Tuesday, November 27, 2012

HFF closes $39.3 million sale of Gaia Park View in East Orange, NJ

Jose Cruz
 FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Gaia Park View, a 273-unit multi-housing community in East Orange, New Jersey.

HFF marketed the property on behalf of the seller, Gaia Real Estate Investments, LLC.  SDK Apartments purchased the asset for $39.275 million.

Gaia Park Apartments is located on a 3.82-acre site at 320 South Harrison Street in East Orange, close to the Garden State Parkway, Interstates 78 and 280, and the New Jersey Turnpike.

Andrew Scandalios
 The 20-story property is 98 percent leased and features studio, one-, two- and three-bedroom units.  Community amenities include a swimming pool, fitness center and covered parking.  Gaia Park Apartments is undergoing a renovation that includes adding a West Wing build-out with seven additional units, a new office, a larger laundry room and a community center.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, and directors Kevin O’Hearn and Jeffrey Julien.

“Gaia Park Apartments has an excellent location in Essex County; it’s one of the state’s most populated counties with nearly 800,000 residents, as well as being situated in a submarket with less than six percent vacancy,” said Cruz.  “SDK purchased a very prominent asset in the submarket”.

Kevin O'Hearn
Gaia Real Estate Holdings, LLC is a full-service investment, property management and brokerage company headquartered in New York, with offices in New Jersey, Texas and Tel Aviv.

Since the early 1990's, SDK Apartments has owned, developed and managed several office and residential projects, diversifying its portfolio to encompass some of the most dynamic and distinguished properties in Eastern United States, specifically in New York, New Jersey and Pennsylvania.


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 | www.hfflp.com

HFF arranges $81 million financing for Jamaica Center in Queens, NY

Jamaica Center, Queens, NY
NEW YORK, NY – HFF announced today that it has arranged an $81 million financing for Jamaica Center, a  mixed-use property located  in the Jamaica section of Queens, New York.

                HFF worked exclusively on behalf of the sponsor, Mattone Group LLC, to secure the 10-year, fixed-rate loan with Jefferies Loan Core LLC.

                Developed by Mattone Group LLC in 2002, Jamaica Center is an urban retail center, which includes a 15-screen, 3,300-seat theater, office space and a 375-space parking garage.

Robert Delitsky
Key retail tenants at the fully occupied center include a National Amusements theater, Old Navy, Bally Total Fitness, K&G Fashion Superstore and Walgreens.  The State of New York, through its Queens Educational Opportunity Center (QEOC) leases the entire office portion of the property. 

Jamaica Center is located at 15902 Jamaica Avenue directly north of John F. Kennedy International Airport in the southeastern part of Queens.  The property is served by three subway lines and 26 bus lines.

                The HFF team representing the sponsor was led by managing director Robert Delitsky.

Michael X. Mattone
“Throughout the years, Mattone Group LLC has done an outstanding job of developing commercial properties in the boroughs; Jamaica Center is a great example of this,” said Delitsky.  “In addition, Jeffries LoanCore had the vision to recognize the property’s dominant standing in the marketplace.”

“HFF did a superb job running the process and getting to a flawless closing,” stated Mattone Group LLC, CFO, Michael X. Mattone.

                Mattone Group LLC is a Queens-based commercial and residential development, management and construction company.


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 | www.hfflp.com

Analyst George Livingston Says Signs Point to Florida’s Economic Recovery: Tourism, Retirement, Technology, Population Growth

George Livingston
MAITLAND, FL--- A robust economic recovery in Florida is already under way, and that’s good news for the rest of the U.S.--- the Sunshine State will play a lead role in America’s economic rebound, according to longtime Florida investment analyst George Livingston.

Livingston, chairman of NAI Realvest in Maitland, said a recent report from Jones Lang LaSalle shows that Florida’s year-over-year economic growth is outpacing most of the nation.

“Florida’s population growth is expanding at an estimated 1.5 percent per year. That’s high, and that’s good news for our economy,” Livingston said.

Fort Lauderdale, FL beaches
Population growth fuels Florida’s economic engine, Livingston explained.

“Senior citizens moving to Florida and minorities---especially Hispanics---are leading our economic recovery,” Livingston said. “As the economy expands, workers will move to Florida to fill the new jobs,” he said.

Key growth industries are healthcare, life sciences, bio-tech, aerospace, simulation, gaming, software and IT and clean tech, Livingston said. 

“Florida has significant assets in science, technology, engineering and mathematics that support high value economic growth,” Livingston said.

Lake Nona, FL Village Walk
The state continues to provide launch services to the space industry, and emerging medical and bio-tech clusters such as Lake Nona in Orlando attract new technology.

“Florida’s universities aggressively license their intellectual research properties to support new company start-ups and technologies,” Livingston added.

International trade is likewise important. Florida is the fourth largest exporting state in the U.S., with major ports at Jacksonville, Canaveral, Everglades, Miami, and Tampa and many regional cargo ports.

Tourists in Miami Beach Enjoy Hotel Pool
But tourism remains Florida’s number one industry.

“We host about 86 million visitors a year, roughly 1.5 million every day, and they spend $67 billion here annually. That is a huge economic driver,” Livingston said.

Florida’s housing industry is starting to recover, fueled in part by Latin American buyers, Asians and Europeans.

Church Street Station, Downtown Orlando
“Florida is renowned as a retirement destination, it is international in scope and historically ingrained,” Livingston said. “Warm weather, beaches, affordability, and our low tax environment are our primary assets and they are proving invaluable as our economy recovers,” he said.

Florida historically has been a fast growing economic driver for America.  The new emerging technology, agriculture, and logistic components will assist the state in recovering its dynamics and contribute to national growth, Livingston said.


George Livingston, Chairman, Green Global Investments 407-875-9989 Glivingston@realvest.com
Larry Vershel, Larry Vershel Communications Inc. 407 644 4142 Lvershelco@aol.com

Top Investment Sales Principal Honored by Colliers

Michael T. Fay
MIAMI, FL, November 27, 2012 - Colliers International South Florida is pleased to announce that Chairman - Founding Partner Michael T. Fay has been honored with two prestigious awards from the corporate team of Colliers International.

 Fay has been named to the Colliers Everest Club; a group of brokers recognized as the top 10% in revenue within the United States.

Shawna Kemper
In addition to the top producer award, Fay, along with his executive assistant Shawna Kemper and fellow Colliers team members Jon Barry and Heather Francis from the Atlanta office, were also honored with the Team Innovation Award.

This award honors and recognizes revolutionary, enterprising ideas and actions resulting in an incremental or radical advancement in thinking, processes or outcomes. Fay's client relationships with banks and special servicers, as well as the creation of exclusive technology for specific clients, earned his team this win.

Jon Barry
 With over 28 years of commercial real estate experience, it's no surprise that Fay has also recently closed numerous successful investment sales transactions.

These transactions include the representation of OneBlood, Inc., a consolidation of blood groups from around the state of Florida that purchased a 75,000-square-foot office building located at 3000 W. Cypress Creek Road in Fort Lauderdale, FL for $9.8 million.

Fay also represented Crawford L. Blake Jr. and Jeanne A. Blake in the sale of a 238,000-square-foot vacated auto dealership to Wal-Mart, where a new neighborhood market store is planned. In a bank REO transaction, Fay also worked on a team that sold a prime piece of land at 2121 N. University Drive in Pembroke Pines, originally planned for medical office.

Heather Francis
Fay is known as a commercial real estate rainmaker. As Chairman of the local South Florida offices he has an intricate role as a relationship driver and decision maker. He works as a key member of over a dozen brokerage teams. 

On a national level, Fay is the National Director of Colliers Asset Resolution Team (CART) and a member of the Colliers Investment Services Group (CISG). He also spearheads and is a founder of the firm's national Note Sales Team and Colliers Automotive Retail Services (CARS) Group.

 He is also a member of the Distressed Property Services Group. Fay is a strategist of corporate real estate and as a member of the corporate land sales team, he handles surplus properties.
For a complete copy of the company’s news release and further information about Colliers International,  please contact:  

 Crystal Proenza
 Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Snyder Langston Names Greg Hurlock as Chief Estimator and Director of Preconstruction

Greg Hurlock
 IRVINE, CA (Nov. 27, 2012)—Snyder Langston, the highly respected Orange County contractor, has named Greg Hurlock as Chief Estimator and Director of Preconstruction. Under his direction, Hurlock will oversee the firm’s estimating department which provides complete pricing for all Snyder Langston’s projects.

Mr. Hurlock brings more than 30 years of pre-construction experience to his new position. His early involvement expertise will utilize in-house resources, subcontractor input and historical data to provide Snyder Langston’s clients with the most comprehensive and reliable budgets available in the industry.  Prior to joining Snyder Langston, he was a Chief Estimator with nationally recognized firm, Swinerton Builders, in Irvine.

Stephen Jones
“Greg brings a unique perspective that keeps the big picture in mind while at the same time focusing on the details, and specializes in providing creative solutions that add value to our clients’ projects,” said Stephen Jones, Chairman/CEO, Snyder Langston.

Hurlock is a member of the American Society of Professional Estimators and holds a degree in Construction Engineering Management from Oregon State University.

 Established in 1959, Snyder Langston is a trusted real estate and construction advisor to Fortune 500, mid-size and start-up companies. We are a leader in the Western United States, but maintain our strongest presence as one of Southern California’s largest and most respected builders.

We have successfully developed millions of square feet of space across virtually every real estate sector. We take great pride in these buildings, but find even greater accomplishment in the respect, integrity and relationships we’ve built along the way.


Darcie Giacchetto
Spaulding Thompson & Associates

Colliers National Seniors Housing Group closes leasehold interest of St. Petersburg, FL facility

Baytree Lakeside, St. Petersburg, FL
 ST. PETERSBURG, FL (Nov. 27, 2012) – Selling for three times the facility’s cash flow, the leasehold interest for the Baytree Lakeside assisted living facility in St. Petersburg has been sold to Morningstar Assisted Living, LLC.

Kenneth Carriero, CCIM, National Director of Colliers National Seniors Housing Group, and Damien Carriero, Associate Director, negotiated the closing. 

Kenneth,, David Carriero
The Carrieros, based in Colliers International Tampa Bay’s offices in Clearwater, work on a national and international platform focusing on real estate investment brokerage for senior living facilities. 

The seller, Taterik Properties, LLC, had four years left on a five-year lease option, while the buyer, Morningstar Assisted Living, LLC, intends to exercise the option to purchase prior to the end of the options period.

“We had a lot of interest in this property as it performs well and is in a great location,” said Kenneth Carriero. “Baytree Lakeside has been an operating assisted living facility with a stellar reputation since it opened its doors approximately 15 years ago, and the seller had been operating it for the last 6 years.” 

Baytree Lakeside provides its residents with such services as housekeeping, laundry, beauty and barber, and home health and rehabilitation therapy, as well as recreational activities including games, exercise classes, arts and crafts and more.

Baytree Lakeside, located at 6411 46th Ave. N, has 47 units and 70 beds.


Leah Saunders
(727) 895-5030, x104
(813) 924-0367

Hunter Announces Marriott CEO Arne Sorenson to be Keynote Speaker at March Hunter Hotel Conference

Arne M. Sorenson
 Atlanta, GA. – Nov. 27, 2012 – Event organizers with the Hunter Hotel Conference, one of the nation’s top four hotel investment conferences, announced today that Arne M. Sorenson, president and chief executive officer of Marriott International, Inc. will be the keynote speaker at the 25th annual event.   

The conference will be held on March 20 – 22, 2013, at the Atlanta Marriott Marquis in Atlanta, Ga. 

Bob Hunter
“Mr. Sorenson sees the hotel industry from a variety of perspectives, including as a brand builder and innovator,” said Bob Hunter, conference co-chair and CEO of Hunter.  “He will share his viewpoints; especially how they apply to hotel owners as the industry continues to improve.” 

Sorenson is a 17-year veteran of Marriott International, a global lodging company with more than 3,700 lodging properties in 74 countries and territories with over $12 billion in revenues in fiscal year 2012. 

The three-day Hunter Hotel Conference brings together more than 800 hotel owners, investors, lenders, franchisers and industry leaders to discuss an array of timely hotel real estate and finance topics

For a complete copy of the company’s news release and more information about the program, sponsorship opportunities and on-line registration, please visit the conference website at www.HunterConference.com or contact Nancy Petenbrink, conference director, at 770-916-0300. 

Media contact:

Jerry Daly,
Daly Gray Public Relations,

New York City’s Iconic Plaza Hotel Sale Completed

Plaza Hotel New York
New York, NY – Nov. 27, 2012 – Sahara India Pariwar, an India-based conglomerate, today completed  the purchase of a 75 percent interest in the iconic Plaza Hotel New York from real estate company El Ad US Holdings’ position in the hotel with a total valuation of $575 million.

  The acquisition includes 230 hotel rooms and retail space. Co-owner Kingdom Holding Co., controlled by Saudi billionaire Prince Alwaleed bin Talal, will retain its 25 percent stake in the property.

Prince Alwaleed bin Talal

Solid Rock Advisors, a real estate consulting firm specializing in luxury resort and hotel transactions, advised the seller in the transaction. Fairmont Hotels & Resorts will continue to operate the hotel under a long-term agreement.

 The iconic Plaza Hotel is located in Manhattan, adjacent to Central Park. Notable guests of the Plaza over the years have included Eleanor Roosevelt, the Beatles, Mark Twain and Groucho Marx. Donald Trump is a former owner of the hotel.

 “This was a great opportunity for the buyer to expand into a key U.S. gateway market with the purchase of such an irreplaceable asset as the Plaza Hotel,” said Solid Rock’s President Greg Rice. “The corner of 59th Street and Fifth Avenue is arguably one of the world’s most valuable pieces of real estate.

Greg Rice
“The New York City hotel real estate market remains one of the world’s most attractive investments,” Rice said.

“There currently are more buyers than sellers in the market.  It is the world’s most liquid market and is excellent for capital preservation as it consistently outperforms inflation.

“There also is upside in the hotel market as it has not yet reached pre-recession levels. Capital is more widely available for buyers now, and sellers are making strategic decisions to bring their assets to market in this favorable environment,”

Rice added. “While luxury hotels in New York City in particular have been one of the harder hit segments of the hospitality industry recently, they will benefit from strong growth as room rates return to their peak levels.”

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

Greg Rice,
Solid Rock Advisors
(917) 807-8388

 Chris Daly
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553

New Wyndham Garden Hotel Debuts in Manhattan's Chinatown

Wyndham Garden Chinatown Hotel, Manhattan
PARSIPPANY, NJ (Nov. 27, 2012) - Wyndham Hotel Group, the world's largest hotel company with nearly 7,260 hotels and part of Wyndham Worldwide Corporation,  today announced the addition of the new 106-room Wyndham Garden Chinatown in New York City.

The opening of the newly constructed hotel, owned by 93 Bowery Holdings, LLC, and managed by Wyndham Hotel Group's management company, marks the third Wyndham Garden hotel in New York City and the second in Manhattan Borough. It joins sister properties Wyndham Garden Manhattan Chelsea West.

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

Kathryn Zambito
Public Relations Manager
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-6590

Voit Real Estate Services Directs 112,304-SF Mixed-Use Sale in Las Vegas

Decatur Crossings III, Las Vegas, NV
Las Vegas, NV– Voit Real Estate Services has procured the $7 million sale of Decatur Crossings III, a 112,304 square-foot mixed-use property in Las Vegas, Nev. on behalf of the buyer, Ready Mix Opportunity Group LLC.

 This well-located project, which consists of two, two-story office/flex buildings, was approximately 40 percent occupied at the time of purchase.

          Kevin Higgins and Garrett Toft of Voit’s Las Vegas office worked closely with Darren Tappen of Voit’s Phoenix office to represent the buyer, Ready Mix Opportunity Group LLC in this “off market” transaction. The seller, Next Gen Fund 5, LLC, represented itself in the transaction. 

Kevin Higgins
“The success of this deal speaks to our ability to locate investment opportunities for our clients in a supply constrained investment market. Buyers are looking for strong, value-add investments which can be well-positioned to attract new tenants,” explains Higgins.

          “This property presents an enormous potential to add value. The buyer’s basis will enable them to attract quality tenants faster than the competition. In fact there was significant leasing activity on the shell space prior to the close of escrow,” explained Toft.  “The location, product type and timing were very appealing to us and we were able to move quickly to close to meet the seller’s needs.

Garrett Toft
“Voit did a great job for us on this transaction,” according to Jeff LaPour, a principal of RMOG LLC.

According to Darren Tappen, this transaction was a great example of the synergies between the regional Voit offices in action.  There were a number of individuals that all brought different skill sets to table and made this deal happen.

         The property is located at 4675 and 4775 West Teco Avenue in Las Vegas, Nev.


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

$12 Million Multifamily Loan Closed by Marcus & Millichap Capital Corp. in Washington State

Glenn Gioseffi
  SEATTLE, WA – Marcus & Millichap Capital Corporation (MMCC) has arranged $12 million in debt for a 272-unit multifamily mid-rise property in Richland, Wash. 

            Glenn Gioseffi, an associate director in MMCC’s Seattle office, arranged the loan.

            “The client wanted to refinance the property in order to pull money out and acquire another asset,” says Gioseffi. “The client, a foundation, was operated by a trust, which made the transaction a challenging one, since there were legal issues that took a month to overcome.”

MMCC worked with one of its institutional capital sources that could lend in a secondary market to a foundation owned by a trust. “We are seeing a lot of refinancing with cash-outs to purchase more property,” adds Gioseffi. “This is certainly a growing trend.”

            The loan was structured with a 10-year term, and amortizes over 30 years at an interest rate of 3.85 percent. The LTV is 70 percent.

Press Contact:

Stacey Corso
Marcus & Millichap Capital Corp.
(925) 953-1716