Wednesday, May 22, 2013

HFF secures $25.2 million financing for power center in California’s Inland Empire

                                       Ontario Gateway Center, Ontario, CA

LOS ANGELES, CA – HFF announced today that it has secured $25.2 million in financing for Ontario Gateway Center, a 220,930-square-foot power center in Ontario, California.

Paul Brindley
HFF worked on behalf of the borrower, an affiliate of Zelman Development Company and Grayburn Properties, to secure the 10-year, 3.75 percent, fixed-rate loan through Deutsche Bank. 

Ontario Gateway Center is located at 4420 Ontario Mills Parkway, directly across from the Ontario Mills Mall and just east of the Ontario airport.  Built in 1999, the property consists of 10 buildings situated on a 22.9-acre site. The 100 percent occupied property is anchored by Toys “R” Us and Babies “R” Us with Ross set to take occupancy in late 2013.

Ontario Mills Mall, Ontario, CA
The HFF team was led by senior managing director Paul Brindley and real estate analyst Steven Paskhover.   

Zelman Development Co. is a privately-owned commercial real estate development company headquartered in Los Angeles, California. 

  Founded in the early 1960’s, the company is now a diversified development/investment company with diverse holdings of retail, industrial, hotel, office and other asset classes. 

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Beech Street Capital Closes $18 Million Freddie Mac Loan for Orlando, FL Apartments


                                           Cornerstone Apartments, Orlando, FL

BETHESDA, MD – Beech Street Capital, LLC, announced today that it closed a $18.0 million Freddie Mac fixed-rate loan for the acquisition of the Cornerstone Apartments, a 430-unit garden-style apartment complex in Orlando, Florida.  

Mitch Sinberg
Senior Vice Presidents Mitch Sinberg and Michael Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated the transaction. 

 The property had been lender-owned since March 2010 and managed by a third-party management company, which had been successful in raising occupancy and enhancing overall performance.

  The borrowers are committed to increasing the economic return on the property even further, instituting a capital improvement program to eventually renovate all units.

Michael Wallace
“The borrowers’ demonstrated commitment to improving the property was a factor that weighed favorably with Freddie Mac,” says Wallace.  “This helped us accelerate the process so that they closed within the terms of their purchase and sale agreement.”

 The borrowers’ improvement plans include  kitchen and bath upgrades, installation of washer/dryers in all units, new cabinetry, countertops and fixtures, wood plank flooring, stainless appliances, ceiling fans, wood blinds, and two-tone paint as well as common area amenities including the fitness center and pool updates. 

 The fixed-rate loan has a 10-year term, two-year interest-only period, yield maintenance of 9.5 years, and a 30-year amortizing schedule.

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

 Courtney Lewis at
Jenifer Bernardi  

NAI Realvest Negotiates Office Retail and Industrial leases totaling 7,150 square feet at the Herndon Center, Winter Park Commerce and Airport Industrial Centers in Central Florida

                                    Winter Park Commerce Center, Winter Park, FL

Herndon Center, Herndon Avenue, Orlando, FL
MAITLAND, FL --- NAI Realvest recently negotiated leases totaling 7,150 square feet of office/retail, office and industrial space at in Orlando, Winter Park and Southeast Orlando.

Michael Heidrich, a principal in the firm, brokered all three transactions representing the landlords.

 Romanoff Floor Covering, Inc. of Smyrna, Ga. leased 3,000 square feet of industrial space at Airport Industrial Center, 7466 Narcoossee Rd.  Airport Investment Properties of Columbus, Ohio is the landlord. 

Michael Heidrich
 HISFO, Inc. of Orlando leased 2,800 square feet of office/retail space at the Herndon Center, 615-A and B Herndon Avenue in Orlando.  The landlord is Winter Park-based LBJ Properties.

Florida Frame House of Winter Park leased 1,350 square feet of office space at Winter Park Commerce Center where the landlord is W.F.I., LLP.  

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

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

NAI Realvest negotiates renewals, expansion leases totaling 35,060 square feet at five CommerCenters in Central Florida

                           Monroe CommerCenter South, 4150 Church St., Orlando, FL

MAITLAND, FL--- Michael Heidrich principal at NAI Realvest negotiated six lease agreements totaling 35,060 square feet of industrial space at five CommerCenters in Central Florida.

Hanging Moss CommerCenter,
6100 Hanging Moss Road, Orlando, FL
At Monroe CommerCenter South 4150 Church St., Heidrich represented the landlord in a renewal lease of 14,504 square feet with Shields Environmental Services.

 Heidrich negotiated two lease agreements in Hanging Moss CommerCenter at 6100 and 6124 Hanging Moss Rd. in Orlando representing the landlord.  Tenant  Black & Decker, Inc. represented by David Murphy of CBRE renewed a lease of 4,000 square feet  and RTR Suppliers Inc. represented by Matt Bates of Homevest Realty renewed 9,000 square feet.

Goldenrod CommerCenter,
1468 North Goldenrod Road
Southeast Orlandi, FL
 Heidrich represented the landlord at Goldenrod CommerCenter in an expansion agreement with Black Forge LLC for 4,412 square feet at 1468 N. Goldenrod Rd. in Southeast Orlando.  

 ERC General Contracting Services, Inc. renewed a lease of 1,875 square feet at 890 Carter Rd. in the Carter CommerCenter in Winter Garden.

At Poinciana CommerCenter East in Kissimmee, Heidrich represented landlord Small Bay Partners in a renewal agreement with Lube Brokers, LLC for 1,269 square feet at 1745 Business Center Lane.

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

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

Western National Property Management Selected to Handle Leasing and Management for New Hutton Companies’ Luxury Apartment Community in California’s Inland Empire

                           The Paseos at Magnolia, Riverside, CA

RIVERSIDE, CA (May 22, 2013) – Western National Property Management has been selected to handle the leasing and management responsibilities for the Hutton Companies’ recently completed 168-unit luxury apartment community, The Paseos at Magnolia, located in the city of Riverside, Calif., according to Laura Khouri, President of Western National Property Management.

Laura Khouri
The Paseos at Magnolia consists of 168 one, two and three-bedroom apartment units, offering six different floor plan options

“The Paseos at Magnolia is the only brand new, luxury apartment community in Riverside that is currently pre-leasing for 2013,” explained Khouri.

 “This unique property is a completely smoke-free environment, offering Riverside and Corona residents a new choice in apartment living. We are proud to have been selected to handle the leasing and ongoing management of an additional Hutton Companies luxury living community, which will mark a new standard in apartment living for area residents.”

Scott C. Felix, Vice President of the Hutton Companies noted that identifying the right property management firm was especially important in the completion of this luxury community.

 The Paseos at Magnolia is now pre-leasing with first move-in scheduled for early July 2013. For more information, interested renters can contact the property at 855-284-3406.
For a complete copy of the company’s news release, please contact:

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

National Retail Properties, Inc. Announces Offering Of Depositary Shares Representing Series E Cumulative Redeemable Preferred Stock

ORLANDO, FL, May 22, 2013 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it has commenced an underwritten public offering of depositary shares, each representing a 1/100th interest in a share of its newly designated Series E Cumulative Redeemable Preferred Stock.

As part of the offering, the Company also expects to grant the underwriters a 30-day option to purchase an additional 15 percent of the depositary shares initially offered.

 The Company intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "NNNPRE". 

If its application is approved, the Company expects trading of the depositary shares on the New York Stock Exchange to commence within the 30-day period after the initial delivery of the depositary shares.

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

Greystone Welcomes Andrew Warren to Affordable Housing Preservation Group

Tanya Eastwood
New York, NY – May 22, 2013 – Greystone, a leading financial services and real estate firm, has announced the addition of Andrew Warren to the firm’s affordable housing preservation division as Director of Investments. He will report to Tanya Eastwood, head of Greystone’s Affordable Housing Initiatives, and will be based out of the firm’s New York City office.

 As one of the nation’s leading providers of affordable housing recapitalization and rehabilitation transaction management services, Greystone has rehabilitated and preserved over 3,200 units, with another 7,200 in various stages of completion across the United States.

 In his role as Director of Investments, Mr. Warren will lead the group’s efforts in raising equity capital for properties through the Low Income Housing Tax Credit program, as well as securing debt and financing through various partnerships. 

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

Loretta Mock/Jessica Kleinman
+1 646 395 6300

Cooper Carry Continues to Expand Footprint of the Science + Technology Specialty Practice Group


                            Georgia Institute of Technology rendering of its planned 
                            218,000-square-foot Engineered BioSystems Building 

ATLANTA (May 22, 2013) — Cooper Carry, the internationally recognized design firm, continues to grow its Science + Technology practice, delivering facilities that promote discovery and enhance the connection between scientists, business leaders and collaborators.

Mark Jensen
The group has completed a total of 28 projects and has six under construction, totaling more than two million square feet of R&D space for clients throughout the Southeast.

 “As technology continues to advance, so do the innovative designs our Science and Technology team creates,” says Mark Jensen, principal of Cooper Carry’s Science  + Technology specialty practice group. “The state-of-the-art facilities we design are inspiring and adaptable, and fuel the kind of interaction that encourages the pursuit of new ideas.”

 Recently, the group was selected by the Georgia Institute of Technology as architect of record for the 218,000-square-foot Engineered BioSystems Building (EBB). The $100 million project, located on the university’s campus in Atlanta, will bring the College of Science and College of Engineering together for collaborative bio-engineering research. Lake Flato is the design architect for the project and McCarthy Building Group is the general contractor. Completion is slated for 2014.

Georgia Tech campus
The Engineered BioSystems Building is the first phase of a four-phase expansion for Georgia Tech’s bioscience research department. The building advances Georgia Tech’s commitment to sustainability through the implementation of several eco-friendly design features, and was designed to meet LEED Gold standards.

For a complete copy of the company’s news release, please contact:
Hadley Creekmuir
The Wilbert Group
O: 404.343.4080
C:  404.556.0010

Atlantic Station to Welcome Three Chef-Driven Eateries


                                  The Shed at Glenwood owners Todd Martin and Cindy Shera
                                  plan to open The Pig and Pearl in the fall

ATLANTA (May 22, 2013) – Atlantic Station recently announced the coming addition of three local, chef-driven eateries. The eateries are to replace the development’s chain restaurants, following the restaurant industry trend to “go local.”  

Mark Toro
 “When North American Properties took over Atlantic Station two and a half years ago, we asked the community what it wanted,” said Mark Toro, managing partner at North American Properties. “Overwhelmingly, the answer was ‘local.’ We searched until we found the perfect local, chef-driven concepts to bring to Midtown. We’re excited to become a true destination for foodies.”   

 Atlantic Station will be home to The Pig and Pearl, a smokehouse and raw bar concept; Diner, a traditional diner concept with a homemade menu; and Chick-a-Biddy, a casual chicken restaurant. 

 Owners of The Shed at Glenwood, Todd Martin and Cindy Shera, will open The Pig and Pearl later this fall. The restaurant, lead by Chef Todd Richards, will feature smoked seafood, salmon, duck, quail, trout and more for lunch and dinner. The 5,000 square foot space, a portion of the former Geisha House space, will house two smokers for hot and cold smoking techniques.

Atlantic Station
Chef Ron Eyester, owner of Rosebud and The Family Dog in Morningside, will open Diner later this year or early 2014. Diner will occupy 6,500 square feet—a portion of the former FOX Sports Grill. The restaurant will serve made-from-scratch meals seven days a week for breakfast, lunch and dinner.

 Chef Shaun Doty, owner of Bantam+Biddy in Midtown, plans to open Chick-a-Biddy in June. The restaurant’s staples will be wood-grilled chicken and fresh vegetables. The 2,400 square foot restaurant will replace The Grape space on 19th Street.

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

Leigh Taylor
The Wilbert Group
o: 404-343-0637
c: 404-263-9415

WNC Founder and Chairman Will Cooper Sr. Receives Lifetime Achievement Award from California Housing Consortium


                                  Geoff Brown (left) and Will Cooper Sr.

IRVINE, CA– WNC, a national investor in real estate and community development initiatives, announced today that its founder and Chairman of the Board, Will Cooper Sr., was honored with the Lifetime Achievement Award by the California Housing Consortium.

He received the award at the 2013 Senior Policy Forum & California Housing Hall of Fame Awards held in Sacramento on May 16.

                                              California Housing Consortium Award Winners

The Lifetime Achievement Award recognizes those individuals who have made a profound impact and demonstrated a substantial contribution toward advancing the cause of affordable housing in California. Cooper Sr. received the award as a recognized leader in affordable housing, having testified before committees of the U.S. Senate and House of Representatives regarding the sector.

“Will Cooper Sr. has dedicated his life and career to expanding and protecting affordable housing and we are proud to consider him a leader of our industry’s efforts,” said Geoff Brown, Chairperson of California Housing Consortium and President of USA Properties Fund.

Cooper Sr. is Director Emeritus of California Housing Consortium, which he cofounded in 1997 as the statewide housing advocacy organization representing a united front in a non-partisan effort to advance housing and community development across California. He founded WNC in 1971 to specialize in the development and syndication of affordable rental housing properties.

Will Cooper Jr.
“Through my father’s efforts and the organizations he supports, individuals and families of all ages across the nation have had a safer place to call home at an affordable cost for more than 40 years,” said Will Cooper Jr., President and Chief Executive Officer, WNC.

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

 Jill Swartz
Spotlight Marketing Communications
949.427-5172, ext. 701 – direct
949.485.1552 – mobile

Marcus & Millichap Names Jonathon McClellan and Kyle Baskin Senior Directors of National Manufactured Home Communities Group

Jonathon McClellan
CLEVELAND, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Jonathon McClellan and Kyle Baskin senior directors of the firm’s National Manufactured Housing Group, according to Michael A. Glass, vice president and national director of Marcus & Millichap’s National Manufactured Home Communities Group.

McClellan joined Marcus & Millichap in July 2006. He was promoted to senior associate in June 2010. During his career, McClellan has closed 48 transactions valued at more than $148.5 million.

Kyle Baskin
Baskin joined Marcus & Millichap in February 2009. He was promoted to senior associate in February 2012. Baskin has closed 26 transactions valued at more than $111 million.

            McClellan and Baskin were Marcus & Millichap’s top manufactured housing agents nationwide in 2012.

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

Ben Johnson
Marketing Director
(925) 953-1736

P:inellas County, FL Multifamily Property Brings $9.4 Million


                                   Lo Gorto Apartments, Dunedin, FL

DUNEDIN, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, arranged the sale of the Lo Garto Apartments, a 188-unit multifamily complex in the Tampa Bay Area city of Dunedin, Fla. The $9.4 million sales price equates to $50,000 per unit.

Frank Carriera
Francesco “Frank” Carriera and Michael Regan, vice presidents investments in the Tampa office of Marcus & Millichap, represented the seller and the buyer.

“Lo Garto Apartments is situated in a true in-fill location with notoriously high barriers to entry,” says Carriera. “The property’s occupancy was stabilized at the time of sale and there is potential upside to be gained through improved amenities and interior renovations.”

“Unusually spacious floor plans and proximity to world-famous beaches, major employment centers and two main thoroughfares will help ensure that demand remains high,” adds Regan.

Michael P. Regan
Located at 257 Milwaukee Ave. in Dunedin, Fla., the property is situated three miles north of Gulf to Bay Boulevard, which provides residents with access to downtown Clearwater and Clearwater Beach, and to Tampa via the Courtney Campbell Causeway.

Constructed in 1973, Lo Garto Apartments is composed of one single-story building and six two- and three-story buildings.  The unit mix features 94 one-bedroom/one-bath apartments, 82 two-bedroom/one-and-one-half-bath units and 12 two-bedroom/one-and-a-half-bath apartments. All units have central heating and air conditioning.

Community amenities include six on-site laundry facilities, a fitness center, a dog-walking area, picnic areas and a swimming pool.

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

Ben Johnson
Marketing Director
(925) 953-1736