Tuesday, September 6, 2011
NAI Realvest Negotiates New Industrial Lease for Indoor Baseball Training facility at Carter CommerCenter in Winter Garden, FL
To learn more, visit www.NAIRealvest.com.
For more information, contact:
Michael Heidrich, Principal NAI Realvest, 407-875-9989, Mheidrich@realvest.com;
Patrick Mahoney, President NAI Realvest, 407-875-9989, Pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142
Stirling Sotheby's International Realty Appointed Exclusive Marketing Agents for 36 Home Sites at Mission Inn near Orlando
Most of the home sites front on the Las Colinas Golf Course (middle right photo) with a few overlooking conservation areas, Soderstrom said. See a brochure on the property at http://www.stirlingsir.com/eflyers/agents/marnold/mi.html.
Sales of individual home sites would total nearly $3 million, however, Stirling Sotheby’s is offering all 36 home sites at a discounted bulk price of $1.26 million or an average of $35,000 per home site.
Mission Inn is located minutes from the Florida Turnpike and U.S. 27, and features an internationally renowned resort with 200 luxury quest rooms and conference facilities, two championship golf courses, a world class spa, golf academy, tennis center, a marina and restaurants.
Mark Arnold (lower left photo) of the Global Real Estate Advisors Group at Stirling Sotheby’s International Realty is handling the sale of the property.
To view a video of the property, visit www.youtube.com/watch?v=syg79odZRYw.
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com.
ORLANDO, FL Sept. 6, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it has commenced an underwritten public offering of 8,000,000 shares of common stock. As part of the offering, the Company also expects to grant the underwriters a 30-day option to purchase up to 1,200,000 additional shares of common stock.
Citigroup, Wells Fargo Securities and BofA Merrill Lynch will act as joint book-running managers for the offering.
The Company intends to use the net proceeds from the offering to repay borrowings under its credit facility and for general corporate purposes, which may include future property acquisitions.
National Retail Properties, Inc. Announces Increased 2011 FFO Guidance
ORLANDO, FL, Sept. 6, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced increased 2011 FFO guidance of $1.52 to $1.55 per share before any impairment expense and estimated AFFO to be $1.65 to $1.68 per share.
The increased guidance is primarily related to increased projected acquisition volume of $400-$500 million in 2011 from our prior projected acquisition volume of $200-$250 million in 2011.
In 2011 through the date of this release, NNN has completed the acquisition of approximately $290 million in the Investment Portfolio, including acquiring 99 properties with an aggregate 1.8 million square feet of gross leasable area.
This guidance updates the Company's previously announced 2011 FFO and AFFO guidance and is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission.
Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348
Additionally, two thirds of buyers are now opting for fixed-rate mortgages as opposed to the discounted or tracker mortgages.
Simon Tebbutt (top right photo), Business Development Manager for Bournecoast said: "Before Christmas last year we predicted there would be a sharp rise in investment acquisitions with an increase in BTL mortgage applications, but until now there have been very limited products available on the market for investors.
“This documented increase in demand is the most evident sign yet that the hunger for Buy to Let amongst house buyers is back, after a couple of years of fairly stagnant growth,” he said.
"The market is now where we predicted it to be ten months ago. It’s not a case of having a crystal ball but we fundamentally understand the property investment market.
“The obvious levels of expertise allow us to fairly accurately forecast what might happen.
“We really do know what we’re talking about and as a consequence we’ve adapted our business to be in the position where Bournecoast are the area’s property investment solutions provider of choice.
“We offer an unrivalled service which is reflected in the increasing demand from our customers for lettings, which continues to grow."
He added, “We have many waiting tenants and several new properties ripe for investment, coming onto the market, which would be ideal for student lets and are capable of netting approx £4,000 per month in rent.”
With the clear understanding in the local market possessed by Bournecoast, and with the unequalled experience of being established and still family run for over 50 years, it prides itself in providing quality properties and recognising a good investment potential by being able to offer holiday lets on suitable properties to generate even more income.
For information on currently available investment opportunities and to find out more about what makes a good investment, contact the friendly team at Bournecoast on 01202 437888 or visit http://www.bournecoast.co.uk.
07861 899375 - Mobile Phone
Self-Storage Operators Join OpenTech Alliance’s Robert Chiti for MiniCo Webinar to Discuss the Pros and Cons of Self-Service Kiosks
The group of presenters will share their personal experiences and explain how self-service kiosks function at their facilities. The presentation will highlight many kiosk enhancements designed to resolve manager-identified issues and include a Q&A with participants. Topics will include the following:
MYTH – Kiosks do not provide personal service
MYTH – All empty storage units must be left unlocked
MYTH – Consumers can make payments at the kiosk while in lien status
MYTH – Using a kiosk means providing 24-hour access to your property
OpenTech Alliance, Inc., is the sponsor of the webinar. The leading developer of innovative self-storage solutions, OpenTech Alliance, Inc., offers self-storage kiosks, call center services and an online self-storage reservation solution.
For more information or to register, visit http://www.ministoragemessenger.com/. Online registration is required for this free live event.
For more information, please visit: OpenTech Alliance, Inc. – www.opentechalliance.com
MiniCo Insurance Agency, LLC
Christa Van Zant
PARAMUS, N.J.--(BUSINESS WIRE)--VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed a $600 million refinancing of 555 California Street (top left photo), a three-building office complex aggregating 1.8 million square feet in San Francisco’s financial district, known as the Bank of America Center, in which Vornado owns a 70% controlling interest.
The 10-year loan bears interest at 5.10%. The loan amortizes based on a 30-year schedule beginning in the 4th year. The proceeds of the new loan and $45 million of existing cash were used to repay the existing loan and closing costs.
Vornado Realty Trust is a fully integrated equity real estate investment trust.
Contacts: Vornado Realty Trust, Joseph Macnow, 201-587-1000
Embrey Partners Completes Sale of Quarry Village in San Antonio, TX to Dallas-Based Crow Holdings Capital Partners, L.L.C.
At the time of sale, the apartment community was 98.5 percent occupied and the retail development, with completion of current tenant finish work and leases under negotiation, will be 90 percent leased by year-end.
Craig LaFollette (bottom left photo) of Holliday Fenoglio Fowler, L.P., represented Embrey and equity partner Nationwide Insurance in the transaction.
This is the second Embrey development a CHCP-advised fund has purchased and the third San Antonio apartment purchase since the institutional buyer started investing in the market 12 months ago.
The purchaser has retained Embrey Management Services to provide property management for the Embrey developments as well as The Preserve on Fredericksburg, a San Antonio asset owned by an affiliate of CHCP.
Debi Pfitzenmaier, 210-669-6911
Asset Manager – Artessa at Quarry Village, 214-661-8000
Holliday Fenoglio Fowler
G. Craig LaFollette, 713-852-3500
AREA Property Partners and Adler Group to Acquire and Operate 3.1 Million SF Commercial Property Portfolio in Washington, DC Market
AREA and Adler Group are acquiring the portfolio, which consists of industrial assets comprising the entirety of WRIT’s industrial division and some office properties spanning four DC submarkets, primarily in key Northern Virginia suburbs, but also including strong suburban Maryland locations.
Current occupancy levels across all properties combined is averaging at 79 percent. Both AREA and Adler Group recognize the resiliency of the regional economy as an opportunity to increase occupancy across all properties by retaining valued tenants and reaching out to businesses in various industries looking to fill a wide range of operating space needs.
The properties combined are currently home to some of the nation’s preeminent corporations including GE Healthcare, MedImmune, Raytheon, L-3 Communications, ITT Educational Services and American Honda Motor Company, along with bases of operations for numerous federal agencies.
The average tenant size is 13,000 square feet, with the largest tenant occupying more than 140,700 square feet of industrial space.
“We are bullish on the greater Washington, DC area, and confident that this high-quality portfolio will further flourish under the hands-on asset management skills we bring to the table,” said AREA partner Steve Wolf (top right photo).
Mr. Wolf, who noted that AREA and Adler Group are now the second largest industrial property landlord in the Washington, DC market, said the properties are well located and well-suited for use by the sectors that dominate the region, such as government, intelligence, law enforcement and high-tech users.
“We will focus on increasing the occupancy rate and maintaining the credit-worthiness and quality of the tenant base to achieve the best results for our investors.”
“We are planning to add value for these assets by taking occupancy levels from the high 70 percentile above the 90 percent mark by focusing on concerted property improvement, marketing and management efforts,” said Matthew L. Adler, chief investment officer for Adler Group.
He added that multi-tenant, management-intensive properties in markets with strong growth potential, such as the ones in the WRIT portfolio, are the type of assets for which the company can employ its expertise in on-site property management, leasing and tenant retention to provide strong value-added services and support that realize an asset’s fullest income-earning capacity.
For more information on the companies, please visit www.areapropertypartners.com and www.adlergroup.com.
For a complete copy of the company’s news release, identifying the acquired properties, please contact:
AREA Property Partners
Julie Solomon, 212-515-3343
Great Ink Communications:
Roxanne Donovan - firstname.lastname@example.org
Mitchell Breindel - email@example.com
Jordana Marks - firstname.lastname@example.org
For Adler Group media inquiries:
rbb Public Relations
Mary Sudasassi, 305-448-6163
Prudential Mortgage Capital Company hires Scott Heath to originate loans in the mid-Atlantic and the south
ATLANTA, GA--(BUSINESS WIRE)--Prudential Mortgage Capital Company today announced that Scott Heath has joined the firm’s Atlanta office as a loan officer covering the mid-Atlantic, southeast and southwest regions.
Prudential Mortgage Capital Company is the Newark, N.J.-based commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
Heath will originate commercial mortgage-backed loans for securitization by Liberty Island Group, the recently announced joint venture between Prudential Mortgage Capital Company and affiliates of Perella Weinberg Partners’ Asset Based Value strategy.
He is the second person hired in connection with this joint venture. On August 23rd, Prudential Mortgage Capital Company announced the hiring of Curtis Brunton to originate loans in the western region.
For more information, please visit http://www.news.prudential.com/.
Contacts: Prudential, lJohn Chartier, 973-802-9829, email@example.com
ARA Orlando-based principal, Kevin Judd (middle right photo); ARA Boca Raton-based principal, Marc deBaptiste (middle left photo), and ARA Tampa-based vice president, Patrick Dufour (bottom right photo), represented the institutional seller in the $31 million transaction.š The property was 95% occupied at the time of the sale.
Units average 940 square feet and are a mix of one-, two- and three-bedroom apartments with vaulted ceilings, screened patios/balconies, carpeted living areas, full appliance packages and washer/dryer connections are included.
Constructed in 1991, the property’s physical attributes and location combine to rank it among the top performing apartment communities in Orlando.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com, 561.988.8800.
John Anthony of Charles Dunn Company represented Conn in the transaction. Kevin Shannon of CBRE represented Equity One.
“Charles Dunn Company is committed to an aggressive expansion over the next several years in the Los Angeles area as well as throughout California and Arizona,” said Conn. “This acquisition is testament to that growth as well as our steadfast commitment to excellence spanning our 90 year history.”
In early July, Equity One decided to sell their half interest in the property, and Conn went along with his partner’s wishes to place it on the market. By mid-July there were 11 offers, the majority of them were foreign investors. Three of the offers were above the asking price and Conn decided to exercise his first right of refusal at that point to purchase the partner’s interest.
Over a 15-day time span, Charles Dunn Company’s acquisition team worked through the complicated loan assumption approval process; worked to internally raise the funds to close; and negotiated and finalized the sale.
John Anthony played a key role not only in negotiating the terms of the purchase, but in advising throughout the negotiations. Nathan Ung, Charles Dunn Company’s senior asset manager, worked with legal on both sides of the transaction as well as the title company; and Marcelo Bermudez (bottom right photo) of Figueroa Capital Group, Charles Dunn Co.’s capital markets arm, worked to push through the assumption negotiations in record time.
The building is approximately 93 percent occupied and has been leased and managed by Charles Dunn Company since the early 90s. Charles Dunn Company occupies the fifth and sixth floors totaling approximately 25,000 square feet. Other key tenants include: Lend Lease, Inc., Gerald J. Sullivan & Associates, and CP Document Technologies, LLC.
The building is currently undergoing a major lobby and elevator renovation as well as a build-out of new restaurant space on the ground floor. The building is well located in the heart of Downtown, a vibrant area that is undergoing a renaissance, as business, entertainment and residential growth has started to pick up once again.
Media Contact: Darcie Giacchetto, D.G. Communications,
Newcastle Partners Ramps Up California Property Investment Activity with Three Value-Add Property Acquisitions and One Development Project
The Northern California transactions include:
Great America Place, a three-building, 225,000-square-foot Class-A office project located at 5200 Great America Parkway and 2903 and 2933 Bunker Hill Lane in Santa Clara, Calif. Newcastle Partners partnered with Pearlmark Investment Management (formerly Transwestern Investment Management) on the acquisition. The property is 95 percent occupied and is located in one of Silicon Valley’s most desirable submarkets.
555 Clay Street, 5,000-square-foot Class A office building situated at the intersection of the Jackson Square Area and the San Francisco Financial District. The property will be extensively renovated and marketed for sale or lease.
The Southern California transactions are both located within the Inland Empire region and include:
Corona Gateway (lower left photo), a three-story, Class A office building totaling 68,000 square feet. Built in 2008, the property is located at 4740 Green River Road directly off the 91 Freeway in Corona, Calif. The bank-owned property was 25 percent occupied at the close of escrow. Newcastle Partners acquired the REO property with capital partner HG Capital.
A five-acre land parcel in Ontario, Calif. for the development of a 91,000-square-foot, state-of- the-art distribution facility.
“California is a large, diverse and exciting economy. That’s why we’re a California-focused investor and developer. We see tremendous opportunities here for both under-valued existing assets as well as land for development,” said Dennis Higgs, founder and CEO of Newcastle Partners.
Higgs added that Newcastle Partners is currently under negotiation or in escrow on five additional assets within California. The firm seeks to acquire a minimum of three to five properties in key markets by year end.
Founded in 1999, Newcastle Partners, Inc. is a real estate investor and developer focused on quality industrial, office and business park properties in California. Newcastle Partners has a proven track record of creating substantial value. Newcastle Partners has offices in Irvine and San Francisco, California, and currently owns or has recently developed in partnerships more than $728 million of properties.
Visit Newcastle Partners at www.newcastlepartners.com.
Media Contact: Darcie Giacchetto, Spaulding Thompson & Associates,
CERRITOS, CA., Sept. 6, 2011 – Travelers to Southern California can breathe a little easier knowing that the newly renovated Sheraton Cerritos Hotel has introduced PURE Allergy Friendly Rooms.
The hotel is setting a new standard by launching PURE Rooms, which create an allergy-friendly environment and remove up to 98% of bacteria and viruses.
These ultra-comfortable accommodations are enjoyed by all guests, but bring an extra level of relief to asthma and allergy sufferers by providing the purest, freshest air for a more restful sleep during their stay.
All 203 newly renovated guest rooms feature a stylish and warm décor with flat screen televisions and Sheraton Sweet Sleeper™ beds. The hotel offers 10 PURE Rooms available now for travel to Southern California.
To reserve a PURE Room at the Sheraton Cerritos Hotel visit www.sheratoncerritos.com.
For further information, on PURE Rooms call toll-free 877-787-7666 or log on to www.pureroom.com.
Marketing for PURE
Morrison Commercial Real Estate Completes Two Lease Transactions totaling 20,582 SF in Metro Orlando
Morrison represented Avant Healthcare Professionals in leasing 10,580± square feet at the Interlachen Corporate Center located at 1211 State Road 436 in Casselberry.
The Landlord was represented by Jay Dixon of Lincoln Property Company in this transaction. Avant Healthcare Professionals is the premier specialist for internationally educated nursing and allied health professionals.
Contact: Buffy Gillette, Phone: 407.219.3500
WEST PALM BEACH, Fla. – In a show of support for military families and first responders, a Gaedeke Group LLC-sponsored team of 30 tenants and staff from Northbridge Centre (top left photo) will participate in Operation Homefront-Florida's Freedom Walk & Run 5K to commemorate Sunday's 10th anniversary of 9/11.
The Florida chapter's second annual run in West Palm Beach passes the doorstep of the 288,233-sf Northbridge Centre at 515 N. Flagler Dr., just steps from the Palm Beach County Judicial Center and Central Business District. Gaedeke is covering all registration fees and providing team T-shirts for Northbridge Centre's 30 entrants.
"They're not just writing a check. They're going to do it too. That's what speaks to me," says Christopher R. Jette, partner in Goldstein & Jette, P.A., who presented the idea to Gaedeke on behalf of an associate in the firm who's training for a half marathon run.
"They were on top of it right out of the gate. Our firm is pleased to partner with the Gaedeke Group to participate in the Freedom 5K event. We take pride in seizing an opportunity to give back to the community." Five of the firm's six staff members will be participating in the run.
Bertie L. Russo (middle left photo), Gaedeke's property manager at Northbridge Centre, says she was "very happily surprised" by the strong showing from the tenant base and the Dallas-based owner's staff. "Gaedeke is always trying to support the community and get our tenants involved," she adds.
Leading the pack will be Gaedeke's Kirk Fetter (middle right photo), vice president of leasing. In addition to Gaedeke's entire staff, Northbridge's 5K team includes the law firms of Casey Ciklin Lubitz Martens & O'Connell; Lytal, Reiter, Smith, Ivey & Fronroth; and Wicker Smith O'Hara McCoy & Ford plus Allegiance Security.
The Freedom Walk & Run 5K route begins at the City Commons, turns north on Flagler Drive and reverses at Curry Park for the return leg. Last year, the 5K drew 300 runners, but more than 400 are expected to participate in Sunday's event, according to Megan Lysaker, director of development for Operation Homefront of Florida. The run gets underway at 7:30 a.m.; on-site registration starts at 6:30 a.m.
"Operation Homefront Florida greatly appreciates Gaedeke Group’s generosity and support of our 2nd annual Freedom Walk & Run 5K," Lysaker emphasizes. "It's a good way to bring the building's tenants
together. We are excited that Northbridge tenants have the opportunity to be sponsored by the Gaedeke Group and participate in an event that raises funds for Florida's military families and wounded warriors while commemorating the 10th anniversary of 9/11."
Since 2002, Operation Homefront has deployed more than $100 million to military families. In 2010, the 501(c)(3)not-for-profit organization's 4,500 volunteers have fulfilled 167,348 needs for military families and 434,348 needs since its inception.
The organization is funded solely by individuals, corporations and foundations; it receives no government funding. Operation Homefront has 23 chapters serving 32 states, with the national office providing services to the remaining states.
Additional information about the Florida chapter is available at www.operationhomefront.net/florida.
Kirk Fetter, 561-515-7407
Bertie L. Russo, 561-835-0100