Tuesday, July 24, 2012

Voit Directs Sale of 74,586-SF Retail Center in Greater Sacramento, CA

 Sacramento, CA– Voit Real Estate Services’ Sacramento  office has successfully completed the sale of Lincoln Gateway (top left photo), a 74,586 square-foot, mixed-use retail/office property, on behalf of the buyer and seller.

This newly constructed, eight-building center is made up of 32,757 square feet of retail space and 41,829 square feet of office space, according to Robb Osborne (middle right photo), a Senior Vice President in Voit’s Sacramento office.  Current retail tenants include Auto Zone, Massage Envy, and Little Caesars.

Osborne represented the buyer, Sacramento-based Vanir Group of Companies, a construction management and development company. The seller, Panattoni Development Company, an international commercial real estate investment firm, was represented by Gary Gallelli (middle left photo) and Mickey Turpen (lower right photo), also of Voit’s Sacramento office.

“The success of this transaction speaks to the quality of the property, as well as the strength of the buyer.  Vanir Group is financially capable of implementing tenant improvements as needed, which will allow the retail space to be leased quickly,” said Osborne. 

The property’s leasing potential is already evident, according to Osborne, who reported that during escrow, the Voit team completed an 18,000 square-foot lease within Lincoln Gateway on behalf of a local gym.  Cole Sweatt, an Assistant Vice President in Voit’s Sacramento office, represented the gym in the lease transaction.

“By securing this sizable lease, our team was able to further stabilize the asset, reducing the risk of the investment, which was beneficial to both the buyer and seller,” explained Osborne.

In addition, the Voit team worked with the buyer to develop a strategy to maximize the value of the asset, according to Osborne.  Based on this strategy, Vanir Group plans to lease the retail space, while marketing the office space to owner-users for lease or sale.

The property is located at 100-170 Gateway Dr. in Lincoln, Calif.


Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

Heslin Holdings Inc. Completes Redevelopment and $4.14 Million Sale of New Chase Bank in Los Angeles

Los Angeles, CA– Heslin Holdings, Inc., a privately held, full service real estate acquisition and development firm, has completed the redevelopment and $4.14 million sale of a new, 4,672 square-foot Chase bank (top left photo) at 2175 Colorado Blvd. in the Eagle Rock neighborhood of Los Angeles, Calif. 

“We were able to capture a significant gain from this disposition, which is part of a larger strategy to monetize our large LA-based portfolio,”  explained Matthew J. Heslin, President of Heslin Holdings. 

“We plan to dispose of various assets in the next six months and redeploy those funds to acquire multiple retail properties throughout the Western U.S.,” noted Heslin. 

The property, which was acquired by Heslin Holdings Inc. in 2007, was formerly occupied by Blockbuster Video.  Heslin Holdings secured a 15-year, triple-net lease with Chase bank in 2011, and redeveloped the property to meet the needs of the bank, according to Heslin. 

“The triple-net investment market is commanding strong interest from both domestic and foreign buyers, and we are seeing significant cap rate compression on investment-grade real estate,” explained Heslin.  “This was the right time to sell this asset to an investor, who was able to achieve an acceptable cash on cash return.”

The buyer, May Lilly LLC, is a California-based investment group. 

Founded in 2003, Heslin Holdings is a privately held full service real estate acquisition and development firm, specializing in acquiring and developing retail portfolios and properties throughout the Southwest United States. 


Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Interstate Hotels & Resorts Announces 10th Management Agreement in China

 ARLINGTON, VA— Interstate Hotels & Resorts announced that Interstate China has signed an agreement to manage the 396-room Jiaxing Jin Jiang Xiang Jiadang Lake Hotel, its 10th managed or signed hotel in China.

The Jiaxing hotel is anticipated to open in 2013 and is the third Jin Jiang branded hotel managed by Interstate China.

 Interstate China Hotels & Resorts Company Limited (“Interstate China”) is a joint venture between Interstate Hotels & Resorts and Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer.  

 “Since launching Interstate China in 2010 with our joint venture partner, Jin Jiang Hotels, we have built a solid pipeline of management agreements,” said Jim Abrahamson (lower right photo), Interstate’s chief executive officer.

 “This latest addition to our growing portfolio demonstrates the benefit that a world-class, proven hotel management company led by experienced operators can offer to hotel owners and developers around the world.”

For more information, visit www.interstatehotels.com.
For a complete copy of the company’s news release, please contact:

Jerry Daly, Chris Daly
U.S. Media
Daly Gray, Inc.

Lincoln Property Co. Announces Florida Property Management Assignments

 ORLANDO, FL(July 25, 2012) – Lincoln Property Company Southeast has landed two new property management assignments in Florida, one in downtown Orlando and another in Disney’s Town of Celebration.

 The new owners at 100 E. Pine Street (top left photo), an 87,000-square-foot office building in downtown Orlando, have awarded Lincoln both the property management and leasing assignments. This property is within walking distance of Lake Eola, the Orange County Courthouse, City Hall, shops, restaurants and downtown living communities.

“This building offers a variety of great office and retail opportunities for all types of businesses,” says Ed Price (lower right photo), vice president of property management for Lincoln. “The new owners are committed to enhancing the property to attract more tenants, and we are excited to be a part of the effort.”

 Lincoln also recently won the property management assignment for the 68,000-square-foot 210 Celebration office building in the Town of Celebration, which is currently 100 percent leased to a Disney entity.


Stephen Ursery
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354

DoubleTree by Hilton Introduces Hotel in Salt Lake City, UT

 Salt Lake City, UT (July 24, 2012) – DoubleTree by Hilton proudly announces the opening of an upscale full-service all suites hotel, located in downtown Salt Lake City and situated just 15 minutes from the Salt Lake City International Airport (SLC).

 The 241-room DoubleTree Suites by Hilton Salt Lake City (top left photo) is situated downtown, just blocks from the LDS Temple, Historic Temple Square, Salt Palace Convention Center, Energy Solutions Arena, Family History Center, Gateway Shopping Center and many other local attractions, business and tourist destinations.

Rob Palleschi (lower right photo), global head, DoubleTree by Hilton, said, “DoubleTree by Hilton invites our loyal business and leisure customers to stay with us in Utah, with the opening of DoubleTree Suites by Hilton Salt Lake City.

“This latest location extends our commitment to welcoming the world’s travelers in key destinations and providing a comfortable, amenity-rich hotel experience and exceptional service for visitors to work and play.”

The hotel is owned by Zions Suites, a limited partnership, and operated by Suite Thinking, Inc., under a franchise license agreement with a subsidiary of Hilton Worldwide.

 For more information about the DoubleTree Suites by Hilton Salt Lake City, please visit www.saltlakecitysuites.doubletree.com, contact your preferred travel professional or call the hotel directly at +1 801 359 7800.
For a complete copy of the company’s news release, please contact:

Maggie Giddens
Director, Global Brand Public Relations
DoubleTree by Hilton
+1 703 883 5346

 Chris Daly
Daly Gray Public Relations
+1 703 435 6293

Crescent Resources Sells Circle At South End At Record Price in Charlotte, NC

CHARLOTTE, NC /PRNewswire/ --  Crescent Resources has sold Circle at South End for $74 million to an undisclosed buyer. With 360 units and 8,000 square feet of retail space, the community sold for approximately $205,555 per unit, a record for an apartment community in North Carolina.

"This transaction speaks volumes about the results and differentiation of our multifamily developments," said Brian Natwick (lower right photo), president of multifamily with Crescent Resources.

 "Like all our apartment communities, we started Circle at South End with an irreplaceable location and infused it with high-quality products and green features as well as innovative programming."

Circle at South End opened in May, 2009, the first 100-percent smoke-free community in Charlotte. In 2010,

Sarofim Realty Advisors was Crescent Resources' capital partner in Circle at South End. CBRE Group represented Crescent in the sale.

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

Kathryn Blanchard,
Web Site: http://www.crescent-resources.com

HFF secures $50 million refinancing for Bayfair Center in San Leandro, CA

WASHINGTON, D.C. – HFF announced today that it has secured a $50 million refinancing for Bayfair Center (top left photo), an 813,307-square-foot retail center in San Leandro, California.

HFF worked exclusively on behalf of Madison Marquette Retail Enhancement Fund to secure the five-year, adjustable-rate loan through Guggenheim Commercial Real Estate Finance. 

Bayfair Center is located at 15555 East 14th Street in the suburban East Bay community of San Leandro.  Renovated in 2008, the property is a hybrid power center with an interior mall component. 

Currently 97 percent leased, Bayfair Center serves a population of more than 825,000 within a 10-mile radius, with a median household income of more than $83,000. 

 Tenants include Macy’s, Target, Kohl’s, Staples, Old Navy, PetSmart, Bed Bath & Beyond, 24 Hour Fitness and Cinemark Century 16 Theater.

The HFF team representing Madison Marquette Retail Enhancement Fund was led by managing director Mark Remington (lower right photo) and senior managing director Bruce Ganong (lower left photo) 

 “The outcome here represents a big win for our client, allowing them to recapitalize and finish the repositioning process on the property that was started when it was acquired,” Remington said.


MARK REMINGTON                         
HFF Managing Director                        
(202) 533-2500                                       

BRUCE GANONG                       
HFF Senior Managing Director    
(415) 276-6300                               

HFF Director, Marketing
(713) 852-3500

Construction is Underway on Todd Cancer Institute Pavilion at Long Beach Memorial

Long Beach, CA –McCarthy Building Companies, Inc., one of Southern California’s preeminent healthcare builders, has recently begun construction of the new $31 million (development cost) MemorialCare Todd Cancer Institute Pavilion (top left rendering and lower right lobby photo)) at Long Beach Memorial.

Located in an existing building on the Long Beach Memorial campus in Long Beach, Calif., the new pavilion is scheduled to open early in the summer of 2013.

Serving as general contractor for the project, McCarthy’s scope of work includes transforming 65,000-square-feet on the second and third floors of an existing four-level administration building into a dedicated cancer treatment center.

The project also includes construction of a two-level, 1,913-square-foot lobby addition which will serve as the entrance to the new pavilion.

As a hands-on builder, McCarthy will use its own labor for the structural concrete work and construction of the site retaining walls for the new facility.
For a complete copy of the company’s news release, please contact: 

Laura Mickelson (LM Communications)                
 (949) 453-0851
 Susan Garritano (McCarthy Building Companies, Inc.)
 (314) 968-3300