Tuesday, November 8, 2011

Pollack Shores Acquires Atlanta Apartment Communities; Multifamily Firm Closes on $128 Million In Southeast Properties This Year

Atlanta, GA – Pollack Shores Real Estate Group has acquired two Metro Atlanta apartment communities for a total of $49.1 million.

They are:

  • Oxford Springs (middle right photo), a 268-unit community in DeKalb County, just south of the Shallowford Road exit off I-85, inside the Perimeter
  • Oxford Oak (top left photo), a 288-unit property in the City of Lawrenceville, near Highway 316 and Gwinnett Medical Center
 Both “Class A” luxury communities were built in 2008. They were previously owned by Oxford Properties. The deals closed on November 1.

“This was a great opportunity to acquire newly-constructed assets at a significant discount to replacement costs,” said Steven Shores (lower left photo), the firm’s President.  “The communities are a perfect fit for our current investment strategy,” he added.

These are just the two most recent acquisitions the firm has made. Pollack Shores has acquired more than 1,500 units for a total of $128 million so far in 2011.

  • It acquired the 447-unit Audubon Village apartments in Tampa on September 14 for $32.5 million.
  • The Preserve at Econ River, a 356-unit Orlando apartment community joined the firm’s portfolio in a $20.8 million deal in August.
  • It acquired Velocity – a 220-unit “fractured” condo in Nashville’s thriving Gulch submarket in March for $25.3 million.
 Pollack Shores manages its own assets, and those of its investment partners, through its wholly-owned management company.

“We’re continuing to look for multifamily investment opportunities throughout the Southeast,” added Graham Carpenter (lower right photo) Vice President of Acquisitions. “Our current focus is Class A and B value-add properties, financially or operationally distressed assets, and fractured condominiums.”

Apartment Realty Advisors brokered the sale Oxford Springs, Oxford Oak and The Preserve at Econ River. Jones Lang LaSalle served as the broker on Audubon Village. Holiday, Fenoglio, Fowler brokered the Velocity transaction.

 Pollack Shores Real Estate Group focuses on the development, acquisition, management, finance and investment of high quality, community-enhancing multifamily, residential and mixed-use real estate projects. It is committed to the highest standards in all facets of its business.

 Founded in 2006 as Pollack Partners, the name became Pollack Shores earlier this year to better reflect the structure of the firm’s senior partnership.

Media contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com

New Courtyard by Marriott Hotel to Occupy Property in New York's Herald Square; 17-story former Atlantic Bank of New York to open in 2012

BETHESDA, Md., Nov. 3, 2011 /PRNewswire/ -- Marriott International, Inc. (NYSE: MAR) announced today the development of the 168-room Courtyard by Marriott New York Manhattan/Herald Square (middle left photo), under management agreement with owner 960 Associates, an affiliate of Hidrock Realty Inc., a New York City-based real estate company.

 The hotel, on the northeast corner of 6th Avenue and 35th Street, will occupy the former Atlantic Bank of New York building, constructed in 1928.  Construction will begin this fall, with a completion date in early 2012.

The 17-story building will maintain its facade, with 5,000 square feet of leased retail space on the ground floor.  The Courtyard signature lobby will be on the 3rd floor, complete with a "Table Concept" F&B.  Guest rooms will occupy floors 4 to 17, with the Courtyard signature room.

"This will be our seventh Courtyard by Marriott hotel in New York City when it opens in 2012, and we are excited to be in this fabulous location, near Macy's and New York's Penn Station," said David Marriott (lower right photo) chief operations officer - Eastern Region, The Americas. "We look forward to managing this hotel and incorporating all the hugely successful elements of the Courtyard brand."

"We chose the Courtyard brand based on its modern look and feel and on the basis of its performance in this market," said Abraham Hidary, president of Hidrock Realty Inc.  "We think that it will be ideal for business and leisure travelers to New York, and the location is great."

Marriott International currently has 33 open properties in three boroughs of New York City (Manhattan, Brooklyn and Queens), across nine brands, including Autograph Collection, Courtyard by Marriott, Fairfield Inn & Suites, Marriott ExecuStay, Marriott Hotels & Resorts, Renaissance Hotels, Residence Inn by Marriott, Ritz-Carlton, and Ritz-Carlton Residences.

For more information go to http://www.courtyard.com/.

Visit Marriott International, Inc. (NYSE: MAR) for company information. For more information or reservations, please visit our website at http://www.marriott.com/, and for the latest company news, visit http://www.marriottnewscenter.com/.

 For more information on Hidrock Realty, please visit http://www.hidrock.com/.

Contact: Paula Butler, +1-240-328-7207, paula.butler@marriott.com, or Nina Herrera-Davila, +1-240-328-2691, nina.herrera-davila@marriott.com, both of Marriott International

Colliers International Completes 86,000-SF Industrial Property Sale for $7.74 Million in Vernon, CA and $2.2 Million Deal in La Mirada, CA

VERNON, CA, Nov. 8, 2011. – Colliers International, the third largest global real estate services organization, has completed a 86,000-square-feet industrial property sale located at 2301-2303 E. 55th St., Vernon, Calif. (top left photo) The transaction is valued at $7.74 million.

 Thomas A. Condon, Senior Vice President, based in Colliers International’s Commerce office represented the Seller, 55th Street Property LLC. The Buyer, J&H Textile Inc., was represented by Steve Kim of Magic Properties.

  Built in 1972, the property is well-located on the Westside of Vernon with easy access to Downtown Los Angeles.

 “Speculative development of larger buildings has been limited in Vernon over the past decade due to legislation along with the City purchasing shuttered manufacturing sites in an effort to lure heavy power/manufacturing users to the City,” said Condon.

 “The sale price of $90.00/SF is a testament to the value users place on being located in the business friendly City of Vernon which also offers lower utility rates and no gross receipts tax.”

Colliers International Negotiates 119,336-Square-Feet Industrial Property Lease in La Mirada, CA

LA MIRADA, CA, Nov. 8, 2011. – Colliers International, the third largest global real estate services organization, has negotiated a 61-month lease for an industrial property located at 16000 Heron Ave., La Mirada, Calif. (lower left photo) The transaction is valued at $2,227,400.

 Stephen C. Calhoun, SIOR, Senior Executive Vice President, and Matthew M. Erickson, Associate, based in Colliers International’s Commerce office represented the Tenant, Dzinesquare, Inc., a La Mirada, Calif.-based company that designs and distributes auto wheels and accessories.

The Landlord, Oro May Broward Investment Co., a real estate investment company, was represented by Mike Tsaparian and Peter Bacci of Lee & Associates.

 “Dzinesquare, Inc. has seen significant growth and expansion in the last few years, and this new location is ideal for their continued growth,” said Calhoun.

 Built in 1968, this industrial building is set up for warehousing and distribution.

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
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Cassidy Turley Forms Full-Service Southeast Retail Group

ATLANTA, GA – [Nov. 8, 2011] Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today it recently formed a full-service retail group in Atlanta to better serve its clients.

 The group is based in Cassidy Turley’s new Atlanta office and comprised of Cassidy Turley Vice Presidents and Principals Drew Fleming (top right photo) and Mark Joines (middle left photo), and Associate Vice President Jack Arnold (lower right photo).

Fleming and Joines represent sellers in shopping center dispositions and net-lease transactions across the Southeast and have been involved in real estate asset sales for institutional and entrepreneurial owners totaling nearly $500 million. Arnold’s primary focus will be on retail leasing and smaller unanchored strip center dispositions.

The team recently completed several large deals in the past few months including the disposition of three separate Publix-anchored centers as well as a Kohl’s-anchored shopping center. JDH Capital hired Arnold to exclusively handle the leasing of its seven-center, 300,000-square-foot greater Atlanta shopping center portfolio.

 “Our team will now be able to offer clients everything they need in one place,” Fleming said. “In addition to our full-serve retail platform, Cassidy Turley is also now uniquely positioned to provide clients with retail property management services.”

On Sept. 1, Cassidy Turley completed its acquisition of the brokerage and property management businesses of Carter, a national leader in project development, commercial real estate services and investments.

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

Laura Dudebout
O: 404.965.5023
C: 678.642.4301

EagleBridge Capital Arranges $20.6 Million in Solar Energy Financing for 14 Buildings in Massachusetts

Boston, MA --  EagleBridge Capital has arranged a total of $20,600,000 million in solar energy project financing relating to the installation of rooftop and ground mounted solar systems on 14 properties located in Massachusetts providing a total of 4.4 Megawatts (MW) of electricity.

The solar energy financing was arranged by EagleBridge principals Brian D. Sheehan (middle right photo) and Ted M. Sidel (lower left photo) who stated that the lenders included several financial institutions.

The properties are located in Boston and Greater Boston as well as Central and Southeastern Massachusetts, and the solar panels were installed on a diverse range of properties including office and industrial buildings, schools, and municipal buildings.  Installations ranged from 100 KW to 800 KW.   

 Mr. Sheehan and Mr. Sidel stated, “We have developed an expertise in the financing of solar energy projects. Few, if any, other financial professionals have arranged financing for as many projects as we now have. 

“The Massachusetts program for Solar Renewable Energy Certificates (SRECs) is, we believe, one of the best in the country and combined with the green energy incentives from the federal government, these projects make tremendous economic sense for a wide range of buildings.”

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.

For further information, contact Ted Sidel, (617) 292-7177, Ext. 10

Marcus & Millichap Promotes Two Professionals


 Christian Child Moves Up to Associate Vice President Investments in Salt Lake City, UT

SALT LAKE CITY, UT – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Christian V. Child (top right photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Richard A. Bird, regional manager of the firm’s Salt Lake City office.

Child began his career with Marcus & Millichap as a senior associate in December 1998. 

Matthew G. Fotis Climbs Ladder in Manhattan Office

NEW YORK, Nov. 4, 2011 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Matthew G. Fotis (middle left photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to J.D. Parker (lower right photo), vice president and regional manager of the firm’s Manhattan office.

Most recently, Fotis held the title of senior associate in the Manhattan and Brooklyn offices.

After being named an associate of the firm in December 2006, Fotis was promoted to senior associate in December 2007. He has received two sales recognition awards from Marcus & Millichap and was the No.1 agent in the Brooklyn office in 2007, 2009 and 2010.

Fotis is a director of the firm’s National Multi Housing Group and Special Assets Services.

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

New Affordable Housing Becomes a Reality on the Atlanta Beltline with Lofts at Reynoldstown Crossing

ATLANTA -- As part of its mission to create affordable workforce housing, Atlanta BeltLine, Inc. (ABI) purchased the former “Triumph Lofts” development from a receivership to provide critically-needed affordable for-sale housing in an increasingly desirable part of the city.

The development, now named “Lofts at Reynoldstown Crossing (top left photo),” is located at the intersection of Chester Avenue, Memorial Drive and the Atlanta BeltLine corridor, just north of I-20 and Glenwood Park.

The new highly-appointed, spacious two-bedroom, two-bath lofts will be sold in a one-day sale event featuring a drawing of qualified buyers making under $68,000 - the Atlanta area median income - on Saturday, December 10.

 The one-day drawing will provide an equitable way to give access to this incredible homeownership opportunity for people who might otherwise be unable to purchase intown property.  Applicants must register by Wednesday, December 7, and early registrants will increase their chances of being chosen during the drawing.

“This is an unmatched opportunity for us to be able to provide new affordable homes right on the Atlanta BeltLine, in the historic Reynoldstown neighborhood,” said Brian Leary (middle right photo), president and CEO of Atlanta BeltLine, Inc. “For the homeowners at the Lofts at Reynoldstown Crossing, the Atlanta BeltLine is their backyard - one more demonstration of moving the vision to reality.”

*Please see agent for details. Down payment assistance programs are subject to availability and qualification guidelines.  Monthly payment includes HOA &Taxes and is based on purchase price of $131,900; loan amount of $71,900.  $60,000 in down payment assistance with interest rate of 4.25% APR on 30 year fixed loan.

 For more information on Lofts at Reynoldstown Crossing or to register for the sale event, please visit http://www.loftsatreynoldstowncrossing.com/, call (404) 521-7787 or visit the sales center beginning Thursday, November 10. 

 For more information on the Atlanta BeltLine, please visit http://www.beltline.org/.

 Media Contacts:
Ethan Davidson, Atlanta BeltLine, Inc., (404) 614-8325, edavidson@atlbeltline.org
Liz Lapidus / Kate Thacker, 404.688.1466, kate@lizlapiduspr.com

ARA Announces Sale of The Pines Apartments in the Coastal Melbourne Suburb of Palm Bay, FL

 Palm Bay, FL — 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 The Pines Apartments (top left photo), a 216-unit garden style apartment community located in the coastal town of Palm Bay, Florida.š Palm Bay is next to Melbourne and due east of Orlando.

 The Orlando, FL-based sales team, led by Principal, Kevin Judd and Vice Presidents Patrick Dufour and Matt Wilcox, represented the seller in the sale of the $3.175 million community.š Cincinatti, OH-based Green Realty Corporation purchased the property with all cash.ššš

 “The Pines offered the buyer an excellent opportunity to acquire a well located garden apartment community with significant upside potential,” noted Judd.š “And this sale is a testament to ARA’s shared buyer platform and broker cooperation across the system because Green Realty had also purchased properties through ARA Chicago-based Principal, Debbie Corson.”š

 Constructed in 1986, The Pines Apartments are located at 3016 Pinewood Drive NE in Palm Bay, FL and include a unit mix of one and two-bedroom units.š The property was 92% occupied at the time of the sale.

 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 or 561.988.8800.šš