Tuesday, February 12, 2013

Faris Lee Investments Completes Sales of Six Walgreens Properties Totaling $33 Million



Walgreens, Palmview, TX
IRVINE, CA, Feb. 12, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the sales of six properties occupied by Walgreens valued in excess of $33 million.

Five properties were purchased by an East Coast based private all-cash buyer and totaled nearly $26.5 million in off-market transactions. The seller was a private owner from Denver, CO.

Matt Mousavi and Patrick Luther of Faris Lee Investments represented both the seller as well as the buyer.

Matt Mousavi
The five properties included:

·         9307 Lee Highway in Ooltewah, TN

·         5104 Bobb Hicks Highway in Johnson City, TN

·         668 Main Street in Abingdon, VA

·         2191 Whiskey Road in Aiken, SC

·         302 University Place in Durant, OK

Patrick Luther
“Faris Lee was able to deal-match five Walgreens properties with the same buyer and seller,” said Mousavi, managing director with Faris Lee Investments. 

The owner of the properties was approached by Faris Lee with a unique buying requirement for Walgreens at extremely aggressive cap rates.

 Mousavi and Luther were able to structure the transaction at record low cap rates, all in the low 6.00% cap rate range, on an all-cash basis. The seller benefited from quick execution, the all-cash sale, and a multi-property/multi-state sale with a single buyer.

The buyer was able to add well-located and high performing Walgreens assets to its portfolio. 

The sixth Walgreens property was sold for $6.82 million to LDW Palmview, LLC, a private all-cash buyer. The seller was Dallas-based McClure Partners. Mousavi represented both sides of the transaction. The property is located at 2008 W. Palma Vista Drive in Palmview, TX.

“Faris Lee generated more than 10 competing offers on this property from private, institutional, and foreign funds investors,” said Mousavi. “This property was unique in that it was one of the last 25-year Absolute NNN leases that Walgreens approved for development, and featured their newest prototype format.”

Mousavi added that Faris Lee employed a pre-sale strategy to generate multiple offers prior to the opening of the new store. The firm was able to procure the buyer during its pre-sale marketing process.

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224

HFF arranges $9.2 million financing for Collins Road Square in suburban Cedar Rapids, Iowa



Collins Road Square, Cedar Rapids, IA
CHICAGO, IL – HFF announced today that it has arranged a $9.2 million financing for Collins Road Square, a 168,104-square-foot retail center in suburban Cedar Rapids, Iowa.

HFF worked on behalf of Alex Brown Realty, Inc. to secure the three-year, interest-only financing through Resource Capital Corp. (NYSE:RSO), a commercial mortgage REIT. 

Matthew Schoenfeldt
Proceeds from the loan were used to refinance existing debt on the property and to provide for future re-tenanting expenditures as ownership secures new leases.

Collins Road Square is located at 1400 Twixt Town Road across from Lindale Mall in suburban Cedar Rapids.  Renovated in 2011, the property is 79 percent leased and is anchored by Michael’s.  Other tenants include Collins Road Theaters, Pier One Imports and David’s Bridal.

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt and senior real estate analyst Ed Halaburt.

Alex Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland.  ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. 

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 | www.hfflp.com


HFF closes $8.2 million sale of Ashley Business Park in northern New Jersey



Ashley Business Park, Cranford, NJ
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Ashley Business Park, a 259,670-square-foot light industrial complex in Cranford, New Jersey. 

                HFF marketed the property on behalf of the court appointed rent receiver, Onyx Equities, LLC­.  Cranford Business Park, LLC, a partnership of three major tenants at the property, purchased the asset for $8.2 million.

Michael Nachamkin
Ashley Business Park is located at 570 South Avenue, close to the Garden State Parkway and Newark Liberty International Airport about 15 miles southwest of New York City.  Renovated in 2000, the 88 percent leased property is comprised of 187,881 square feet of industrial space and 71,289 square feet of office space. 

                The HFF investment sales team representing the seller was led my managing director Michael Nachamkin.


 Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. 

Since its founding in 2004, Onyx has acquired more than $1 billion worth of real estate assets across the tri-state region.

The company currently owns, manages or is the appointed receiver for 17 million square feet of office, retail, industrial, and self-storage properties located in New Jersey, New York, Connecticut and Pennsylvania. 

For more information on Onyx Equities, contact the firm at (732) 362-8800, or visit www.onyxequities.com.

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 | www.hfflp.com

HFF closes $67 million sale of The Juliana in Hoboken, NJ


Julianna Apartments
Hoboken, NJ

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of The Juliana, a 128-unit, luxury multi-housing property in Hoboken, New Jersey.

                HFF marketed the property on behalf of the seller, The Milestone Group & Invesco.  AEW Capital Management, LP purchased the asset for $67 million on behalf of the AEW Core Property Trust, the firm’s core open-end fund.

                Completed in 2007, The Juliana is comprised of two four-story, “brownstone-inspired” buildings surrounding a 25,000-square-foot courtyard. 

Jose Cruz
The property, which is 95 percent leased, offers one-, two- and three-bedroom units averaging 1,068 square feet.  

Community amenities include four covered parking garages, cardio and weight rooms, a cyber cafĂ©, gaming lounge, dog park, fire pit, putting green, sundeck, playground and concierge service. 

Andrew Scandalios
 Located at 600 Jackson Street and 601 Harrison Street, The Juliana is within walking distance to the 9th Street Light Rail station and local bus lines that provide commuters access to the Hoboken PATH station, the NJ Transit train station and the New York Waterway terminals.

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

According to Cruz, “Invesco/Milestone were able to capitalize on the strong demand for Hoboken multi-housing deals and redeploy capital into other projects.”


Kevin O'Hearn
“We are excited about the acquisition of this condo-quality project in Hoboken, one of the most desirable apartment markets in the country,” said Dan Bradley, senior portfolio manager for the AEW Core Property Trust.

Milestone is one of the largest national multifamily real estate investment advisors and property managers.  Currently Milestone has over $2.5 billion of multifamily assets under management. 

Jeffrey Julien
The Milestone Group is an outgrowth of several partnerships formed in the late 1970’s to develop retail shopping centers in and around the Houston metropolitan area.  In 1980, Milestone Properties, Inc. was formed to act as the management company for the other Milestone entities.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.

Michael Oliver
One of the world’s leading real estate investment advisors, AEW and its affiliates manage $33.5 billion of capital invested in approximately $46.6 billion of property and securities in North America, Europe and Asia (as of  September 30, 2012). 

 Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. 

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 | www.hfflp.com

HFF secures $3.1 million refinancing for Uptown Shopping Plaza in Harrisburg, PA



Uptown Shopping Plaza
Harrisburg, PA
FLORHAM PARK, NJ - HFF announced today that it has secured a $3.1 million refinancing for Uptown Shopping Plaza, a150,000-square-foot grocery-anchored retail center in Harrisburg, Pennsylvania.

HFF worked on behalf of the borrower, LCL Management, LLC, to secure the 10-year loan through Harrisburg-based financial services provider Metro Bank.

Uptown Shopping Plaza is located at the intersection of North Seventh and Division Streets in Harrisburg.  The retail center is anchored by Save-A-Lot Supermarket; other tenants include Dollar Tree, Family Dollar, Subway, H&R Block, McDonalds and Rainbow Apparel.

Michael Klein
The HFF team representing LCL Management, LLC was led by director Michael Klein and real estate analyst Samuel Seiden.

                LCL Management, LLC is a Parsippany, New Jersey-based operator of multi-housing and retail properties.  LCL’s current portfolio consists of approximately 2,800 multi-housing units in New Jersey, Pennsylvania, Ohio and New Mexico as well as five shopping centers.

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 | www.hfflp.com

HFF closes sale of and arranges acquisition financing for three-property student housing portfolio serving Michigan State University


Michigan State University, East Lansing, MI
CHICAGO, IL – HFF announced today that it has closed the sale of and arranged acquisition financing for an off-campus, three-property student housing portfolio serving Michigan State University in East Lansing.

HFF marketed the property on behalf of the seller, Long Wharf Real Estate Partners LLC.  Westpac Investments, LLC purchased the offering for $101.75 million.  In addition, HFF also secured an $85 million long-term, fixed-rate loan through a national CMBS lender on behalf of the buyer.

The 852-unit, 2,772-bed portfolio has an average occupancy of 96.1 percent as of spring 2013.  Individual property details are listed below:

    Property Name                          Address                             Size
    The Club at Chandler              3850 Coleman Road         210 Units/768 Beds     
     Crossings

   The Village at Chandler          3839 Hunsaker Street         336 Units/1,068 Beds
   Crossings

  The Landings at Chandler      16789 Chandler Road          306 Units/936 Beds
   Crossings

Matthew Lawton
The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and managing directors Brian Kelly and Troy Manson.

Brian Kelly
HFF’s debt placement team representing the buyer was led by senior managing director Tim Wright and associate director Zack Holderman.

Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate investment manager. 

The group invests in sectors and markets across the United States principally on behalf of institutional clients, including corporate and public pension funds, endowments and foundations.

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 | www.hfflp.com

NAI Realvest Office Leasing Team Wins Gateway Plaza Leasing Contract in Winter Park, FL



Mary Frances West
ORLANDO, FL– The Office Leasing Team at NAI Realvest led by Tom. R. Kelley II, Mary Frances West CCIM and Chris Adams were recently appointed exclusive leasing representatives for 10,000 square feet of Class A office space in the 60,000 square foot Gateway Plaza office building at 1201 S. Orlando Ave. (U.S. 17-92) and Orange Ave. in Winter Park.

Tom R. Kelley III
Kelley, the NAI Realvest principal who heads the office leasing team, said the marquis listing includes 7,000 contiguous square feet on the second floor of Gateway Plaza.

 “Gateway Plaza is well located and so well appointed it offers a perfect corporate headquarters for a financial, legal or professional services firm,” Kelley said.

Chris Adams
On the east side of Orlando, Kelley and Associate Adams were also recently picked to lease 33,000 square feet of Class A single-story office space at the Lake Underhill Business Center at 11555 Lake Underhill Rd. in Orlando

For more information, please contact:
Tom R. Kelley II CCIM, Principal, NAI Realvest, 407-875-9989, tkelley@realvest.com or
Mary Frances West CCIM, NAI Realvest, 407-875-9989 mwest@realvest.com
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com


Chatham Lodging Announces Monthly Dividend


PALM BEACH, Fla., Feb. 11, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.07 for February 2013.  The common dividend is payable March 29, 2013, to shareholders of record on February 28, 2013.
  
Contacts:

Daly Gray
Chris Daly
(703) 435-6293

Jerry Daly         
Daly Gray Public Relations                                                                                                                              
(Media)
(703) 435-6293  
                                                                                        
Dennis Craven
Chief Financial Officer
  (Company)
  (561) 227-1386  

Loews Hotels & Resorts Completes Acquisition of Back Bay Hotel in Boston, MA



Back Bay Hotel, Boston, MA
NEW YORK, NY (Feb. 12, 2013) — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company completed the acquisition of the 225-room Back Bay Hotel in Boston.

 Located at the corner of Berkeley and Stuart Streets, the former Doyle Collection property has immediately been converted to the Loews Hotels brand.  Loews Hotels plans an approximate $8 million renovation scheduled to begin in the fall. 

 “The Loews Boston Back Bay Hotel is a distinctive property,” said Paul Whetsell, President and CEO of Loews Hotels & Resorts.  “Built in the 1920s, this historic hotel was the former headquarters of the Boston Police Department. The property is in great physical condition, with the renovation targeted to further enhance the guest experience.”

Paul Whetsell
 Loews Hotels & Resorts recently acquired and converted the iconic 356-room Madison Hotel in the heart of Washington, D.C. to the Loews Madison Hotel and has two properties under construction in Orlando and Chicago.  This expansion underscores the company’s strategy to add to its portfolio in gateway cities and key resort destinations over the next five years. 

Contacts:

Daly Gray
Chris Daly
(703) 435-6293

Loews Hotels & Resorts
Lark-Marie Anton                                                                    
(212) 521-2779            
Sarah Murov, (212) 521-2495, smurov@loewshotels.com
                              

Arbor Funds $9.6 Million in FHA Financing for Puerto Rico Multifamily Portfolio



Joanne Apartments
San German, Puerto Rico
UNIONDALE, NY (Feb. 12, 2013) - Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the recent funding of three FHA-insured 223(f) loans in Puerto Rico totaling $9,551,000:

·         Joanne Apartments, San German, PR – This 124-unit multifamily portfolio received a total of $4,080,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The high-rise apartment complex is located in San German, which was founded in 1573 and is the second-oldest settlement in Puerto Rico behind its capital, San Juan.

Muneki Apartments
Aguadilla, Puerto Rico



·         Muneki Apartments, Aguadilla, PR – This 124-unit multifamily property received $3,512,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Muneki Apartments is located adjacent to the Aguadilla Plaza shopping center along State Road 2 in the Corrales Ward of Aguadilla.

San Luis Apartments
Ponce, Puerto Rico
·     San Luis Apartments, Ponce, PR – This 54-unit multifamily property received $1,959,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. San Luis Apartments is located in Ponce, the second largest city in Puerto Rico, on State Road No. 123, one of the most traveled roads in the city.

All of the loans were originated by Robert Mendeles, Structured Finance Originator in Arbor’s Englewood Cliffs, NJ, office through Arbor’s exclusive partner in Puerto Rico, Urban Holdings, LLC.

Robert Mendeles
“The funding of this portfolio shows Arbor’s commitment to extending its expertise within the FHA multifamily lending market wherever our clients and partners do business,” said Joseph Donovan, SVP and Director of FHA Lending. “Arbor understands the great investment value inherent in underserved markets and the mission to preserve affordable rental housing in Puerto Rico.”

Joseph Donovan
As an approved FHA Multifamily Accelerated Processing ("MAP") Lender, Arbor’s FHA group provides all FHA-insured Multifamily and Healthcare facility loan programs on an expedited basis.

Arbor also offers the unique “Bridge to HUD/FHA Exit” program. This program is designed to effectively solve the timing issue associated with closing FHA loans by providing a bridge loan to facilitate a quick closing on an acquisition. Borrowers who are looking to complete repairs and/or reposition a property can also use a bridge loan to facilitate a maximum FHA refinance loan.


Contact:

Christopher Ostrowski,

HC Real Estate Capita Arranges $5,500,000 Financing for a Hotel Property In West Palm Beach, FL



DoubleTree by Hilton Hotel at West Palm Beach, FL
West Palm Beach, FL – Feb. 12, 2013 Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,500,000 in financing for The DoubleTree by Hilton hotel located at 1808 South Australian Avenue in West Palm Beach, FL.  The 175- room hotel was renovated in 2008 and is located near the Palm Beach International Airport and within 2 miles of downtown West Palm Beach.   The loan was placed with Commercial Bank.


Contact:

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

 Kurt J. Hoffmann
HC Real Estate Capital, LLC
660 Linton Blvd, Suite 200 EX5
Delray Beach, FL 33444
Office/Direct: 561-266-3271
Mobile: 561-703-1096
Khoffmann@hcrecapital.com