Tuesday, February 26, 2013

HFF marketing for sale Clybourn Galleria in Chicago, IL

Clybourn Galleria aerial, Chicago, IL
CHICAGO, IL - HFF announced today that it has been selected to market the sale of Clybourn Galleria, a 25,301-square-foot, high street retail center in downtown Chicago.

HFF is marketing the property on behalf of the seller, an affiliate of Greenstreet Real Estate Partners LP, for an undisclosed amount free and clear of debt.

Clybourn Galleria is located in the heart of the Clybourn Corridor in Chicago’s Lincoln Park neighborhood. 

Daniel Kaufman
Built in 2003, the property is 91.4 percent leased to specialty retailers such as Ann Taylor LOFT, Jos. A. Bank and Massage Envy.  The property also includes 74 rooftop parking stalls for customer use. 

The HFF investment sales team representing the seller is led by director Daniel Kaufman and associate director Amy Sands.

“The North & Clybourn submarket is the most recognized urban retail corridor in Chicago’s north side where industry leaders such as Whole Foods and Apple have recently completed flagship stores,” said Kaufman. 

Amy Sands
“This asset offers investors an excellent opportunity to buy into a rapidly growing area with a proven history of strong performance in the marketplace,” commented Sands. 

Greenstreet Real Estate Partners, LP is an investment and asset management company operating throughout the United States. 

  Greenstreet was established in 2000 to invest its principals’ capital and has acquired more than $1.5 billion in real estate assets since its inception.  

Additionally, Greenstreet provides asset management and development services to support Knowledge Learning Corporation, the nation's leading provider of early childhood education 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

NAI Realvest Negotiates Office Expansion Lease for 4,700 SF at Plaza North in Altamonte Springs, FL

Tom R. Kelley II
MAITLAND, FL--- NAI Realvest recently negotiated an office expansion lease agreement for suites 1100, 1200 and 1300 totaling 4,700 square feet in Plaza North, 385 Douglas Ave. Altamonte Springs.  

NAI Realvest Principal Tom R. Kelley II, CCIM and Associate Chris Adams brokered the transaction on behalf of the landlord US Bank National Association of Irving, Texas.   

 The local tenant is The Continental Group, income property management specialists already occupying suite 3000 in the same building with 11,715 square feet, but need additional space for current and anticipated growth.

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

Tom R. Kelley II, CCIM, Principal, NAI Realvest, 407-875-9989, tkelley@realvest.com; 

Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142   

New Castle Names Maurice Alfara to Manage the Hilton Garden Inn, Norwalk, CT

Maurice Alfaro
SHELTON, CT, Feb. 26, 2013—Officials of New Castle Hotels and Resorts, a leading hotel owner, operator and developer, today named Maurice Alfaro general manager of the 170-room Hilton Garden Inn in Norwalk, Ct. 

A 20-year veteran of the hospitality industry, Alfaro most recently served as director of operations/general manager of the Hilton Hartford in Hartford, Ct.

“Maurice is a proven leader and well-rounded hotel executive,” said Gerry Chase, president and COO of New Castle Hotels and Resorts.  “During his tenure with New Castle, he has demonstrated a comprehensive understanding of full-service hotel operations and a genuine talent for true hospitality, both of which are vital as the hotel industry rebounds.”

Hilton Garden Inn, Norwalk, CT
“The Hilton Garden Inn is well positioned in Norwalk,” Alfaro said. “I look forward to building on its successful track record to solidify not only its position in the hotel market, but its prominence in the Norwalk community.”

Alfaro joined New Castle in 2006 as the assistant general manager of the Woodcliff Lake Hilton, a position he held until 2011 when he moved to the Hilton Hartford.

            Prior to joining New Castle, Alfaro served as rooms division manager for the Sheraton Weehawken and the Westin in Morristown, NJ.  He also has held positions as director of facilities and executive housekeeper.

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

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Lauralee Dobbins
Daly Gray, Inc.

Forest City Announces Redemptions of Preferred Stock and 7.625 Percent Senior Notes Due 2015

David J. LaRue
CLEVELAND, OH, Feb. 26, 2013 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has provided notices of its intention to redeem all outstanding shares of its Series A Cumulative Perpetual Convertible Preferred Stock (the "Preferred Stock"), and all outstanding 7.625 percent Senior Notes due 2015 (the "Notes").

Approximately 209,877 shares of Preferred Stock, or $10.5 million aggregate liquidation preference, are currently outstanding, and approximately $53.3 million aggregate principal amount of the Notes are currently outstanding. Redemption of the outstanding securities will reduce annualized fixed charges, in the form of interest expense and dividend payments, by approximately $4.8 million.

"These transactions are another example of our ongoing focus on strengthening our balance sheet and building a strong, sustaining capital structure," said David J. LaRue, Forest City president and chief executive officer. 

"We are committed to continuing to improve our debt metrics, while also pursuing operational excellence and selectively investing in new development opportunities, primarily through existing entitlement in our core markets."

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

 Robert O'Brien,
Executive Vice President and
Chief Financial Officer,
+1-216-621-6060, or

Jeff Linton,
Senior Vice President  
Corporate Communication,

Hilton Worldwide Bolsters Presence in Saudi Arabia

Rudi Jagersbacher
Dubai, UAE and McLean, VA –  Hilton Worldwide today signed a management agreement with Hamad Abdulaziz Almousa Trading Group to develop a new DoubleTree by Hilton hotel in KSA’s (“Kingdom of Saudi Arabia”) commercial heartland of Al Khobar, in the country’s Eastern Province.

Construction is already under way and the hotel is expected to open at the end of 2014.

The 158-room DoubleTree by Hilton Al Khobar Corniche is the third Hilton Worldwide pipeline hotel planned for Al Khobar and the 17th in Saudi Arabia, making it Hilton Worldwide’s largest development market in MEA.

Rudi Jagersbacher, president, Hilton Worldwide, Middle East & Africa said: “Saudi Arabia is a powerhouse of activity for Hilton Worldwide. We are opening 17 new hotels over the next three years and working to solidify our position as the leading hospitality company in KSA.

John Greenleaf
“Al Khobar is a growing, vibrant community and I am delighted we are expanding our presence in a city which offers so much potential.”

DoubleTree by Hilton Al Khobar will be located downtown on the city’s picturesque Corniche and will feature a variety of inviting business and leisure amenities including extensive meeting facilities of two boardrooms, a conference hall and two meeting rooms.  

John Greenleaf, global head, DoubleTree by Hilton said: “DoubleTree by Hilton is currently enjoying a period of exciting growth in the Middle East and Africa as increasing numbers of hotel owners experience the benefits of the brand’s upscale, distinctive characteristics."

Al Khobar is the largest city in the Eastern Province with a growing reputation as a modern, energetic community.  The Corniche area, in particular, is lined with numerous restaurants, cafes, boutiques and retail outlets and is proving a popular attraction with locals and domestic tourists as well as visitors from neighbouring GCC states.

  • Jean-Paul Herzoga (right) signs an agreement with Hamad Bin Abdul  Aziz Al Mousa Trading Group for the first Doubletree by Hilton in Saudi Arabia.

 Hamad Bin Abdulaziz Bin Abdullah Al Mousa from owners Hamad Abdulaziz Almousa Trading Group said: “We place tremendous value and appreciation on the very special business partnership we have with Hilton Worldwide and I am delighted that our professional and productive relationship will bring another outstanding new hotel to the local market.”
For a complete copy of the company’s news release, please contact:  

Elaine Reed
Corporate Communications
Hilton Worldwide Middle East & Africa
Tel: +971 (0)4 434 5461

Maggie Giddens
DoubleTree by Hilton
Global Brand Public Relations
+1 703 883 5346

Winston-James Development negotiates Lease of 2,804 SF at Aloma Business Center in Winter Park, FL

Winston Schwartz
SOUTH DAYTONA, Fla. – Winston-James Development Company, based in South Daytona, has negotiated a new lease agreement for 2,804 square feet of office space at its Aloma Business Center on Aloma Ave.  in Winter Park. 

 Winston Schwartz, president of Winston-James Development said Tcreative leased the space for its operations specializing in marketing and company and product branding.  The new tenant is relocating from a smaller Winter Park location and has been in business for 10 years.

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

Winston Schwartz, President, Winston-James Development, Inc. 933 Beville Rd., South Daytona, Fla. 32119; 386-760-2555;  
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com   

Black Tree Consulting to Provide Virtual Transaction Management Services to Easy Street Realty of Orlando

Amy Stier
 ORLANDO, FL-- Black Tree Consulting, Inc., an Orlando based real estate technology company that provides streamlined, paperless residential real estate closing transaction management, has been appointed a preferred provider by Orlando-based Easy Street Realty. 

Michelle Theodoseau, chief operating officer at Black Tree Consulting, said her company will manage residential real estate closing transactions negotiated by Easy Street Realty agents.

“Easy Street Realty wanted a strong partnership that will provide Easy Street Realty associates with paperless, instant access to transaction documents and accommodate Easy Street’s projected growth to 44 associates this year,” Theodoseau explained.

 Easy Street currently serves clients throughout Central Florida including Florida’s Space Coast, Metro Orlando and all of Tampa Bay. 

Florida real estate broker Amy Stier, who heads Easy Street Realty, said the partnership with Black Tree Consulting will provide highly detailed, accurate and up-to-the-minute management of residential real estate transactions while freeing Easy Street associates to serve their clients.
Black Tree Consulting developed a streamlined paperless program of residential real estate closing transaction management.

For more information about Easy Street Realty careers visit www.easystreetrealty-orlando.com/careers  or

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

 Amy Stier, Easy Street Realty 321-363-6600 astier@easystreetrealty.com
Michelle Theodoseau, Chief Operating Officer, Black Tree Consulting, 407-278-5184 Michelle@blacktreeinc.com                    
Carol Ann Dykes, Site Manager, UCF Business Incubation Program-Central Florida Research Park, 407-207-7426, carolann.dykes@ucf.edu
Larry Vershel or Beth Payan, Larry Vershel Communications Inc 407-644 4142 lvershelco@aol.com

Emerson International Leases 10,445 SF of Office Space at Sanlando Center in Longwood, FL

Kenneth Koch
Altamonte Springs, FL. --- Emerson International recently closed on a new lease agreement for 10,445 square feet of office space at Sanlando I, 2170 West S.R. 434, Longwood, FL

Kenneth Koch, director of leasing at Emerson International, negotiated the new long-term lease agreement.

Lisa Bailey of Morrison Commercial Realty participated in the transaction representing the new tenant, ATEC Systems.

Sanlando Office Park, Longwood, FL
Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 


Kenneth Koch, Director of Leasing, Emerson International, Inc. 407-834-9560;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com.

NAIOP SoCal Names 2013 Executive Committee and Board of Directors

Lang Cottrell
 Costa Mesa, CA – NAIOP SoCal, Southern California’s leading commercial real estate development organization, has named its 2013 Executive Committee and Board of Directors. The esteemed group includes representatives from a diverse array of the industry’s most successful companies.

The 2013 Executive Committee is comprised of President Lang Cottrell, Goodman Birtcher; President-Elect Jim Proehl, PM Realty Group; Vice President Tom Wulf, Lowe Enterprises Real Estate Group; Secretary-Treasurer Kevin Jennings, Bank of America Merrill Lynch; Programs & Education Liaison Pamela L. Westhoff, Sheppard Mullin Richter & Hampton; and Past President Steven L. Ames, USAA Real Estate Company.

Jim Proehl
“We are the second largest NAIOP chapter in the country, over 900 members strong. This has evolved into an important organization in business development, education and legislative outreach,´ said Cottrell.

 "Now more than ever, our real estate industry demands leadership that understands the importance of educating and mentoring the next generation as well as working to represent the interests of our members at the local and state level when it comes to policy and legislative actions.

 This chapter will remain dedicated to the issues that are crucial to commercial real estate on all levels, especially as it supports job and economic growth for Southern California,”

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

Darcie Giacchetto
Spaulding Thompson & Associates

Atlantic|Pacific Companies Names Luis Alicea Director of Business Development in South Florida

 MIAMI, FL– Atlantic | Pacific Companies (A|P), a fourth generation real estate company, is pleased to announce the addition of Luis Alicea as Director of Business Development.

Alicea joins the company under its property management platform, Atlantic | Pacific Management (APM). Uniquely qualified, Alicea brings 15 years of experience in sales, management and business development, and will be based in A|P’s Boca Raton office which manages all A|P properties in Florida.

 In his capacity as Director of Business Development, Alicea will focus on building and maintaining client relationships, developing and implementing a comprehensive internal and external marketing plan that will increase revenues and profits, and uphold A|P’s mission and values.

 Prior to joining A|P, Alicea was Owner/President of LUNA Sales Group out of Ft. Lauderdale, a Manufacturer’s Rep Group responsible for Marketing and Developing product sales in Florida. 

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

Jessica Wade Pfeffer
Jessica Wade Inc. 


Forest City closes new $465 million revolving credit facility

David J. LaRue
CLEVELAND, OH  /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has closed a new, $465 million credit facility with a 14-member bank group.  The three-year facility, with an additional one-year extension option, allows for additional banks to join the group, up to a maximum line of $500 million.

"This new credit facility is another step in positioning Forest City to take advantage of opportunities in our core markets and products," said David J. LaRue, Forest City president and chief executive officer.

"The more favorable pricing and covenants also give us additional flexibility in managing our business.  We're gratified by the confidence and support shown by all of our member banks, and I want to thank our internal finance team, led by CFO Bob O'Brien, in achieving this great outcome."

Thirteen banks that were members of the company's prior bank group, along with one new bank, are part of the new facility. In addition, four member banks increased their commitments, compared with the prior facility. 

The facility also includes a provision allowing repurchase of up to $100 million of the company's Class A common stock over the term of the facility, in line with the share repurchase program announced by the company in December, 2012.

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

 Robert O'Brien,
 Executive Vice President and
Chief Financial Officer,
+1-216-621-6060; or

Jeff Linton,
Senior Vice President  
Corporate Communication,

Lincoln Property Company Southeast Receives 332,000 SF of New Metro Atlanta Leasing Assignments from OA Development

Peachtree Corners Technology Center
Atlanta, GA
 ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has received 332,000 square feet of new leasing assignments in metro Atlanta from OA Development.

 The assignments include the three-building Peachtree Corners Technology Center, in Norcross, Ga., which features 162,000 square feet of office/flex space; and the six-building Royal Phoenix Business Park in College Park, Ga., which features 160,000 square feet of office/flex space. OA Development owns and manages the properties.

Hunter Henritze
Lincoln now leases a total of approximately 770,000 square feet of properties in metro Atlanta for OA Development.

 Lincoln also has hired Jeff Henson, previously with Resource Real Estate Partners, to join Hunter Henritze and Michael Howell, both vice presidents - office leasing for Lincoln, in leasing the OA Development portfolio.

Michael Howell
“We are pleased that OA Development has chosen to expand our relationship and it has given us an opportunity to grow our team in an effort to provide expanded leasing coverage,” said Tony Bartlett, senior vice president of Lincoln.

“The addition of Jeff Henson will make this strong team even stronger. Jeff is an aggressive, hard-working self-starter who will be a powerful addition to the Howell-Henritze team.”

Based in Atlanta and founded in 1993, OA Development specializes in the acquisition, development, management and brokering of commercial properties.

Jeff Henson
Since its inception, the firm has developed and acquired more than 3 million square feet of commercial space throughout the United States, totaling more than $325 million.

Financial partners include U.S. financial institutions such as American National Insurance Co. (ANICO), BB&T and PrivateBank, as well as equity investors throughout the world.


Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354