Tuesday, November 29, 2011
ATLANTA, GA (Nov. 29, 2011) – Lincoln Property Company Southeast is adding millions of square feet to its Atlanta portfolio.
Lincoln Property Company Southeast won contracts to manage 3.3 million square feet and lease 1.9 million square feet in Atlanta’s suburbs. The management assignment covers buildings in Atlanta’s North Fulton and Northeast submarkets, and the leasing assignment is for buildings in North Fulton.
Equity Office selected several top real estate firms, including Lincoln, to lease and manage the 10 million square feet of office Duke Realty Inc. is selling in markets across the country.
Last month, Duke Realty of Indianapolis announced it had entered into an agreement to sell 82 suburban office buildings in seven markets for $1.08 billion.
Equity Office, serving as asset manager for the new owner, invited top commercial real estate services firms Lincoln Property Company, Jones Lang LaSalle, Cassidy Turley and CBRE Group to bid on the leasing and the management assignments.
“We are honored that Equity Office has put its trust in us, and we look forward to delivering value in both the management and leasing functions,” said Tony Bartlett (top right photo) senior vice president of Lincoln Property Company Southeast and head of the Atlanta office. “Together with Equity Office, we will build and strengthen relationships with brokers and tenants in North Atlanta.”
Lincoln and other firms awarded contracts will begin work when the transaction closes by year-end. LPC Southeast will add nearly 30 new employees, most in property management, as a result of the assignment.
For more information on the Southeast Region of Lincoln Property Company, please visit www.lpc.com or www.lpcsoutheast.com.
SEATTLE, WA (Nov. 29, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that James M. Keating (top right photo) has rejoined the company’s Seattle office as senior vice president, Office Group.
“I am thrilled to have James return to our Seattle office,” said Bob Dean (lower left photo), executive vice president, regional managing director, Pacific Northwest. “He has established himself as one of the top office professionals in the Pacific Northwest and brings many client relationships to our firm, as well as a reputation for providing solutions customized to fit their needs.”
With 25 years of experience in tenant representation, Keating returns to Grubb & Ellis after spending more than three years as a senior vice president with Jones Lang LaSalle.
During that time, he was recognized as the Top Producer of the company’s Seattle office in 2009 and a Top Achiever nationally in 2010. He began his career with Grubb & Ellis in 1986 and ultimately rose to the title of senior vice president.
While at Grubb & Ellis, Keating was recognized as a top producer of the Seattle office 11 times and a member of Grubb & Ellis’ Circle of Excellence seven times. Clients he has represented include Ernst & Young LLP, MetLife Inc., American Seafoods Group LLC and Electric Lightwave.
Keating attended the University of Washington and is a member of CoreNet Global, NAIOP and Rotary International.
Contact: Julia McCartney , Phone: 714.975.2230
CHICAGO, IL, Nov. 29, 2011 - Essex Realty Group, Inc. is pleased to announce the sale of 6726 N. Glenwood (top left photo), a thirty-seven unit, corridor style apartment building in the Rogers Park neighborhood of Chicago.
Located on Glenwood Avenue just south of Columbia Avenue, the property is less than one-half mile from the CTA’s Red Line Train station at Loyola Avenue and approximately one-half mile from Lake Michigan. The property consists of 37 Studio Apartments.
Doug Imber and Kate Varde of Essex were the brokers in the transaction. The price was approximately $1,600,000
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
Douglas S. Imber
Essex Realty Group, Inc.
SCOTTSDALE, AZ /PRNewswire/ -- Healthcare Trust of America, Inc. ("HTA"), a fully integrated, self-administered, self-managed real estate investment trust primarily focused on medical office buildings, with $2.3 billion in total assets based on purchase price and 11.2 million square feet located in 25 states announced that effective November 1, 2011, HTA has relocated its Charleston regional office to the historic downtown area of Charleston, SC.
The Charleston office is led by Brendan Magee, Regional Vice President of Asset Management, and Jim Coman, Asset Manager. The Charleston office directly manages 5 million square feet throughout the southeast and northeast markets with significant investments in Atlanta, GA, Greenville, SC, Charleston, SC, Raleigh, NC, Orlando, FL and Pittsburgh, PA.
HTA is headquartered in Scottsdale, AZ and has a second regional office located in Indianapolis, IN. This Indianapolis office oversees 2.2 million square feet with assets primarily located in Ohio, Indiana, Wisconsin and Minnesota.
The contact information for the new Charleston office is: 463 King Street, Suite B, Charleston, SC 29403, (843) 623-3751.
The contact information for the Indianapolis office is: 201 N. Pennsylvania Parkway, Suite 201, Indianapolis, IN 46280, (317) 550-2800.
Note that all figures are rounded to reflect approximate amounts. For more information on HTA, please visit http://www.htareit.com/.
Contact: : Kellie Pruitt, Chief Financial Officer of Healthcare Trust of America, Inc., +1-480-998-3478, email@example.com
Web Site: http://www.htareit.com
Following the reopening of the Bimini Big Game Club last year, the Guy Harvey Outpost organization has turned to the Southern Bahamas for its latest undertaking.
Roughly 50 miles southeast of Georgetown in the Exumas, Rum Cay is 10 miles south of Conception Island, which is part of the Bahamas National Land and Sea Park sanctuary, and figures prominently in Harvey's interest.
"In addition to the fantastic diving there, we intend to work with government in expanding the coral and shark research work of the Guy Harvey Research Institute which is a cornerstone of our Outpost program in the Bahamas," noted Harvey who holds a Ph.D in marine fisheries management.
"Rum Cay has always interested us because of its unquestionable natural beauty and its top-of-class sporting activities, including extreme sports that appeal to a new generation of Guy Harvey friends and fans," emphasizes Mark Ellert, president of Outpost and who leads the company's search for new opportunities and markets.
Contact:: John Bell, +1-954-970-3394, firstname.lastname@example.org
FORT LAUDERDALE, FL /PRNewswire/ -- Celebrated marine wildlife artist and conservationist Guy Harvey (top right photo) today announced plans to open the Guy Harvey Outpost Club & Marina, Rum Cay (lower left photo) this summer, upon completion of initial renovations and rebranding of Rum Cay's popular Sumner Point Marina & Villas.
FLORHAM PARK, NJ – HFF announced today that it has arranged $9.7 million in acquisition financing for a portfolio of six CVS Pharmacy stores totaling 56,015 square feet in Florida.
HFF worked on behalf of The Hampshire Companies to secure the seven-year, fixed-rate loan through a life insurance company. Loan proceeds were used to acquire the property. HFF will also service the loan.
The CVS Pharmacy stores are located in Vero Beach, Gainesville, Orlando (two properties), Sarasota and St. Petersburg.
The HFF team representing The Hampshire Companies included director Michael Klein (top right photo), senior managing director Jon Mikula (lower left photo) and associate director Paul Hsu.
The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2.5 billion, based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. www.hampshireco.com.
MICHAEL KLEIN KRISTEN MURPHY
HFF Director HFF Associate Director, Marketing
(973) 549-2000 (713) 852-3500
Marcus & Millichap negotiates one of the largest portfolio sales in the history of the self-storage industry:
DENVER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 42 self-storage facilities in California, Illinois and Hawaii.
In all, the A-American Self-Storage portfolio includes 2,789,714 rentable square feet. The assets, which include 24,917 units, commanded a sales price of $163.4 million.
(4455 Federal Blvd., San Diego, self storage facility top left photo)
Charles “Chico” LeClaire (middle right photo), a senior vice president investments and senior director of the National Self-Storage Group (NSSG) in Marcus & Millichap’s Denver office, represented the seller, A-American Self-Storage of Los Angeles. The buyer, CPA®:17 – Global, a non-traded REIT affiliate of W. P. Carey & Co. LLC (NYSE: WPC), was also secured and represented by LeClaire.
“The transaction was a perfect fit for both the buyer and the seller,” says LeClaire.
“A-American has been paring down its portfolio for the past year and self-storage has been a part of W. P. Carey’s diversification strategy since 2004. The new ownership has acquired stabilized assets in diverse locations in one of the largest transactions in the history of the self-storage industry.
“ The seller received a fair market price, with competitive bidding, and was able to lighten its portfolio substantially in order to meet its goals.”
Multiple transactions have occurred in separate tranches since July, with the final eight CMBS assumptions completed on November 10. The last eight assets to trade are located in California and Illinois, according to LeClaire.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
FORT FAIRFIELD, Maine – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the Fort Fairfield border patrol station (top left photo) a 25,603-square foot build-to-suit facility located in northern Maine. The sales price of $10 million equates to $413 per square foot.
Geoffrey Ficke (middle right photo) an associate in Marcus & Millichap’s Dallas office, represented the seller, a developer of buildings leased by the government. Ficke also procured the buyer, a fund focused on U.S. General Services Administration (GSA) property acquisitions.
Adrian Harris, of Harris Real Estate, Appraisal & Auction Services in Farmington, Maine, also provided representation.
“The demand for government-leased property is strong,” says Ficke. “We received more than 10 offers from investment groups that were searching specifically for federal property.”
“The Fort Fairfield station is leased by federal government for use by the U.S. Customs and Border Protection agency,” continues Ficke. “The 15-year firm lease term has no termination option.”
“Government-leased commercial properties are relatively low-risk investments because the federal government tends to occupy its leased space for approximately 26 years, on average,” concludes Ficke. “The strategic location of the Fort Fairfield border patrol station and the substantial investment placed in tenant alterations make this a very attractive asset.”
The station is located at 205 Limestone Road in Fort Fairfield, which is in Aroostook County. The facility encompasses more than 3,000 square miles, including 58.5 miles of the U.S./Canada border.
The state-of-the-art Fort Fairfield border patrol station can accommodate up to 50 agents and staff. The facility has a lighted helicopter landing site, a processing and holding facility, a mechanics bay and indoor parking for up to 18 service vehicles.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced today that it has completed the acquisition of Promenade Two (top left photo), a 774,000-square-foot, Class-A office building located in the Midtown submarket of Atlanta, Georgia, for $134.7 million in cash.
The Company expects to fund the acquisition on a leverage-neutral basis.
The building, currently 58% leased due to its anchor tenant recently vacating, has a high quality tenant base with no material lease expirations until 2016.
“Promenade Two provides us with a unique opportunity to acquire a trophy asset well below replacement cost and with the potential for exceptional value creation,” said Larry Gellerstedt (lower right photo), President and Chief Executive Officer of Cousins.
“We now have a trophy offering in all three urban submarkets along the Peachtree Corridor, furthering our strategic goal of upgrading the portfolio as we recycle out of older, stabilized assets.”
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications
McCarthy Completes Construction of Miramar College Parking Structure and LEED Platinum-Designed Police Substation in San Diego, CA
SAN DIEGO, CA –McCarthy Building Companies, Inc. (www.mccarthy.com), one of the nation's leading education and parking builders, has completed construction of the new 270,000-square-foot, 828-space parking structure (top left photo) and adjacent 5,108-square-foot police substation (lower right photo) at San Diego Miramar College, located at 10440 Black Mountain Road in the Mira Mesa/Scripps Ranch area of San Diego, Calif. 92126.
San Diego Community College District (SDCCD) officials, Miramar College faculty, and project team members celebrated the completion of the project today with an official ribbon-cutting ceremony, followed by guided tours of the new facilities.
Program speakers included Charlie Hogquist, Police Chief, San Diego Community College District; Patricia Hsieh, Ed.D., President, San Diego Miramar College; Rich Grosch, President, SDCCD Board of Trustees; and Michael Bulander, LEED® AP.
The $17.9 million project is part of the District’s $1.555 billion Propositions S and N construction program, which is providing for new instructional and career training facilities, major renovations, campus-wide infrastructure projects, and parking and public safety enhancements at City, Mesa and Miramar colleges, plus six Continuing Education campuses.
"The McCarthy team succeeded in completing this cost-effective, aesthetically pleasing, highly efficient parking structure ahead of schedule, while incorporating innovative design elements to pursue LEED Platinum Certification of the adjacent police substation,” said David Umstot (lower left photo), Vice Chancellor of Facilities Management for the District. “Both serve to set new standards for performance and sustainability of educational facilities in southern California.”
More information about the company is available online at http://www.mccarthy.com/.
Kutch & Company
3904 Groton Street | Suite 203 | San Diego, California 92110
ATLANTA, GA, Nov. 29, 2011—Officials at Hunter Realty today announced that the firm has brokered the sale of the Hotel Indigo (top left photo) in the heart of downtown Nashville, Tenn.
The hotel was marketed as part of an urban, two-building, mixed-use high-rise that also includes retail, office space and private apartments. A private investment group, TN Nashville LLC, acquired the historic former bank office complex for $14.4 million.
Teague Hunter (middle right photo), president, and Brown Kessler (lower left photo), executive vice president, brokered the transaction.
“This was an extremely complex transaction, with lots of moving parts that had to come together,” Hunter said.
“First, the property was in bankruptcy, and Hunter Realty was brought in by the trustee because of Brown’s in-depth experience with IHG brands and Hunter Realty’s record of success with both troubled and cash-flowing hotels. We’ve worked with many lenders and all of the special servicers on distressed hotels over the past four years.
“Second, the property was a mixed-used, urban re-development of two bank buildings. In addition to the 97-room Hotel Indigo, the classic two-building complex included 18 luxury apartments on the top three floors and 44,000 square feet of office space, as well as a leased Starbucks on the ground floor,” he said.
“The complexity of the property translated into several issues for which we were able to provide in-depth counsel, ranging from office space encumbered by a below-market lease to lack of hotel-owned parking. Third, the hotel had been operating under IHG’s Hotel Indigo brand for less than a year and was still ramping up, so the project was sold on upside potential.
“One of the major advantages we brought to the table, literally, was a seasoned former IHG executive, Brown Kessler, who joined our firm a year ago after serving for 16 years as IHG vice president of franchise development.
Located at 301 Union Street in the heart of downtown Nashville, the two adjacent former bank office buildings, 14 and 15 stories high, built in 1909 and 1926, are minutes from the State Capitol, County Courthouse, Ryman Auditorium and Printer’s Alley and major businesses.
Additional information, including current listings, is available at the company’s website, http://www.hunterhotels.net/, or by contacting the Atlanta office at 770-916-0300.
Jerry Daly or Carol McCune (media)
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Atlanta, GA (Nov. 29, 2011) – Cortland Partners is making an $18.2 million investment in Charlotte, N.C. through the acquisition of two apartment communities, marking the Atlanta mutlifamily commercial real estate firm’s entry into the Queen City.
Late last month, Cortland Partners purchased Cameron at Hickory Grove (top left photo), 5625 Keyway Boulevard, and Delta Crossing, 6000 Delta Crossing Lane, in separate transactions.
Both are garden-style communities located a few miles from Uptown Charlotte and the University of North Carolina-Charlotte and University City. University City is home to the university, a research and technology park, a hospital and more. It is the No. 2 employment center in the city behind uptown.
“Cameron at Hickory Grove and Delta Crossing are Cortland’s entry into Charlotte,” said Cortland Partners Chief Acquisition Officer Brad Brown (middle right photo). “With new supply for apartments slowed to a halt, Charlotte has recorded big revenue growth in 2011. We hope to complete multiple transactions in the Charlotte market in 2012.”
The acquisitions are the sixteenth and seventeenth respectively for Cortland Partners in 2011, which now has more than 7,600 in its multifamily portfolio throughout the Southeastern United States.
Cameron at Hickory Grove is a 202-unit garden style multifamily apartment complex and was 93 percent occupied at the close of the second quarter 2011. Due to financial issues with other assets within the portfolio, the owner gave the property back to GE Capital in December of 2010. Cortland closed on the property Oct. 27 for $7.54 million.
Delta Crossing is a 178-apartment garden style complex. The property is situated on 22.52 acres with an average unit size 896 square feet and was 92 percent occupied at the end of the second quarter. It is located six miles from Uptown Charlotte and four miles south of University City. Cortland closed on Delta Crossing Oct. 28 for $7.3 million.
About Cortland Partners
With a mission of Creating Value For A Better Life Cortland Partners is a full service multifamily real estate acquisition, development and operating platform focused on producing high quality NOI performance generating outsized risk-adjusted returns.
Cortland Partners has been involved in the development, management or ownership of more than 10,000 units with a cumulative value exceeding $1 billion. The Atlanta-based firm is active in Georgia, Florida, Louisiana, South Carolina, North Carolina and Texas.
For more information, visit http://www.cortlandpartners.com/.
Leon Brockmeier (top right photo) and Patrick O'Halloran retail investment specialists in Marcus & Millichap’s Tampa and Atlanta offices had the exclusive listing to market the property on behalf of the seller, a Missouri-based private investor. The listing agents also secured the buyer of the property, a limited liability company from New York.
CVS/Pharmacy was built in 2004 and is located at 3771 Clyde Morris Boulevard. This freestanding drug store with a drive-through is located on just over three acres of land in Port Orange, Volusia County.
“This CVS/Pharmacy was a unique property due to the fact that it was a former zero cash flow that the seller originally purchased from the developer” said Brockmeier.
“It has 18 years remaining on the triple-net lease, and 15 years remaining of the tenant paying rent. Even with these obstacles on the lease, this asset sold in less than a week of being on the market due to the investment grade tenant, attractive cap rate and high store sales,” continues Brockmeier.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, FL
CHICAGO, IL– Nov. 29, 2011 - Essex Realty Group, Inc. is pleased to announce the sale of Oak Knoll Apartments (top left photo), a 98 unit Multi-Family Apartment Community located in Cary, Illinois.
Oak Knoll Apartments consists of four two-story apartment buildings, comprised of 59 one bedroom, 36 two bedroom, 2 three bedroom, and one studio apartment. In addition, there are 45 garages, 118 uncovered parking spaces, and an outdoor pool.
The property is well located just one-half mile from U.S. Route 14 (Northwest Highway), Cary’s main Business District, and the Metra train station serving Chicago.
Doug Imber and Mike Tetrick of Essex were the brokers in the transaction. The price was approximately $6,500,000.
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
Douglas S. Imber
Essex Realty Group, Inc.