Tuesday, October 11, 2011

Greystar Significantly Expands Presence in Northeast


 MCLEAN, VA– Greystar, the nation’s largest multifamily real estate management firm, has significantly expanded its presence in the Northeast and Mid-Atlantic states in the first three quarters of this year.

 It has substantially increased the size of its apartment portfolio under management, as well as the size of the staff based within its McLean, Virginia office. It also acquired two high-profile properties in the Washington, D.C. Metro area.

“Greystar is investing significant resources in the Northeast and Mid-Atlantic, and we expect this momentum to continue,” said Kevin Sheehan (top right photo), Managing Director of Real Estate for Greystar.

 “Clients seeking third-party management understand that we have the ability to leverage the strength of our national platform in terms of marketing, procurement, accounting and financial management, all while offering local expertise, to maximize return on investment.”

The overall firm already tops The National Multi-Housing Council’s 2011 list of Top 50 Apartment Managers. In recent months, the firm’s growth in the Northeast and Mid-Atlantic has shown unprecedented momentum:

The number of apartment communities under management has increased by half – with a dramatic increase of 51% – to a total of 46. The number of units increased 5,594 to a total of 16,452.

The increases include new management agreements for communities in a number of urban and suburban areas including Boston, Massachusetts; Philadelphia, Pennsylvania; Prince George County, Laurel and Columbia, Maryland; Washington, D.C.; and Williamsburg, Ashburn and Gainesville, Virginia.

 The Northeast regional office has hired and relocated nine key management employees, and will soon move to a modern 7,000 sq ft. office, to accommodate its explosive growth.

“Our strategic vision is to be the premier management company within the Washington D.C. Metropolitan area and to further expand our growing presence within the highly-competitive Philadelphia, New York City and Boston Metropolitan areas,” said Debbie Webre (lower right photo), Senior Managing Director for the Northeast. “Greystar is positioned to have a long-term presence in the Northeast.”

 The expansion includes two new acquisitions: the firm purchased The Aventine Fort Totten (top left game room), in Washington, D.C. for $55 million in March; it also closed on The Warwick for $65.1 million in Silver Spring, Maryland in August.

 The Aventine Fort Totten is a new garden-style community with 308 studio, one- and two-bedroom apartments, as well as 5,000 square feet of retail space.

The Fort Totten Metro Station is right next door, offering an easy commute into Washington. Modern amenities include a pool and sundeck, business center, game room, lounge and 24-hour fitness center. Each apartment has a full-sized washer and dryer, natural wood cabinetry and high ceilings. Select units have upgraded appliances, countertops and flooring.

The Warwick (middle right photo), a 397-unit high-rise, offers studio, one-, two- and three bedroom apartment homes. Its proximity to major interstates offers easy access to employment, recreation and entertainment destinations throughout the D.C. Metro area. The community, which has excellent amenities and balcony views, will soon be offering newly-renovated apartments, in addition to an impressive remodeling of the entrance lobby, corridors and surrounding landscaping.

”Silver Spring is one of the most sought-after submarkets by renters in the D.C. Metro area,” Sheehan added. “The Warwick will offer our residents spacious living with all of the conveniences, entertainment and enjoyment of downtown Silver Spring and D.C.”

Greystar is also pursuing the possibility of developing new multifamily communities in the Northeast region. Announcements on that are expected within the coming months.

To learn more about Greystar, visit http://www.greystar.com/.

Regional Contact:
Terri Thornton, Thornton Communications
(404) 932-4347

Colliers International Completes 65-Unit Apartment Sale Totaling $11.980 Million in Costa Mesa, CA

COSTA MESA, CA, Oct. 11, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of 65-unit Casa Granada Apartments (top left photo) located at 400 Merrimac Way, Costa Mesa, Calif. The transaction is valued at $11.980 million.

 Pat Swanson, Vice President, based in Colliers’ Orange County office represented both the Seller, GBW Investments, and the Buyer, CT Realty Corp.

Built in 1968, Casa Granada Apartments offer pool, patios, garages and carports and are consisted 22 units of 1BD/1BA, 28 units of 2BD/1BA, 13 units of 2BD/1.5BA, and two units of 2BD/2BA, and one Studio (non-conforming).

 “We sold this apartment complex at a 5.0% cap rate,” said Swanson. “What made the deal attractive to the Buyer was the upside in rents, the potential to establish a "RUBS" program to bill back the tenants for water and trash, as well as the location, adjacent to Orange Coast College in West Costa Mesa.” 

Colliers International Sells the Former Metropolitan Water District Headquarters in Downtown Los Angeles

LOS ANGELES, CA, Oct. 11, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a seven story mid-rise, 110,000-square-feet office building, which will be converted to residential housing. The property is located at 1111 Sunset Blvd., Los Angeles (lower right photo), and the transaction is valued at $6.8 million.

 Armando Aguirre, Senior Vice President, and Jesse Munoz, Senior Associate, both based in Colliers International’s Downtown Los Angeles office represented the Buyer, 1111 Sunset LLC, a Downtown Los Angeles-based real estate developer of mixed use, urban infill communities.
The Seller is 1111 Sunset Blvd., LP,  represented by Phillip Sample, Chris Caras and Brendon Monaghan of Grubb & Ellis.

The property was a portion of the former Metropolitan Water District Headquarters in the early 1990s. The seven story office building which has spectacular views of the city was previously entitled for residential.

It is proposed to be converted to +/- 92 Units of residential housing by the Buyer. It is conveniently located just west of the Harbor (110) Freeway and north of the Ventura (101) Freeway on the northwest border of both Downtown Los Angeles and Chinatown.

 *This transaction required a collaborative effort from all parties involved,” said Aguirre. “Both Buyer and Seller had to overcome difficult hurdles, including municipality regulations, title issues and challenging market conditions.”

 *The building is located where Angelino Heights and Chinatown (lower right photo) converge, bordering the Central Business District of Downtown Los Angeles.

This area, shadowing Dodger Stadium (middle left photo) above, provides excellent economic fundamentals with tremendous number of employment centers, transportation, and lies in close proximity to shopping and restaurants, and other major development projects,” added Munoz.

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

Institutional Property Advisors Sells 77 Multi-Family Units in Glendale, CA

.GLENDALE, CA – Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Legacy at Westglen (top left photo), a two-building, 77-unit apartment complex in Glendale. The terms of the sale were not disclosed.       

Ron Harris (middle right photo), an executive vice president, and Joseph Smolen (lower left photo), an associate director, both in Los Angeles, represented the seller, TIAA-CREF Global Real Estate and the buyer, Acacia Realty Corp.

“Even though Legacy at Westglen underwent moderate renovations in 2006-2007, there is still an excellent opportunity to add value to this asset by instituting a premier renovation program,” states Harris. “For the buyer, this asset provided a rare chance to acquire a high-quality stable apartment building in the desirable Glendale market.”

Built in 1984, the 80,766-square foot property is located at 1151-1161 Sonora Ave., within blocks of the local public elementary school. Shopping and entertainment are available within walking distance at Kenneth Village, a quaint shopping area featuring a variety of merchants and eateries.

Glenoaks Boulevard, a major thoroughfare lined with retail stores and restaurants, is one block south of the property. One of the highest-end retail facilities in the country, Americana at Brand, is less than five minutes away.

Legacy at Westglen features a sparkling swimming pool, a new fitness center, two spas, controlled subterranean parking, separate storage lockers, Wi-Fi access, a barbecue area, 24-hour laundry facilities and secure access controlled by an intercom.

Apartments at Legacy at Westglen have central heating and air conditioning, custom paint, new appliances, walk-in closets, mirrored sliding doors, garbage disposals, microwave ovens and dishwashers.

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

Emerson International Reports Four New Long Term Lease Agreements at CenterPointe Office Park in Altamonte Springs, FL and One at Sanlando Center in Longwood, FL

ALTAMONTE SPRINGS, FL. --- Emerson International recently closed on four new long term lease agreements at CenterPointe Office Park (top left photo) in Altamonte Springs and one at Sanlando Center (middle right photo) in Longwood.

Eric Emerson, vice president and general manager of Emerson International, said Sean Westcott, director of leasing and property management for Emerson International, negotiated all lease agreements.

Debt Mediators, LLC leased 1,193 square feet.
Neno Research, Inc. leased 1,333 square feet.
Consumer Business and Debt Research, Inc., leased 1,259 square feet.
Penthouse Acupuncture, LLC, leased 500 square feet.
Paradign Health, LLC leased 1,524 square feet.

For more information,  contact

 Sean Westcott, Director of Leasing and Property Management, Emerson International, Inc. 407-834-9560 swestcott@emerson-us.com;
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com.

Chatham Lodging Announces Third Quarter Earnings Call to be Held Tuesday, Nov. 8, 2011

 PALM BEACH, FL, Oct. 11, 2011 - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it will report third quarter 2011 financial results on Monday, November 7, 2011, following the close of the market.

 On Tuesday, November 8, 2011, at 10 a.m. ET, Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer, and Dennis M. Craven, its chief financial officer, will host a conference call to review third quarter 2011 financial results.

Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, www.chathamlodgingtrust.com, or www.streetevents.com, or may participate in the conference call by calling 1-877-941-6009, reference number 4479976.

 A recording of the call will be available by telephone until midnight on Tuesday, November 15, 2011, by dialing 1-800-406-7325, reference number 4479976.  A replay of the conference call will be posted on Chatham’s website.

 Additional information about Chatham may be found at www.chathamlodgingtrust.com.

 Jerry Daly, Carol McCune, (Media) Daly Gray Public Relations, (703) 435-6293
Dennis Craven, Chief Financial Officer, (Company), (561) 227-1386              

Plaza Advisors Announces Sale of Towne Center Plaza in Sanford, FL

TAMPA, FL --Plaza Advisors is pleased to announce the sale of Towne Center Plaza (top left photo) in Sanford, Florida. This shopping center is situated adjacent to the Seminole Towne Center Mall on North Entrance Road in northern Seminole County.

Towne Center Plaza totals 82,098 square feet of gross leasable area and is anchored by Jo-Ann Superstore, Books-A-Million, Tuesday Morning and West Marine. The asset was constructed in 1998 and was fully leased at the time of sale.

 Plaza Advisors exclusively represented the seller in this transaction and co-managing partners Anthony Blanco and Jim Michalak, together with Senior Associate, Lenard Williams were involved in the engagement. The seller was a private partnership entity and the buyer was a private investment group based in North Miami.


Miami Office                                                  Tampa                        

Anthony Blanco                                            Jim Michalak
5201 Blue Lagoon Drive, Suite 846                      3412 Bay to Bay Boulevard
Miami, FL 33126                                                Tampa, FL 33629
OFFICE: 305-629-3606                                       OFFICE: 813-837-1300
FAX: 305-647-6441                                              FAX: 813-831-2627

EagleBridge Capital Arranges Mortgage For Canton, MA Warehouse/Distribution Building

Boston, MA -- EagleBridge Capital has arranged acquisition/permanent mortgage financing in the amount of $2,720,000 for 115 Shawmut Road, Canton, Massachusetts (top left photo). 

The mortgage financing was arranged by EagleBridge principals Ted. M. Sidel (middle right photo)l and Brian D. Sheehan (lower left photo) who stated that the loan was composed of senior and junior financing with the permanent first mortgage provided by a regional financial institution.

115 Shawmut Road is located in the Shawmut Industrial Park.  The building is a 55,000 square foot multi-tenant warehouse/distribution building with a 21’ clear ceiling height.  Exterior walls are brick.  Routes I-93, I-95, and 139 are within a five minute drive.

115 Shawmut Road is 100% leased to three companies.  Tenants include Analog Devices, a leading NYSE listed manufacturer of high-performance integrated circuits used in analog and digital signal processing applications, Delta Beckwith, which designs, installs, and services elevators and escalators, and Akers Industries, a wholesale supplier of disposable latex gloves for various industries and work gloves. 

Mr. Sidel and Mr. Sheehan stated, “We are pleased that EagleBridge was able to structure very competitive long term financing that met the borrower’s needs.”

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for industrial, office, and r & d buildings,  shopping centers, apartments, hotels, condominiums and mixed use properties as well as special purpose buildings.

Contact:  Ted Sidel, (617) 292-7177, Ext. 10, 33 Broad St., Boston, MA 02109.
Fax 617 292 7575