Wednesday, February 6, 2013

1.65 million square foot Dallas, TX industrial portfolio available

DALLAS, TX – HFF announced today that it has been named to market for sale a portfolio of 15 shallow-bay distribution assets totaling 1.65 million square feet in several of Dallas’ infill submarkets on behalf of Cobalt Capital Partners.

The portfolio is expected to attract bids of about $78 million, or $47 per square foot.

  At that price, the initial annual yield would be roughly seven percent and given that most of the leases were negotiated during the market trough, the successful buyer will receive ample upside opportunities on future lease expirations.  Dallas-based Cobalt is offering the buildings as a package via HFF.

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 |

$19.9 Million Portfolio Hits the Market in South Florida

Medical Office Building, 2925 Aventura Blvd.
Aventura, FL
AVENTURA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a three-property portfolio containing a medical office building with adjacent land for development and a Wells Fargo bank ground lease, all located in Aventura, Fla., an affluent suburban market in northeastern Miami-Dade County.

All three properties must be purchased together. The portfolio’s listing price is $19,975,000. The properties are:

Wells Fargo Bank branch building
2929 Aventura Boulevard
Aventura, FL

---2925 Aventura Blvd., a 32,932-square foot medical office building
     ---2929 Aventura Blvd., a 5,200-square foot Wells Fargo bank ground lease
    --- A one-acre development site adjacent to 2925 Aventura Blvd.

Alex Zylberglait, a vice president investments in Marcus & Millichap’s Miami office, is representing the seller, a local property owner.

“The portfolio provides investors with an opportunity to generate a stable return from the medical office building and the bank’s long-term ground lease,” says Zylberglait. “There are plans in place to build a 45,000-square foot office building with an additional 12,000 square feet of retail on top of structured parking on the land adjacent to the building.”

Alex Zylberglait
Proximate to Aventura Hospital, the medical office building is located next to Mount Sinai Medical Center and the 2,700,000-square foot Aventura Mall. The building’s tenant base consists mainly of medical professionals. The parking ratio is greater than four per 1,000 square feet.

            The 20-year Well Fargo Bank ground lease commenced in Sept. 2009 and expires at the end of March in 2030. There is a 10 percent increase in year six, a 30 percent increase in year 11 and a 10 percent increase in year 16.
 For a complete copy of the company’s news release, please contact:

Public Relations
(925) 953-1716

HFF arranges $72 million refinancing for luxury multi-housing property in Hoboken’s Shipyard neighborhood

The Vanguard Apartments
Hoboken, NJ
FLORHAM PARK, NJ – HFF announced today that it has arranged a $72 million refinancing for The Vanguard, a 196-unit, luxury multi-housing property with 37,818 square feet of ground floor retail in Hoboken, New Jersey. 

                Working on behalf of Ironstate Development, HFF placed the 10-year, fixed-rate loan with a life company correspondent lender.  Loan proceeds are refinancing an existing loan on the property.

                The Vanguard is located at 1201-1333 Hudson Street in the Shipyard mixed-use development along the Hudson River across from midtown Manhattan. 

Thomas Didio
The fully-leased property consists of two towers with studio, one-, two- and three-bedroom units averaging 1,046 square feet each.  The property’s ground floor retail space is anchored by Kings Supermarket. 

In addition to Kings Supermarket, retail tenants include Rite Aid, Starbucks and TD Bank.  The property also provides a shuttle service to/from the PATH station as well as on-site ferry service to midtown and downtown Manhattan. 

David Barry
The HFF team representing Ironstate Development was led by senior managing director Thomas Didio.

Ironstate and its principals, Michael and David Barry, have developed 10,000 residential and hotel units over the past several decades, still owning and managing the majority of that portfolio.  

Michael Barry
The company is presently engaged in the development of approximately $1 billion of large-scale residential and hospitality projects.
 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 |

Trepp Releases Updated Capital Adequacy Stress Test Report

NEW YORK, NY – Feb. 6, 2013- Trepp, LLC, the leading provider of information, analytics and technology to the commercial real estate and banking markets, today released its Trepp Capital Adequacy Stress Test Report (T-CAST) of U.S. banks.

Applying the T-CAST model and current regulatory proposals to more than 6,000 banks, a total of 747, or one in eight institutions, failed the stress test without raising additional capital.

 Using third quarter 2012 data, the percentage of banks that failed the T-CAST under a severely adverse economic scenario shrank by seven tenths of a percentage point to 12%.

The failure rate is a slight improvement from the Q2 2012 T-CAST, where12.7%, or 784 of the banks tested, failed.

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

Great Ink Communications
Eric Gerard, Eric Waters

NAI Realvest negotiates new expansion lease of 17,688 SF at Semoran CommerCenter for Magellan Behavioral Health in Southeast Orlando, FL

Robert Blackwell
ORLANDO, FL. – NAI Realvest recently negotiated a new lease agreement for 17,688 square feet of office/warehouse space in Suites 7 through 9 in Building A of Semoran CommerCenter, 6870 Shadowridge Drive in southeast Orlando.

 Robert Blackwell SIOR, principal at the firm, brokered the transaction representing the landlord, Semoran Commerce Center LLC based in Timonium, Md.  

Jamie Barati
 The tenant, Magellan Behavioral Health Inc. already occupied Suites 10 and 11 in  Building A at the industrial center.  With its expansion, the Avon, Connecticut based firm  now occupies a total of 27,867 square feet at Semoran CommerCenter. 

The tenant was represented by Jamie Barati of Colliers International and Jamie Smith of Cassidy Turley in Baltimore, Maryland.

L. Jamie Smith
Semoran CommerCenter is being developed by Semoran CommerCenter LLC a joint venture between Bavar Properties Group and Realvest Development with 190,000 square feet of flex-warehouse space on an 18-acre site off SR 436 near Orlando International Airport.    

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

Robert Blackwell, SIOR, NAI Realvest 407-875-9989; or;   

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

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

Charles Dunn Co. Completes Office Lease with Advertising Agency Totaling 19,200 SF in Sherman Oaks, CA

Stacy Vierheilig-Fraser
 LOS ANGELES, CA. Feb. 6, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed an office lease in the San Fernando Valley.

Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company out of the firm’s Sherman Oaks office, completed a 19,200 square foot lease with The Refinery, an award-winning advertising agency specializing in print, audio visual, motion, and interactive campaigns for the entertainment industry.

Vierheilig-Fraser represented The Refinery in the transaction. The landlord, a private family trust was represented by Scott Silverstein and Tom Specker of Lee & Associates.

The property is located at 14455 Ventura Blvd. in Sherman Oaks.  The Refinery will occupy two full floors of the three-story, 30,662 square foot office building and will locate into its new space in April 2013.

According to Vierheilig-Fraser, The Refinery has two locations in Burbank and one in North Hollywood and will be combining those offices within the Sherman Oaks space. The new office was chosen based on its central location near the Ventura Freeway and favorable rental rate.

“Finding mid-rise spaces of this size at reasonable rents is difficult,” said Vierheilig-Fraser. “This office provided all of The Refinery’s space requirements and will meet all of their consolidation and expansion needs.”

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

Darcie Giacchetto
D.G. Communications, Inc.

Paramount Hotel Group Adds Two Hotels to Growing Management Portfolio

Aloft Lexhington Lexington, MA
 LEXINGTON, M.A. and  FAIRFIELD, N.J., Feb. 6, 2013— Paramount Hotel Group, an independent hotel management and ownership company, today announced it signed management contracts to operate the Aloft Lexington and Element Lexington hotels here in suburban Boston.

 It also marks a new relationship with real estate investment firm, Rockwood Capital, which recently acquired the hotels from Starwood Hotels and Resorts, Worldwide, Inc. 

Element Lexington Hotel, Lexington, MA
“We are building on our select core of savvy hotel investment groups who seek value in today’s real estate market, and are stepping up their acquisition programs,” said Ethan Kramer, president of Paramount.

 “Rockwood, with more than $6.4 billion invested today, is a sophisticated hotel investor that matches up well with our strategy of helping source meaningful real estate opportunities, assist with due diligence and operate the properties upon acquisition.”

Ethan Kramer
“Paramount has a good eye for identifying hotel real estate opportunities, especially in suburban markets with good risk / reward dynamics,” said Tony Larino, Managing Director and Head of Lodging at Rockwood Capital. 

“They provided great due diligence support and presented a number of strategic and tactical plans to immediately enhance returns.  We look forward to the opportunity to work on additional projects together.”

The two-hotel addition to Paramount’s management portfolio marks the company’s fourth and fifth new management contracts in 2013, pacing ahead of the company’s previously announced plan to expand its management portfolio by 10-12 hotels in 2013. 

Tony Larino
 Last month, Paramount added a SpringHill Suites by Marriott and a Fairfield Inn & Suites by Marriott located in West Des Moines, Iowa, and a Courtyard by Marriott in suburban Cleveland, Ohio.

  These properties, located just off the Massachusetts Turnpike at 727 Marrett Road in Lexington, are separate hotels, sharing the same site. 

 “The Aloft and Element Lexington are less than five years old, in excellent physical condition and will require minimal enhancements as part of the change in ownership,” Kramer said.  “Our plan is to build on Starwood’s excellent work and take advantage of the opportunities provided by our size and proprietary approach.”

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

Jerry Daly / Lauralee Dobbins
(703) 435-6293
Daly Gray Public Relations                                                                     

Chatham Lodging Acquires Courtyard by Marriott Houston Medical Center Hotel in Houston, TX for $34.75 Million

Courtyard by Marriott Houston Medical Center
 PALM BEACH, FL,  Feb. 6, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded, select-service hotels, today announced that it has acquired the three-year-old Courtyard by Marriott Houston Medical Center hotel in Houston, Texas for $34.75 million.

The company funded the acquisition under its secured revolving credit facility.

Jeffrey H. Fisher
The eight-story, 197-room hotel, including six suites, is located at 7702 Main Street, adjacent to the world’s largest medical complex, the Texas Medical Center. 

Jeffrey H. Fisher, Chatham’s chief executive officer. said “this property matches up exactly with our strategy of acquiring premium–branded, upscale extended stay and select-service hotels in high demand markets that command high daily rates and revenue. 

“The versatile hotel is perfectly suited for business, leisure and health-care segments.  With our Hampton Inn Medical Center hotel right around the corner, we know the market very well and see significant opportunities to maximize revenue and cost efficiencies.”

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

Jerry Daly                                           
Daly Gray Public Relations                                                                     
(703) 435-6293    

Dennis Craven                                               
Chief Financial Officer
(561) 227-1386