Tuesday, March 27, 2012
HOUSTON, TX – HFF announced today that it has arranged financing for Meyer Grove Apartments (top left photo), a 227-unit multi-housing community in Houston, Texas.
Working exclusively on behalf of Rockwell Management Corporation, HFF placed the 10-year, 4.37 percent, fixed-rate FNMA loan through Greystone Servicing Corporation, Inc. Loan proceeds were used to acquire the property.
Meyer Grove Apartments is located at 4605 N. Braeswood directly across Loop 610 from Meyerland Plaza in southwest Houston. The 7.34-acre site is close to the Texas Medical Center, The Galleria and Greenway Plaza.
The 99 percent occupied property has seven residential buildings with one-, two- and three-bedroom units. Community amenities include three swimming pools and two laundry facilities.
The HFF team representing the borrower was led by director Colby Mueck (middle right photo).
Houston-based Rockwell Management Corporation currently manages 20 multifamily properties with more than 5,000 units and six office buildings totaling 530,000 square feet.
M. COLBY MUECK
KRISTEN M. MURPHY
HFF Associate Director, Marketing
CHICAGO, IL – HFF announced today that it has closed the sale of The Seneca (top left photo), a 264-unit property in Chicago, Illinois.
HFF marketed the property on behalf of the seller, IRMCO Properties & Management Corporation. Waterton Associates, LLC purchased the Seneca for $35.6 million free and clear of existing debt.
The Seneca is located at 200 East Chestnut Drive close to Northwestern Memorial Hospital in downtown Chicago.
The property was originally built in 1926 and is one of the oldest and “most well established” apartment-hotels along the Michigan Avenue corridor. Going forward, Waterton Associates will operate the Seneca as luxury apartments.
IRMCO Properties & Management Corporation is recognized for its management of some of Chicago’s most renowned properties.
Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties. Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.
MATTHEW D. LAWTON
HFF Executive Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
LinkedIn Can Be A Powerful Social Media Site for Businesses, Say Guests at Atlanta's Commercial Real Estate Show
ATLANTA, GA – LinkedIn may not be nearly as popular as Facebook and Twitter for personal use, but it is perhaps the most powerful social-networking tool for business use. And it’s growing: professionals are signing up to join LinkedIn at a rate that is faster than two new members per second.
Guests of the most recent episode of the “Commercial Real Estate Show” shared those observations and others in an enlightening look at the benefits of and best practices for the social media site. Topics included perfecting a profile page, accepting connections, asking for recommendations and joining groups.
With more than 150 million members worldwide, including executives from every Fortune 500 company, LinkedIn is the world's social network site geared toward professionals.
LinkedIn offers a “very targeted professional networking site,” said Neal Schaffer (top right photo) president of WindMill Marketing and author of “Maximizing LinkedIn for Sales and Social Media Marketing.” “It’s targeted on decision makers and individuals with a high annual household income … I think it’s a tremendous resource that has really gone under the radar.”
A person’s LinkedIn profile page should feature a photo to establish legitimacy with other users, and the 200-character headline next to the picture needs to brand the person in a way that makes him or her stand out from competitors, Schaffer added.
Guests said users should be open to accepting as many connection requests as possible. “I generally accept requests from anyone who reaches out because you never know who they know,” said Stephen Jones (middle left photo), president of Growth Strategies.
Having recommendations on a profile page makes a user more credible, and obtaining a recommendation can be as simple as asking, guestssaid. “On LinkedIn, everyone’s looking for recommendations, so if you ask for one, nine times out of 10, you’ll get it,” said Les Adkins (middle right photo) CEO of Orange SMS. “But only ask the people that you’re also willing to give a recommendation for.”
Joining LinkedIn groups is a particularly effective networking tool, but users should exercise some caution when doing so. “Read the discussions. Don’t immediately jump in,” Adkins said.
“And then, don’t create your own discussions right away. Answer questions and add value to the conversations that are currently going. That will get you a lot further as a member of the group than” immediately touting what you can do for people.
For More Information, Contact
Wilbert News Strategies
Irvine, CA (March 27, 2012) – Voit Real Estate Services’ Irvine office has successfully completed the $4.5 million acquisition of a 34,006 square-foot bank owned office building in the MacArthur Center (top left photo) located at 1420 Reynolds Avenue in Irvine, Calif. on behalf of the buyer.
Originally built as a medical condo project, this property will be used as a church for a non-denominational religious organization, according to Skyler Serrano (middle right photo), a Senior Associate in Voit’s Irvine office.
Serrano worked with Mike Dorsey (lower left photo), a Senior Vice President in Voit’s Irvine office, to represent the buyer, Radha Soami Society Beas America, Corp. The seller, Redus CA Properties, LLC, was represented by Jeff Chiate, Rick Ellison, and John Gallivan of Cushman & Wakefield.
“Our client had very specific requirements, and we drew upon our knowledge of the Orange County market to provide an out-of-the-box solution with this high quality office building. The property meets the client’s needs exactly by providing enough space for group seating, and a high parking ratio,” said Serrano.
According to Serrano, office buildings for sale in the 30,000 square-foot range are scarce in Orange County, especially buildings at this lower, bank-owned price point.
“There were several very interested parties ready to make offers on the building when we began our negotiations, but we worked quickly to secure this property for our client, who was an all-cash buyer,” Serrano explained.
Radha Soami Society Beas America, Corp., is a philosophical organization based on the spiritual teachings of all religions and the process of inner development. It is a registered non-profit society and is not affiliated with any political or commercial organizations.
Jenn Quader or Judith Brower
Brower, Miller & Cole
Voit Helps National Auto Parts Retailer Expand Its Orange County, CA Presence With New 6,000-SF Lease
SAN JUAN CAPISTRANO, CA – Voit Real Estate Services’ Irvine office has successfully directed a new 15-year, 6,000 square-foot retail lease in San Juan Capistrano, Calif. for O'Reilly Automotive, Inc.
The building (top left photo), formerly a Sizzler, was in negotiations with a fast food chain for over two years until design permits caused a deal to fall through, allowing the Voit team to move quickly to secure the space for its client, according to Keith Kropfl (middle right photo), Senior Vice President in Voit’s Irvine office.
Kropfl represented the lessee, O'Reilly Automotive, Inc., an auto parts retailer with over 3,600 locations nationwide. O'Reilly Automotive, Inc. currently has over 290 retail locations throughout California, and plans to use this property for its growing Orange County presence.
“Voit has been tracking the San Juan Capistrano market for several years to find an ideal location to fit O'Reilly Automotive’s needs,” said Kropfl. “The company required a free-standing building with parking, located at a major arterial. We knew that this building and location was a great match for our client, and we diligently tracked the property and worked quickly to complete the lease once it became available.”
The lessor, Theodore H. Stroscher Investments, LLC, was represented by Jim Clarkson of Strategic Retail Advisors.
The property, located at 31863 Del Obispo in San Juan Capistrano, Calif., is situated on one acre of land, between I-5 and downtown San Juan Capistrano.
Jenn Quader or Judith Brower
Brower, Miller & Cole
Colliers International South Florida Represents World Wrestling Entertainment in Miami Lease Transaction
MIAMI, FL - Colliers International South Florida is pleased to announce a lease has been negotiated for World Wrestling Entertainment, Inc. at Courvoisier Centre II (top left photo), located at 601 Brickell Key Drive, Miami.
Joe Abood (lower right photo), Office Leasing Consultant, represented the tenant in the 2,000-square-foot transaction.
WWE is launching a new television network, and this location will serve as the Latin American sales office, says Abood.
"This requirement was very unique because the transaction and occupancy had to happen within 45 days," he says. "The tenant was originally focusing on a location in South Beach, but was drawn to Courvoisier Centre II on Brickell Key because of the unique tenant mix, including Latin American media companies such as CNN en Español."
For further information, please contact:
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Modus Hotels Bolsters Hotel Development and Acquisitions Team; Mark Morris Joins as EVP of Acquisitions
With two Washington, D.C. acquisitions, the Washington Suites Downtown hotel last year, and more recently the Chase Suites (middle right photo), Modus seeks to increase its investment activity.
“With the industry outlook remaining strong and financing availability continuing to improve, we believe now is an ideal time to further ramp-up our acquisition program, especially in this early phase of the hotel real estate cycle,” said Aaron Katz, president & CEO of Modus Hotels.
“With nearly 20 years of hospitality investment and real estate experience, Mark brings hands-on experience in virtually every meaningful U.S. hotel market, as well as an incredible database and the knowledge and skillset to creatively get deals done.”
Morris’s career spans a wide range of real estate investment and development activities, predominantly in the hotel industry. Prior to joining Modus, he was executive vice president of Molinaro Koger, a hotel real estate brokerage firm.
While there, he was involved in transactions totaling more than $3 billion, with a focus on business class and extended stay hotels, as well as unique independent hotels.
Chris Daly or Lauralee Dobbins, media
BETHESDA, MD /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has completed the previously disclosed sale of a 3-hotel portfolio consisting of the 409-room Griffin Gate Marriott Resort & Spa (top left photo)in Lexington, Kentucky; the 521-room Renaissance Waverly (middle right photo) in Atlanta, Georgia; and the 492-room Renaissance Austin (middle left photo) in Austin, Texas.
All of the hotels are subject to long-term management agreements with Marriott International, Inc. Inland American, through its affiliates, acquired the portfolio for a contractual sales price of $262.5 million.
As part of the sale, the Company received approximately $10 million for hotel working capital and cash previously held in restricted escrow accounts, net of closing costs.
The hotels collectively generated $21.1 million of Adjusted EBITDA for the Company in 2011. The Company expects to record a book gain on the transaction, which will be excluded from its reported Adjusted EBITDA.
"We are pleased to announce the completion of the sale of the three hotels to Inland American.
"We believe the disposition achieves three primary benefits for DiamondRock: (1) improves portfolio quality and market concentration; (2) enhances the Company's already best-in-class balance sheet by reducing debt by $180 million and increasing corporate cash by approximately $93 million; and (3) further positions DiamondRock to be an opportunistic acquirer of hotels in 2012," stated Mark W. Brugger (lower right photo), Chief Executive Officer of DiamondRock Hospitality Company.
Eastdil Secured advised DiamondRock on the sale of the hotel portfolio.
Chris King, +1-240-744-1150
Web Site: http://www.diamondrockhospitality.com