Thursday, November 8, 2012

Mid-rise suburban Chicago multi-housing property listed for sale by HFF

Glen Oaks Commons, Des Plaines, IL
 CHICAGO, IL – HFF announced today that it has been named to market for sale Glen Oaks Commons, a 504-unit, value-add, mid-rise apartment property with elevators in Chicago’s northwest suburbs.

                HFF is marketing the property on behalf of the seller, Malkin Properties of Illinois, Inc.  The property will be delivered free and clear of existing financing.

Matthew Lawton
Glen Oaks Commons is situated on 17.6 acres at 9700 Sumac Road in Des Plaines, close to the O’Hare International Airport, Advocate Lutheran General Hospital and Interstate 294 about 20 miles northwest of Chicago.  The property comprises seven, four-story residential buildings with one-, two- and three-bedroom units averaging 938 square feet each.  Community amenities include an Olympic-sized swimming pool and sundeck, fitness center, playground and volleyball and tennis courts.  Glen Oaks Commons is 97 percent occupied. 

Marty O'Connell
According to HFF, approximately 50 percent of the homes have undergone a full renovation, which includes upgrades to kitchens, bathrooms and interior common areas.  Potential investors will have the opportunity to continue the renovation program and will also benefit from current ownership’s superb maintenance of the property.  Any new investor capital will be immediately accretive to investor returns.

                The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton and managing directors Marty O’Connell and Sean Fogarty.

Sean Fogarty
 Malkin Properties is the acquisition, management and marketing arm of the Malkin family, which controls the ownership and operation of more than 15 million square feet of commercial, residential and light industrial property in more than a dozen states.

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 |

HFF hires Nick Klein as associate director in its Portland, OR office

Nick KLein
PORTLAND, OR – HFF announced it has hired Nick Klein as an associate director in its Portland office.  Mr. Klein will focus on multi-housing investment sales transactions in the Pacific Northwest. 

Mr. Klein has more than 12 years of experience in the multi-housing real estate industry.  Prior to joining HFF, he worked as a multifamily broker at Hagerman Frick O’Brien LLC and Marcus & Millichap Real Estate Investment Services.

 He is a member of Urban Land Institute and NAIOP (National Association of Industrial and Office Properties) and is a licensed real estate broker in Oregon and Washington.  Mr. Klein holds a Master of Science degree in Real Estate from The University of San Diego and a Bachelor of Science degree in Economics from The University of Oregon.

“HFF is committed to growing and strengthening our West Coast investment sales platform and the addition of Nick to this group will allow us to better serve our clients in the Pacific Northwest,” said Lloyd Minten, senior managing director in HFF’s Portland office.


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 |

NAI Realvest brings innovative natural product retailer to lease 10,384-SF market space in Lake Mary, FL

Christie Alexander
 MAITLAND, FL --- NAI Realvest, working in conjunction with NAI Brannen Goddard in Atlanta, represented health food retailer Earth Origins Outlet recently in negotiations to lease 10,384 square feet of space in Oaks at Lake Mary Shopping Center, 3005 W. Lake Mary Blvd. in Lake Mary.

NAI Realvest principal Christie Alexander and broker associates Drew Saphos CCIM represented Earth Origins Market, along with Chairman George Livingston and Associate Paul Vera.

The Lake Mary store will be Earth Origins Outlet’s 13th U.S. location and the first of its Earth Origins Outlet concept.

Drew Saphos
Earth Origins Market is a division of Providence, RI-based UNFI, the leading U.S. independent national distributor of natural, organic, specialty foods, and related products.

The Landlord, Oaks at Lake Mary Ltd. of Altamonte Springs was represented by Jim Gruber of Quest Company.

 For more information, please contact:
George Livingston

Christie Alexander, Principal, NAI Realvest 407-875-9989

George Livingston, Chairman, NAI Realvest 407-875-9989

Patrick Mahoney, President, NAI Realvest 407-875-9989

Larry Vershel or Beth Payan, Larry Vershel Communications Inc., 407-644-4142

Chatham Lodging Trust Announces Third Quarter Results

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium-branded, upscale, extended-stay hotels and select-service hotels, announced results for the quarter ended September 30, 2012. 

In addition, the company announced that it amended its senior secured revolving credit facility to increase the line of credit to $95 million and lower costs by approximately 250 basis points.

Third Quarter 2012 Highlights

·         Hotel RevPAR – Rose 5.8 percent to $114. 

·         Adjusted EBITDA – Increased 48.5 percent, or $3.9 million, to $12.0 million.

·         Adjusted FFO – Improved adjusted FFO per diluted share 39.4 percent to $0.46, in line with consensus estimates.

·         Comparable GOP Margins – Grew 180 basis points to 46.2 percent. Five of Chatham’s 18 hotels were acquired during the 2011 third quarter.

·         Joint Venture Portfolio– Continued to exceed internal budget expectations for RevPAR and EBITDA. Received distributions of $1.7 million in the third quarter, bringing total distributions to $20.9 million or 56.5 percent of Chatham’s initial investment in the joint venture.

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

Dennis Craven (Company)                                                    
Chief Financial Officer                                                           
(561) 227-1386                                                                       

Jerry Daly (Media)
Daly Gray, Inc.
 (703) 435-6293

NAI Realvest Negotiates Two Lease Agreements for Class A office space in Lake Mary, FL

Mary F. West
ORLANDO, Fla. – NAI Realvest recently negotiated a new lease and a sublease totaling 3,055 square feet of Class A office space in Lake Mary, FL.

 Senior Broker-Associate Mary Frances West, CCIM represented SubTenant Atlantic Coast Financial Corporation d/b/a Atlantic Coast Bank in the  Sublease of suite 4019 with 1,629 square feet at 1001 Heathrow Park Lane a/k/a International Blvd.

American Pioneer Life Insurance Company, the SubLandlord, was represented in the transaction by Mike Phipps of CB Richard Ellis.

Mike Phipps
West represented landlord Maya Associates LLC of Okemos, Mich. in a lease agreement with Global KTech, Inc. for suite 200 with 1,426 square feet at The Crystal Center, 3300 West Lake Mary Blvd.

  For more information, please contact

Mary Frances West, CCIM Senior Associate, NAI Realvest 407-875-9989 or
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications 407-644-4142

Avison Young opens fourth Los Angeles office

Mark E. Rose
TORONTO  /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services
company, announced today the opening of a newly-formed office in
Downtown Los Angeles.

The newest American office marks Avison Young's fourth Los Angeles
location and an additional step in the firm's aggressive growth and
expansion strategy.

Derrick Moore
Over the past three and a half years, Avison Young has grown from 11 to, now, 41 offices in 33 markets and from 300 to more than 1,100 real
estate professionals across Canada and the U.S.

Effective immediately, retail industry veteran Derrick Moore joins Avison Young as a Principal and will be based in the firm's new Downtown Los Angeles office. He will lead the company's retail efforts in Downtown L.A., as well as expand the firm's presence and generate transaction volume in the Downtown market.

Chris Cooper
Widely recognized in commercial real estate circles as one of the industry's leading retail experts in Los Angeles, Moore was most recently a First Vice-President with CBRE in L.A.

Chris Cooper, Avison Young Principal and Managing Director of the Southern California region, will relocate to the new Downtown Los Angeles office from
Avison Young's Los Angeles West office. A 27-year industry veteran, Cooper has spent almost his entire legal and real estate professional careers in Downtown Los Angeles.

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

 Media Relations:
Sherry Quan
(604) 647-5098 or (604) 726-0959

Burr & Forman Renews Lease at 171 17th Street in Atlanta, GA

171 - 17th Street, Atlanta, GA
ATLANTA, GA -- Cassidy Turley, a leading commercial real estate services provider in the U.S., has brokered the renewal and expansion of the lease of two full floors of space at 171 17th Street in Atlanta for Burr & Forman, a regional law firm based out of Birmingham, Ala.

 Burr & Forman inked the lease for approximately 49,000 square feet, including a 12,500-square-foot expansion.

 Cassidy Turley’s Managing Director Glenn Kolker and Associate Vice President Sonia Winfield represented the landlord in the deal. Andy Ghertner, John O’Neill and Peyton Wimberly of Cushman & Wakefield represented Burr & Forman.

Glenn Kolker
 171 17th Street is the cornerstone office building in Midtown’s Atlantic Station development, offering tenants plenty of amenities and easyaccess to Atlanta’s major interstates.  The 509,000-square-foot, 22-story Class-A office tower is owned by JPMorgan and is now 90 percent leased.

 “We are extremely pleased we were able to extend our relationship and accommodate the growth of a valued tenant like Burr & Forman,” said Kolker. “We think this commitment, along with the recent renewals of Wells Fargo and Arnall Golden Gregory, reaffirms that both 171 and Atlantic Station are very desirable workplace environment.”
 Public Relations Contact:

Tony Wilbert
Wilbert News Strategies