Thursday, May 24, 2012

HFF secures $22.7 million financing for Class A office building in Dallas, TX






DALLAS, TX – HFF announced today that it has secured $22.7 million in financing for 10000 NCX (top centered photo), a 296,360-square-foot, Class A office building in Dallas, Texas.

 Working exclusively on behalf of the borrower, a joint venture between CREA Investments and Five Mile Capital Partners, HFF placed the three-year fixed-rate loan with a one-year extension through GE Capital Real Estate.

 10000 NCX is located along the frontage road of North Central Expressway (I-75) between Walnut Hill Lane and Royal Lane in Dallas. 

The 15-story property is constructed of granite and glass and includes an 818-space underground parking garage. 

The borrower has immediate plans to make significant improvements to the property, which was built in 1986, including restroom renovations, corridor improvements, lobby renovation and the addition of a fitness center. 

 The HFF team representing the borrower was led by managing director Travis Anderson (middle right photo).

“Given the borrower’s ‘hands-on approach’ to leasing and management in addition to a recovering Dallas office market in which the sector is enjoying robust leasing activity and rental rate growth, this property presents a compelling value-add opportunity,” commented HFF.

 For more information, visit www.fivemilecapital.com.  

Contacts:             

TRAVIS ANDERSON                                     
HFF Managing Director                                   
(214) 265-0880                                                  
tanderson@hfflp.com                                       

MYRA MOREN
HFF Director, Marketing
(713) 852-3500

Marcus & Millichap Sells $46.5 Million Multi-Family Property in Tempe, AZ



TEMPE, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Haven (top left photo), a 660-unit apartment community in Tempe.

The sales price of $46,500,000 equates to $70,455 per unit and $93 per square foot.

 Cliff David (middle right photo) and Steve Gebing (middle left photo), multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Petra Capital Management. The buyer was AG-ICC Haven Owner LLC.

“Haven is located near Arizona State University’s main campus, which provides access to a deep resident pool,” says David. “Arizona State University is the nation’s largest public university with approximately 59,794 undergraduate and graduate students enrolled for the 2011 fall semester, in addition to nearly 12,000 faculty and staff members.”


“Tempe offers one of the most diverse business communities in the country, and is the top city in the region for the density of technology companies with more than 20 percent of its employment base classified as high-tech,” adds Gebing.

The property, located at 1440 East Broadway Road, was developed by Lincoln Property Co. in 1984 and underwent a programmatic renovation in 2006-2007 that included condominium-quality finishes in approximately 57 percent of the apartment interiors as well as extensive renovation to the exterior of the property.

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


Marcus & Millichap Sells Miami Shopping Center for $8.5 Million



 MIAMI, FL, May 24, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Shoppes of Pinecrest (top left aerial photo), a 12,271 square-foot retail shopping center located in Miami, FL.

 The asset commanded a sales price of $8,500,000, which equates to $692 per square foot.

Vice President Investments Douglas K. Mandel (middle right photo) in the firm’s Ft. Lauderdale office along with Associate Vice President Investments Kirk D. Olson (middle left photo) and Senior Associate Drew A. Kristol (bottom right photo) in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, Adler Dixie, LLC.     

Shoppes of Pinecrest is located along S Dixie Highway in the Village of Pinecrest, an exclusive municipality within Miami-Dade County. 

Tenants are attracted to the upscale location, which provides tremendous visibility and access, making this center one of the premier shopping plazas in the immediate vicinity.

Most of the tenants are national and some of the most revered of consumer brands, such as Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx Office.

Press Contact:  Ashley Steele, (954) 245-3400

Interstate Hotels & Resorts Expands its Global Luxury Hotel Portfolio with the Addition of The Marker Hotel in Dublin

  


ARLINGTON, VA, May 24, 2012 – Interstate Hotels & Resorts today announced that it has entered into a management agreement for The Marker, Dublin’s newest luxury hotel and apartment complex.

  Located in the heart of the city’s new business and cultural district at Grand Canal Dock, the 187-room hotel is anticipated to open in early 2013.

The Marker Hotel is owned by Brehon Capital Partners, a real estate private equity firm, together with Midwest Holdings, its investment partner.

 It is the 27th managed or signed hotel agreement in Europe for Interstate Hotels & Resorts, and joins other Interstate-managed or signed world-class independent hotels and resorts such as √Čilan Hotel Resort & Spa, Texas; J Hotel at Shanghai Tower, China; the Rajasthali Resort & Spa, India; Streamsong, Florida; and The Charles Hotel at Harvard Square, Massachusetts.

“Interstate is well-versed in the nuances of managing high end boutique hotels and destination resorts worldwide. We consider it a tremendous accomplishment and a testament to the results we’ve achieved to receive this vote of confidence with a new owner to manage what will ultimately set the standard of luxury hospitality in Ireland,” said Jim Abrahamson (lower left photo), Interstate’s chief executive officer.

 For more information, visit http://www.interstatehotels.com/.

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

Jerry Daly, Chris Daly                                                     
Media                                                                                  
Daly Gray                                                                            
 (703) 435-6293                                                                  
jerry@dalygray.com                                                      

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Joseph Green Joins The Preiss Co. as Chief Financial Officer



  RALEIGH, NC – The Preiss Company, the nation’s fifth largest privately held owner and operator of student housing, announced today that Joseph Green (top right photo) has joined the company as chief financial officer.

 In addition to managing all accounting/financial reporting, treasury, risk management and administrative functions, he will be responsible for overseeing all relationships with capital market lenders and equity investors.

 Green brings nearly 35 years of in-depth experience in real estate, finance, and capital markets.  Prior to joining The Preiss Company, he was the chief executive officer of Cherokee Renewables, LLC, a company dedicated to providing capital to the solar photovoltaic industry and an affiliate of Cherokee Investment Partners, LLC, a private investment firm that manages more than $1 billion of Brownfield-related real estate assets. 

Additional information about the company may be found at www.tpco.com. 

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

Amy Barger,
Marketing Director
The Preiss Company
(919) 291-9224

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289