Tuesday, July 17, 2012

Marcus & Millichap Announces Sale of Big Jim Self Storage in Bradenton, FL


BRADENTON, FL July 17, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Big Jim Self Storage (top left photo), a 90,964-square foot self-storage facility located in Bradenton, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Michael A. Mele (lower right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group (NSSG) in the Tampa, Fla. office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the local seller, a limited liability company and the buyer, a partnership. 

Big Jim Self Storage is a Class “A” facility constructed in 2003 and located at 6403 State Road 64 East.  Situated on 6.03 acres of land, the property consists of 626 storage units, of which 457 are climate controlled, 166 are non-climate controlled and three are parking spaces.  Unit sizes range from 15 to 300 square feet.  Amenities include; electronic access, video surveillance, as well as packing and moving supplies to name a few. 

“This self-storage transaction is an indicator of how competitive the market is for Class “A” properties” comments Mele.  I think it is fair to say that cap rates for high-quality facilities like Big Jim, are back to pre-crash levels.” 

 Press Contact:

 Richard D. Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700

Faris Lee Investments Completes $5.5 Million Sale of Single-Tenant Retail Property in Las Vegas

IRVINE, Calif., July 17, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5.5 million sale of a NNN-leased, single-tenant retail property in Las Vegas.

The 13,233-square-foot asset is situated on 1.35 acres and is located at 4211 Paradise Road. The property is fully occupied by Destination XL (top left photo), a unique, all-inclusive superstore that offers one of the most extensive assortments of men’s big & tall clothing and shoes available anywhere.

 Rob Moore (middle right photo), senior managing director, and Lisa Brady (lower left photo), managing director, and Katie Brase (lower right photo), director, of Faris Lee Investments in Las Vegas represented the seller, Las Vegas-based Durpat LLC.  The all-cash buyer was Hurd Nevada LLC from Des Moines, Iowa. The buyer represented himself in the transaction.

“Faris Lee’s marketing strategy was to clearly communicate to potential buyers about the intrinsic value of the real estate offering,” said Moore. “The location was adjacent to the gaming enterprise district and at some point in the future will likely be acquired as part of a land assemblage for a new resort hotel.  This buyer also owns an adjacent piece, which is occupied by PF Chang’s.”

Destination XL is well-located at the intersection of Paradise Road and Flamingo Road which sees approximately 106,000 vehicles per day. It is also situated approximately one-mile east of the Las Vegas Strip. The property benefits from excellent frontage and visibility along Paradise Road, and features a large monument sign.

“The Las Vegas area is a very unique market when it comes to retail property,” said Brady. 

 “Although I would be cautious using the word ‘recovery’ as we bounce along the bottom, we can emphatically state that the fear is gone and the activity continues to increase. National tenants are back in the market looking at new locations at realistic rent levels. Capital is in abundance and investors are beginning to look at opportunities other than distressed REO.”


Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

Pyramid Hotel Group Adds Two Hotels to Management Portfolio

BOSTON, Mass., July 17, 2012--Officials of Pyramid Hotel Group, the nation’s second largest independent hotel management company by revenues, today announced that it has been selected to operate the 315-room Westin Imagine (top left photo), Orlando, Fla., and the 194-room Holiday Inn San Antonio NW SeaWorld, San Antonio, TX. 

“These are excellent properties that have the potential to be market leaders in their segments, and our goal is to make pronounced improvements in the properties’ operating results and profitability,” said Warren Fields, Pyramid’s chief investment officer.   “We look forward to the opportunity to continue to build on our long-term relationships with the hotels’ respective associates and ownership groups.”

 Additional information is available at www.pyramidhotelgroup.com
DoubleTree by Hilton Opens First Hotel in Hyannis

McLean, VA (July 17, 2012) – DoubleTree by Hilton proudly announces the opening of a newly renovated, upscale full-service hotel situated in the heart of Cape Cod.

The 160-room DoubleTree by Hilton Hotel Cape Cod - Hyannis (lower right photo) is located an hour away from both Boston’s Logan International Airport (BOS) and Providence’s T.F. Green Airport (PVD) and minutes away from Barnstable Municipal Airport (HYA) and the Hyannis Transportation Center. 

The hotel is owned and operated by Ridgewood Hotel Associates, Inc. under a franchise license agreement with a subsidiary of Hilton Worldwide.

For a complete copy of both news releases, please contact:

Jerry Daly or Chris Daly
Daly Gray
 (703) 435-6293

Prime Coral Gables, FL Retail Space Comes to Market at $463 per SF

CORAL GABLES, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for 37,130 feet of prime retail space located in Santona Corner (top left photo), a three-story mixed-use project in Coral Gables.

The listing price for the multi-tenant retail portion of the asset is $17.2 million, or $463 per square foot.

 Douglas Mandel (lower right photo), a vice president investments in Marcus & Millichap’s Fort Lauderdale office and Benjamin Silver, a senior associate in the firm’s Miami office are spearheading the marketing efforts.

The property is ocated at 1430 South Dixie Highway in the South Coral Gables submarket. The 82,801 square-foot trophy office and retail mixed-use building was designed by the award-winning firm of Mateu Architecture in 2008.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

Housing Market Improving At Last, Say Experts on Atlanta’s Commercial Real Estate Show


ATLANTA, GA– After a tumultuous few years, the U.S. residential housing market has finally began to show some significant signs of improvement and is poised for a “slow and unsteady” recovery in the months and years ahead.

That was the take of show host Michael Bull (top right photo) and his guests on the most recent episode of “America’s Commercial Real Estate Show,” which provided an enlightening look at the U.S. residential housing market.

Single-housing starts have increased 20 percent compared to this time last year, said Brad Hunter (top left photo) chief economist with MetroStudy, which tracks housing conditions in 84 metropolitan areas across the country.

Furthermore, single-family home absorption has increased 12.4 percent during that same timeframe, he added. “So that’s a good sign,” Hunter said. “It means people are feeling more confident and getting past the problems with financing.”

Hunter did point out one dichotomy plaguing the housing market: although a whopping 1 million developed lots are awaiting purchase by builders, lots in close-in, A and B locations are in high demand by builders, who are often engaging in bidding wars for those sites. However, there is virtually no demand for developed lots in the far-flung suburbs, hence the huge supply.

Robert O’Brien (middle right photo), a partner at Deloitte & Touche who heads the firm’s U.S. real estate services practice, noted the Case-Shiller Housing Price Index rose 0.7 percent in April and also said his firm has observed an improved transaction volume, declining home inventories and shorter sell times.

Still, “it’s going to be slow and unsteady but we expect to see improvement throughout the remainder of 2012 and into 2013,” O’Brien said. “The fact that it’s a modest recovery doesn’t surprise me.”

Despite its noticeably improved performance, the housing market is going to need some help to get truly on track, said Steve Palm (lower left photo), president of Smart Numbers. “For the housing industry to really keep this momentum, the economy has to improve, bottom line,” he said.

Buyer motivation has increased in recent months, and homes in A locations and in the $400,000 to $1 million price range are seeing significant activity, said Todd Thrasher, a managing partner with Brooks Chadwick Capital.

“It feels good to finally feel good about housing,” Thrasher said.

The entire episode on the U.S. residential housing market is available for download on the show’s website. The next episode will be available July 19 and will provide an informative look at CMBS loan restructurings.


Stephen Ursery
Wilbert News Strategies

Atlantic Station Announces Two New Tenants, Including Georgia’s First Athleta

 ATLANTA, GA)— Atlantic Station soon will welcome a new restaurant concept from well-known Atlanta chef Shaun Doty (top right photo) and also the first Athleta store in Georgia.

Mark Toro, managing partner at North American Properties, made the announcements during the BB&T Atlanta Open at Atlantic Station, the same day Meehan's (local Irish pub) and BGR Burger Bistro held their official openings.

Shaun Doty, who brought YEAH! Burger to Atlanta, is opening a fast-casual, fun chicken concept at the end of this year.

The yet-to-be-named restaurant will feature wood-grilled chicken, delicious sides including fresh vegetables and mac 'n cheese and a great children’s menu. Doty, also the chef behind YEAH! Burger, is known for his passion for organic, seasonal cuisine.

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

Elizabeth Hagin
Wilbert News Strategies
404-965-5023 (O
) 678-642-4301 (C)

HFF secures $11.76 million financing for Legacy Drive Village in suburb of Dallas, TX

DALLAS, TX – HFF announced  it has secured an $11.76 million financing for Legacy Drive Village (top left photo), a 138,154-square-foot grocery-anchored retail center in Plano, Texas.

HFF worked exclusively on behalf of a Cencor Realty Services joint venture to secure the 10-year, fixed-rate loan through Prudential Mortgage Capital Company.

Legacy Drive Village is located at 7000 Independence Parkway approximately 3.4 miles to the west of North Central Expressway and approximately 4.4 miles to the east of the Dallas North Tollway in Plano.

Built in 1994, the retail center serves a residential population of more than 300,000 within a five-mile radius.  Currently 92 percent leased, the property is anchored by a recently renovated Kroger Signature supermarket.   Other tenants include Domino’s Pizza, Dunkin Donuts, Einstein Brother’s Bagels, Palm Beach Tan and Subway.

The HFF team representing Cencor Realty Services was led by managing director Travis Anderson.

Cencor Realty Services was founded in 1989 as a full-service commercial real estate company specializing in property management, asset management and development services. 

The company has grown from managing five million square feet of space in 1989 to managing a portfolio of more than 21.5 million square feet today.  Cencor is one of the largest retail property management companies in Texas, with space under management throughout Texas’ major market areas in Dallas, Fort Worth, Austin, Houston and San Antonio.


TRAVIS ANDERSON                                      
 HFF Managing Director                                    
(214) 265-0880                                                   
HFF Director, Marketing
(713) 852-3500

HFF closes sale of the DoubleTree Denver – Aurora Hotel in Aurora, CO


DALLAS, TX – HFF announced it has closed the sale of the DoubleTree Denver – Aurora (top left photo), a 248-room full-service hotel in Aurora, Colorado. 

HFF marketed the property on behalf of the seller, GTIS Partners.  New York-based Garrison Investment Group acquired the property for an undisclosed amount. 

The DoubleTree Denver - Aurora is located at the intersection of East Iliff Place and Interstate 225 proximate to the 6.5 million-square-foot Anschutz Medical Center.

Built in 1983, the six-story hotel offers 10 meeting rooms totaling more than 12,700 square feet.  Additional amenities include a full-service restaurant and bar, cafe, fitness center, business center and indoor pool.

  The property will undergo a moderate renovation and continue its affiliation with the DoubleTree by Hilton brand.  Aimbridge Hospitality, who operated the hotel on behalf of GTIS Partners, will continue to manage the property. 

The HFF team representing the seller was led by senior managing director Bill Stadler (middle right photo) and managing director John Bourret (lower left photo)

 BILL STADLER                                   
HFF Senior Managing Director            
(214) 265-0880                                       

JOHN BOURRET                        
HFF Managing Director              
(214) 265-0880                               

HFF Director, Marketing
(713) 852-3500

HFF secures $5.5 million acquisition financing for Sunset Station in suburb of Seattle

PORTLAND, OR – HFF announced it has secured a $5.5 million acquisition financing for Sunset Station (top left photo), a 55-unit, mid-rise multi-housing community in SeaTac, Washington.

HFF worked on behalf of Cumberland Holdings, LLC to secure the five-year fixed-rate loan through a national bank on a non-recourse basis.
Sunset Station is located near the intersection of South 176th Street and Highway 99 approximately one and one half miles east of Seattle-Tacoma International Airport.  The 98 percent occupied property is comprised of studio, one-, two- and three-bedroom units.  Built in 2007, community amenities include an internet cafĂ©, playground, fitness center and underground parking.  The property will be renamed Avion Apartments.

The HFF team representing the borrower was led by managing director Tom Wilson (middle right photo) and senior managing director Paul Brindley (lower left photo).

Cumberland Holdings, LLC is a real estate investment and asset management company.  The firm focuses on strong real estate markets with solid tenant demand drivers and significant barriers to new development. 

Cumberland Holdings offers investors and clients an experienced investment, accounting and legal platform for income producing real estate, which allows the firm to provide institutional quality investment management services.  The company has offices in San Francisco and Rolling Hills, California.

TOM WILSON                                      
HFF Managing Director                         
(503) 224-0444                                       
PAUL BRINDLEY                                
HFF Senior Managing Director             
(310) 407-2100                                       

HFF Director, Marketing
(713) 852-3500