Wednesday, January 4, 2012

HFF expands presence with opening of Denver office and hiring of three production specialists

                                        
  

DENVER, CO – HFF announced today that it will expand its presence by opening a full-service office in Denver with an immediate focus on debt placement, equity placement, loan sales and investment sales.    

Day-to-day operations of the Denver office will be led by Eric Tupler (top right photo), who joins HFF as a senior managing director. 

Joining Tupler will be managing director Mark Fallon (middle left photo), who has worked out of HFF’s Chicago office since November 2010 and specializes in loan sale advisory transactions. 

Executive managing director Jody Thornton (lower right photo), a member of HFF’s Executive Committee, is overseeing the Denver office expansion from HFF’s Dallas office. 

Tupler, a former vice chairman at CBRE Capital Markets has originated, structured, underwritten, placed and closed more than $6 billion of debt and equity real estate investments during his career. 

Also joining Tupler at HFF are directors Brock Cannon and Josh Simon, both former vice presidents at CBRE Capital Markets.  Cannon will work as part of HFF’s national loan sale advisory group alongside Mark Fallon. 

Cannon began his career in Houston, Texas working in the CBRE Capital Markets headquarters and his experience includes debt and equity originations, loan servicing and loan sales.  Cannon has closed over $3 billion in transactions throughout his career. 

Simon specializes in debt and equity placement of all property types and has closed more than $3 billion in transactions during his career.  Simon brings extensive experience in the placement, underwriting, and structuring of multi-housing financing and is a licensed real estate broker in Colorado.

Contacts:
 JOE B. THORNTON, HFF Executive Managing Director,
(214) 265-0880                                                                    
jthornton@hfflp.com                                                                                 

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500

HFF closes loan sale secured by student housing properties at University of Alabama and Southern Mississippi



CHICAGO, IL – HFF announced today that it has closed the sale of two nonperforming loans secured by Boardwalk at Brittain Landing (top left photo) and Boardwalk at Dewberry Landing (lower  right photo), student housing communities at the University of Alabama and The University of Southern Mississippi. 

The combined principal balance was approximately $33,400,000 at the time of closing. 

Boardwalk at Brittain Landing is located at 5501 Old Montgomery Highway near the University of Alabama in Tuscaloosa and Boardwalk at Dewberry Landing is located at 22 Campbell Drive in Hattiesburg near the University of Southern Mississippi.

 Both properties were completed in 2008 and feature 150 four-bedroom/four-bath units or 600 beds.  Brittain is 89 percent leased and Dewberry is 91 percent leased. 

Community amenities at each property include a resort-style swimming pool, tanning capsule, steam room, dry heat sauna, study center and clubhouse with game room.

 The Brittain property also offers a shuttle service to campus and downtown.

The HFF team representing the seller was led by managing director Brian Kelly and director Jaret Turkell.


Contacts:

BRIAN KELLY              
HFF Managing Director                      
(312) 528-3650                                   
                 
JARET TURKELL                          
HFF Director                                         
 (305) 448-1333                                   

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500

Two New Faces at Holliday Fenoglio Fowler in Miami and Orange County, CA




James Dockerty Hired as managing director in Miami

MIAMI, FL – HFF announced today that James Dockerty (top right photo) will join its Miami office as a managing director to focus on debt and equity transactions in the southeastern United States.

Jim has more than 30 years of experience in the banking industry and through the course of his career has managed the underwriting, closing and administration of nearly $4 billion in total loans for a variety of property types. 

Notable financing transactions include the Ritz-Carlton Resort in Key Biscayne (top left photo), 1111 Lincoln Road and The Setai Resort Condominium in Miami Beach, Ten Museum and The Epic Resort Hotel in Miami, and Ten Aragon and 4000 Ponce Office Building in Coral Gables.

 He joins HFF from Sabadell United Bank where he served as the executive vice president and chief real estate lending officer since joining the bank in 1992, when it was operating as United National Bank and later as Mellon United and BNY Mellon.

He began his career in 1981 at Texas Commerce Bank in Houston.  Jim is a graduate of the University of Texas at Austin, serves on the Board of Trustees for the Miami Art Museum and is a board member for Habitat for Humanity.

“Jim is a highly-respected, veteran commercial real estate capital markets leader in Florida and we are excited to have someone with his caliber background join our debt and structured finance platform,” said Manny de Zárraga (middle right photo), executive managing director in HFF’s Miami office. 

Contacts: 
                       
 MANUEL A. DE ZÁRRAGA          
 HFF Executive Managing Director                      
(305) 448-1333                                                     
mdezarraga@hfflp.com                                        

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500

  
Mike McCann is the New Managing Director in Orange County, CA  

IRVINE, CA – HFF announced today that it has hired Mike McCann (lower right photo) as a managing director in its Orange County office.  Mr. McCann will focus on investment sale and joint venture equity transactions primarily for industrial and office properties in southern California and other western U.S. markets. 

Mr. McCann has 22 years of institutional real estate investment management experience and joins HFF from Adanac Realty Advisors where he held the position of principal since 2009.

 Prior to Adanac, he worked at ING Clarion Partners where he sourced, structured, and closed approximately $3.5 billion of direct real estate investments, and established Clarion’s southern California office in 2004. 

His experience also includes senior roles in asset management, acquisitions, and development at Kennedy Associates Real Estate Counsel, Birtcher Property Services and Bentall Development Company. 

He graduated from the University of British Columbia and has actively participated in NAIOP, Urban Land Institute (ULI), National Association of Real Estate Investment Managers (NAREIM) and Pension Real Estate Association (PREA).

“After an extensive search, we are very excited to have Mike join the firm.  His institutional ownership experience and broad real estate knowledge will enable HFF to expand our client offering in the West,” said Ryan Gallagher (lower left photo) co-head of HFF’s Orange County office. 

“Mike has a wealth of experience in all facets of the commercial real estate industry and is a perfect fit for HFF’s growing west coast investment sales platform, which has grown by more than a dozen producers in the last few years,” said Sean Deasy (lower right photo), co-head of HFF’s Orange County office as well as co-head of HFF’s national multi-housing investment sales group.

Contacts:

RYAN GALLAGHER                              
Ca. Lic. #01269918                             
HFF Senior Managing Director         
(949) 253-8800                                   
rgallagher@hfflp.com                         

SEAN DEASY                                          
Ca. Lic. #00914616                             
HFF Senior Managing Director         
 (949) 253-8800                                   

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500

Manhattan Residential Sales Prices Down Slightly from a Year Ago, Brown Harris Stevens Reports



 New York, NY -- According to the fourth quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,391,745 was down slightly from the last quarter and down just 3% from same period in 2010.

A leading factor in the lower average price was a steep decline in condo sales, which accounted for 40% of all sales, compared to 46% in 2010’s fourth quarter.

Condos typically sell for more than co-ops and when they comprise a smaller share of sales, the overall average apartment price will be driven lower. The average price for cooperatives sold during the fourth quarter of 2011 was on par with a year ago, at $1,149,203.

 The average condominium price was $1,825,728, up 4% from a year ago with most size categories seeing an increase in price. There were 1,645 fourth quarter closings reported at the time of this report, 13% less than a year ago.

 “A key factor in the decrease in closing in the fourth quarter, was the threatened expiration of the Bush tax cuts which led many high-end owners to sell before 2010 ended,” said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.

“New York City’s recovery remains well ahead of schedule.  This combined with a relatively low rate of available apartments has led the Manhattan market to continue to outperform the rest of the nation.”

The average price for three-bedroom and larger co-ops rose 18% over the past year, all other size categories of co-ops saw their average price decline during this time.

Helped by three closings for more than $20 million, the average price for three-bedroom and larger apartments on the East Side rose 42% compared to 2010’s fourth quarter.

Sales at The Laureate (middle right photo)  once again impacted average sales prices on the West Side. The average price per square foot for condos jumped 20% over the past year to $1,571.

 In the Downtown market, the average condo price per square foot rose 5% over the past year to $1,257. Co-op prices declined, with the average price per room 8% lower for prewar and 4% lower for postwar apartments.

  Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York.  The company has offices throughout New York City, the Hamptons, and Palm Beach.

 Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer.

 For more information, please visit http://www.brownharrisstevens.com/.

Contact:
Jennifer Little
Rubenstein Public Relations
212.843.8364

Alexander at the Perimeter, Dunwoody, GA - Engler Financial Group Exclusive Offering





ATLANTA, GA, Jan. 4, 2012 -- Engler Financial Group is pleased to offer for sale Alexander at the Perimeter (centered photo above), an upscale 380-unit midrise apartment community located in the Perimeter Center submarket of  Dunwoody, Georgia.

The Property was developed in 2008 on the south side of Perimeter Center East, approximately 500 feet east of Ashford Dunwoody Road.

Alexander at the Perimeter is being offered for sale on an "unpriced" basis and represents an excellent opportunity to purchase a well-located Class "AA" apartment community in one of Atlanta’s most desirable submarkets.

For a complete copy of the company’s news release and additional details on this offering, please contact::

Greg Engler
CEO/President
(678) 992-2000, ext. 1

Pat Jones
Senior Vice President
(678) 992-2000, ext. 2

 Kris Mikkelsen
Vice President
(678) 992-2000, ext. 4

NAI Realvest Negotiates Industrial Lease at Carter CommerCenter in Winter Garden, FL



Maitland, FL. – NAI Realvest recently negotiated a lease agreement for 1,875 square feet of industrial space at 890 Carter Rd., suite 140 at the Carter CommerCenter (top left photo) in Winter Garden.

 Michael Heidrich, a principal at NAI Realvest, brokered the transaction on behalf of the landlord COP-Carter, LLC of Maitland and the locally based tenant, Lavcoat, Inc.

For more information, contact:

Michael Heidrich, Principal NAI Realvest 407-875-9989, Mheidrich@realvest.com;
Patrick Mahoney, President NAI Realvest, 407-875-9989 Pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142    

PHI Group Partners with Hoang Ngoc Company for 2,000 MW Power Plant Project in An Giang Province, Vietnam



LOS ANGELES, CA and HO CHI MINH, Vietnam, Jan. 4, 2012 /PRNewswire/ -- PHI Group, Inc., (OTCQB: PHIE.PK), (Pinksheets: PHIE.PK) a company focused on energy and natural resources, announced today that it has signed an agreement with Hoang Ngoc Joint Stock Company, a Vietnamese company, to build a 2,000 MW coal-fired power plant in Vinh Hau Village, An Phu District, An Giang Province, Vietnam.

PHI Group is working with several international institutional investor groups that have indicated an interest in financing this project as well as power plants in Quang Tri Province with Sao Nam Group.

PHI Group has the capability to supply coal to power plants on a long-term offtake basis through its relationships in Southeast Asia and also has an agreement with a U.S. company to provide a coal-combustion-to-steam-energy system that requires 50% less coal to produce the same energy as presently combusted in traditional coal-fired power plants.

Coal is one of the world's most plentiful and inexpensive sources of energy. However, it is also one of the world's largest sources of pollution and CO2. By doubling the amount of potential energy produced by coal, this clean coal combustion technology reduces the production cost of coal energy by half or more. 

Henry Fahman (top right photo) Chairman of PHI Group, said, "We are delighted to work with both Hoang Ngoc Company and Sao Nam Group to provide key resources such as financing, advanced clean-coal combustion technology, and long-term coal supply for these projects and expect to generate very significant value for our shareholders."

Phong Tran, Chairman of Hoang Ngoc Joint Stock Company, stated, "We look forward to accomplishing major milestones with PHI Group in the near future and are confident that our cooperation will bring about mutual benefits for both companies."

Hoang Ngoc is a Vietnamese Joint Stock Company engaged in investment, trade and services with primary focus in developing and building the power plant(s) in Vinh Hau Village, An Phu District, An Giang Province, Vietnam.

PHI Group (OTCQB: PHIE.PK) (Pinksheets: PHIE.PK) focuses on energy and natural resources in Southeast Asia and engages in real estate development and M&A advisory and consulting services. The company is developing Pointe91, a luxury resort and premium residential community in Chu Lai, Quang Nam Province, and other real estate projects in Vietnam through PHILand Ranch Ltd. (www.philandranch.com) (Frankfurt: 1P8.F). It also assists companies to go public and access the capital markets in the U.S. and Europe.

Contact:
Henry Fahman
+1-714-843-5455
PHI Group, Inc.

Marcus & Millichap Names Thomas Gorman Sales Manager of Philadelphia Office



 PHILADELPHIA, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Thomas Gorman (top right photo) as sales manager of the Philadelphia office, according to Spencer I. Yablon (top left photo), vice president and regional manager of the office.

  “Thomas has extensive experience in commercial real estate as an investment specialist,” says Yablon. “He will be an asset to our brokerage team and instrumental in expanding our national market-making capabilities to clients throughout the Northeast.”

Prior to being asked to join the firm’s management team, Gorman was promoted to associate vice president investments in recognition of his accomplishments as an agent. His previous title was senior associate.

Gorman began his career with Marcus & Millichap in the Philadelphia office in November 2003. As an agent, he specialized in retail and net-leased investments and was an associate director of the firm’s National Retail Group and Net Leased Properties Group.

Prior to joining Marcus & Millichap, Gorman worked with Fortune 500 companies at Deloitte Consulting.

He graduated from Loyola University Maryland with a degree in philosophy.


Clinton Textor Promoted to Associate Vice President Investments in San Francisco Office


SAN FRANCISCO, CA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Clinton Textor (middle  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 Jeffrey M. Mishkin (lower left photo), first vice president and regional manager of the firm’s San Francisco office.

 Textor began his career with Marcus & Millichap in 2001. Prior to his promotion, he was a senior associate. His specialty is San Francisco multifamily and mixed-use investment properties.

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

Charles Dunn Co. Expands Client Services Nationally by Becoming a Member of the CORE Network

   

LOS ANGELES, CA – In a strategic move to expand its client services nationally, Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has become a member of The CORE Network.

The CORE Network is a national  organization of commercial real estate firms consisting of 21 member firms who provide commercial real estate solutions that include brokerage, property management, strategic planning, tenant representation, acquisition and construction management throughout the United States over a wide spectrum of real estate specializations, including office, retail, industrial, multifamily and medical.

This membership was a natural progression for Charles Dunn Company to better provide service to its client investor and occupier base. The firm, who works with clients nationwide as well as internationally on investments throughout the Western States, can now extend its full-service commercial real estate platform geographically to CORE’s 49 markets (and growing).

“Our clients with property interests in the Western States are seeking consistent service delivery and a high level of accountability throughout their portfolio,”  said Chris Cooper (top right photo), CEO of Charles Dunn Company..

“To that end, they prefer one provider to offer that service in other parts of the country without making a change each time.

“They also want to receive the same client-centric and hands-on approach Charles Dunn Company has built its reputation on over the years. We spent a considerable amount of time looking for the right partner.

 “We needed a national partner who shared our vision of integrity, accountability, teamwork, service and results. “

 As part of The CORE Network membership, Charles Dunn Company will work with other CORE Network members across the county to execute seamless transaction and property management assignments for its clients. Additionally, Charles Dunn Company will exclusively represent The CORE Network clients throughout Southern California and Phoenix.

"Charles Dunn Company is a welcome addition to CORE and was a cohesive fit with our organization’s standards in best practices and entrepreneurial approach," said Michael Divaris (top left photo), Chairman of CORE. “We are in the process of completing membership discussions with firms in other geographic areas across the country which will continue to increase the depth of service for our clients.”

 Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Sperry Van Ness International Appoints Shari Tucker-Gasser National Director of Retail Properties




IRVINE, CA. (Jan. 4, 2012) – Sperry Van Ness International, a large and fast-growing franchisor, today announced Shari Tucker-Gasser (top right photo) has been appointed National Director of Retail Properties for Sperry Van Ness International. 

Tucker-Gasser will serve as a liaison for Sperry Van Ness International’s retail affiliates covering 145 markets nationally, providing leadership, guidance and strengthening the retail capabilities of the franchise.

 “Shari lives and breathes retail. It’s part of her personal brand.  As a result, she has distinguished herself as a retail expert among her peers at SVNI and within the industry,” said Kevin Maggiacomo (middle left photo), chief executive officer and president of Sperry Van Ness International.  “Retail has always been a top-performing sector for SVNI and we are now looking to Shari to take our retail platform to an even higher level.”

With more than 12 years of commercial real estate experience in retail sales and leasing, Tucker-Gasser has completed well over $1 billion dollars in retail transactions.  She has advised clients including CW Capital, Wells Fargo, Standard Insurance and Peoples Bank.  Currently, she is working with City of Peoria, Ariz. on a 26-acre, mixed-use redevelopment project in Old Town Peoria.

“I’ve always subscribed to the Sperry Van Ness philosophy of internal and external collaboration.  I have my finger on the retail pulse and have encyclopedic knowledge of the product and hope to use both to elevate the performance of my SVN peers and their clients,” said Tucker-Gasser.

Tucker-Gasser serves as associate broker and principle of Sperry Van Ness, LLC in Phoenix, Ariz., where she advises clients on the acquisition, disposition and leasing of multi-tenant retail properties throughout the Phoenix metro market.  She has helped build and mentor her team to become one of the top 10 performing offices in the Sperry Van Ness organization.  Tucker-Gasser is an active member of the International Council of Shopping Centers and the Sperry Van Ness Asset Recovery Team.

Contact:
Megan Morales
Sperry Van Ness
714.273.2472

RECI Sees Brighter Period Ahead for Real Estate Capital Markets



CHICAGO, IL, Jan. 4, 2012 – The Real Estate Capital Institute reports the New Year looks brighter for the real estate capital markets, given the continued momentum of the past two years. Numerous favorable signs are emerging,  including:

  • Inflation concerns resurfacing, giving the Fed space to boost the economy. However, Treasury rates remain low, moving up only 10 basis points during the past month. Inflation levels of 2 to 3% for this year should prove to be acceptable.

  • Industrial markets improving nationally, particularly on the West Coast and major Midwest markets, led by electrical, automotive and metal fabrication.
 

  • Retailing sector maintaining discipline by keeping stingy inventory levels even after an improved holiday season, as consumer spending still in flux.

  • Suburban office market vacancies dropping, although few landlords report any improved profitability levels; clearly a tenant's market.

  • Housing construction starts will boast positive results as energy states in the Midwest and the South/Southwest grow, while more overpriced areas pause, bringing more buyers in to the ownership pool.  Housing affordability benchmarks have substantially improved with home prices now often below a 3-to-1 ratio of price to income, a dramatic reversal from the pre-great recession housing pricing.  At such levels, more housing will be sold as lenders continue to unload foreclosed homes.

  • New construction starts are still limited to multifamily buildings in the major markets and some energy belt communities.  Substantial concern among investors of overheated pricing pressures in relationship to homeownership impacts investor 2012 acquisition plans; expect more cautious price appreciation.

  • Banks seek more loan volume as the financial crisis cools down. Despite a slow start, expect more bank mergers this year.  While rebuilding capital reserves, banks are cramped by limited growth as they prolong extremely conservative, restrictive lending.  Ultimately, fewer banks mean less competition.
 
"After a lot of recent talk, homeownership is now starting to impact the rental market segment in some major cities. This environment provides extremely attractive pricing options for renters to become homeowners (again)," suggests Jeanne Peck (top right photo), the Real Estate Capital Institute's Director.

Contact:

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Jeanne Peck, Research Director

HFF closes sale of Cleveland Towne Center in Cleveland, TN



                                                                   
ATLANTA, GA – HFF announced today that it has closed the sale of approximately 153,000 square feet at Cleveland Towne Center (top left photo), a 348,599-square-foot shopping center in Cleveland, Tennessee, shadow-anchored by Target and Kohl’s. 

HFF marketed the property on behalf of the seller, Cleveland Towne Center LLC, a joint venture partnership between Batson-Cook Development Co. (BCDC) and Brentwood, Tennessee-based Warren Commercial Real Estate.  Cole Real Estate Investments purchased Cleveland Towne Center in an all-cash transaction.  

Cleveland Towne Center is located at 4440 Frontage Road adjacent to Interstate 75 approximately 25 miles northeast of Chattanooga.  The property is anchored by Target (shadow), Kohl’s (shadow), Bed Bath & Beyond, Ross Dress For Less, Michaels, Electronic Express and Books-A-Million.  BCDC developed Cleveland Towne Center in 2008.  The property was 91 percent leased at the time of sale. 

The HFF investment sales team representing Cleveland Towne Center LLC was led by managing directors Jim Hamilton (middle right photo) and Richard Reid (lower left photo).

Since 1963, BCDC has provided development and capital solutions primarily through partnerships on commercial real estate projects in the southeastern United States. 

 Based in Atlanta, BCDC is a wholly owned subsidiary of Kajima USA and sister company of Batson-Cook Construction.  It offers a wide variety of real estate services from development and construction, to equity and credit enhancements, to brokerage and property management.  www.batsoncookdev.com.

Contacts:

JIM R. HAMILTON                                RICHARD M. REID                               
HFF Managing Director                       HFF Managing Director                      
(404) 942-2212                                    (404) 942-2209                                   
jhamilton@hfflp.com                             rreid@hfflp.com                                  


KRISTEN M. MURPHY
HFF Associate Director, Marketing
 (713) 852-3500

                                       

HFF closes sale of northwest suburban Chicago multifamily community





CHICAGO, IL – HFF announced today that it has closed the sale of The Gates of Deer Grove (top left photo), a 204-unit, recently-renovated multi-housing community in the northwest Chicago suburb of Palatine.  

HFF’s investment sales team marketed the property on behalf of the seller, Laramar Group.  Home Properties of New York, Inc. purchased The Gates of Deer Grove free and clear of existing debt.

The Gates of Deer Grove is situated on 11.5 acres at 125 West Dundee Road close to DeerPark Town Center and the Palatine Metra Station in Palatine. 

Renovated in 2008, the 94 percent occupied property has one- and two-bedroom units averaging 897 square feet each.  Residents have access to a clubhouse with movie theatre, fitness center, game room and business center as well as a swimming pool, laundry facilities and a dog park. 

The HFF investment sales team representing Laramar Group was led by executive managing director Matthew Lawton (middle right photo) and managing directors Sean Fogarty (middle left photo) and Marty O’Connell (bottom right photo)

Laramar Group is a fully-integrated real estate investment and management company with 45,000 units under management. Since 1989, Laramar and its predecessor have invested in transactions throughout the United States representing total value in excess of $2.6 billion.

Home Properties is a multifamily real estate investment trust (REIT) with operations primarily along the East Coast of the United States that is traded on the New York Stock Exchange under the ticker symbol HME.  The company owns, operates, develops, acquires, and rehabilitates apartment communities.

Contacts:                
                            
 MATTHEW D. LAWTON                      
HFF Executive Managing Director                                                                                          
(312) 528-3650                                           
mlawton@hfflp.com                                 

KRISTEN M. MURPHY
HFF Associate Director, Marketing
 (713) 852-3500