 Van Nuys Blvd. in Van Nuys, Calif.  

The Plant 16 Cinemas’ is Regency’s third San Fernando Valley location and 25th theater location. 

“Regency Theatres is excited about operating in such a thriving Shopping Center as The Plant and vibrant trade area of Van Nuys”, says Lyndon Golin (middle right photo), President of Regency Theatres.
“With its nearby Granada Hills location, Regency can leverage promotion and offer more diverse film product offerings in the marketplace.  Some of the new amenities Regency will offer are D-Box Motion Seating, additional 3D Screens and films available in Spanish Subtitles.”

“We are very excited to have Regency Theatres, one of the premier movie operators in Southern California, join the outstanding line-up of retailers at The Plant”, says Daniel Nagel, Associate Commercial Leasing Director for Decron Properties.

“Regency Theatres’ decision to locate their largest theater at The Plant is a further testament to The Plant’s superior position within the Van Nuys trade area which includes more than 350,000 people living within a 3-mile radius.  It is not often that a shopping center loses a 72,200 anchor and is able to replace the tenant without closing the operations for even one day of business.”

 Built in 1998 and acquired by a Decron Properties affiliate in 1999, The Plant is located on the site of a former General Motors plant, and includes a 367,000-square foot shopping center and 550,000 square feet of industrial space near the intersection of Van Nuys Blvd. and Roscoe Blvd. 

The shopping center is 99.5 percent occupied and, in addition to Regency Theatres, is anchored by Home Depot, Babies R Us, Ross Dress for Less, Michael’s, and Anna’s Linens.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851,


NAI Realvest Negotiates Two New Industrial Leases totaling 6,275 Square Feet at Hanging Moss CommerCenter in Orlando

ORLANDO, Fla. – Michael Heidrich, principal at NAI Realvest recently negotiated two lease agreements for industrial space totaling 6,275 square feet at Hanging Moss CommerCenter (top left photo) in Orlando

 Heidrich brokered both transactions representing the landlord Maitland-based COP-Hanging Moss, LLC.

 Orlando-based Serkan Erkan and Platin Motor Cars, LLC will more than double its space at 6112 Hanging Moss Rd. by moving from suite 420 with 2,000 square feet into its newly leased suite 400 with 4,400 square feet  

 At 6124 Hanging Moss Rd. Joseph M. Hooper of Orlando leased 1,875 square feet. 

For more information, contact
Michael Heidrich, Principal, NAI Realvest 407-875-9989 or
Patrick Mahoney, President, NAI Realvest 407-875-9989
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Acquisition Deal Will Boost NAI Realvest Property Management, Leasing and Sales Deals, Bring Experienced New Associates

MAITLAND, FL --- NAI Realvest in Maitland says the acquisition of NAI Global, the network of commercial real estate firms comprising 5,000 professionals and 350 offices in the U.S. and 55 countries throughout the world, by C-III Capital Partners means substantial additional property management, leasing and sales transactions and seasoned new associates for the Maitland commercial real estate firm.

 Patrick Mahoney (top right photo), president of NAI Realvest, said Irving, Texas-based C-III Capital Partners, LLC has agreed to acquire NAI Global.  The deal is set to close in the 3rd quarter, Mahoney said, and terms have not been disclosed.

 C-III Capital Partners is a commercial real estate services company with assets and business lines that include primary and special loan services, loan origination, fund management and principal investment,” Mahoney said.

 C-III Capital Partners has additional offices in New York, Greenville, S.C. and Nashville, TN.

 NAI Realvest launched in 1988 as one of Central Florida’s largest commercial property firms and one of the region’s largest developers of industrial space.

For more information, contact
Patrick Mahoney, President, NAI Realvest, 407-875-9989
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Arbor Closes Six Fannie Mae Deals Totaling $23.6M Coast to Coast


Uniondale, NY (July 25, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of six loans totaling $23,631,000 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines from New York to California.

These loans include:

 The L at 30th Drive, Astoria, NY  (top left photo)– This 39-unit complex received $8,900,000 funded under the Fannie Mae DUS® Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.

 Ludlow Street Apartments, New York, NY (top right photo) – This 27-unit complex received $1,800,000 funded under the Fannie Mae DUS® Small Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.

 Stones Crossing, Rock Hill, SC (middle left photo) – The 160-unit complex received $5,400,000 under the Fannie Mae DUS® Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.

Hartford Hills Apartments, Los Angeles, CA (lower right photo) – This 102-unit complex received $3,645,000 funded under the Fannie Mae DUS® Small Loan product line. This seven-year refinance loan amortizes on a 30-year schedule.

232 Union Place Apartments, Los Angeles, CA – This 50-unit complex received $2,700,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule.

 2352 Glendale Boulevard, Los Angeles, CA – This 16-unit complex received $1,186,000 funded under the Fannie Mae DUS® Small Loan product line. This seven-year refinance loan amortizes on a 30 year schedule.

 All of loans were originated by Ronen Abergel  Vice President in Arbor’s full-service New York City office

Contact:  Christopher Ostrowski,

HEI Hotels & Resorts’ Fund III Acquires San Diego Marriott La Jolla


NORWALK, CT, July 25, 2011—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced that the company has purchased the 360-room San Diego Marriott La Jolla (top left photo) in La Jolla, California, for an undisclosed amount. 

The hotel is the ninth acquisition by HEI’s Fund III and is the 41st hotel in the company’s portfolio.

 The hotel is located in the Golden Triangle, La Jolla’s pre-eminent business district, and convenient to local attractions and downtown San Diego.  La Jolla is considered one of the best San Diego locations because of its 4 million square feet of Class A office, R&D space, upscale retail, industrial product, multi-family and hospitality.
The hotel offers 23 meeting rooms and more than 16,000 square feet of total function space.  Additional amenities include four food and beverage outlets, indoor and outdoor swimming pool and whirlpool, and a business center.  HEI plans to execute a $20 million renovation beginning in 2012, to include guest rooms, lobby, meeting space, and expanded fitness facilities.

 “As our second San Diego MSA hotel, the La Jolla property fits well with HEI’s core investment program on multiple fronts,” said Steve Mendell (middle right photo), president, acquisitions and development.

 “We were particularly attracted to this asset by the depth and diversity of the pharmaceutical and telecommunication businesses in La Jolla and the opportunity presented from our comprehensive planned renovation.”

“The Marriott La Jolla transaction was largely the result of our strong relationship with the seller, which we have transacted with several times over the preceding 12 months,” said Anthony Rutledge (middle left photo), chief financial officer. 

 “We are excited about the investment profile of this transaction and expanding our strategic relationships for future transactions with other key investment partners in the near future.”

 “This is our 12th hotel in the Marriott brand family,” said Russ Urban (bottom right photo), HEI’s SVP, acquisitions and development.  “HEI looks forward to continued expansion of its Marriott portfolio.”

 For more information about HEI, visit the company's website,

ARA S. Florida Executes Sale of 218-Unit Value-Add Community in Lake Worth, FL

LAKE WORTH, FL (July 25, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Esperanza apartments (top left photo), a 218-unit garden style apartment community located in the desirable Lake Worth market in Palm Beach County, FL.

 The South Florida ARA sales team, led by Principal Avery Klann (middle right photo) and Senior Vice President Hampton Beebe (lower left photo), represented Chicago, IL-based Waterton Associates, LLC in the sale of the $9.3 million, 218-unit community.

 “As a value-add investment, Esperanza offers the buyer significant upside potential,” said ARA Boca Raton Principal Avery Klann.š “With the implementation of a comprehensive interior and exterior upgrade program, the buyer should achieve substantive NOI growth and the property will be well positioned to compete with newer Class B properties in the Palm Beach County market.”

 Avery added that the Palm Beach County rental market experienced a positive shift in occupancy in 2010, after trending downward in the previous years.š MPF Research is predicting rent growth of at least 4% annually from 2011-2013 in all of Palm Beach County.

The property was acquired by Newton, MA-based Robbins Property Associates for $9.3 million or $42,660 a unit.

 Constructed in 1972 and 93% occupied at the time of the sale, the community is located minutes from the major employment centers in the suburban areas of West Palm Beach and only 10 minutes from the downtown West Palm Beach CBD.š

For detailed information on ARA’s extensive multihousing investment services, visit

Marti Zenor,
561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax