Tuesday, January 17, 2012
Wilson Commercial Real Estate Completes Anchor Tenant Leases Totaling About 113,000 SF at Edinger Plaza Shopping Center in Huntington Beach, CA
HUNTINGTON BEACH, CA, Jan. 17, 2012 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has completed leases totaling approximately 113,000 square feet at Edinger Plaza Shopping Center (top left photo), a 145,143-square-foot retail center located at 7490-7664 Edinger Avenue, at the intersection of Edinger Avenue and Beach Boulevard, across from the Bella Terra Mall in Huntington Beach, Calif.
Chris Wilson (middle right photo) and Scott Burns (middle left photo) of Wilson Commercial have secured leases on behalf of the landlord and developer, Watt Properties, Inc., with Dick’s Sporting Goods, Nordstrom Rack, Michaels, Citibank and Starbucks.
Dick’s Sporting Goods signed a lease for 47,948 square feet of space. Dick’s Sporting Goods was represented by Scott Riddles and Derek Fitch of CB Richard Ellis and Jeff Straka of Retail Select Services.
· Nordstrom Rack signed a lease for 34,000 square feet of space. Nordstrom Rack as represented by Jeff Nichols and Randy Cantrell of Northwest Retail Partners firm.
· Michaels signed a lease for 24,925 square feet of space. Michaels was represented by Vic Montalbo of Vic Epsteen & Associates.
· Citibank signed a lease for 5,000 square feet of space. Citibank represented itself in the transaction.
· Starbucks signed a lease for 2,450 square feet of space. Starbucks was represented by Vic Montalbo of Epsteen & Associates
“We are excited to announce the completion of these leases,” said Wilson. “Our firm has represented Watt Companies in the leasing of this project since 2008 and has worked diligently to keep these deals together through this correction cycle. The success is a confirmation of the strength of this property and the Edinger corridor.”
Watt Companies recently embarked on a $20 million renovation of Edinger Plaza which will include converting a former CVS building into a larger retail space for Dick’s Sporting Goods, adding retail space for Nordstrom Rack in a former Howard’s building, expanding the existing Michaels space and upgrading the façade treatment, storefronts and landscaping. Completion of the project is scheduled for Fall 2012.
For more information, please visit http://www.wcre.net/.
Griffin-American Healthcare REIT II Acquires Eleven Facilities Throughout the Southern United States for $174 Million
NEWPORT BEACH, CA (Jan. 17, 2012) – Griffin-American Healthcare REIT II (formerly known as Grubb & Ellis Healthcare REIT II) announced today that it has acquired 10 skilled nursing facilities and one medical office building for approximately $174.3 million.
The properties are located in the states of Texas, Georgia, Tennessee, Louisiana and Alabama.
Totaling approximately 454,000 square feet, the ten nursing facilities add 1,364-beds to the skilled nursing facility portfolio of Griffin-American Healthcare REIT II and include facilities that range in size from 20,000 square feet to 77,000 square feet, with an average size of 45,000 square feet.
Sierra Providence East Medical Plaza I (top left photo) is a 60,000-square-foot, three-story, multi-tenant medical office building built in 2008 on the 42-acre campus of Sierra Providence East Medical Center in El Paso, Texas.
The 110-bed medical center is a member of the Sierra Providence Health Network and a subsidiary of Dallas-based Tenet Healthcare, one of the largest investor-owned hospital companies in the United States. Tenet is also the single largest tenant of the medical office building, which is 90 percent leased to thirteen tenants.
“These properties are each an ideal fit for the clinical healthcare acquisition strategy of Griffin-American Healthcare REIT II,” said Danny Prosky (middle right photo), president and chief operating officer.
“We focus on institutional-grade healthcare facilities that are accretive to our bottom line, that support our investor distribution, and that are likely to add the highest value to our nationwide portfolio. These acquisitions meet each of those requirements.”
The 10 skilled nursing facilities are:
- · Bell Minor Facility: 2200 Old Hamilton Place NE, Gainesville, Ga. A single-story, 104-bed property totaling 39,000 square feet.
- · Buckhead Facility: 2920 Pharr Court South, Atlanta. A five-story, 220-bed property totaling 77,000 square feet.
- · Millington Facility: 5081 Easley St., Millington, Tenn. A single-story, 85-bed property totaling 33,000 square feet.
- · New London Facility: 2020 McGee Road, Snellville, Ga. A single-story, 144-bed property totaling 45,000 square feet.
- · Parkway Facility: 200 South Parkway West, Memphis, Tenn. A single-story, 120-bed property totaling 38,000 square feet.
- · Riverside Facility: 5100 West St., Covington, Ga. A single-story, 158-bed property totaling 42,000 square feet.
- · Rockdale Facility: 1510 Renaissance Drive, Conyers, Ga. A single-story, 102-bed property totaling 48,000 square feet.
- · Sea Breeze Facility: 550 Congress St., Mobile, Ala. A three-story, 120-bed property totaling 46,000 square feet.
- · Shreveport Facility: 1736 Irving Place, Shreveport, La. A four-story, 227-bed property totaling 66,000 square feet.
- · Westminster Facility: 560 St. Charles Ave. NE, Atlanta. A two-story, 84-bed property totaling 20,000 square feet.
The ten skilled nursing facilities were acquired from affiliates of Wellington Healthcare Services, LP, an unaffiliated third party represented by Matt Ryan and Michael Hoagberg of Houlihan Lokey.
Griffin-American Healthcare REIT II financed the acquisition through the assumption of nine separate U.S. Housing and Urban Development loans totaling $70.5 million, the assumption of a $12.7 million loan with Capital Funding Group, $38.4 million in borrowings under its line of credit with Bank of America, N.A., $20.0 million in borrowings under its line of credit with KeyBank, as well as net cash proceeds received from its offering.
Sierra Providence East Medical Plaza I was acquired from PHT Investment Holdings LLC, an unaffiliated third party represented by Chris Bodnar (bottom left photo) of CB Richard Ellis. Griffin-American Healthcare REIT II financed the acquisition using cash proceeds received from its offering.
VENICE, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5,571,000 loan for the acquisition of a Walgreens drugstore located in Venice, which is located in the Bradenton-Sarasota-Venice metropolitan statistical area.
Danny Abergel (middle right photo), a director in MMCC’s Encino, Calif. office, arranged the financing.
“The borrowers were in a 1031 exchange and needed to close,” says Abergel. “However, many lenders were reluctant to get involved because of the property’s high rent per square foot or because they had already filled their quota of Walgreens loans.
“Some banks have so many Walgreens loans in their portfolios that they can’t acquire any more due to risk concentration,” adds Abergel.
“Our clients wanted a long-term fixed-rate loan but had cash flow requirements as well,” continues Abergel.
“MMCC found a lender with an appetite for Walgreens and we negotiated a 22-year fixed-rate loan on a 25-year amortization schedule at an extremely competitive rate that gave the borrowers exactly what they wanted: long-term stability and a high cash flow.”
“We were able to meet the client’s deadlines and structure the transaction so that the borrower didn’t have to come up with any extra cash,” Abergel concludes.
The loan has a fixed 4.75 percent interest rate. The LTV is 60 percent.
The property was built in 2009.
Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716
TOLUCA LAKE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of 4130 Cahuenga Blvd (top left photo)., a 73,150-rentable square foot three-story with mezzanine office building in Toluca Lake, an affluent area north of downtown Los Angeles near North Hollywood and Burbank.
The sales price of $15,225,000 equates to $208 per square foot.
Martin Cohan (middle right photo), a vice president investments in Marcus & Millichap’s West Los Angeles office, represented the seller, Cahuenga Plaza LP of Los Angeles.
Matthew Ziegler (middle left photo), a vice president investments in the firm’s Encino office, represented the buyer, Cahuenga Pacific LLC, a Sherman Oaks-based owner/operator with properties in Southern California and the East Coast.
“When the decision was made to sell the property, we marketed it through our exclusive national platform and generated multiple offers. The building has a solid historical operating performance and Marcus & Millichap’s Southern California offices have access to investor capital that most other brokerage firms cannot match,” adds Cohan.
“This was a rare opportunity to acquire a high-caliber office building with historically stable tenancy in one of Southern California’s prime entertainment industry submarkets,” says Ziegler.
Built in 1984 on 27,974 square feet, the building is immediately accessible from U.S. Highway 101 and State Route 134 –the Ventura Freeway– and is near the Metro Red Line’s Universal City station.
Major tenants at 4130 Cahuenga Blvd. include A. Smith & Co. Productions, Performance Post Inc. and RSPE Audio Solutions.
The building features three elevators, two public restrooms per floor, a rear patio that opens onto a lushly landscaped courtyard and numerous upper-floor private balconies. Many of the units are finished with high-end creative build-out geared towards the production and post-production segments of the entertainment industry.
The property has two levels of secured subterranean parking for 201 cars.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today how it expects its 2011 dividends to be classified for federal income tax purposes.
The dividend classifications are shown on the attached chart. Of special note is that for tax reporting purposes, the common stock dividend paid on January 13, 2012 is taxable in year 2012.
This release is based on the preliminary results of work on the Company’s tax filings and is subject to correction or adjustment when the filings are completed.
The Company is releasing information at this time to aid those required to distribute Forms 1099 on the Company’s dividends. No material change in these classifications is expected.
For a complete copy of the company’s news release, please contact
.Chris Papa, 404-846-5000
Trillium Group (“Trillium”) is a commercial retail development and real estate investment company with offices in Houston, Texas.
Trillium’s Principals Sandy P. Aron (lower left photo) and Darryl T. Robinson have over 40 years of combined experience in the acquisition and development of commercial real estate and have acquired, managed, and developed more than 2.0 million square feet of commercial space with a market value in excess of $500 million.
DAVIS ADAMS ,
HFF Managing Director,
HFF Associate Director, Marketing,
PHOENIX, AZ, Jan. 17, 2012 – Vestar, one of the leading privately held real estate companies in the Western United States, has been retained by New York-based Coventry Real Estate Partners to handle the property management of Christown Spectrum Mall (top left photo), a 1,145,000-square-foot retail property located at W Bethany Home Road and N. 19th Avenue in Phoenix, Arizona.
Vestar brings a wealth of experience and talent to Christown Spectrum Mall. The company, among its many impressive properties, was the developer of and is the manager of Tempe Marketplace and Desert Ridge Marketplace. As part of the marketing program, Vestar will be planning and overseeing monthly events geared toward enhancing the experience of the consumer at the property.
“In today’s challenging retail market, owners understand that an experienced property manager is necessary for the success of a center,” said Pat McGinley (middle right photo), Vice President of Property Management at Vestar. “Vestar has the proven track record in leasing, management and marketing in order to provide superior results.”
Christown Spectrum Mall, Phoenix’s first air conditioned enclosed mall, recently celebrated its 50th anniversary in October. The center is currently 92 percent leased to several national tenants including Walmart, Target, Costco, J. C. Penney, Ross Dress for Less and PetSmart.
Situated on 86 acres and located at the most northern point on the metro light rail system, Christown Spectrum Mall completed an impressive redevelopment in December 2009. This redevelopment transitioned Christown Spectrum into a retail hybrid, bridging the Indoor Mall and Power Center concepts into an extremely successful super-regional retail property.
For more information, please visit http://www.vestar.com/.
ATLANTA, GA (Jan. 17, 2012) – Lavista Associates, Inc., one of Atlanta’s leading full-service commercial and industrial real estate firms, will move to Buckhead from Atlanta’s Northeast submarket, where it’s been headquartered since its founding 40 years ago.
Lavista recently executed a long-term lease for approximately 10,000 square feet at Prominence (top left photo) in Buckhead, a location that reflects the direction of the firm.
The move to the Class A office tower at Lenox and Piedmont roads will occur in April.
“At Lavista Associates, we are lucky to have both a rich tradition and an exciting future,” said Tom Davenport (middle right photo), president of Lavista. “Our firm has a longstanding reputation for stability, professionalism and performance, and we are proud of that tradition.”
“As we have grown and expanded our reach throughout metropolitan Atlanta, it makes sense for us to have a newer, more central location to match where we are as a firm,” Davenport added.
Founded in 1972, Lavista is Atlanta’s longest-standing commercial real estate firm that focuses solely on third-party real estate services.
The firm has completed lease and sales transactions across the metro area — from Henry County to Buckhead to Forsyth County — as well as other parts of the state.
Lavista prides itself on having an experienced and growing team of professionals who provide clients with in-depth market knowledge and understanding obtained through decades of experience. The firm’s new Buckhead location will enable Lavista to expand business opportunities and attract additional top brokers.
“We have some of the best personnel in town, and a Buckhead location will be more desirable as we recruit new ones,” Davenport said. “Our new office at Prominence in Buckhead will provide our associates the most central location for networking, meetings and for serving our customers,” Davenport said.
For More Information, Contact
Wilbert News Strategies
FT LAUDERDALE, FL, Jan. 17, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oceans 52 (top left photo), a 53-unit apartment community located in Naples, Fla, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office.
The asset commanded a sales price of $2,700,000 representing $50,830 per unit.
Senior Associate William J. Berthiaume, II and Senior Vice Presidents Still Hunter, III (middle right photo) and Evan P. Kristol (lower left photo) of the Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller, a private investor from Jupiter, Fla.
The buyer, a private investor from Miami, was secured and represented by Vice President Investments Alex Zylberglait and Associate Ryan Shaw of the Miami office.
“The property recently underwent extensive renovations including the exterior and many apartment interiors at a total cost of approximately $500,000. After 21 days on the market, it closed at full list price in all cash,” says Berthiaume. The property is located at 4058 Bay Shore Drive in Naples, Fla.
Regional Manager / Vice President, Ft. Lauderdale
PARK CITY, UT, Jan. 17. 2012—Officials of Gemstone Hotels & Resorts, a full-service hotel management company that specializes in luxury and upscale urban hotels and resorts, today announced that industry veteran John Plunket (top right photo) has joined the company as executive vice president, development and acquisitions.
In his new position, he is responsible for all development and acquisition activity, including sourcing and negotiating new investment opportunities, as well as identifying new management opportunities.
“Over his career, he has been one of the industry’s major deal-makers with involvement in more than $4 billion in transactions covering more than 150 hotels. He knows hotels inside and out, has broad experience in real estate capital markets and an impressive record of success in growing both ownership and management portfolios.”
For more information about Gemstone, go to www.gemstoneresorts.com.
Chris Daly, Lauralee Dobbins/media
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Boston, MA, Jan. 17, 2012 – The great recession appears to have been harder on hotel spa operations than on hotels themselves.
According to a new study released by PKF Consulting USA (PKFC), hotel spas experienced deeper declines in revenues and profits than did hotels, as measured by RevPAR, in 2008 and 2009 and also are taking longer to recover.
While the hotel industry began to improve in the second quarter of 2010, hotel spas did not show signs of a rebound until 2011. The good news is that spa revenues are expected to continue to grow and even outpace hotel RevPAR changes over the next few years as the economy improves and personal income levels begin to rise.
“Because hotel spa services are often perceived as a luxury, the changes in hotel spa revenue since 2006 are not surprising,” said Andrea Foster (top right photo), vice president in the Boston office of PKFC and national director of spa consulting.
“In the prosperous years of 2006 and 2007, the annual change in unit-level hotel spa revenue was comparable to the changes in RevPAR.
"However, concurrent with the economic recession, spa revenue declined at a greater pace than other hotel revenue sources in 2008 and 2009, and did not post a year-over-year increase in 2010 as was observed for RevPAR.”
These findings come from the 2011 edition of Trends® in the Hotel Spa Industry, an annual survey conducted by PKFC since 2007.
The report presents aggregate revenue, expense, and profit data from the spa departments of 151 hotels located across the U.S. Leased spa operations, day spas, and destination spas were excluded from the survey.
To purchase the 2011 Trends® in the Hotel Spa Industry report, please visit www.pkfc.com/spatrends.
The 50 page report presents spa department revenue, expense, and profit data for a variety of operating categories using a variety of metrics (percent of revenue, per-available-guest-room, per-occupied-guest-room, per-square-foot, and per-treatment-room).
The report also contains editorial commentary from authors associated with ISPA, SpaFinder, Inc., and Coyle Hospitality Group.
For a complete copy of the company’s news release, please contact:
PKF Consulting USA
Tel: 617 330 8186
Daly Gray, Inc.
KAUA’I, HI, Jan. 17, 2012—Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced the Courtyard Kaua’i at Coconut Beach (top left photo) has completed a $13 million renovation project.
Conveniently located along Coconut Beach on the lush eastern shore of Kaua’i, the 311-room oceanfront property has undergone a top-to-bottom rejuvenation of its public spaces, restaurants, meeting rooms, lobby and recreational amenities.
“We are pleased to unveil the completion of the new Courtyard Kaua’i at Coconut Beach, the first property we have managed in Hawaii and an important addition to our management portfolio,” said Patrick Lupsha (middle right photo), Davidson’s chief operating officer.
“We are confident that the owners’ significant capital investment, coupled with our management expertise, will establish the property as the leading resort in the local market.” The Courtyard by Marriott® Kaua’i at Coconut Beach is owned by a joint venture between Dallas-based Behringer Harvard and Austin, Texas-based JMI Realty.
“The hotel has been a fixture on the island since 1978,” said Bently Kriewald, general manager of Courtyard Kaua’i at Coconut Beach. “The addition of the Courtyard by Marriott brand and the associated physical enhancements over the past year have reinvigorated the property and elevated the guest experience at every touch point.”
With the completion of the property enhancement, fully executed and managed by the San Diego office of one of the co-owners, JMI Realty, the Courtyard Kaua’i at Coconut Beach has added a new level of quality and sophistication to the intimate and affordable property.
The resort’s ocean-view restaurant, Voyager Grill, and pool-side cocktail lounge, Cook’s Landing, have launched new menus to complement the fresh new décor. Under the direction of Chef Rafael Camarillo (lower right photo), guests can enjoy upscale Hawaiian regional cuisine featuring fresh ingredients from local farms.
.The Courtyard by Marriott® Kaua’i at Coconut Beach is located at 650 Aleka Loop, Kapaa, Hi. 96746.
Reservations can be made by calling the hotel directly at 800-321-2211 or online at www.marriott.com. The hotel is managed by Davidson Hotels & Resorts.
For more information on Behringer Harvard, please contact its U.S. headquarters toll-free at 866.655.3600 or its European headquarters at 011 49 40 34 9999 90, or visit online at www.behringerharvard.com.
Additional information on Davidson may be found at www.davidsonhotels.com.
Davison Hotels & Resorts
Murphy O’Brien Public Relations
Daly Gray, Inc.