Tuesday, April 9, 2013

Snyder Langston Names Jingxi Li as Senior Estimator

Stephen Jones

 IRVINE, CA (April 9, 2013)—Snyder Langston, one of Southern California’s largest and most respected builders, has named Jingxi Li as senior estimator. In this role, she will participate in key aspects of bidding on new construction opportunities, maintain subcontractor relationships, along with other critical functions.

With more than 16 years of industry experience, Li comes to Snyder Langston from Suffolk-Roel in Irvine, where she served for approximately six years as a senior estimator. There, she participated in projects valued at nearly $500 million and took the lead on hard-bid construction estimations. 

“Jingxi is an important addition to our Snyder Langston team. Her background and attention to detail will be an important component to our success in meeting our client’s objectives. We are excited to have her join our team,” said Stephen Jones, Chairman/CEO, Snyder Langston.

Li obtain her Master’s degree in Construction Engineering and Management from Iowa State University and her Bachelor’s degree in Civil Engineering from Chongqing University, in Chongqing, P.R.China.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Retail specialist Janet Kramer joins Voit’s Inland Empire office.

Janet Kramer
Inland Empire, CA (April 9, 2013) – Voit Real Estate Services’ Inland Empire office is pleased to announce the addition of Janet Kramer as a Vice President in its retail group, according to Ian Britton, Managing Director of Voit’s Inland Empire office.

“Voit’s retail group is continuing to expand throughout the regions in which we operate, and we are committed to bringing on strong, driven brokers who will excel within our entrepreneurial company culture,” said Britton. “The addition of Janet is a testament to Voit’s success in recruiting and retaining top professionals in each of the markets we serve.”

Prior to joining Voit, Kramer worked as a Commercial Real Estate Broker at Grubb & Ellis, where she specialized in retail leasing, sales and development as well as landlord and tenant representation. 

Ian Britton
Before that, she was a broker at Burnham/CDM Group Inc.
Kramer earned her Bachelor of Arts in Sociology with a Minor in Biology and English from the University of California, San Diego. 

She then proceeded to earn her Juris Doctorate from the Thomas Jefferson School of Law in San Diego, Calif. Kramer is an ICSC Senior Certified Leasing Specialist and has been a CoStar Power Broker from 2009 to present.

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

Jessamyn Miller  
Voit Real Estate Services

Commercial Real Estate Veterans Kermit Hairston and Keelee Peterson Join Bull Realty in Atlanta, GA

Keelee Peterson

ATLANTA, GA (April 9, 2013) – Commercial real estate veterans Kermit Hairston and Keelee Peterson have joined Bull Realty’s Atlanta office.

 Kermit Hairston, whose focus at Bull Realty is on assisting retail investors, was most recently with Galaxy Partners, a corporate real estate brokerage and consulting firm based in Atlanta. Prior to joining Galaxy, Hairston served as president of a 100-year-old real estate firm, and he’s been a top producer at a Fortune 200 sales organization. Hairston has authored market studies and provided transaction advice to a Fortune 500 company.

 A graduate of Virginia State University, Hairston serves on a number of civic boards and is a member of Leadership Atlanta. “I have always been impressed with Bull Realty’s market presence and marketing,” Hairston said. “I am excited to utilize the firm’s platform to power my client’s business needs.”

Kermit Hairston
Keelee Peterson has joined as vice president in Bull Realty’s National Net Lease Investment Group. Before joining Bull Realty, she was a vice president of BCM Capital’s Atlanta office, where she originated millions of dollars in commercial loans for various property types. In addition, she performed market research and in-depth analysis of commercial properties.

 “As we grow the firm we are on the outlook for talented brokers like Kermit and Keelee,” said Michael Bull, founder of Bull Realty and host of the “Commercial Real Estate Show” radio program. “We are expanding our Perimeter and Midtown offices to accommodate additional growth.”

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

M.C. Rhodes
The Wilbert Group

Bull Realty, Inc.
50 Glenlake Parkway, Suite 650
Atlanta, GA 30328

Manhattan Construction Co. Moves to New Office in Atlanta, GA

5871 Glenridge Drive, Atlanta, GA

 ATLANTA, GA (April 9, 2013) – The Atlanta division of Manhattan Construction Co. has moved to a new office in Suite 300 of 5871 Glenridge Drive, in the Central Perimeter submarket of the city. The firm’s office was previously near the intersection of I-85 and North Druid Hills Road, near Emory University.

Barton Plunkett
The four-story, 64,700-square-foot 5871 Glenridge Drive is near the intersection of I-285 and Georgia 400.

 “We are excited about our new location,” said Barton Plunkett, a senior vice president for Manhattan who oversees the firm’s Atlanta office. “It’s located in one of the city’s healthiest and most prominent office markets, and it’s easy access to other parts of the metro area will make it a great place for us to conduct business and grow.”

 Among its various projects in Georgia, Manhattan is building a nearly $22 million parking facility adjacent to the Georgia State Capitol. 

5871 Glenridge Drive, Atlanta, GA
The firm was also part of the Holder-Manhattan-Moody-Hunt Joint Venture that provided construction-management services for the 1.2 million-square-foot International Terminal at the Hartsfield-Jackson Atlanta International Airport.

For more information visit: or connect with us @ManhattanBuild, viaFacebook/ManhattanConstruction and on LinkedIn.

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

Stephen Ursery
The Wilbert Group
E-mail: sursery@thewilbertgroup.com
Office: (404) 965-5026
Cell: (404) 405-2354

Marcus & Millichap Sells 93,991-SF Retail Center in Miami Gardens, FL for $8.2 Million

Dolphin Plaza, 17201-17237 NW 27th Ave., Miami Gardens, FL

MIAMI GARDENS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Dolphin Plaza, a 93,991-square foot shopping community located in Miami Gardens, FL. The asset commanded a sales price of $8,200,000 representing $87 per square foot.

Jason N. Yukins
Jason N. Yukins, a Senior Associate in Marcus & Millichap’s Ft. Lauderdale office, represented the buyer, business partners from Canada.

“This was a great opportunity for the buyer to acquire a stabilized Miami-Dade County retail center anchored by a well-performing and recently-renovated Winn-Dixie,” says Yukins.

Dolphin Plaza was 90 percent occupied at closing.  In addition to Winn-Dixie, the center’s other tenants include: Foot Locker, BP Gas Station, Rent-A-Center, Rainbow Fashions and Ashley Stewart.  The property is located at 17201-17237 NW 27th Avenue in Miami Gardens, FL.

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

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

Cuhaci & Peterson Architects completes design of new Walgreens in Tampa, FL

ORLANDO, FL – Cuhaci & Peterson Architects Engineers Planners based in Orlando’s Baldwin Park, recently completed design work on a new Walgreens, located on Dale Mabry Highway in Tampa.

 Lonnie Peterson, chairman of the firm, said the new Walgreens store will offer 15,000 square feet of space and is now under construction. The developer is Regency Centers based in Jacksonville.

Walgreens is the first phase of a major redevelopment project in the area and Cuhaci & Peterson will be designing other retail facilities there including renovation of a canopy.

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

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644 4142;

Littler Mendelson and Studley to Move to Wells Fargo Center Miami; 25,000 Square Feet Leased

Wells Fargo Center, Miami, FL

Miami, FL –– Littler Mendelson, P.C. (Littler), the world’s largest employment and labor law firm, and Studley, a commercial real estate services firm specializing in tenant lease representation,  have signed long term leases for 17,317 and 7,580 square feet, respectively, at Wells Fargo Center in downtown Miami. 

Brian Gale
Combined, the leases have a value of over $14 million.

 “Adding two top notch firms like Littler Mendelson and Studley to the already impressive tenant roster at Wells Fargo Center re-emphasizes the prestige of this trophy asset,” stated Taylor & Mathis’s Brian Gale, who spearheads leasing efforts for owner MetLife.

 “As one of the top tenant rep firms in Miami, Studley knows the market as well as anyone.  That they chose Wells Fargo Center for their South Florida headquarters speaks volumes about the quality of this prestigious downtown Miami office tower.”

Chuck Davis
“MetLife is extremely pleased to welcome such high caliber firms as Littler Mendelson and Studley to Wells Fargo Center.  We are committed to a long-term investment in the development and look forward to growing our tenant roster with such high quality firms,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.

 Carter Hopkins of CBRE co-brokered the transaction representing Littler Mendelson, which was recently named “Law Firm of the Year” in Labor Law – Management from U.S. News and Best Lawyers for the second consecutive year. 

Carter Hopkins
 Greg Katz of Studley negotiated the lease transaction on behalf of Studley.

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

Brian Gale, Taylor & Mathis, (305)476-8880 bgale@taylormathis.com
Christopher Breslin, MetLife, (212)578-8824 cbreslin@metlife.com

Cousins Properties Announces Offering of 14 Million Shares of Common Stock

816 Congress Avenue, Austin, TX

ATLANTA, GA -- Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 14.0 million shares of its common stock. The underwriters are expected to be granted a 30-day option to purchase up to an additional 2.1 million shares.

The Company intends to use a significant portion of the net proceeds of the offering to acquire 816 Congress Avenue, a Class-A office building in Austin, Texas.

The property is currently under contract, and the acquisition is expected to close mid-April 2013. In addition, the Company intends to use a portion of the net proceeds to redeem in full its outstanding 7.75% Series A Cumulative Redeemable Preferred Stock.

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers for the offering.

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

Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications

IPA Arranges 366-Unit Multifamily Sale in Holladay, UT

Sandpiper Apartment Homes, Holladay, UT

HOLLADAY, UT– 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 Sandpiper Apartment Homes, a 366-unit multifamily community in Holladay, Utah.

Stan Jones
            Stan Jones, an executive vice president investments; Phil Saglimbeni, a vice president investments; and Sal Saglimbeni, a vice president investments, advised the seller, DiNapoli Capital Partners LLC. The buyer was Kennedy Wilson. 

Danny Shin, senior associate in Marcus & Millichap’s Salt Lake City office, also assisted in the marketing effort.

            “Apartment demand in the Salt Lake City metro continues to be strong, with a 110-basis point decrease in vacancy to 3.7 percent for the 2012 calendar year,” Jones says.

Phil Saglimbeni
 “Additionally, employers in the metro added 18,000 jobs, returning employment to pre-recession levels.  A healthy recovery is underway here, positioning Sandpiper for continued high occupancy and strong rent growth,” concludes Jones.

            “Situated in the city of Holladay, one of the metro’s most exclusive submarkets, this asset comprises all single-level or townhouse-style buildings, resulting in an unusually low density of 10.5 units per acre,” adds Phil Saglimbeni.

Sal Saglimbeni
“During the marketing effort, the property reached occupancy as high as 99 percent.  At the time of sale, there was a demonstrable 6 percent embedded loss-to-lease as well as a compelling value-add story through unit interior renovations. 

“Furthermore, net collections at the property were up approximately 10 percent year-over-year, through Q3, 2012,”concludes Saglimbeni.

Located at 1492 East Spring Lane with 424,358 square feet spread over 34.6 acres, the property is just east of the Van Winkle Expressway, State Route 152, in one of the MSA’s most desirable submarkets. It was constructed in five phases between 1969 and 2000, and consists of 366 units with floor plans averaging 1,159 square feet.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Marcus & Millichap Promotes Robby Pfeiffer to Associate Vice President Investments in Atlanta, GA Office

Robby Pfeiffer
ATLANTA, GA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Robby Pfeiffer to associate vice president investments.

The achievement represents excellence in the development and servicing of long-term client relationships, according to John Leonard, regional manager of the firm’s Atlanta office.

John Leonard
            Most recently a senior associate, Pfeiffer joined the firm in February 2006, was promoted to associate in June 2007 and advanced to senior associate in February 2009. He is an associate director of the firm’s National Retail Group and Net Leased Properties Group.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Broward County, FL Apartment Complex Brings $17.4 Million

Cypress Club at Woodmont, Tamarac, FL
TAMARAC, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Cypress Club at Woodmont, a 164-unit luxury multifamily complex in Tamarac, part of the Miami–Fort Lauderdale–Pompano Beach metropolitan statistical area.

Tal Frydman
The property sold for $17,400,000, which equates to $97 per square foot, $106,097 per unit and a 5.48 percent cap rate.

            Tal Frydman, vice president investments, Daniel Cunningham, senior associate, and Derek Gibbs, senior associate, all in the Fort Lauderdale office of Marcus & Millichap, represented the seller, a private investment group based in both New York and Florida. The buyer is a private investment group with offices in Connecticut, New York and Florida.

“During the course of our marketing campaign we registered 110 confidentiality agreements and conducted 29 tours,” says Frydman. “The buyer secured the transaction by putting up hard money at the signing of the contract. This provided the selling group with confidence in the buyer and we closed within 60 days,” adds Frydman.

 “The new owner is planning to renovate all of the units and take advantage of the strong rental market to increase rents.”

Derek Gibbs
Built in 1989 on 10.6 acres, the property is a gated community located in front of the Woodmont Country Club at 8161 University Drive in Tamarac, Fla.

Cypress Club at Woodmont’s apartments average 1,052 square feet and all are being operated as rentals, although 13 of the 164 units were condo converted and upgraded with new tile, granite countertops, stainless steel appliances, maple hardwood cabinets, new lighting accents, new bathroom vanities and full-size washers and dryers. 

All units have central air conditioning, walk-in closets and balconies with storage space.

The complex features a pool, Jacuzzi, sundeck area, a central leasing office, lighted tennis courts, a clubhouse, two outside children’s playgrounds and ample parking.
For a complete copy of the company’s news release, please contact:

Ben Johnson,
Marketing Director
(925) 953-1736

HFF closes sale of Staybridge Suites in Savannah, GA

Staybridge Suites Savannah Historic District, Savannah, GA

SAVANNAH, GA – HFF announced today that it has closed the sale of the Staybridge Suites Savannah Historic District, a 104-room extended-stay hotel in Savannah, Georgia.

HFF marketed the property on behalf of the seller, Savannah Hospitality Properties, LLC.  An affiliate of Noble Investment Group purchased the hotel on an all cash basis under an expedited timeframe.

                The Staybridge Suites is located at 301 East Bay Street in the heart of Savannah’s historic downtown and tourism district.  Completed in 2006, the five-story property is comprised of both historic and newly constructed buildings featuring oversized studio and one-bedroom suites as well as a restored 1870s-era banquet facility.  The offering also included an adjacent, 16,200-square-foot development site.

Holden Lim
                The HFF investment sales team representing the seller was led by senior managing director and head of the hospitality practice group Daniel Peek, managing director Holden Lim, director Max Comess, and analysts Christopher Lingerfelt and Alexandra Lalos.

                “We congratulate both Fremont and Noble on another successful transaction with HFF’s Hotel Group,” commented Peek. 

Max Comess
 “The extremely high barriers to entry in the historic district combined with strong performance at the property made this opportunity particularly attractive,” added Comess. 

Savannah Hospitality Properties, LLC is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company.  The seller was represented by the Jacksonville office of Holland and Knight.

Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector.  Through its private equity real estate funds, Noble has invested more than $2 billion in upper upscale and upscale hotels located throughout the United States. 

The organization's current real estate fund represents $310 million of equity commitments.  The buyer was represented by the Atlanta office of Morris, Manning and Martin.
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 236,710-square-foot office building in Middlesex County, NJ

1111 Durham Avenue Office Building
on border of South Plainfield, NJ and Edison, NJ

FLORHAM PARK, NJ - HFF announced today that it has closed the sale of 1111 Durham Avenue, a 236,710-square-foot office building situated on 34.5 acres straddling the border of South Plainfield and Edison, New Jersey.

Jose Cruz
HFF marketed the property on behalf of the seller, Piedmont Office Realty Trust.  M&M Realty Partners purchased the property with plans to reposition it.

1111 Durham Avenue is located along Interstate 287 at exit four, less than five miles from Route 1, the Garden State Parkway and Interstate 95.  The three-story office building, built in 1975, was previously occupied by Motorola and Prudential.

 The property features a large cafeteria, fitness center, data center, office mezzanine, helipad, tennis courts, volleyball courts and softball field.

Andrew Scandalios
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 and associate Marc Duval.

“The buyer will be looking at all options to maximize value at the property.  They have acquired a great value add opportunity in a stable market,” stated Cruz.

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 arranges $230 million in financing for The Breakers Resort in Denver, CO

The Breakers Resort, Denver, CO

IRVINE, CA – HFF announced today that it has arranged $230 million in financing for The Breakers Resort, a six-village, 1,523-unit, Class A multi-housing community in Denver, Colorado. 

Charles W. Halladay
The HFF team representing Bascom was led by directors Charles Halladay and Mark Erland and included Josh Simon, Jordan Robbins and Lee Redmond.

The HFF team worked exclusively on behalf of the borrower, The Bascom Group, LLC, to secure a $165 million first mortgage, a $26.25 million mezzanine loan, and $38.75 million of preferred equity. 

The $165 million first mortgage was a floating-rate loan and included a three-year term with two, one-year extension options that was provided through Bank of America and CIBC. 

Mark Erland
The mezzanine loan and preferred equity were provided by Prudential Real Estate Investors’ $805 million U.S. Real Estate Debt Fund.   Proceeds were used to refinance the existing mortgage and mezzanine loans that HFF had secured for the ownership in 2011, buy-out the existing institutional equity partner, and provide capital for future renovations. 

Josh Simon
Situated on 127 acres and developed by Koelbel and Company, which will retain an ownership interest, The Breakers Resort is located at 9099 East Mississippi Avenue close to Cherry Creek, the Lowry Redevelopment and a new community shopping center. 

The “strongly-performing” property is 95 percent leased and is comprised of six interconnected communities, each with their own clubhouse, surrounding a 55-acre recreational lake.

 The project has an attractive low density of 14 units to the acre and has a master clubhouse featuring a large fitness center with views of the Rockies, restaurant, business center, community room and private theater. 

Jordan Robbins
The property has 50 one- and two-bedroom floor plans averaging 1,019 square feet each.  Also included is an 18.23-acre apartment development parcel entitled for 628 units, which is one of the best remaining infill apartment sites in Denver, according to HFF.

“Bascom was able to access  mezzanine and preferred equity capital available in today’s market and obtain financing on The Breakers Resort by adding an additional parcel of developable land as collateral, resulting in a blended cost of capital of less than 5.0 percent and a combined debt yield of 6.25 percent,” said Erland. 

Lee Redmond
According to Halladay, “The overall structure limited the mezzanine financing, making it necessary to fund the remaining portion with preferred equity.  The Bank of America, CIBC and Prudential lending teams did an outstanding job of closing the loan in less than 30 days, including negotiating an inter-creditor.”

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