Tuesday, February 28, 2012
T5@Kings Mountain is a 280-acre Data Center Park located in Kings Mountain, NC, a suburb of Charlotte.
T5@Kings Mountain offers data center users robust utility infrastructure in a hazard-free area that has some of the best incentives on the East Coast.
Located within a 30-minute drive of the Charlotte-Douglas International airport, T5@Kings Mountain boasts a 180 mega-watt substation, redundant water supply, and abundant fiber connectivity, which now will include additional fiber bandwidth available to all users in the park.
In addition to a number of pad-ready sites available for further development, T5@Kings Mountain offers a speed-to-operation advantage with its a new purpose-built “Powered Data Center Shell” available containing 147,720 sf, expandable to over 450,000 sf.
“We’re thrilled to add this company to our roster of Data Center operations in our T5@Kings Mountain Data Center Park,” said Pete Marin (lower left photo), President of T5. “This is yet another example of a major user’s endorsement of the infrastructure and operational benefits T5 purposely created in the data center park setting.”
For more information, visit http://www.t5datacenters.com or contact them at 404-239-7144.
Wilbert News Strategies, LLC
404-965-5022 / 404-405-3656
T5 Data Centers
404-239-7144 / 404-933-5996
Wilbert News Strategies
C: 404.901.4433 D: 404.965.5024
George Smith Partners Arranges $25 Million in Financing for Carriage Square Shopping Center in Oxnard, CA
LOS ANGELES, CA (Feb. 28, 2012)—Commercial real estate investment banking firm George Smith Partners has successfully arranged two loans, totaling $25 million in financing for Upside Investments, LP., for its Carriage Square Shopping Center (top left aerial and lower left photo)) in Oxnard, Calif. according to Principal and Managing Director, Steve Bram (middle right photo) and Senior Vice President, David Pascale (middle left photo).
The two permanent loans replaced a construction loan which had allowed Upside Investments to complete a redevelopment of the 173,000 square-foot outdated shopping center. George Smith Partners had previously arranged the original construction financing for the center in November 2010.
Upside Investments Inc. used the original construction loan to redevelop the functionally obsolete 1960’s retail center, including razing most of the structures, repositioning in-line retail space, constructing new space, and creating a 151,000 square-foot retail pad for new tenant Lowe’s. Lowe’s then constructed a brand-new 120,000 square-foot store and 31,000 square-foot garden center on the property.
The permanent loans included a $21 million credit tenant lease financing and a $4 million life company forward commitment. The loans were provided by two different lenders and funded within seven days of each other.
“The combination financing structure allowed our longtime client, Upside Investments, to maximize their proceeds at the lowest possible rates by taking full advantage of the Lowe’s bond lease structure while also financing the noncredit pad income,” explained Bram.
The $21 million credit tenant lease bond financing was provided for the newly constructed Lowe’s. Upside owns the fee and leases it to Lowe’s on a 20-year ground-lease. This financing was arranged through an investment bank specializing in bond placements for large institutional investors. The 20-year loan had an amortization of 20.5 years. The leases’ bond structure and the tenant’s strong credit allowed the investment bank to underwrite to a 1.01 debt coverage ratio.
The $4 million life company forward commitment provided the permanent financing on the center’s retail pads and in-line stores surrounding the new Lowe’s.
The borrower had requested a permanent loan with a six month forward rate-lock to minimize interest rate risk. At the time, all the tenants had fully executed leases in place, but not all were yet operating. The 10-year loan had a 30-year amortization and a 50 percent loan-to-value.
“Steve Bram and David Pascale of GSP provided us with invaluable support during this redevelopment project. They advised us on structure when we first put the property into contract and worked with us through the conceptual planning, lease negotiations, initial construction and permanent financing. Thanks to their expertise, we were able to transform this run-down center into a thriving shopping area for the community,” explained Gary Simons, of Upside Investments, LP.
Information about George Smith Partners is located on the company Web site, www.GSPartners.com .
Corynne Randel/ Judith Brower
Brower, Miller & Cole
ORLANDO, FL – MyRentComps.com (MRC) announces a new way for Apartment Suppliers to connect with onsite apartment property management. According to Robert E. Smith (top right photo), Founder of MyRentComps.com,
“With the evolution of the internet many small businesses are stumped about the best way to reach their target audiences. They may end up spending several hundred or up to thousands of dollars per month on the internet and still may be missing their target audiences.
“We have built an Online Market Survey website that Property managers go to on a regular basis to get their Free Comp Reports. The website has partnered with over 21 apartment associations around the nation and now our Supplier Sponsors have another way of reaching their target market.
“The new interactive website allows the Apartment Supplier to giveaway prizes to anyone answering their questions correctly. We have sponsors giving away great prizes. Since the
onsite management must answer the questions correctly to have a chance to win, it is a great way to educate their target market on their products or services.”
Mr. Smith also stated “This system is revolutionizing the way onsite property management get their market survey data while learning about the product and services that they need to run their properties.
Mr. Noel Myatt (top left photo), MyRentComps.com’s Account Manager adds “The Click, Play, Win concept was a hit from the very beginning.”
According to Mr. Myatt, “In the first two months, we had over 950 customer interactions representing over 85,000 apartment units and over 100 different Multifamily management companies entering to win everything from iPads to $500 Visa Gift Cards.
” An interaction on the site; is a user who clicks the Click Play Win button on the sponsors banner ad and answers a question correctly. Each question gives the hint that allows the player to readily get the answer and then is entered into their drawing.
350 East Pine Street
Orlando, Florida 32801
Phone: (407) 206-3791
Fax: (866) 206-5930
Robert E. Smith Ext. 101
Noel Myatt Ext. 111
MIAMI, FL and BOULDER, CO, Feb. 28, 2012—In response to the rapid growth in hotel development in Latin America and the Caribbean, Benjamin West, the hotel industry’s largest global purchasing firm for furniture, fixtures and equipment (FF&E) and operating supplies and equipment (OS&E), today announced that the company will open a new office in Miami.
The new operation will be led by Liliane Stacishin-Moura (top right photo), who has joined the company as Director-Latin America & Caribbean.
The new office brings to six the number of locations the company has opened to serve its clients worldwide. In 2011, Benjamin West worked on projects in 23 countries on four continents.
“Latin America has reached the tipping point of hotel development, with international and regional brands, as well as independents, ramping up to serve these rapidly growing economies,” said Alan Benjamin (middle left photo), president of Benjamin West.
“According to Lodging Econometrics, three of the top 20 development markets—Brazil, Mexico and Argentina--are in that region. All but one country has shown quarter-over- quarter improvements in the development pipeline since the bottom of the cycle in late 2009.
“ Renovations, which were delayed because of the economy, have been accelerating since the recovery began in the region in 2010. Chile and Columbia have great potential and the Caribbean’s primary economic driver is tourism which requires on-going investment to introduce new product and upgrading existing hotels."
Stacishin-Moura, a Brazilian native and educated in the U.S., has an extensive background in design and real estate development, as well as environmental science.
Prior to joining Benjamin West, she was founder and partner in Find Development Resources International headquartered in Los Cabos, Mexico. She led the company’s international business development, brokering and financing for the company’s hospitality and retail segments.
Additional information about the company may be found at its Web site: www.benjaminwest.com.
Jerry Daly, Chris Daly
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Interstate Hotels & Resorts Announces Management Agreement for First Franchised DoubleTree by Hilton Hotel in China
ARLINGTON, VA, Feb. 28, 2012—Interstate Hotels & Resorts today announced that Interstate China has signed an agreement to manage the 850-room DoubleTree by Hilton Shanghai-Pudong (top left photo), the first Hilton Worldwide-franchised hotel in China.
The hotel, owned by Shanghai Jin Jiang International Hotels (Group) Co. Ltd., converted to the DoubleTree by Hilton Shanghai-Pudong on Feb. 28, 2012 and will immediately begin a multi-million dollar comprehensive renovation to be completed in 2013.
“It is extremely gratifying to be the first hotel operator of a franchised DoubleTree by Hilton hotel in China,” said Jim Abrahamson (top right photo), Interstate’s chief executive officer.
“Interstate China, our joint venture with Jin Jiang Hotels, is a business model that we have successfully implemented in other regions globally. Interstate has a long history as a franchisee/operator in multiple countries. Our outstanding reputation as a quality operator of leading international brands and our highly experienced Interstate China executive team, combined with our depth of resources and scale, position us well for continued growth in China.”
Formerly the Sofitel JJ Oriental Hotel, the two-tower, 850-room hotel is located in Shanghai’s dynamic Pudong district (middle left photo), offering convenient access to Pudong International Airport and the Shanghai New International Exposition Center (SNIEC).
Amenities include more than 16,000 square feet of flexible meeting and special event space, a fitness center, spa with men’s and women’s sauna and steam facilities, outdoor tennis courts, indoor swimming pool and extensive retail shops.
As part of the hotel’s upcoming refurbishment program, a new 8,000 square foot ballroom will be constructed, while all food & beverage outlets, meeting and banquet space, and retail offerings will be re-designed and revitalized to meet the high quality standards and contemporary style of the DoubleTree by Hilton brand.
For more information, visit the DoubleTree by Hilton Shanghai-Pudong’s website: http://www.shangahaipudong.doubletree.com/.
Interstate China Hotels & Resorts Company Limited (“Interstate China”) is a joint venture between Interstate and Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer.
For additional information about Interstate, visit the company’s website: www.ihrco.com.
Jerry Daly, Carol McCune Carrie McIntyre
Media SVP, Treasurer
Daly Gray Interstate Hotels & Resorts
(703) 435-6293 (703) 387-3320
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
LOS ANGELES, CA (Feb. 28, 2012) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the acquisition of two luxury vacant condominium projects, Vista Paradiso (top left photo) and Villa Sofia (middle left photo), totaling 63 units in the county of Los Angeles, Calif. which the firm will, for the time being, hold and manage as condo units to be rented.
This $24.2 million acquisition brings Raintree’s holdings in California to 15 multifamily communities, consisting of 2,057 units, according to Jeff Allen (top right photo), CEO of Raintree Partners.
“These two properties were originally built as for-sale condominiums but never made it to market, and therefore were 100 percent vacant when acquired,” explained Allen.
“Our business plan includes the acquisition and ongoing ownership of multifamily properties. In line with this strategy, Raintree will offer these newly acquired condo units for rent as high-end multifamily units.”
Vista Paradiso is a luxury, Class A community built in 2011 and located at 11805 Laurelwood Drive in Studio City, Calif. The property includes 24 units, featuring two- and three-bedroom floor plans, averaging 1,600 square feet, according to Aaron Hancock, Director of Acquisitions for Raintree.
“Vista Paradiso is a particularly strong investment opportunity for our firm. The property features panoramic views of the San Fernando Valley and is one of the few high-end condo properties available for rent south of Ventura Boulevard in Studio City,” Hancock explained.
“In fact, Vista Paradiso will be the highest-quality multifamily product available for rent within the San Fernando Valley market today.”
The second property, Villa Sofia, is also a luxury Class A condo project that was constructed in 2011. The property is located at 4470 Woodman Ave. in Sherman Oaks. The 39-unit community is made up of two- and three-bedroom floor plans averaging 1,234 square feet.
Hancock explained, “When combined with our 2011 acquisition of Taiko Village in Burbank, this acquisition brings Raintree’s portfolio of Class A rental condominium properties within this submarket to 106 units.”
Hancock continued, “Because many former homeowners are now renting, and numerous would-be buyers have made the decision to postpone a home purchase, demand for luxury condo properties which are currently available to rent, like Vista Paradiso and Villa Sofia, is strong.
"We expect that demand for these types of units will increase, and we anticipate that Raintree will acquire additional failed condominiums in the future.”
KW Commercial’s Senior Vice President Hirsch Sherman (lower right photo) and Vice President Jared Levine (lower left photo) represented Raintree in the acquisition. Daron Campbell, also of KW Commercial, represented the seller.
Corynne Randel / Jenn Quader
Brower, Miller & Cole