Friday, November 30, 2012

Charles Dunn Co. Completes $5.4 Million Sale of a 25-Unit Multifamily Property in West Hollywood, CA

Kimberly Roberts Stepp
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $5.4 million sale of a 25-unit multifamily property located at 1251 N. Crescent Heights Blvd. in West Hollywood.

Hamid Soroudi of Charles Dunn Company represented the seller, Los Angeles-based BG Apartments, LLC. Kimberly Roberts Stepp of Charles Dunn Company represented the buyer, Los Angeles-based Hillstreet Realty, LLC. The sale closed at a 4.9 percent cap rate.

Hamid Soroudi
The unit mix of the property includes: mostly one- and two-bedroom units with below-market rents. The property was 100 percent occupied at the close of escrow. It offers quaint and charming architecture, a pool and subterranean parking.

“The buyer intends to reposition the property by renovating the exterior and interior then increasing the rents as allowable under the City of West Hollywood rent control laws,” said Soroudi.

Soroudi and Stepp are members of Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.


Darcie Giacchetto
D.G. Communications, Inc.

HSA Commercial Represents Specialty’s Café & Bakery in a Retail Lease at the Inland Steel Building in Chicago, IL

Inland Steel Building, Chicago, IL
 CHICAGO, IL — Michael Havdala, senior vice president, and Brenton Schrader, associate, with the retail brokerage division of HSA Commercial Real Estate represented Specialty’s Café & Bakery in a 6,256-square-foot lease for the entire retail space on the ground level of the Inland Steel Building at 77 South Dearborn Street, Chicago.

 San Francisco-based Specialty’s, which has existing downtown Chicago locations at 525 West Monroe Street and 191 North Wacker Drive, is projected to open the Inland Steel location in March 2013.

Michael Havdala
 Specialty’s Café & Bakery, which currently has 48 operating restaurants primarily in California and Washington, will utilize the location as a central catering hub for its Chicago Loop clientele.

Brenton Schrader
The new location will also serve baked goods, salads, soups, sandwiches, and will feature a Peet’s Coffee & Tea kiosk. Specialty’s is working exclusively with HSA Commercial to open approximately 15 restaurants in the Chicago area, including at least three more locations in the Loop.

 John Vance, vice president with Stone Real Estate, represented ownership, New York-based Capital Properties, in the lease transaction. SKB Architects is responsible for the design of the project, and Turner Construction will serve as the general contractor.


Mark Thomton,

Kim Manning,

Cathrine Cotman Joins Cassidy Turley as Senior Vice President of Strategy

Catherine A. Cotman
 CHARLOTTE, NC – Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced that Cathrine A. Cotman has joined the firm’s corporate services team as Senior Vice President of Strategy.

Ms. Cotman will serve the company’s SunTrust account, leading portfolio optimization efforts as the bank seeks to transform its corporate real estate footprint, which currently totals 15 million square feet and more than 1,600 branches. 

Ms. Cotman will be based in Cassidy Turley’s Charlotte office.

Craig Robinson
“Cathrine brings a wealth of experience and keen intellect to our Corporate Services team,” said Craig Robinson, President, Corporate Services, at Cassidy Turley. “She will be invaluable in our efforts to best serve key clients like SunTrust and continue to build our Corporate Services practice.”

Ms. Cotman’s past experience includes consulting and tenant representation.  She joins Cassidy Turley from Bank of America where she led a workplace strategy and planning team overseeing a 100 million-square-foot portfolio and initiatives including call center and operations consolidation, global tech location strategy and retail wealth and mortgage sales office consolidations.

For a complete copy of the company's news release, please contact:

Maureen Wheeler                                              
Vice President, Corporate Communications       

Bailey Webb
Cassidy Turley

Mercantile Capital Corp. Names Veteran Banker Penny Brake Portfolio Manager

Penny Brake

 ORLANDO, FL --- Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, that ranks as one of the nation’s largest providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, has appointed Penny Brake as portfolio manager.

Geof Longstaff, chairman at Mercantile Capital Corporation, said Brake has more than 26 years of experience in the banking industry, including a 15-year tenure with Florida Community Bank, formerly First National Bank of Central Florida.

For more information about this press release, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

HSA Commercial Selected to Market a Fully-Leased Retail / Warehouse Investment Property in Carol Stream, IL

320 Army Trail Road, Carol Stream, IL
CHICAGO, IL— HSA Commercial announced that the company is exclusively representing Blue Vista Capital Management, LLC in the offering of a 97,595-square-foot, fully-leased retail and warehouse property for sale in Carol Stream, Ill.

 The retail portion of the property, located at 320 Army Trail Road, is anchored by American Sale, an eight-unit regional chain based in Tinley Park, Ill. that specializes in the sale of patio furniture, hot tubs, above-ground swimming pools, grills, billiard tables, wooden play sets and holiday décor.

Wheaton, Ill.-based Crossway, a national publisher and distributor of evangelical Christian books, leases 46,635 square feet in the building for use as a regional distribution center. The balance of the retail space is leased to Back to Bed, a 73-unit chain based in Itasca, Ill., and Executive Tan, a nationally-franchised tanning salon.

 For a complete copy of the company’s news release, please contact

 Mark Thomton,

Kim Manning,

Thursday, November 29, 2012

NAI Realvest Negotiates Four Central Florida Industrial Lease Agreements in Sanford, Winter Park and Orlando Totaling More than 19,000 Square Feet

Monroe CommerCenter South, Sanford, FL

 MAITLAND, FL --- NAI Realvest recently negotiated four lease agreements totaling 19,022 square feet at Monroe CommerCenter South in Sanford, at the Goldenrod CommerCenter in Orlando and at the industrial facility on Metric Drive in east Winter Park. 

 Aron Harrison, broker associate at NAI Realvest, represented the new tenant, Boss Laser, LLC, in the lease of 2,000 square feet at 651 Progress Way in Monroe CommerCenter South in Sanford.   Michael Heidrich, Sr. a principal in the firm, represented the landlord, COP-Monroe, LLC of Maitland.  

Goldenrod CommerCenter, Orlando
Heidrich Sr. also completed a lease agreement with Sanford-based Dignoti Group, Inc. a reupholstery and furniture repair company for 4,240 square feet at 4265 Church St. in Monroe CommerCenter. 

 A.J. Property Holdings, LLC, the landlord at the industrial facility at 4100 Metric Drive in Winter Park, was represented by Heidrich, Sr, in the lease of Suite 700 with 6,000 square feet where the new tenant is a local firm of insurance adjusters and investigators, Specialty Group, Inc.

 A & B Stucco, Inc., longtime tenant at Goldenrod CommerCenter at 1467 N. Goldenrod Rd. in Orlando has expanded by leasing another 6,782 square feet and now occupies a total of 15,606 square feet at the industrial center.  Heidrich Sr. brokered the transaction representing the landlord COP-Goldenrod, LLC of Maitland. 

Aaron Harrison


Michael Heidrich, Principal, NAI Realvest 407-875-9989;
Aron Harrison, Associate, NAI Realvest 407-875-9989;
Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan, Larry Vershel Communications, 407-644-4142     

Marcus & Millichap Announces Sale of Former Quality Inn in Hinesville, GA

Former Quality Inn, Hinesville, GA
 HINESVILLE, GA. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the former Quality Inn, a 53-room exterior corridor limited service hotel located in Hinesville, Georgia, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Jonathan S. Ruprai, a senior associate and hotel specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. 

Jonathan Ruprai

The buyer, a limited liability company based out of Georgia, was also secured and represented by Ruprai.  John Leonard is Marcus & Millichap’s broker of record in Georgia.

The former Quality Inn was built in 1995 and is located at 706 East Oglethorpe Highway

Press Contact:

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

Essex Realty Group Brokers Sale Of Mixed-Use Walk-Up Building in Chicago

1027 West Touhy, Park Ridge, IL
 CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 1027 W. Touhy, a 26-unit mixed-use walk-up building located in Park Ridge, Illinois.

The property is situated on the southeast corner of Touhy and Chester Avenues, in close proximity to the Tri-State Tollway, I-90 and I-94.

 In addition, the building is within walking distance of the Park Ridge Metra train station. 

Doug Fisher
The subject portfolio consists of 26 units with a unit mix of two 1 bedroom/1 bath Garden apartments and twenty-one 1 bedroom/1 bath apartments and 3 Retail units. 

 Matt Welke, Jason Fishleder and Doug Fisher of  Essex were the brokers in the transaction.  The price was approximately $1,950,000

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Douglas S. Imber
Essex Realty Group, Inc.

Essex Realty Group Brokers Sale Of Residential Condominium Building In Chicago, IL

1978-1984 Algonquin Road, Mount Prospect, IL
 CHICAGO, IL, Nov. 29, 2012- Essex Realty Group, Inc. is pleased to announce the sale of 1978-1984 Algonquin Road located in the Chicago suburb of Mount Prospect. 

The property is part of the 13-building, Colonial Green apartment complex situated just northwest of the Algonquin and Busse Road intersection.  The property is conveniently located less than one mile from Interstate 90. 

Kate Varde
The subject portfolio consists of 19 units with a unit mix of six 2 bedroom/1 bath apartments and 13 two-bedroom/1.5 bath apartments.

 Doug Imber and Kate Varde of Essex were the brokers in the transaction.  The price was approximately $864,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Douglas S. Imber
Essex Realty Group, Inc.

Bergen County, NJ Multifamily Asset Commands $15 Million

Swan Court Apartments, Rochelle Park, NJ
 ROCHELLE PARK, N.J., Nov. 27, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Swan Court Apartments, a 126-unit garden-style apartment community located in Rochelle Park in Bergen County.

The $15 million sales price equates to a 5.6 percent cap rate and $119,048 per unit.

            Thomas McConnell, CCIM and Kevin McCrann, senior associates in Marcus & Millichap’s New Jersey office, represented the seller, Genwill Co. LLC, the builder, owner and manager of the property. McConnell and McCrann also represented the buyer, Real Estate Growth Advisors LLC, a Highland Park, N.J.-based real estate investment and management company specializing in multifamily assets.

Thomas McConnell
 “The Bergen County multifamily marketplace is an extremely competitive environment with exceptionally high barriers to entry,” says McConnell. “This was the first time the Swan Court Apartments had been available for acquisition and the asset garnered a great deal of attention from public and private investors, both foreign and domestic.”

            “What is unique about this transaction is how infrequently garden apartment complexes with over 100 units trade in Bergen County,” adds McCrann. “You can count on one hand how many similar apartment complexes have sold since 1999.”

Kevin McCrann
 Built in 1964, Swan Court Apartments is located at 235 W. Passaic St. across the street from a 24-hour ShopRite-anchored shopping center and is within walking distance of the Garden State Plaza Mall. The property is ideally located between the Garden State Parkway, State Route 4, State Route 17 and Interstate 80.

            Swan Court Apartments is the 55th investment real estate transaction McConnell and McCrann have closed since the market shifted in 2009. Since then, they have arranged an average of more than one transaction per month.       


Stacey Corso
Public Relations Manager
(925) 953-1716

$9.6 Million Special Asset Sale Arranged by Marcus & Millichap

Westview Shoppes, Coral Springs, FL
CORAL SPRINGS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Westview Shoppes, a distressed 60,732-square foot Office Depot-anchored shopping center in Coral Springs. The sales price of $9,691,000 equates to $160 per square foot.

            Drew Kristol and Kirk Olson, both vice presidents investments, along with senior associate Greg Zeifman, all in Marcus & Millichap’s Miami office, represented the seller, Westview Shoppes Fla. LLC.

Drew Kristol
Ken Hoff, a senior associate in the firm’s Manhattan office, also provided representation. The buyer was a private investor based in North Miami Beach, Fla.

            “This transaction was a receivership sale with attractive seller financing offered for qualified buyers,” says Olson. “These factors, along with the property’s strong tenant roster and location, resulted in multiple offers and a successful marketing campaign.

Kirk Olson
“At first there was some concern about the rental rates for the larger spaces in the center, but the trend that we are seeing is less vacancy for mid- to large-size boxes in strong submarkets such as Coral Springs,” Olson continues. “This trend should help rental rates recover to more healthy levels within the next few years.”

Located at 9525 Westview Dr. at the corner of North University Drive, the property has a traffic count of 40,000 cars per day from these two major roadways and a parking ratio of approximately six spaces per 1,000 rentable square feet.

Greg Zeifman
“Bordering the center to the north is the Sawgrass Expressway, a major roadway that connects Coral Springs with Florida’s Turnpike and Deerfield Beach to the east, as well as the Sawgrass Mills Mall and southern Broward County to the south. Westview Shoppes is adjacent to a large shopping center anchored by Regal Cinemas, with another large center on the south side of Westview Drive anchored by Target.

Built in 1999, Westview Shoppes features two retail plazas. The larger plaza contains Office Depot, a Youfit Health Club and Mega Liquors, while the smaller outparcel plaza includes Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning establishment.

Stacey Corso
Public Relations Manager
(925) 953-1716

Raintree Partners Acquires $60 Million Ventura County, CA Multifamily Community in a Transaction Facilitated by IPA

Archstone Ventura Colony, Ventura, CA
 VENTURA, CA – Raintree Partners has acquired Archstone Ventura Colony, a 272-unit multifamily community located just off of the 101 Freeway in the coastal community of Ventura.

The sales price of $60,025,000 equates to $220,680 per unit. While the acquisition represents Raintree’s initial foray into Ventura County, it brings the firm’s portfolio in California to 16 properties and over 2,300 units, according to Jeff Allen, CEO of Raintree Partners.

Jeff Allen
 Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, advised on the sale of the asset.

            “We were particularly attracted to this investment opportunity as it is the best- located apartment property in the city of Ventura,” explains Allen. “It is within walking distance of high-end retail, a block from the entrance to the 101 Freeway (Highway 101), and less than a mile from the major employment centers in Ventura. In addition, it has high visibility and good drive by traffic along Telegraph Road.”

Ronald Harris
Raintree plans to implement a renovation program of unit interiors, according to Aaron Hancock, director of acquisitions for Raintree Partners. “The amenities, common areas and exterior of the property are fantastic,” explained Hancock. “The plan is to execute a renovation of the kitchens and bathrooms and install washers and dryers to modernize the unit interiors and bring them to a level consistent with the exterior.”

Ron Harris, an executive vice president investments with IPA, and director Joseph Smolen represented the seller, Archstone, as well as Raintree Partners.

Joseph Smolen
“This property provided an attractive opportunity for the new owner,” says Smolen. “It is rare in this marketplace for a buyer to acquire an institutionally sized asset in a desirable market with a significant value-add opportunity,” he adds.  

“The investor acquired a strong asset in coastal community that is expected to see sustained job growth in the coming years,” adds Harris.

Financing was provided by Fannie Mae and arranged by Greg Reed and Kristen Croxton of Beech Street Capital.

Kristen Croxton
Built in 1988, the multifamily community is situated on 12.17 acres at 848 Weber Circle. It is ideally located near the intersection of Highways 101 and 126. Additionally, the property is located within walking distance from a high-end retail center that includes such tenants as a Barnes & Noble, Panera Bread and Starbucks. The asset is less than a mile from Ventura County’s government offices.

The property’s common area amenities include two swimming pools and spas, a fitness center, a tennis court, a screening room and a business center.  Unit amenities include fully furnished kitchens with tile countertops, private patios and large walk-in closets.


Stacey Corso
Public Relations Manager
(925) 953-1716

Wednesday, November 28, 2012

Second Annual Hotel Equity & Lender Perspectives (HELP) Conference Set For April 8-9, 2013 at Boston’s Seaport Waterfront Hotel


BOSTON, MA – Nov. 27, 2012—The nation’s leading hotel executives will gather in Boston April 8-9, 2013 for the second annual Hotel Equity & Lender Perspectives (HELP) Conference to discuss the outlook for hotel finance, real estate and development transactions. The two-day hotel investment event will be held at the Boston Seaport Waterfront Hotel.

“The hotel industry will be in its fourth year of recovery by 2013, rapidly approaching peak revenue levels last achieved in 2007,” said Chad Crandell, event co-founder and President of CHM.

Chad Crandell
“There is a perceptible, positive change in the availability of financing, which is expected to have a significant impact on the number of hotels changing hands and the decision to move forward on development plans.

“ The HELP Conference provides the setting for getting those hotel deals in motion.  We anticipate more than $1 billion in transactions will be in play at the conference with the leading ownership groups, lenders and franchisors in attendance.”

More information about the Hotel Equity & Lender Perspectives Conference, including sponsorship details, is available at or by calling (978) 777-4100.       

For a complete copy of the company’s news release, please contact:

Jerry Daly,
Chris Daly
Daly Gray, Inc.

HFF arranges $35 million financing for four-property Lowe’s portfolio in the Southeast

Kevin MacKenzie
 ATLANTA, GA – HFF announced today that it has arranged $35 million in acquisition financing for a portfolio of four Lowe’s stores totaling 523,735 square feet in the southeast.

                HFF worked on behalf of the borrower, IRA Capital LLC to secure two five-year, 4.3 percent fixed-rate loans through Cantor Commercial Real Estate (CCRE).  HFF will also service the loans.

                The portfolio is comprised of Lowe’s stores located in the southeast region of the United States.  All were built between 1997 and 1999 and are fully leased to Lowe’s.

John Chun
The HFF team representing IRA Capital LLC was led by senior managing director Kevin MacKenzie, director John Chun and associate director Bill Ireland.

                IRA Capital LLC is a privately-held real estate investment and management company with a diverse portfolio of commercial property holdings throughout the United States.

Bill Ireland
The firm acquires core, core-plus and value-add real estate for its own account and on behalf of its co-investment partners, which include high net worth individuals, family offices, opportunity funds and institutions.

  The company seeks to first and foremost preserve investor capital, and to provide attractive risk-adjusted returns over a mid-to-long-term hold period.  Over the last 24 months, IRA Capital LLC has acquired more than $225 million in commercial real estate and is projected to close on an additional $100 million by year end.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF closes sale and arranges acquisition financing for 4900 Woodway in Houston

4900 Woodway, Houston, TX
HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for 4900 Woodway, a 119,127-square-foot, 12-story office building in Houston, Texas.

                HFF represented the seller, Fidelis Realty Partners, Ltd. and BayNorth Capital LLC in the sale of the property to 49 Woodway LLC.  HFF also arranged a fixed-rate acquisition loan on behalf of the buyer through AIG Global Investment Group.

                4900 Woodway is situated on 1.3 acres immediately west of Loop 610 in Houston’s Galleria/Uptown submarket about five miles west of downtown Houston.  The property has an attached four-level parking garage and is currently 90.7 percent leased.

Dan Miller
The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan.

                HFF’s debt placement team was led by senior managing director Susan Hill.

Martin Hogan
Fidelis Realty Partners is a commercial real estate investment, development and related services firm with a focus on retail assets. 

 Today its portfolio consists of more than 5.1 million square feet of income properties, 1,000 acres of developable land and approximately one million square feet of properties in various stages of development.  The firm currently has properties in Texas, Louisiana and New Mexico.
Susan Hill

BayNorth Capital LLC is a real estate investment firm with a seasoned team of real estate professionals. Based in Boston, the firm was formed in 2004 as a spin out of the real estate investment group from Charlesbank Capital Partners, LLC, which had previously spun out from Harvard Private Capital. The firm is led by managing directors Charlie Wu, Charlie Flint and David Cronin.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF closes $106.75 million sale of office portfolio in Boston’s Seaport District

Coleman Benedict
BOSTON, MA – HFF announced today that it has closed the $106.75 million sale of a four-property, 362,562-square-foot office portfolio in Boston’s Seaport District. 

The HFF team led by Coleman Benedict and Ben Sayles exclusively represented the seller, Brickman Associates, and procured the buyer, DivcoWest Properties.

                The portfolio is a collection of unique “brick & beam” office buildings and is comprised of the following assets:

Ben Sayles
300 A Street (106,171 square feet), 313 Congress Street (70,217 square feet), 330 Congress Street (35,811 square feet) and 51 Sleeper Street (150,363 square feet). 

Originally constructed as wool warehouses, the assets have been converted into high-quality office spaces, which have been the recipients of major capital improvements.

 Under Brickman’s ownership, these assets have been institutionally maintained and operated.  The portfolio is located in Boston’s Seaport District, an area that is experiencing unprecedented growth as a result of major public and private investments. 

Riaz Cassum
Specifically, the assets are located in the Fort Point neighborhood, which is marked by a concentration of creative firms in open, loft-style work environments. 

“The Fort Point Channel is marked by rising tenant demand and diminishing supply,” said Coleman Benedict, senior managing director.  “Not surprisingly, investor interest continues to be incredibly strong as the Seaport is one of nation’s most exciting submarkets.”

“These are all buildings with great bones in a dynamic submarket of Boston that is rapidly growing in its appeal for companies seeking creative workplace environments,” said Stuart Shiff, CEO of DivcoWest.  

Lauren O'Neil
In addition to the sale of the portfolio, HFF also arranged the $31.4 million acquisition financing for 51 Sleeper Street, which was led by Eastern Bank.  HFF senior managing director Riaz Cassum and director Lauren O’Neil exclusively represented DivcoWest. 

Brickman is a real estate private equity firm with 18 years of experience investing in real estate debt and equity.  The firm has invested over $3.0 billion of total capital in more than 70 real estate transactions throughout the United States and currently manages more than 3.0 million square feet of office space.

DivcoWest, founded in 1993, is a privately owned real estate investment firm with offices in San Francisco and Boston.  The company has acquired more than 22 million square feet of commercial space throughout the United States.  DivcoWest and its affiliates are currently managing over $2.0 billion of equity.  Presently under management are both commercial and residential assets, including the underlying debt.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Tuesday, November 27, 2012

HFF closes $39.3 million sale of Gaia Park View in East Orange, NJ

Jose Cruz
 FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Gaia Park View, a 273-unit multi-housing community in East Orange, New Jersey.

HFF marketed the property on behalf of the seller, Gaia Real Estate Investments, LLC.  SDK Apartments purchased the asset for $39.275 million.

Gaia Park Apartments is located on a 3.82-acre site at 320 South Harrison Street in East Orange, close to the Garden State Parkway, Interstates 78 and 280, and the New Jersey Turnpike.

Andrew Scandalios
 The 20-story property is 98 percent leased and features studio, one-, two- and three-bedroom units.  Community amenities include a swimming pool, fitness center and covered parking.  Gaia Park Apartments is undergoing a renovation that includes adding a West Wing build-out with seven additional units, a new office, a larger laundry room and a community center.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, and directors Kevin O’Hearn and Jeffrey Julien.

“Gaia Park Apartments has an excellent location in Essex County; it’s one of the state’s most populated counties with nearly 800,000 residents, as well as being situated in a submarket with less than six percent vacancy,” said Cruz.  “SDK purchased a very prominent asset in the submarket”.

Kevin O'Hearn
Gaia Real Estate Holdings, LLC is a full-service investment, property management and brokerage company headquartered in New York, with offices in New Jersey, Texas and Tel Aviv.

Since the early 1990's, SDK Apartments has owned, developed and managed several office and residential projects, diversifying its portfolio to encompass some of the most dynamic and distinguished properties in Eastern United States, specifically in New York, New Jersey and Pennsylvania.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF arranges $81 million financing for Jamaica Center in Queens, NY

Jamaica Center, Queens, NY
NEW YORK, NY – HFF announced today that it has arranged an $81 million financing for Jamaica Center, a  mixed-use property located  in the Jamaica section of Queens, New York.

                HFF worked exclusively on behalf of the sponsor, Mattone Group LLC, to secure the 10-year, fixed-rate loan with Jefferies Loan Core LLC.

                Developed by Mattone Group LLC in 2002, Jamaica Center is an urban retail center, which includes a 15-screen, 3,300-seat theater, office space and a 375-space parking garage.

Robert Delitsky
Key retail tenants at the fully occupied center include a National Amusements theater, Old Navy, Bally Total Fitness, K&G Fashion Superstore and Walgreens.  The State of New York, through its Queens Educational Opportunity Center (QEOC) leases the entire office portion of the property. 

Jamaica Center is located at 15902 Jamaica Avenue directly north of John F. Kennedy International Airport in the southeastern part of Queens.  The property is served by three subway lines and 26 bus lines.

                The HFF team representing the sponsor was led by managing director Robert Delitsky.

Michael X. Mattone
“Throughout the years, Mattone Group LLC has done an outstanding job of developing commercial properties in the boroughs; Jamaica Center is a great example of this,” said Delitsky.  “In addition, Jeffries LoanCore had the vision to recognize the property’s dominant standing in the marketplace.”

“HFF did a superb job running the process and getting to a flawless closing,” stated Mattone Group LLC, CFO, Michael X. Mattone.

                Mattone Group LLC is a Queens-based commercial and residential development, management and construction company.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |