Tuesday, March 26, 2013

HFF arranges $78 million refinancing for Alameda Square Campus in Los Angeles

Aerial of Alamedia Square Campus
Downtown Los Angeles, CA
LOS ANGELES – HFF announced today that it has arranged a $78 million refinancing for the Alameda Square Campus, an industrial and creative office campus totaling more than 1.6 million square feet in downtown Los Angeles.

HFF worked on behalf of the borrower, a subsidiary of EVOQ Properties Inc., to secure the three-year adjustable-rate loan through Olen Properties. 

The loan will be used to refinance first and second lien mortgages currently secured by the campus.

Paul Brindley
The new loan will also provide capital to pay tenant improvement and leasing costs for a recently executed 82,000-square-foot headquarters lease for Splendid® and Ella Moss®, two subsidiaries of VF Contemporary Brands.  

The Alameda Square Campus at 7th and Alameda in downtown L.A. is comprised of approximately 1.4 million square feet of creative office, retail and light manufacturing space situated next to the historic 7th Street Produce Market and a wholesale market comprised of more than 200,000 square feet of industrial space. 

Located near the Los Angeles Arts and Fashion Districts, the 32-acre campus is a prime location for the area’s growing enclave of fashion and creative companies.  The campus also serves as the world headquarters for major fashion label American Apparel, and up-and-coming fashion brand Groceries Apparel relocated to the campus in late 2012 to expand operations.

Groceries Apparel Clothing Line
The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.
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

The Down Hotel Co. Promotes Teresa Sims to Resident Manager for Hyatt North Houston

Teresa Sims

                  SEATTLE, WA, March 26, 2013—The Dow Hotel Company, LLC (DHC), a hotel ownership, investment and management company, today announced the promotion of Teresa Sims to resident manager for the Hyatt North Houston in Greenspoint, Texas. 

                A veteran of the Houston market, Sims most recently was the hotel manager for the Sheraton North Houston where she was responsible for substantial increases in guest satisfaction, profitability and employee retention and managed a $6 million post-hurricane renovation. Prior to joining Dow in 2008, she held numerous positions, at other full-service, Houston-area hotels.

Larry Bundy
 “Teresa understands the Houston market and has had great success in motivating associates to meet the expectations of today’s guests,” said Larry Bundy, general manager.

 “Her track record in improving guest satisfaction and reducing turnover is a testament to her focus on training and motivation.  Those skills, coupled with a keen understanding of maximizing economic returns, make her an exceptional addition to the hotel’s leadership team.” 

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

Chris Daly,
Lauralee Dobbins                    
Phone:  (703) 435-6293

W3 Partners Names Peter Mette as Managing Partner

Diane Olmstead
SAN RAFAEL, CA (March 26, 2013) W3 Partners, a real estate investment operating company, has named Peter Mette as managing partner. In his new role, Mette is charged with sourcing new deals in Northern California and the Pacific Northwest.

With more than 20 years of industry experience, Mette comes to W3 from KBS Realty Advisors in San Francisco where he served for nearly eight years as senior vice president/director of acquisitions and dispositions. There he opened and managed the San Francisco office and led more than $860 million of investments totaling over 3.8 million square feet of office and industrial properties.

Peter Mette
“Peter brings with him a breadth of acquisition knowledge and experience, as well as a deep understanding of the key markets in which we are seeking to have a stronger ownership presence,” said Diane Olmstead, co-founding partner of W3 Partners. “He will focus on strategic value-add investment opportunities that point to promising returns for our investment partners and our company.” 

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

Darcie Giacchetto,
Spaulding Thompson & Associates
 For Faris Lee Investments

Faris Lee Investments Completes $4.27 Million Sale of Retail Center in Pico Rivera, CA

Pico Crossings, Pico Rivera, CA
RVINE, CA, March 26, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.27 million sale of an 11,722-square-foot portion of Pico Crossings, a retail center situated on 1.29 acres located at 9311-9333 Whittier Blvd., in Pico Rivera, Calif.

 Built in 2008, the property is 77 percent occupied and includes Starbucks, Subway, and Sherwin-Williams. Other tenants in the center that weren’t a part of the transaction include Rite Aid and Tommy’s. 

Nicholas Coo
                Nicholas Coo, Dennis Vaccaro and Ryan Tomkins with Faris Lee Investments represented the seller, Heslin Becker Properties. The buyer, who paid all cash, was CEO Huang and was represented by Jason Hong of Realty Executives.  The closing cap rate was 6.5 percent.

                “The success of this transaction was the direct result of strategic pricing which took into consideration our upward trending real estate market,” said Coo, senior managing director with Faris Lee.

 “After analyzing the property, we structured a rent guarantee with the seller that covered the vacant space’s rent for up to 12 months and secured a leasing team tasked with procuring tenant interest. This strategy allowed us to apply value to the vacant space and maximize value for the seller, via an all-cash buyer.”

Dennis  Vaccaro
Pico Crossings is located at the highly trafficked, signalized intersection of Whittier Blvd., and Durfee Ave. with nearly 50,000 vehicles per day and is less than a mile from Interstate 605.

The surrounding area features approximately 510,000 consumers and 220,000 day time employees within a five-mile radius. Home Depot and Target are within close proximity to the property.

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

Darcie Giacchetto,
Spaulding Thompson & Associates
 For Faris Lee Investments

Sheraton Bali Kuta Resort Announces Sunset Gatherings

Sheraton Bali Kuta Resort
Bali, Indonesia
BALI, INDONESIA, March 26, 2013 – Sheraton Bali Kuta Resort is pleased to announce Sunset Gatherings, a unique nightly culinary experience that showcases the dramatic sunsets of Kuta from the stunning venues at Sheraton Bali Kuta Resort.

Each evening, gather with fellow world travelers to enjoy great music, mouthwatering bites, and a selection of international wines and cocktails with unparalleled sunset views of the Indian Ocean on center stage, setting a beautiful, romantic scene for a perfect evening.

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

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Singapore 039190

Glodow Nead Communications • San Francisco • New York • Singapore
O: 65.9768.6087 or 1.415.394.6500 • E hweepeng@glodownead.com • FB: GlodowNead

Stirling Sotheby’s International Realty named exclusive sales agents for historic Titusville, FL home

Wager House, Titusville, FL

TITUSVILLE, FL --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for the historic Wager House, a restored three-story Colonial Revival style estate home located at 8 South Street, overlooking the Indian River in Titusville.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the Wager House was added to the National Register of Historic places almost 25 years ago and is one of the oldest structures in Titusville and Brevard County.

Joe Janson
Soderstrom said Florida Luxury Homes Specialist Joe Janson in the firm’s Brevard County division is representing the unique property listed for sale at $899,000.

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

Joe Janson, International Luxury Homes Specialist Stirling Sotheby’s International Realty, 321-338-5833 jjanson@stirlingsir.com and www.extraordinaryhomes.us

 Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Marcus & Millichap Sells 56-Unit Multifamily portfolio in South Florida

Prospect Apartment Portfolio
 Fort Lauderdale, FL and Oakland, FL
FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Prospect Apartment Portfolio, a 56-unit multifamily portfolio comprised of three parcels in Fort Lauderdale and Oakland Park, FL.

The portfolio commanded a sales price of $2,700,000.

Joseph P. Thomas

Associate Vice President Investments Joseph P. Thomas and Associate Adam Duncan in Marcus & Millichap’s Ft. Lauderdale office, represented the seller, a local partnership based in Fort Lauderdale. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, FL.

Due to time constraints, the buyer could not close with conventional bank financing. Senior Associate Daniel Greenberg, along with Associate Director Steve Goldwyn of Marcus & Millichap Capital Corporation arranged a $1.85 million private bridge loan for the buyer which allowed the deal to close within two weeks.

Steve Goldwyn
The Prospect Apartment Portfolio consists of three separate parcels totaling 56 units in Fort Lauderdale and Oakland Park, FL. All buildings are two-stories with two-bedroom/one bathroom units and central air conditioning.

The portfolio includes:

--- 999 West Prospect Road – Oakland Park, FL (32 units)
---1007 West Prospect Road – Fort Lauderdale, FL (16 units)
--- 240 NW 42nd Street – Oakland Park, FL (8 units)

Press Contact:

Gregory Matus
Regional Manager / Vice President,
Fort Lauderdale, FL
(954) 245-3400