Monday, December 10, 2012

HFF arranges $5.5 million financing for fully leased Los Angeles retail center

Westwood Center, Los Angeles, CA
IRVINE, CA – HFF announced today that it has arranged $5.5 million in financing for Westwood Center, a 34,136-square-foot, fully leased shopping center in Los Angeles, California. 

                HFF worked on behalf of the borrower, Westwood Center, LLC, to secure the seven-year, five percent, fixed-rate loan.  The loan was used to refinance existing debt.

James Fowler
Westwood Center is located at 2180 Westwood Boulevard four blocks from Santa Monica Boulevard and just east of the 405 Freeway in Los Angeles.  Tenants at the fully leased center include Subway, Fast Frame, Beauty Supplies, MB Nails and a yoga studio.

The HFF team representing the borrower was led by managing director James Fowler.  The borrowing entity, Westwood Center, LLC, is controlled by Susan Hayes, an experienced developer, owner and manager of commercial real estate.            


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 arranges $17.2 million refinancing for high profile mixed-use development site across from the Dadeland Mall in Miami, FL

Manny de Zarraga

 MIAMI, FL – HFF announced today that it has arranged a $17.2 million refinancing for 7400 and 7440 North Kendall Drive, a mixed-use property with a 71,888-square-foot medical office building and a 24,999-square-foot retail building in Miami, Florida.

                HFF worked on behalf of Dayco Development Company to secure the fixed-rate loan through Ladder Capital.  Loan proceeds were used to pay off the existing loan held by Banco Popular. 

Chris Drew
7400 and 7440 North Kendall Drive are situated on 4.03 acres directly across from the Dadeland Mall in the heart of the Dadeland Triangle, one block northwest of the Metrorail at the nexus of Kendall Drive and the Palmetto Expressway. 

The medical office building is well-leased and the retail building is fully leased to Tiger Direct.  The site also has as-of-right entitlements for more than 928,500 square feet of commercial development or 1,092 multi-housing residential units. 

                The HFF team representing Dayco was led by executive managing director Manny de Zárraga, director Chris Drew and senior real estate analyst Jorge Portela.

Dadeland Mall, Kendall, FL
“The refinancing will allow Dayco to pursue various strategic and development options for this high-profile urban property,” said Drew. 

“We continue to see significant demand from lenders for assets located in densely populated in-fill locations, with high barriers to entry,” added Drew.

 “This property is the premier development site in the Dadeland Triangle; it is adjacent to one of the highest grossing Publix grocery stores in Miami, is directly across the street from the Dadeland Mall, which is considered a top mall in Florida, and enjoys tremendous frontage along North Kendall Drive.”

Since its inception in 1971, Dayco has been known as a leader in large scale urban real estate development, having completed multiple commercial, residential, and mixed-use developments throughout Florida.


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 acts as financial advisor to seller of EQT Plaza in Pittsburgh, PA

EQT Plaza, Pittsburgh, PA
PITTSBURGH, PA – HFF announced today that it has acted as the financial advisor to Liberty Avenue Mezzanine, LLC, in a business transaction whereby Highwoods Properties, Inc, acquired control of  EQT Plaza, a 32-story, trophy office tower in Pittsburgh, Pennsylvania.               

John Pelusi
 EQT Plaza is a 616,000 rentable-square-foot, trophy-quality office tower located at 625 Liberty Avenue in Pittsburgh’s central business district. 

The property is the corporate headquarters for EQT Corporation and is 92.2 percent occupied with minimal near-term lease rollover. 

Additional tenants include Cohen & Grigsby, McGuire Woods, and Fox Rothschild.

Kyle Prawdzik
The building features a full-service health club, a 5,170-square-foot conference center, underground parking garage and a Morton’s of Chicago restaurant.  Liberty Avenue Mezzanine and its affiliates invested significant capital during the last five years on plaza and lobby renovations, a new life safety system, and fitness and business center upgrades.

The HFF team representing Liberty Avenue Mezzanine, LLC was led by executive managing director and managing member John Pelusi, executive managing director Gerard Sansosti and director Kyle Prawdzik.


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 Negotiates New Lease of 2,814 SFof Industrial Space in Oviedo, FL

Michael Heidrich Jr.
 MAITLAND, Fla. – NAI Realvest recently negotiated a new industrial lease agreement for 2,814 square feet at 2784 Wrights Rd. in Oviedo.

 NAI Realvest Associate Michael Heidrich, Jr. was the lead broker in the transaction along with Principal Michael Heidrich Sr. representing the local tenant, Performance Roofing, Inc.

Michael Heidrich Sr.
 Landlord Dunhill Investments, Inc. of Longwood was represented by Tyler Brackney.

 For more information, contact:

Michael Heidrich, Jr. Associate, NAI Realvest 407-875-9989
 Michael Heidrich, Principal NAI Realvest, 407-875-9989;
 Patrick Mahoney, President, NAI Realvest 407-875-9989  
 Beth Payan, Larry Vershel Communications, 407-644-4142   

Lake Mary, FL Town Center SunRail Station Stimulates Development Opportunities in Downtown District

Judy Werth
HEATHROW and LAKE MARY, FL--- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for a 0.6-acre commercial development site located on the corner of East Wilbur Ave. and Second St. just 600 feet from the new Lake Mary Town Center SunRail Station.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the development site which measures 224 feet on Wilbur Ave. and 116 feet on Second St. is zoned commercial and fully served by all utilities but will likely be developed as a residential infill project steps from the new SunRail station.

Judy Werth, a Five Star Agent with Stirling Sotheby’s International Realty’s Heathrow Marketing Center, is representing the property.

“This close to the Sunrail station the most likely development strategy is upscale town homes or flats,” Werth said.

The property---already divided into seven lots---is very realistically priced at $225,000.

For more information, contact

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty, 407-333-1900
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

NAI Realvest Negotiates $1.2 Million Sale Price for Former Dairy Queen Building in The Villages, FL

Kevin O'Connor
  ORLANDO, Fla. – NAI Realvest recently negotiated the sale of a former Dairy Queen building in The Villages at 3391 Wedgewood Lane for $1.2 million. 

 NAI Realvest principals Kevin O'Connor and Matt Cichocki negotiated the transaction on behalf of the Scottsdale, Arizona-based seller, GE Capital Franchise Finance. 

Matt Cichocki
 Deborah Farkus Revocable Living Trust of Wildwood, Fla. purchased the 4,438 square foot building on the 1.5 acre site.

 For more information, contact: 

 Kevin O’Connor or Matt Cichocki, Principals NAI Realvest, 407-875-9989  or;  

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

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

Village Greene Condominiums in Cocoa, FL Sold by Marcus & Millichap for $2 Million

Village Greene Condominiums, Cocoa, FL
 COCOA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Village Greene Condominiums, a 124 out of 247 unit bulk condominium offering located in Cocoa, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. 

The asset commanded a sales price of $2 million.

Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company in Ohio. 

Michael Donaldson
Ryan T. Shaw, an investment specialist in the firm’s Miami office, secured the Florida-based buyer, a limited liability company.

The Village Greene Condominiums are located at 1711 Dixon Boulevard.  The project was completed between 1964 and 1973 and was originally built as an apartment community but was later converted to condominiums. 

Almost 50 percent of the units have since been sold and this offering was for 124 of the 247 units, equating to just over 50 percent of the community.

Ryan T. Shaw
“This offering was a rare opportunity for an investor to acquire a fractured condominium community under $20,000 per unit” says Donaldson. “The distressed nature of the property being offered as a short sale, coupled with high vacancy, created a value-add scenario for the new buyer, who plans to rebrand the property and establish market rent and occupancy levels.”

Press Contact:

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

HFF closes $85.6 million sale of Orbital Sciences Campus in Sterling, VA

Orbital Sciences Center, Sterling, VA
WASHINGTON, D.C. – HFF announced today that it has closed the sale of the Orbital Sciences Campus, a three-building, 337,228-square-foot, Class A office complex located in Sterling, Virginia. 

HFF marketed the property on behalf of the seller, a fund advised by Prudential Real Estate Investors (“PREI®”).  

Stephen Conley
Select Income REIT purchased the asset for $85.6 million free and clear of existing debt.

The property is situated at the intersection of Warp Drive and Route 28 North approximately 29 miles northwest of Washington, D.C. and four miles north of Washington Dulles International Airport.

Jim Meisel
Completed in 2001, the property is 100 percent leased on a long-term basis to Orbital Sciences Corporation and serves as the company’s global headquarters.  

On-site amenities include an outdoor patio, conference facilities, cafeteria, fitness center, basketball court and numerous running and biking trails.

The HFF investment sales team representing the seller was led by executive managing director Stephen Conley, senior managing directors Jim Meisel, Dek Potts and Andrew Weir and senior real estate analyst Matt Nicholson.

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

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 |

George Smith Partners Arranges $7 Million in Financing for Property on Santa Monica’s Third Street Promenade

Converse Retail Store, Santa Monica, CA
 LOS ANGELES, CA (Dec. 10, 2012) – Commercial real estate investment banking firm George Smith Partners has successfully arranged a $7 million full cash-out loan for a private client on the client’s 7,500 square-foot property, located on Santa Monica’s Third Street Promenade.

 The current building tenant is a Converse retail store, the brand’s first West coast location, according to Vice President Marc Schillinger of George Smith Partners.

Marc Schllinger
“Third Street Promenade has been evolving into Southern California’s premier retail and entertainment destination, and as such, values and rents on a per-square-foot basis have become among the highest in Southern California,” explains Schillinger.

 “The high loan-per-square-foot of $933 was a challenge when finding the appropriate lender for our client, as lenders are often unaccustomed to this high-value market and get nervous at such a high loan-per-square-foot price.”

Third Street Promenade, Downtown Santa Monica, CA
According to Schillinger, George Smith Partners was tasked with securing a loan with the longest term and lowest rate possible, while also ensuring that the financing would provide for complete prepayment flexibility.

An additional challenge in this particular transaction was that the fixed-rate term the client was seeking exceeded the building’s current tenant (Converse)’s lease term by six years.

George Smith Partners secured a 15-year fixed loan, with a 30-year amortization at 4.98 percent interest. Rate lock was honored for 160 days and a majority of the loan term provides for a step-down prepayment feature.

 Barbara Tenzer of Tenzer Commercial represented the lessor, contributing her local market expertise and firsthand knowledge of the lease to George Smith Partners to support the rent and value assumptions on the promenade, according to Schillinger. 

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

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

IPA Arranges $148 Million Apartment Sale in San Jose, CA

Willow Lake Apartment Homes, San Jose, CA

 SAN JOSE, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Willow Lake Apartment Homes, a 508-unit apartment community in San Jose.

Stan Jones
The sales price of $148 million represents a price of approximately $291,000 per unit.

            Stan Jones, an executive vice president investments; Phil Saglimbeni, a vice president investments; and Sal Saglimbeni, a vice president investments, advised the seller, The Sobrato Organization. The buyer is Essex Property Trust.

            “With 12.5 percent rent growth over the last 12 months and an average occupancy of 96.4 percent, San Jose’s market fundamentals are strong and getting stronger,” Jones says.

 Phil Saglimbeni,
 “Rental demand here is now at one of the highest levels since 2001, resulting in a year-over-year vacancy decline of 60 basis points. Furthermore, rental demand growth is predicted to exceed additions to existing stock,” Jones continues.

“The combination of Willow Lake’s strong operating history, embedded loss-to-lease and future reposition story was especially compelling for buyers targeting core Silicon Valley locations,” adds Phil Saglimbeni. “The property is also condo-mapped, affording the owner an alternative exit strategy,” he concludes.

Sal Saglimbeni
Willow Lake was constructed in three phases; 282 units in 1989, 126 units in 1990 and 100 units in 1997. The asset features unique architectural details, exceptional floor plans and a resort-like feel bolstered by a large lake that meanders through the site. 

The community offers a diverse mix of well-designed one-, two- and three-bedroom floor plans averaging 929 square feet. In keeping with the active lifestyles of today’s renters, residents enjoy two resort-style pools, three spas, a fitness center with newer equipment, a community lounge and a business center.

The property is conveniently located minutes from San Jose’s thriving downtown district, home to hundreds of restaurants, bars, performing arts and sporting venues, museums, and  employers such as Adobe Systems, Cisco Systems and eBay. Employers in the surrounding Silicon Valley include Apple, Google, IBM, Hewlett-Packard, Facebook, National Semiconductor, Applied Materials, Intel, Netflix and Advanced Micro Devices.

Willow Lake offers convenient access to Caltrain and the VTA Light Rail Network, along with regional and local public rail lines. Commuters enjoy easy access to interstates 680 and 880, state routes 87, 237, 85 and 17 and U.S. Highway 101.


Public Relations
(925) 953-1716

David Olalde Joins Easton & Associates as a Commercial Associate

David Olalde

 DORAL, FL—Dec. 10, 2012—Easton & Associates, the commercial real estate brokerage division of The Easton Group,  has hired David Olalde as a commercial associate. 

Olalde specializes in leasing industrial properties in Northwest Miami-Dade, including in the cities of Doral, Medley, Hialeah and Miami Gardens.  He represents both tenants and landlords. He also represents real estate investors looking to purchase or sell property.

Prior to joining Easton & Associates, Olalde worked as an associate with Vivo Real Estate Group in Hialeah for six years.

Olalde earned his bachelor’s degree in real estate finance from Florida International University. He was a member of the Sigma Phi Epsilon fraternity and is fluent in Spanish.  He is a native of Miami.


Todd Templin
Boardroom Communications

$97 million sale of 231 South LaSalle in Chicago closed by HFF

231 South LaSalle, Chicago, IL
 CHICAGO, IL – HFF announced today that it has closed the sale of 231 South LaSalle, a 1.03 million-square-foot, historic office and retail building in Chicago, Illinois.

HFF marketed the property on behalf of a Gramercy Capital Corp. and Garrison Investment Group.  Berkeley Properties purchased the asset for $97 million.

Originally built in 1924 as the Illinois Merchants Bank, 231 South LaSalle is 96.6 percent leased to tenants including Bank of America and Northern Trust Company.  

The 23-story property has 1,038,466 square feet of office space and features 24,839 square feet of ground floor retail.  231 South LaSalle occupies a full city block in the LaSalle Street Corridor of Chicago, more commonly recognized as the city’s financial district.

Jeff Bramson
The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson and Jaime Fink and director Mark Katz.

Gramercy Capital Corp. is a self-managed, integrated commercial real estate investment and asset management company.  

Jaime Fink
The company's Gramercy Realty division currently manages approximately $1.9 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. 

The Gramercy Finance division manages approximately $1.8 billion of whole loans, bridge loans, subordinate interests in whole loans, mezzanine loans, preferred equity, commercial mortgage-backed securities and other real estate securities which are financed through three non-recourse CDOs. 

Mark Katz
The company is headquartered in New York City and has regional investment and portfolio management offices in Jenkintown, Pennsylvania, Charlotte, North Carolina, and St. Louis, Missouri.  

To review the company's latest news releases and other corporate documents, please visit the company's website at or contact Investor Relations at 212-297-1000.

Garrison Investment Group is a leading middle market credit, distressed and asset-based investor.  Garrison’s investment vehicles include hedge funds, private equity format funds and managed accounts.

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

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 |

$30 Million Walgreens Closes in Miami Beach, FL

Sean Shahar Ziv
 MIAMI BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 22,857-square foot Walgreens drugstore on Collins Avenue in Miami Beach.

The $30 million sales price equates to $1,312 per square foot. The overall price is the second highest paid for a drugstore in the United States this year and the highest price attained by a net-leased asset in Miami Beach so far this year.

The two-story Miami Beach Walgreens is located at 501 Collins Ave. where it intersects Fifth Avenue in the center of Miami Beach’s Art Deco District.

Kirk Felici
Sean Shahar Ziv, an associate in Marcus & Millichap’s San Diego office, represented the seller, Trans World Entertainment Corp. This is the second high-profile Walgreens transaction for Ziv this year. In May, he represented the buyer of a Walgreens drugstore located on the Las Vegas Strip that sold for $27.8 million.

Bruce Eisenberg is Trans World’s executive vice president of stores and real estate. Ziv also procured the buyer, an international investor, who paid all cash.

Kirk Felici, vice president and regional manager of Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

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

Public Relations
(925) 953-1716


Fortress Construction Group Celebrates Busiest Year Ever; Eyes Expansion in 2013

Charles Ayers
 ORLANDO, FL--- Fortress Construction Group, which opened its doors in 2007, reports its business grew by more than 100 percent this year and projects even more growth in 2013.

Charles Ayers, president of Fortress Construction Group, Inc. said he launched Fortress with partner and longtime friend Dean Mannino when the Florida home building industry entered its downturn.

Dean Mannino
The two have known each other since their days at the University of Florida’s Building Construction School.

“It was the best thing that’s ever happened to either of us,” Ayers said.

For the first few years the company focused on luxury home remodeling, additions and repair work.

“We’ve always had work,” Ayers said. “We never really had a slow period,” he added.

Charles’ son Chad, an experienced commercial builder, joined Fortress in 2011.

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

Charles Ayers, President, Fortress Construction Group and Charles Ayers Custom Homes, 407-467-7696

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644 4042

Wyndham Hotel Group Names Luis Mirabelli VP of Development, Latin America

Luis Mirabelli
 PARSIPPANY, N.J. – In support of its steadfast commitment to further expand its hotel offerings in Latin America as the region continues to experience strong economic growth and development opportunities,  Wyndham Hotel Group, the world’s largest hotel company with nearly 7,260 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced the appointment of Luis Mirabelli as vice president of development for Latin America, effective Jan. 1, 2013.

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

Christine Da Silva
Vice President, Marketing Communications
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
+1 (973) 753-6590

Integrity Home Loan Expanding, Plans to Hire over 100 College Graduates at Starting Salaries of $36,000

Matt Malloy
 Lake Mary, FlL --- Integrity Home Loan of Central Florida, which ranks as one of the largest residential mortgage companies in the state, has announced plans to hire more than 100 college graduates at starting salaries of $36,000,  a six-month training program and the potential to earn as much as $100,000 within the first two years.

Matt Malloy, president, said Integrity Home Loan is averaging 300 residential mortgage loans per month from 10 locations in Coral Springs, West Palm Beach, Jacksonville, Orlando, Tampa and the Detroit suburb of Southfield, Mich.

Integrity’s residential mortgage business is up more than 30 percent over last year, Malloy said.  “We’re seeking college graduates interested in mortgage banking to qualify to enter a six month extensive training program,” Malloy said.

“It has gotten more and more difficult to find knowledgeable, experienced residential mortgage professionals since the housing meltdown six years ago,” Malloy said. “Now that the housing industry is reviving, we are expanding rapidly to meet demand,” he said.

With a comprehensive training program, Integrity can thoroughly train mortgage loan officers to tailor services to the individual needs of the clients and process loan applications efficiently, Malloy added.

Preference will be given college graduates with degrees in banking and finance, but all applicants will be considered.

For more information, contact:

 Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268
NMLS #- 161433

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