Saturday, October 13, 2012

HFF closes sale of Westin Imagine Hotel in Orlando, FL

Westin Imagine Hotel
 MIAMI, FL – HFF announced  it has closed the sale of the Westin Imagine Hotel, a 315-room hotel in Orlando, Florida.

                HFF marketed the Westin on behalf of the seller, a bank group using the name REDUS Imagine LLC, who foreclosed on the property earlier this year.  ERGS WI Orlando REO LLC purchased the property and the operator of the hotel, Pyramid Hotel Group, will remain in place.

The Westin Imagine is located adjacent to the Orange County Convention Center at 9501 Universal Boulevard close to Orlando’s world-famous theme parks and numerous shopping destinations.

 Completed in 2008, the hotel features Fiorella’s Cucina Toscana restaurant, more than 7,000 square feet of meeting space, and resort-style pool and fitness amenities.  The transaction also included a condominium-hotel component and approximately 24 acres of land surrounding the hotel.

                The HFF investment sales team representing the seller was led by senior managing director Daniel Peek, directors Max Comess, Michael Weinberg and Paul Hsu, and senior real estate analyst Cyrus Vazifdar.

Max Comess
 “We congratulate both parties on a successful and timely transaction,” commented Peek.  “This was a highly complicated asset with many moving parts; however, both sides and their respective counsels remained focused on the deal and achieved a mutually beneficial outcome”. 

Comess added, “The hotel’s improving performance in a strong, global market, superb physical condition, and attractive investment basis were all attributes that made this opportunity attractive to numerous investors from around the world”.

For legal counsel, the seller was represented by the Orlando office of Lowndes, Drosdick, Doster, Kantor & Reed. The buyer was represented by the Pittsburgh office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Two-Property Apartment Portfolio Changes Hands in Dallas, TX

Pace's Cove Apartment Home
 DALLAS, TX –Institutional Property Advisors (IPA),  a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of a two-property apartment  portfolio in Dallas.

The properties are Pace’s Cove Apartment Homes, a 328-unit 219,726-square foot multifamily complex and Brookfield Apartment Homes, a 232-unit 165,672-square foot complex. The terms of the sale were not disclosed.

Will Balthrope
Pace’s Cove Apartment Homes  is located at 13100 Pandora Drive in northeast Dallas. Located just north of Interstate 20 at 4060 Preferred Road in Dallas, Brookfield Apartment Homes is one-half mile west of U.S. Highway 67.

            Will Balthrope, an IPA executive director, and Drew Kile, an IPA associate director, represented the seller, Landmark Residential. Balthrope and Kile also secured the buyer, Peak Capital Partners.

            “Dallas is one of cities leading the nation in economic recovery and job growth,” says Balthrope. “Dallas/Fort Worth’s robust economy is generating new households, creating the tightest apartment conditions in more than a decade and facilitating healthy rent growth.”

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

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

Nashville Developer Scott Sohr Revives Knoxville, TN Subdivision

Scott Sohr
 NASHVILLE, TN /PRNewswire/ -- Elmington Homes, a Nashville based real estate investment firm founded by Scott Sohr, announces its recent purchase of 34 residential lots in the luxurious Wellington Chase residential neighborhood. 

Wellington Chase is located in the heart of Hardin Valley in Knoxville, off the east side of Hardin Valley Road less than one mile from I-40/Pellissippi Parkway and just north of I-40 in west Knox county. 

Wellington Chase neighborhood
New homes in the subdivision are built by McCamy Construction, a Knoxville company that has served as the subdivision's exclusive builder.

The homes average 2,100 to 2,600 square feet with up to four bedrooms, open floor plans, one or two-story design, front entry two-car garages and views of the Cumberland Plateau.

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

Kimberly Kump

NAI Realvest Negotiates $2 Million Sale Price for 19,000-SF Orange Avenue Office Building in Downtown Orlando, FL

Thomas E. Hankins

 MAITLAND, FL. – NAI Realvest negotiated a $2 million sale of the one-story, 19,344 square foot office building on nearly one acre at 1001 N. Orange Ave. in downtown Orlando for $2,000,000.

 Thomas E. Hankins, CCIM, SIOR, a principal at NAI Realvest and associate Eric Parrs negotiated the transaction representing the seller, Donald F. Evans Trust.

 The building was built by The Evans Group in 1998, expanded in 2003 and was featured on the Discovery Channel’s Extreme Workplaces. It has ample parking and  the zoning provides for up to 167,000 square feet of high-rise future development. 

 The buyer is Orlando-based 1001 North Orange Avenue, LLC.

For more information, please contact:

Thomas Hankins, Principal NAI Realvest, 407-875-9989
Patrick Mahoney, President, NAI Realvest, 407-875-9989,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

Avison Young agrees to acquire Raleigh, NC-based Thomas Linderman Graham Inc.

Mark Rose
TORONTO, CANADA /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services
company, announced it has entered into a definitive agreement to acquire Raleigh, NC-based Thomas Linderman Graham Inc., a full-service commercial real estate services company. The transaction is expected to close in two weeks.

The acquisition will further expand Avison Young's market and
business-line coverage in the Southeast U.S. The change in ownership
will add 61 employees to Avison Young's operations (including eight new
Principals), and new offices in Raleigh and Chapel Hill, NC. Terms of
the acquisition were not disclosed.

The two newest American offices will together represent Avison Young's
19th market (Raleigh-Durham) outside of Canada and an additional step
in the firm's ongoing aggressive growth and expansion strategy.

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

Sherry Quan,
 National Director of Communications & Media Relations,
Avison Young:
(604) 647-5098;
cell: (604) 726-0959