Sunday, December 11, 2011
BANGKOK, THAILAND - The heart of Bangkok beats a little faster today with the official opening of Aloft Bangkok - Sukhumvit 11 (top left photo).
One of Starwood Hotels & Resorts Worldwide, Inc.’s (NYSE: HOT) newest brands, Aloft is for the modern and tech-savvy traveller looking for a vibrant, social experience. Aloft Bangkok - Sukhumvit 11 - the Aloft brand’s first hotel in Thailand - offers all that and more in a stylish setting all at an affordable price point.
“We’re excited to introduce the Aloft experience to sophisticated travellers coming to Bangkok,” said Brendan Daly, general manager of Aloft Bangkok - Sukhumvit 11. “The Aloft concept is a perfect fit for Bangkok’s Sukhumvit district - it’s fresh, stylish, urban and tech-forward. We are providing the perfect space for travelers to meet and connect on their adventures.”
“The debut of Aloft in Bangkok underscores the strength of the Starwood network and the power of the Aloft brand,” said Brian McGuinness (lower right photo), Senior Vice President, Speciality Select Brands for Starwood. “Aloft’s emphasis on high design combined with its tech-savvy features and social atmosphere translates globally and is attracting a growing group of loyal travellers. Aloft’s international expansion so early in the brand’s life cycle is unprecedented.”
Infused with the DNA of W Hotels, the 296-room Aloft Bangkok-Sukhumvit 11 caters to the modern traveller seeking an eclectic, unique experience.
Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Glodow Nead Communications • San Francisco • New York • Singapore
O: 65.9768.6087 or 1.415.394.6500 • E email@example.com• FB: GlodowNead
PHOENIX. AZ – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced Ken Skinner (top right photo), a 33-year veteran of the commercial real estate industry, has rejoined the company as senior vice president, Investment Services. As a member of the Land practice group, he will focus on land sales.
“With more than 30 years of experience selling, syndicating and investing in land around the Phoenix metro area, Ken’s development expertise and local market insight carries a significant competitive advantage in anything he does,” said Pete Bolton (lower left photo), executive vice president, managing director, of Grubb & Ellis’ Phoenix office. “He will help us build and strengthen our local land services and I am thrilled to welcome him back Grubb & Ellis.”
Skinner began his career with Grubb & Ellis in 1978, and in his seven years with the firm specializing in land sales, was consistently recognized as a top producer nationally.
Most recently, he spent six years leading private investment and development opportunities in Arizona and New Mexico, including Enchanted Circle Resort Development LLC and Stonemark Investments LLC.
From 1985 to 1993 he served as president and chief executive officer of Skinner Financial Group, a real estate development and investment company prior to forming Ken Skinner Real Estate Services, a brokerage company he operated for nine years.
Contact: Julia McCartney, Phone: 714.975.2230
MIAMI, FL /PRNewswire/ -- FCA Group, the North and Central American real estate investment and property management arm of global conglomerate the Libra Group, announced that it has acquired 212 units at the 264-unit Grand Pavilion (top left photo) residential estate in Tampa, Florida.
The company now occupies around 85 percent of the sought-after garden-style community and brings FCA Group's ownership of condominiums throughout Florida to almost 500.
The acquisition brings approximately 163,000 square feet of rentable space into the FCA Group portfolio and gives the company a major presence in Tampa, one of Florida's top three residential markets.
"Our breakthrough in the Tampa residential market provides an important addition to our comprehensive portfolio," says Frank Espinosa (bottom right photo), FCA Group CEO.
"We are excited by our investment in Grand Pavilion which offers a wonderful living environment. Our property management division looks forward to working with the tenants and homeowners to further enhance the living experience through upgrades and improvements to the development."
Contact: Chrissie Marra, +1-646-215-6888, firstname.lastname@example.org
Web Site: http://www.fcagrp.com
COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of Marketplace at Austin Bluffs (top left photo), a 226,626-square foot grocery-anchored shopping center in Colorado Springs. The sales price of $32,810,000 represents $145 per square foot.
Jon Hendrickson (lower right photo), a senior associate in Marcus & Millichap’s Denver office, was the sole agent in the transaction. He represented the seller, United Properties, and the buyer, AmCap Austin Bluffs LLC.
“Marketplace at Austin Bluffs is one of the top-performing grocery-anchored shopping centers in the state,” says Hendrickson. “The listing drew a substantial amount of interest from both institutional and private capital sources, and we received a double-digit number of offers.”
The shopping center is located on 23.58 acres in a dense infill location on the northwest corner of Academy Boulevard and Austin Bluffs Parkway at 3604-3650 Austin Bluffs Parkway, 4170 and 4284 N. Academy Boulevard in Colorado Springs. The intersection receives approximately 95,300 cars per day and more than 123,000 people live within a three-mile radius.
The center is anchored by King Soopers, Colorado’s No.1 market-share grocery chain. King Soopers is on a long-term ground lease. Junior anchors at the center include 24-Hour Fitness, Hancock Fabrics, Ace Hardware and Office Depot.
The property was substantially redeveloped in 2007.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Posted by Alex at 1:27 PM
Labels: Chapel Hills West shop center Colorado Springs 11-22-11, CO 12-11-11, Marketplace at Austin Bluffs
“The borrower had assumed a loan that was due in October 2012,” says Roberts. “MMCC was asked if it made sense to refinance now or wait until the prepay was complete.
" We put together an analysis that showed that over seven years, assuming rates go up 20 basis points between now and October 2012, there would be tremendous savings to be realized, even with initial prepay costs, by refinancing now,” continues Roberts.
“The borrower decided to proceed and wanted to cash out up to nearly 90 percent of the original purchase price with as much interest-only as possible,” adds Paryani. “We originally provided a loan for $9.8 million in proceeds, and then MMCC was able to push the underwriting to get a final loan amount that was $500,000 greater than the amount in the original application.”
“Often it makes more sense to refinance up to a year early if the borrower believes rates will increase 20 bps to 50 bps or more before their loan is due,” concludes Roberts, “and we are currently analyzing a number of refinance scenarios for clients that will allow them to lock in their rates now and then just take their cards off the table.”
The fixed-rate loan is for seven years, amortized over 30 years. The loan to value is 75 percent.
$16.5 Million Arranged in Northern California by Marcus & Millichap Capital Corp.
LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $16.5 million nonrecourse loan with cash out to refinance a 64,144-square foot medical office building located in Northern California.
Jake Roberts and Anita Paryani, vice presidents capital markets in MMCC’s West Los Angeles office, arranged the financing.
“Medical office is strong right now, but this property was located in a secondary market and more than 80 percent of it was occupied by an unrated, not-for-profit hospital,” says Roberts. “These factors made this origination essentially a single-tenant loan from the perspective of many lenders and made it much more difficult to structure the required loan.”
“A cash-out loan on a building with significant exposure to an unrated tenant is challenging,” adds Paryani. “We worked with one lender that could not get comfortable with the transaction, even after many months of underwriting. As soon as we realized that the original lender wasn’t going to work out, MMCC was able to source another lender that held the same spread and cash-out even though the market was quite volatile,” Paryani continues.
“We used all of our original third-party reports and most of our already completed due diligence documents to close the loan quickly and exactly as stipulated in the original application,” concludes Roberts.
The loan is fixed at 6.01 percent for 10 years and amortized over 30 years. The LTV is 68 percent.
The property was built in 2003.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
“Net-leased drugstores remain in high demand among investors nationwide,” explains Issenberg. “Risk-averse buyers continue to favor the predictable income streams and ease of management offered by drugstore assets such as this well-located Walgreens.
“Due to its prime location with more than 292,000 people with an average income of nearly $100,000 within a one-mile radius, this corporate-guaranteed Standard & Poor’s A+-rated asset is an excellent addition to the new owner’s portfolio,” adds Issenberg.
Located at 10181 W. Broward Blvd., this newly constructed, 1.36-acre Walgreens is located at the corner of Nob Hill Road and Broward Boulevard, two major South Florida retail and transportation corridors. Developed in 2008, the property includes a drive-through pharmacy window. There are currently 21 years remaining on the 25-year, absolute tripe-net lease with 10 five-year options.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Post Properties, Inc.
Chris Papa, 404-846-5000
MIAMI, FL --Fueled by 700 new condo sales in the third quarter of 2011, South Florida's seven largest coastal markets have now sold more than 90 percent of the nearly 49,000 new units created during the boom that began in 2003, according to CondoVultures.com.
Buyers paid $340 million for more than 900,000 square feet of livable space between July and September of 2011 in projects located east of Interstate 95 in the coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to the report based on the Condo Vultures® Buyers Guide™ eBook series.
Based on the third quarter of 2011 sales, buyers have purchased nearly 2,600 units for more than $1.5 billion in South Florida's seven largest coast markets in the first nine months of the year, according to an analysis of Clerk of the Court records from Miami-Dade, Broward, and Palm Beach counties.
"South Florida's oversupply of new condo product created during the recent boom is on pace to be sold out by 2013," said Peter Zalewski (lower right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"International buyers with strong foreign currencies deserve much of the credit for the strong sales velocity being experienced in South Florida. The unanswered question is whether the foreign buyers will continue to swarm South Florida given the economic dynamics now playing out in the Euro zone and key countries such as Brazil."
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
CHICAGO, IL – HFF announced that it has secured a $21 million refinancing for Oswego Commons (top left photo), a 187,656-square-foot, grocery-anchored retail center in Oswego, Illinois.
Working on behalf of Inland Western Retail Real Estate Trust, Inc. (Inland Western) and a pension fund advised by Invesco Real Estate, HFF placed the fixed-rate loan with an affiliate of Hartford Investment Management Company.
The HFF team representing Inland Western was led by managing director Timothy Joyce (middle right photo) and senior managing director Kevin MacKenzie (lower left photo).
Inland Western is a fully-integrated, self-administered and self-managed real estate company that owns and operates high-quality, strategically located shopping centers and single-user retail properties. Inland Western is one of the largest owners and operators of shopping centers in the United States.
As of September 30, 2011, the firm’s retail operating portfolio consisted of 265 properties with approximately 34,835,000 square feet of gross leasable area (GLA), was geographically diversified across 35 states and includes power centers, community centers, neighborhood centers and lifestyle centers, as well as single-user retail properties.
Invesco was established in 1983 to provide real estate investment advisory services to U.S. institutional clients. Headquartered in Dallas, the firm presently manages approximately $43.7 billion in direct U.S., European and Asian real estate assets and publicly traded real estate securities.
TIMOTHY JOYCE KEVIN MACKENZIE
HFF Managing Director HFF Senior Managing Director
(312) 528-3650 (949) 253-8800
HFF Associate Director, Marketing
AUSTIN, TX – HFF announced that it has closed the sale of AMLI at Lantana Ridge (top left photo) a 354-unit, Class A multi-housing community in southwest Austin, Texas.
HFF marketed the property exclusively on behalf of the seller, AMLI Residential Properties Trust. A partnership between Falcon Southwest and Clarion Partners purchased the asset on an all cash basis for an undisclosed amount.
AMLI at Lantana Ridge is situated on more than 53 acres at 6636 West William Cannon Drive in close proximity to Southwest Parkway, State Highway 71, and major employers Advanced Micro Devices and Freescale Semiconductor. The 97.5 percent leased property has one-, two- and three-bedroom units averaging 881 square feet each.
HFF’s investment sales team representing the seller was led by senior managing director Sean Sorrell.(lower right photo)
AMLI is one of the preeminent multifamily companies in the nation. The company is focused on the development, acquisition and management of luxury apartment communities.
Falcon Southwest is a dynamic, entrepreneurial real estate investment firm dedicated to earning high, risk-adjusted returns through value-added acquisition and repositioning opportunities.
SEAN SORRELL KRISTEN MURPHY
HFF Senior Managing Director HFF Associate Director, Marketing
(512) 532-1900 (713) 852-3500