Tuesday, October 4, 2011

Cassidy Turley Hired to Lease Retail Space at The Lofts of Kennesaw Near Atlanta


ATLANTA, GA – Oct. 4, 2011- Cassidy Turley, a leading commercial real estate services provider in the U.S., has been hired to lease the retail portion of The Lofts of Kennesaw (top left rendering), a new off-campus housing project adjacent to Kennesaw State University (middle right photo).

The two-building complex will comprise 217 units of student housing with 803 bedrooms and 20,000 square-feet of street-level retail.

The project already is being well received by the KSU student population.  Cassidy Turley’s Jack Arnold (lower left photo) and Rob Adamson (lower right photo) are spearheading the project’s retail leasing. They said the project is generating “tremendous interest.”

Cassidy Turley entered the Atlanta market on Sept. 1, when the company completed its acquisition of the brokerage and property management businesses of Carter.

Arnold and Adamson already have secured two retail tenants for The Lofts of Kennesaw. Approximately 8,000 square feet has been pre-leased to restaurants McCray’s Tavern and Blue Moon Pizza, and Cassidy Turley is actively working to secure final leases for the remaining 12,000 square-feet.  The retail portion will deliver to tenants in late spring of 2012.

“This project offers the best of all worlds for retailers: excellent traffic counts, visibility and demographic features, plus a captive audience in the students directly above you as well as the traffic generated by the adjacent sports complex,” said Arnold.

 Construction recently commenced on The Lofts of Kennesaw. Renderings of the two-building project were released this week, giving architectural perspectives for this project. The Lofts of Kennesaw is projected to be completed by mid-summer 2012 and ready for student occupancy by the start of the fall 2012 semester.

The Lofts of Kennesaw will provide an off-campus alternative for students with direct access to the sports complex across the street that currently includes the main stadium for the university’s soccer events, practice facility fields, intramural fields and home for Atlanta’s professional women’s soccer team, Atlanta Beat.

“This project offers a glimpse of the demand for student housing at Kennesaw State and will provide a captive audience for the retail space within the project,” said Adamson. “We are very excited about this development that will serve as a community where students can live, study and play.”

 Please visit http://www.cassidyturley.com/ for more information about Cassidy Turley.

Laura Dudebout
O: 404.965.5023
C: 678.642.4301

The 1,354-room Westin Bonaventure Hotel and Suites Los Angeles Unveils a New Look after Completing Significant Renovations

 LOS ANGELES, CA – Oct. 4, 2011 – The iconic Westin Bonaventure Hotel and Suites, Los Angeles (top left photo) has announced the completion of comprehensive renovations and invites guests, clients and the community to celebrate its new look with a month-long open house in October.

The transformation of one of Los Angeles’ favorite Hollywood backdrops redefines the essence of modern luxury, creating a renewing stay complete with Westin signature touches for the traveler’s mind, body and spirit. 

Significant upgrades and refreshed designs enhance the experience for hotel guests whether traveling for business or pleasure. The all encompassing renovation has rejuvenated 1,209 guestrooms and 145 suites, public areas, the Lobby Court and Lobby Lounge, LA Prime, BonaVista Lounge, the front desk, the outdoor pool, and all 110,000-square-feet of meeting, event and banquet space.

To celebrate the culmination of the largest renovation seen at this luxury hotel, an Open House will be held during the month of October for guests, meeting planners and the community who wish to experience the newly renovated hotel.

 For further information visit www.thebonaventure.com or contact the hotel directly at 213-624-1000 or email labon@westin.com.  

  For more information, visit the Westin Bonaventure Hotel & Suites’ web site at: http://www.thebonaventure.com./

 Contact:  Michael Czarcinski, Managing Director, The Westin Bonaventure Hotel & Suites, Phone: (213) 624-1000; Email: michael.czarcinski@westin.com

Manhattan Residential Sales Prices Up Slightly from a Year Ago; Number of Sales Over $5 Million Up 16%; Manhattan Average Apartment Price $1,437,302


NEW YORK, NY, Oct. 4, 2011-- According to the third quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,437,302 was on par with last quarter and up just 1% from same period in 2010.

As was the case with last quarter, this quarter sales over $5 million helped drive the average price higher. The median price, which measures the middle of the market and is not as impacted by high-end sales, fell 4% over the past year to $850,000. At 2,492, the number of reported sales was up 1% from a year ago.

 The average price for cooperatives sold during the third quarter of 2011 was up 2% from a year ago, to $1,180,442, with the average price for 3-bedroom and larger co-op apartments rising 17% over the same period. The average condominium price was $1,756,744, up just 2% from a year ago with all size categories seeing an increase in price.

 “Although the report shows that prices are up, this is due once again to an unusual number of sales at the high-end of the market,” said Hall  F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales..

“If we discount these high-end sales, I believe the average price in most categories would be largely unchanged from last quarter. As Manhattan continues to outpace the national economy, I expect that we will see a stable residential real estate market,”

On the East Side, the average sales price for 3-bedroom and larger apartments was up 29% due in large part to 5 sales over $20M this quarter. Last year at this time there was only 1 such sale.  

Sales at The Laureate (middle left photo) of 3-bedroom and larger apartments impacted the West Side market; 3-bedroom and larger apartments were up 13% over last year and average condo price pre square foot was up 11%.

·Downtown prices were mixed over the past year, with most size categories seeing a small change expect three-bedroom and larger apartments which saw the biggest change as their average sales price was down 19% from a year ago.

 Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York. 

The company has offices throughout New York City, the Hamptons, and Palm Beach. Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer.

 For more information, please visit http://www.brownharrisstevens.com/.

 Contact: Jennifer Little, Rubenstein Public Relations, 212.843.8364

Walmart Supercenter and Sam’s Club Buildings in Douglasville, GA Trade for $32.8 Million


 DOUGLASVILLE, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 352,073-square foot Walmart Supercenter (top left photo) and Sam’s Club located approximately 20 miles west of downtown Atlanta. The sales price of $32.8 million represents $93 per square foot.

Craig F. Johnson, an associate vice president in the firm’s Atlanta office, represented the seller, a California-based investor and the all-cash buyer, a private REIT.

“Investors seeking steady returns and capital preservation are demonstrating strong interest in top-quality Atlanta net-leased assets,” says Johnson. “There is a tremendous amount of capital looking for investment-grade single-tenant properties. We are receiving strong bids from institutions and large investors who are setting pricing benchmarks,” adds Johnson.

The Douglasville Walmart Supercenter and Sam’s Club are located at 7001 Concourse Pkwy. in Douglasville. The 1.2 million-square foot Arbor Place (middle right photo) regional mall and many national retailers are directly across from the property on Interstate 20 in the largest retail corridor just west of Atlanta.

 The population of Douglasville has grown 37 percent since 2000, which is almost twice Georgia’s overall growth rate. Douglasville’s population is expected to increase another 15 percent during the next five years.

The Walmart Supercenter and Sam’s Club buildings were constructed in 1999. The base triple-net lease term runs through November 2019 and contains six five-year options. 

The population within five miles of the property is 81,657 and the annual median household income is $58,840.

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

Rachel Elias Wein to speak at Florida State University Real Estate Conference and ICSC North Florida roundtable

ST. PETERSBURG, FL – Rachel Elias Wein (top right photo), AIA, founder and principal of WeinPlus, a real estate advisory services practice in St. Petersburg, will be a featured speaker for real estate undergraduate students at Florida State University in Tallahassee on Oct. 27.

 Wein will be participating in the Real Estate Trends and Networking conference as part of the “If I were 21” panel.

 Wein, will also head a roundtable discussion before an audience of real estate developers and executives in the retail trade at the International Council of Shopping Centers (ICSC) North Florida Conference Jan. 31 in Jacksonville.

 Wein will lead a discussion on real estate development management entitled, “Creating Value: Close Fast, Open Faster.”

 Wein is a frequent speaker at conferences and before university audiences and she was recently named to the University of Florida Real Estate Advisory Board. She earned Bachelor of Design, Master of Architecture, and Master of Science in Real Estate degrees from the University of Florida,

For more information, contact
Rachel Elias Wein, AIA, Principal, WeinPlus, 727-386-9346
Larry Vershel, Beth Payan, Larry Vershel Communications 407-644-4142

CBRE Orlando Brokers $17.3 Million Sale of Harbour and Hidden Harbour Apartments in Melbourne, FL

MELBOURNE, FL--CB Richard Ellis is pleased to announce the sale of Harbour and Hidden Harbour apartments (top left photo and lower right photo) in Melbourne for $17,340,000.

 Built in 1987, the Harbours feature 378 units in two contiguous properties. The properties were 93% occupied at closing.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller. The closing was CBRE’s third in three weeks and a market-leading 17th multi-housing transaction locally in 2011 year to date.

Buyer interest in multi-housing assets in Central Florida has increased

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

Shelton Granade,Senior Vice President, T 407.839.3103, shelton.granade@cbre.com

Luke Wickham, Director of Operations, T 407.839.3130