Friday, November 11, 2011
PALMDALE, CA – Colliers International, the third largest global real estate services organization, has completed the sale of a 58,920-square-feet medical office property, Challenger Medical Plaza (top left photo), located at S. 5th Street and Palmdale Blvd., Palmdale, Calif. The transaction value remains confidential.
Fred Córdova, Senior Vice President/CART Western Regional Director, based in Colliers Downtown Los Angeles office, Brent Weirick, Senior Vice President, in Colliers Encino office, John Erickson, Senior Vice President, and Zeke Patterson, Associate Vice President, both based in Colliers’ Valencia office, Ryan Eddy, Associate, in Colliers’ Downtown Los Angeles office, and Ryan Parker, Associate, in Colliers’ Encino office along with Brian Corrigan of Voit Real Estate Services represented the Seller.
The Buyer is Meridian Sierra Pelona, LLC.
“We have seen a dramatic shift in physicians relocating from Lancaster to Palmdale to be closer to the Palmdale Regional Medical Center (middle right photo) and this project will provide the marketplace and Meridian the inventory to meet the physician demand,” said Meridian’s Chief Operating Officer John Pollock.
Built in 2008, the Challenger Medical Plaza consists of seven buildings with one floor, and a total land area equaling 10.58 acres. It currently has 11.4 % occupancy rate.
“Challenger Medical Plaza is a terrific repositioning opportunity to create a unique medical plaza less than half a mile from the new Palmdale Regional Medical Center that was also built in 2008,” said Cordova.
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
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IRVINE, CA— RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for October 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 230,678 U.S. properties in October, a 7 percent increase from the previous month, but still down nearly 31 percent from October 2011.
The report also shows one in every 563 U.S. housing units with a foreclosure filing during the month.
“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio (top right photo), chief executive officer of RealtyTrac.
“However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”
For a complete copy of the company’s news release and statistics, please contact:
949.502.8300, ext. 268
949.502.8300, ext. 139
The Marketing Directors to Re-Launch Sales and Marketing for Fifth and Main Condos in East Nashville, TN
ATLANTA, GA – The Marketing Directors has been hired as the exclusive sales and marketing firm for Fifth and Main, condominiums (top left photo) located in East Nashville.
The firm is part of an innovative two-part marketing strategy that commenced with an auction on Saturday, November 5 and will conclude with a sellout of the condos by the end of 2012.
"The auction has allowed the market to set the price and be the springboard for our program,” says David Tufts (lower right photo), president of The Marketing Directors. “It is a win/win situation whereby buyers truly set the price and our seller benefits from having a number of sales which allows for FHA financing and moves everything forward.”
Seller Dave Lang of ACG Management has worked on multiple projects with The Marketing Directors and approached the firm to help create the new selling strategy. Twenty-six homes were sold via auction with the remaining 60 now available.
The Marketing Directors collaborated with Impact Real Estate Solutions, auction specialists, to facilitate the auction. The Marketing Directors’ staff plans to leverage the value re-established by the auction to complete a sellout of the property.
Fifth and Main offers modern homes including flats, lofts and townhomes. The six-story development features 129 smartly-designed homes that feature spacious layouts, balconies or rooftop terraces, and sizable kitchens.
For more information, visit http://www.themarketingdirectorsinc.com/ or follow us on Facebook.
liz lapidus pr
772 edgewood avenue ne
atlanta, ga 30307
p 404-688-1466 f 404-681-5204
BETHESDA, MD – Beech Street Capital, LLC announced that it has provided an $11.2 million Freddie Mac CME loan to refinance Woodhollow Apartments (top left photo) in Orlando, Florida.
The transaction was originated by Jacob Katz of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
Woodhollow Apartments consists of 318 garden-style units housed in 33, one- and two-story buildings spread out over 15 acres. “This is a quality property with an experienced sponsor,” comments Grace Huebscher (lower right photo), President and CEO of Beech Street Capital. “We look forward to continuing to pursue opportunities in the Florida market.”
Located in Orange County, just to the southwest of downtown Orlando, the Orlando South submarket holds the metro’s youngest demographic with higher renter-occupied units than average.
The upscale 150-store Mall at Millennia opened in 2002 and since has spurred significant growth in the area including new high-end apartment and condo buildings, single family homes, and corporate office buildings. Nearby recreational attractions include Walt Disney World, Universal Orlando and International Drive shopping district.
The fixed-rate loan has a 10-year term.
Web site: www.beechstcap.com
Web site: http://www.meridiancapital.com/
PLANTATION, FL,– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Landmark Towers (top left photo), a 167-unit apartment property located in Plantation, FL, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office. The asset commanded a sales price of $8,810,000.
Tal I. Frydman (middle right photo) and Felipe J. Echarte (lower left photo), who are both Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New York, NY.
“The property had a high vacancy and a tremendous amount of deferred maintenance. The deal was difficult to complete as we had to find a unique buyer to assume the mortgage,” says Echarte.
“The assumable financing of 80 percent LTV gave the buyer a chance to get in with 20 percent down and also an opportunity for a huge upside potential once the renovations are completed and the property is stabilized,” adds Frydman.
The property is located east of The Florida Turnpike, west of NW 40th Avenue, south of West Sunrise Boulevard and north of West Broward Boulevard. This distinct location is minutes from great dining, shopping, and entertainment. Landmark Towers is located at 601 NW 42nd Avenue.
Press Contact: Ashley Steele, (954) 245-3400
MIAMI, FL, Nov. 11, 2011— LYND, a national real estate investment and management firm with corporate offices in Miami, San Antonio and Denver, continues to be active in the distressed real estate market.
Most recently it has purchased the $49 million upaid principle balance on three notes for three multifamily properties in Florida. The properties are in Tamarac, Miami and Jacksonville and have a total of 945 units. The seller was LNR Property LLC.
LYND paid cash for the notes and closed within five days of going to contract.
A. David Lynd (top right photo), president and COO, said his company was successful in securing the notes because of its ability to move fast on deals.
“These were prototypical acquistions for us,” said Lynd. “We have $150 million in equity to spend on distressed real estate in the multfifamily space.”
Since January of this year, LYND has purchased more than $400 million worth of unpaid principal balances on distressed real estate notes.
LYND is a family-owned, national real estate company based in San Antonio, Texas with corporate offices in Miami and Denver. LYND develops, manages, finances and invests in multi-family and commercial properties. With more than 36,000 residential units under management in 13 states,
LYND is listed in the Multi Housing Council’s list of the “Top 50 Apartment Managers” in the United States. For more information, visit www.lyndworld.com.
954-370-8999 or 954-290-0810
A. David Lynd, President & COO
CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 1063 West Columbia (top left photo) and 1101 West Columbia, they are two contiguous vintage apartment buildings located in the Rogers Park neighborhood of Chicago.
The properties are located less than one-half mile from Loyola University, and are located just three buildings from Lake Michigan. The properties were sold as a package.
1063 West Columbia consists of 34 Studios and 7 one-bedroom units. 1101 West Columbia consists of 35 Studios, 6 one-bedroom units and 1 two-bedroom unit.
Doug Imber and Kate Varde (lower right photo) of Essex were the brokers in the transaction. The price was approximately $4,125,000.
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
If you would like more information, please call Doug Imber at 773.305.4902 or e-mail him at firstname.lastname@example.org.
PCCP LLC Provides $17.5 Million Senior Loan to Refinance and Complete Construction on 500,000-SF Warehouse and Distribution Complex in Houston Area
LOS ANGELES, CA - PCCP, LLC announced today it has provided a $17.5 million senior loan to refinance an existing loan as well as provide financing to complete construction of Beltway Crossing (top left photo), a warehouse/distribution complex in Missouri City, Texas, a submarket of Houston.
The property is located at 13323-13423 South Gessner Road and will total nearly 500,000 square feet in two phases upon completion. The first phase, which completed in 2009, includes two buildings. It totals 282,880 square feet and is fully leased to four tenants.
The second two-building phase, currently under construction, will total 208,000 square feet and is scheduled for completion in the third quarter of 2012. Beltway Crossing is owned by a joint venture between Thackeray Partners and Stream Realty Partners, L.P.
“The Thackeray/Stream venture demonstrated its ability to build and lease successfully in phase one. We are confident their stewardship will result in similar success in phase two,” said Greg Galusha (middle right photo), partner with PCCP, LLC.
His PCCP colleague, Jed Lassere, added, “This loan is another example of PCCP’s appetite to continue investing in Houston where demand for most product types is outpacing demand elsewhere.”
Situated in Missouri City on the southwest border of Houston, Beltway Crossing is located within a mile of the intersection of US Highway 90 and Beltway 8 (Sam Houston Tollway) providing ideal access to all major freeways within the metro area.
CoStar reports that the Houston industrial market absorbed 1.6 million square feet in the second quarter of 2011, pushing the vacancy rate down to 5.4 percent from 5.7 percent in the prior quarter. While there is 1.5 million square feet of industrial space under construction, 81 percent of this space is pre-leased.
“PCCP provided an incredible debt structure, in an environment where construction financing is extremely difficult to originate,” said Adam Jackson (middle left photo), vice president at Stream, who represented the joint venture in the transaction.
Justin Robinson (lower right photo), senior vice president at Stream, responsible for the leasing at Beltway Crossing added, “This project will appeal to a wide range of local businesses due to the strong demand for functional front-load and cross-dock distribution space, coupled with the project’s state-of-the-art design.
"With its strategic location in the southwest Houston submarket and its superior access to the population centers of greater Houston, this project will attract users from 20,000 square feet to as large as 208,000 square feet in the second phase.”
Thackeray and Stream have partnered on five projects and developed 929,000 square feet of industrial and office space in Houston, Austin, and San Antonio.
Thackeray is a real estate private equity fund that invests in warehouses, apartments and retail assets across the country
Learn more about PCCP at http://www.pccpllc.com/.
For more information, visit Stream’s website at http://www.streamrealty.com/.
.Contact: Darcie Giacchetto, Spaulding-Thompson & Associates, 949.278.6224
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed an office building sale and a subsequent lease transaction on behalf of its client, the Glendale Chamber of Commerce.
Bill Boyd and Scott Unger of Charles Dunn Company represented Glendale Chamber of Commerce on the sale of its former 3,500 square foot office property located at 200 South Louise in Glendale for $1,675,000. The Charles Dunn Company team won the property listing over several other large brokerage firms.
“Our team experience and local market knowledge, after 30 years in this market, has given us the ability to accurately value properties,” said Boyd. “We advised on a higher asking price than our competition, according to our client, and were able to secure a final sales price of nearly $500,000 above the other firms’ list price recommendations.”
Boyd and Unger also worked with the Chamber to find new ground floor space at Glendale’s 701 North Brand Boulevard building (top left photo) The Chamber signed a 10-year lease valued at more than $500,000 for 1,637 square feet. The organization plans to relocate to its new space mid-November.
According to Boyd, the 100-year-old Chamber wanted to its new headquarters to have a more prominent and visible location and was able downsize to save on real estate related expenses.
Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224
Interstate Hotels & Resorts Executes Agreement to Manage the Four Points by Sheraton Kecskemét in Hungary
ARLINGTON, VA, Nov. 11, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has entered into a long-term management agreement for the 136-room Four Points by Sheraton Kecskemét, located in central Hungary.
(Downtown Kecskemet top left photo)
The hotel is being developed as part of a mixed-use redevelopment of an existing office block by KÉSZ Industrial Park Real Estate Management LLC., a division of KÉSZ Holding Zrt, Hungary’s largest building construction and development company.
The Four Points by Sheraton Kecskemét, anticipated to open in 2013, is Interstate’s first Eastern European hotel and represents Interstate’s entrance into its 10th country outside of the United States. In addition to managing the hotel upon completion, Interstate will provide pre-opening and technical services to assist in construction planning, design and FF&E.
“This contract, our 28th in Europe, demonstrates that our business model translates well in any part of the world,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer. “We have the size, scale and management depth to support this rapid, global expansion.”
“We are delighted to have this opportunity with a new owner,” said Jim Abrahamson (lower left photo), Interstate’s president and COO. “In addition, Kecskemét is attracting tremendous investment and the city is a gateway to future development in this rapidly emerging economy. The market has significant upside potential, and the Four Points by Sheraton Kecskemét will be perfectly positioned to serve the needs of this developing area.”
For information regarding opportunities in Europe, contact Interstate’s Senior Vice President, Development-Europe, Aaron Greenman, email@example.com or +32 498127973, or visit the company’s website: www.ihrco.com.
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Jerry Daly, Lauralee Dobbins Carrie McIntyre
Media SVP, Treasurer
Daly Gray Interstate Hotels & Resorts
(703) 435-6293 (703) 387-3320
PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium branded upscale extended-stay hotels and select-service hotels, announced results for the third quarter ended September 30, 2011.
2011 Third Quarter Highlights and Operating Results
- · Reported a 5.4 percent increase in revenue per available room (RevPAR) to $107.76 for the company’s 18 owned hotels as of September 30, 2011 compared to the 2010 third quarter. Occupancy increased 4.9 percent to 84.4 percent and average daily rate (ADR) rose 0.4 percent to $127.64. RevPAR for the six recently renovated Homewood Suites hotels jumped 10.5 percent in the quarter.
- · Generated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $8.1 million, compared to $2.3 million in the same 2010 quarter.
- · Reported adjusted funds from operations (AFFO) above expectations of $4.5 million, or $0.33 per diluted share, compared to $1.9 million, or $0.21 per diluted share in 2010.
- · Reported a net loss of $(1.0 million), or $(0.07) per diluted share, in the 2011 third quarter, compared to a net loss of $(0.3) million, or $(0.03) per diluted share, in the comparable period in 2010. The net loss is attributable to $2.1 million of acquisition costs related to the Innkeepers acquisitions.
- · Recorded gross operating profit (GOP) margins (hotel operating revenue less hotel operating expenses, before property taxes and insurance) of 46.7 percent for the company’s 18-hotel portfolio, up 190 basis points over the 2010 third quarter for the same hotels, regardless of who owned the hotel for the comparable period.
- · Completed the acquisition of five hotels, comprising 764 rooms, for $195 million, or $255,000 per room.
- · Following the end of the quarter, completed a $37 million investment in a joint venture with Cerberus Capital Management LP in which Chatham acquired a 10.3 percent interest in 64 hotels from Innkeepers USA Trust for $1.02 billion.
For a complete copy of the company’s news release and statistics, please contact:
Dennis Craven (Company) Jerry Daly or Carol McCune
Chief Financial Officer Daly Gray (Media)
(561) 227-1386 (703) 435-6293