Monday, June 3, 2013

Coral Gables, FL Landmark 550 Biltmore Completes Lobby Renovation

550 Biltmore lobby renovated in Coral Gables, FL

 CORAL GABLES, FL, June 3, 2013, Taylor & Mathis has announced the completion of the renovations to the lobby of a 550 Biltmore. Insight Design was tasked with creating a modern lobby design for the striking pyramid-shaped landmark. The design incorporates clean, modern lines in the design and furnishings.

“550 Biltmore is a Coral Gables icon.  The renovation has made this trophy building an even more desirable asset. 

"The look and feel is much more modern and fresh, as we compete for office tenants in Coral Gables,” said Brian Gale, Taylor & Mathis Principal and Managing Director.

The building is easily identified by two 12 foot bronze lions perched at the building entrance.  Anchor tenants at the 163,000 square foot office building include UBS, Cartier, Christie’s, and CNL Bank.

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

Marlene Diaz, RPA|Director of Operations – S. Florida
Office 305.267.8062

ARA Brokers the Sale of Courtney Villages Located in Lady Lake, FL, the Largest Single-Site Residential Development in the US


  Courtney Villages, Lady Lake, FL

 Lady Lake, FL (June 3, 2013) — The Orlando office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multi-housing industry, recently brokered the sale of 356-unit Courtney Villages in Lady Lake, Orlando MSA, FL.

Kevin Judd
The ARA Central and North Florida-based sales team, led by Principals, Kevin Judd and Patrick Dufour, along with Senior Vice Presidents Matt Wilcox, represented Orlando, FL-based Contravest in the $30,250,000 sale.  Jacksonville, FL-based GMC Property Management purchased the asset, which was 96% occupied at the time of sale.

GMC Property Management owns and operates multifamily properties in New York, Pennsylvania, North Carolina and Florida, with plans to add additional properties.

Patrick DuFour
The 356-unit Class “A” resort-style garden apartment community is located in the high barrier-to entry northwest section of the Orlando MSA.

 “Courtney Villages’ convenient location in immediate proximity of the The Villages’ active adult community allows residents a vast number of employment options in various high-paying fields,” said Kevin Judd, lead advisor on the transaction.

 “The property is well-positioned to benefit from the growing demand for rentals in the immediate area,” added Patrick Dufour, of ARA’s Tampa office.

Matt Wilcox
The Villages is the largest single-site residential development in the United States spanning over 26,000 acres in three adjoining counties in Central Florida.  The Villages possesses integrated mixed-use developments containing retail, office, and hotels with a planned 2.7 million square feet of space and an astonishing annual average household income of over $84,000.

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

Marti Zenor│
Director of Marketing
ARA │ Florida
750 Park of Commerce Blvd., Suite 230│ Boca Raton, FL 33487
561.988.8800 x112 Direct │ 954.205.5207 Cell │ 561.988.8810 Fax

Shuffield Lowman Renews 24,170-SF Lease at Gateway Center in Downtown Orlando, FL


                  Gateway Center, 1000 Legion Place, Downtown Orlando, FL

Greg Morrison
ORLANDO, FL (APRIL 23, 2013):  Morrison Commercial Real Estate announced that the law firm of ShuffieldLowman has renewed its lease for 24,170± square feet on the seventeenth (17th) floor at Gateway Center, located at 1000 Legion Place in Downtown Orlando.

 ShuffieldLowman is a full-service commercial law firm that was founded in October of 2003, when the firm first leased the top floor of Gateway Center.

Daniel Caligiuri
Daniel Caligiuri, Principal at CNL Commercial Real Estate, represented ShuffieldLowman in the lease renewal while Greg Morrison, Principal at Morrison Commercial Real Estate represented the Landlord.

 The Gateway Center building, an asset managed by Faison, is a 50 year old real estate investment company that oversees properties in excess of $1.5 billion.  Faison is headquartered in Charlotte, North Carolina and is active throughout the Southeast, Mid-Atlanta and Northeast regions.

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

Marylyn Tryon
Administrator and Marketing Assistant
Morrison Commercial Real Estate
255 S. Orange Avenue, Suite 1545
Orlando, Florida 32801
407.219.3500 | 407.219.3501 fax
407.440.6639 Direct Dial (Please Note)

HSA Commercial and Innovative Capital Advisors Equity Fund Acquires 92,000 SF Shopping Center in Brookfield, WI


                     Plaza 173 shopping center, Brookfield, WI

CHICAGO, IL and BROOKFIELD, WI (June 3, 2013)— A joint real estate fund formed by commercial mortgage lending specialists Innovative Capital Advisors (ICA) and Chicago-based HSA Commercial Real Estate, a full-service real estate firm, recently purchased the 92,000-square-foot Plaza 173 shopping center located at the northwest corner of Bluemound Road and Calhoun Road in Brookfield, Wis.

Timothy C. Blum
The power center, which was sold in a highly-competitive auction, is partially occupied by Dunham’s Sports, Men’s Wearhouse, Famous Footwear, and Kessler Jewelers.

Plaza 173 features strong visibility from Bluemound Road, which carries 42,900 vehicles by the center each day and is the primary retail thoroughfare in Brookfield with a critical mass of national retailers including Roundy’s Metro Market, Bed Bath and Beyond, Buy Buy Baby, Babies R’ Us, and Sports Authority. Plaza 173 is also situated one mile west of the 1.1-million-square-foot Brookfield Square Mall anchored by Boston Store, JC Penney, and Sears. 

“Plaza 173 has been under-utilized for years, but our team is in the process of creating an exciting redevelopment and leasing strategy that will allow us to capitalize on the tremendous location and market co-tenancy that this property has to offer,” said Tim Blum, executive vice president with HSA Commercial.

4201 Lien Road, Madison, WI
The acquisition of Plaza 173 is the second in the state of Wisconsin for the ICA / HSA partnership within the past year. In 2012, the joint equity fund purchased a 210,000-square-foot industrial building at 4201 Lien Road in Madison, Wis. near East Towne Mall that is fully-leased by Therma-Stor LLC, a manufacturer of dehumidifiers.

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

Mark Thomton,, (312)-267-4523    

Marcus & Millichap Arranges Sale of 836 Units in South Texas

      Carmel Manor apartments, 1001 Carmel Parkway, Corpus Christi, TX

CORPUS CHRISTI, TX, June 3, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of five multifamily properties in Corpus Christi totaling 836 units.

Joe James
The sale completes the disposition of an 11-property, 1,773-unit Corpus Christi apartment portfolio. The other six assets in the portfolio were sold previously to multiple buyers.  The terms of the sales were not disclosed. The five properties are:

Ø      ·         Briarcroft and Sky Harbor Apartments, 299 units
Ø      ·         Carmel Manor Apartments, 74 units
Ø      ·         Churchill Square Apartments, 107 units
Ø      ·         Fairway Apartments, 149 units
Ø      ·         Harper’s Corner, 207 units

             Joe James and Kent Myers, senior associates, and J. Patrick Burke, an associate, all in the Austin office of Marcus & Millichap, represented the seller, a private individual. The buyer is a Texas-based limited partnership.

Kent Myers
Briarcroft and Sky Harbor Apartments were constructed in 1971 and 1973 on approximately 23.3 acres at 7218 South Padre Island Drive. Texas A&M University-Corpus Christi, the Corpus Christi Medical Center, Del Mar College and major shopping centers are nearby. The property was 95 percent occupied at the time of the sale.

Carmel Manor Apartments is located at 1001 Carmel Parkway, near the intersection of two major thoroughfares, Staples Street and Everhart Road. Built in in 1964, the 72,549-square foot property was fully occupied at close. All units feature updated kitchen appliances and spacious floor plans with walk-in closets.

Churchill Square Apartments was constructed in 1987 on approximately 5.6 acres at 302 Western Drive with frontage on Leopard Street, the main business corridor through two of Corpus Christi’s northwest suburbs, Calallen and Annaville. All units have washer and dryer connections and fireplaces. The property was 100 percent occupied at the time of the sale.

J. Patrick Burke
Fairway Apartments was built in 1969 on 5.5 acres at 6440 Everhart Road. Units feature ceiling fans, washer/dryer connections and large kitchen pantries. Community amenities include a swimming pool, fitness room, free assigned garage parking and on-site laundry. The complex was 94 percent occupied at close.

Harper’s Corner was constructed in 1975 at 6602 Everhart Road. Community amenities include two swimming pools, a fitness room, outdoor basketball and tennis courts and three laundry facilities.  Harper’s Corner was 95 percent occupied at the time of the sale.

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

Ben Johnson
Marketing Director
(925) 953-1736

Rick Rogovin Joins The Dow Hotel Company as Vice President of Hotel Investments

Rick Rogovin

  SEATTLE, WA, June 3, 2013—The Dow Hotel Company, LLC (DHC) , a hotel ownership, investment and management company, today announced that Rick Rogovin, an executive with more than 25 years of institutional hotel investment experience, has rejoined the company as vice president of hotel investments. 

In the newly created position, Rogovin will oversee outreach efforts to institutional investors, limited partnerships, individual investors, brokers and others to form strategic alliances, negotiate partnerships and forge relationships to significantly expand Dow’s owned and joint-venture hotel portfolio.

  In addition, he will seek off-market opportunities for DHC and its partners.  He also will be responsible for analyzing new deals including market studies and related financial agreements. 

Mark Rosinsky

Rogovin will work closely with Mark Rosinsky, DHC’s senior vice president of hotel investments.

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

Jerry Daly, Chris Daly
Phone:  (703) 435-6293

US CMBS Delinquency Rate Inches Up in May Following Record-Breaking April

NEW YORK, NY -- The Trepp CMBS delinquency rate inched up modestly in May, one month after posting its lowest reading in more than two years.

The four basis point increase comes on the heels of a 47 basis point drop in April, which was also the biggest one month dip since Trepp began publishing the number in the fall of 2009. The delinquency rate for US commercial real estate loans in CMBS was 9.07% at the end of May.

The resolution of distressed CMBS loans was a major factor in driving the delinquency rate lower over the past few months.

However, loan resolutions dropped sharply in May with only $858 million in loans resolved, roughly 46% less than the amount resolved in April. The removal of these distressed loans from the delinquent assets bucket created 16 basis points of downward pressure on the delinquency number.

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

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001
(212) 741-2977

Commercial Real Estate Players Breathing a Little Easier as Economic Numbers Improve

Chicago, IL, June 3, 2013 - As the Dow broke a new record plowing
through the 15,000-mark, the economy certainly shows renewed signs of life
with the commercial realty sector as one of the main benefactors.   Nearly
every one is feeling better about the commercial markets, although many remain
guardedly optimistic about the recovery's strength.  Real estate capital
market focal points include:

*   Benchmark Indices:  As expected, improving Bull markets helped pushed
interest rates to higher levels by nearly 35 basis points.  By Memorial Day
ten-year treasuries broke through the 2%-barrier, not seen in more than a
year.  Five-year treasuries also bounced upward, hovering in the 1%-range.
Libor and prime float unchanged.

*   Cap Rates:  5% to 6% cap rates reflect credit-tenant properties with
longer leases of 10 years or more.  More typical urban properties
comfortably trade below 7%, while suburban assets and tertiary market
properties approach 8% or more.  "Yield creep" continues as the supply of
high-quality remains limited for commercial properties, forcing buyers to
search for deals in secondary locations with riskier cash flows.

*   Mortgage Rates:  Performing commercial properties are in strong demand
by lenders. Based upon ten-year permanent loans, mortgage spreads are in the
180 to 250 basis point range over treasuries, translating to interest rates
of approximately 3.75% to 4.5% -- still extremely low by any historical
standards.  Select retail, industrial and office properties, start at about
15 to 20 basis points more than multifamily assets. 

*   Leverage:  Due to the highly competitive costs of equity, many investors
are comfortable with 65% to 75% debt level in exchange for low interest
rates with prepayment flexibility.

*   New Construction:  With pricing peaking in nearly all commercial
property sectors, often approaching replacement cost levels, developers and
tenants find new construction more appealing.  In particular, tenants are
driven to high-density urban areas near public transportation.  Automobile
parking lots are shrinking, while bicycle racks grow. Lenders are responding
accordingly; life insurance companies are becoming more active with
construction - perm programs but are incredibly selective about the projects
and maintaining conservative leverage levels.

Jeanne Peck
Jeanne Peck, The Real Estate Capital Institute's director, insists, "It's an outstanding time to be a seller and an equally tough time to be a buyer.  Core and Core-Plus assets are priced to perfection, drivenby frightfully low interest rates."
The Real Estate Capital Institute(r) is a volunteer-based research
organization that tracks realty rates data for debt and equity yields.  The
Institute posts daily and historical benchmark rates including treasuries,
bank prime and LIBOR.  Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

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

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Executive Director

Crown Acquisitions and Highgate Reach Agreement with The Carlyle Group to Acquire Office and Retail Tower at 650 Madison Ave. in New York City for $1.3 Billion

                          650 Madison Ave., New York City, NY

New York, NY, June 3, 2013 – Noted retail property specialist Crown Acquisitions and Highgate, a fully-integrated real estate investment firm, are under contract with global alternative asset manager The Carlyle Group to acquire the trophy 27-story glass and steel office and retail tower at 650 Madison Avenue for a purchase price of $1.3 billion.

Stanley Chera and 650 Madison Ave.
Located in the heart of Midtown’s Plaza District, New York City’s most prestigious and exclusive submarket, 650 Madison is an iconic 600,472 square foot complex.

“650 Madison Avenue is one of the finest properties in all of Manhattan, a trophy in every sense,” said Stanley Chera, founding principal of Crown on behalf of the partnership of Crown and Highgate.

“The unmatched location – outstanding for office and retail use – and the superior quality of the asset solidify its position as a trophy for generations to come. We look forward to continuing the trend established by Carlyle of value creation and excellence in ownership.”

Adam Spies
Originally designed by prominent architecture firm Harrison & Abramovitz in 1957, 650 Madison Avenue is one block east of Central Park and adjacent to the GM Building. 
It was initially built as a ten-story, corporate headquarters for the C.I.T Corporation. 

The office tower in its current form was designed by Fox & Fowle and redeveloped by Hiro Real Estate in 1987, adding 17 floors atop the existing structure and boasting panoramic views of Central Park.

Douglas Harmon
Adam Spies and Douglas Harmon of Eastdil Secured acted as exclusive broker in this transaction.

Carlyle Realty Partners V, a $3 billion opportunistic U.S. real estate fund, made this investment in 2008.

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

HFF places loan with Brookline Bank for six-property office portfolio in Greater Boston

    Part of the Newton, MA and Needham, MA six-property office portfolio

BOSTON, MA – HFF announced today that it has placed a first mortgage loan with Brookline Bank for a six-property, 132,700-square-foot office portfolio in Newton and Needham, Massachusetts.

Greg LaBine
                HFF worked on behalf of the sponsor, The Wingate Companies to secure the fixed-rate loan.  Loan proceeds were used to retire maturing debt on the property.

                The portfolio consists of five buildings along Wells Avenue in Newton (70, 100, 150, 160 and 189 Wells Avenue) plus 72 River Park Street in Needham.

 The Wells Avenue properties are bordered by the Charles River to the west and Mount Ida College to the east, and are close to Interstate 95 and State Route 9 approximately eight miles south of downtown Boston. 

72 River Park Street is visible from State Route 128 about two and one half miles from the Newton properties.  

  Notable tenants include Buyer Advertising, NECN, Wingate, J.H. Albert, Friedman & Suvalle and Telamon Insurance.

                The HFF team representing The Wingate Companies was led by director Greg LaBine.

                “Wingate has done a superior job in keeping the properties well leased throughout their ownership of the portfolio,” said LaBine.  “Their high tenant retention rate coupled with the portfolio’s excellent location made this an attractive lending opportunity for Brookline.”

 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 |

HFF closes sale of power center in Mobile, AL

                             Mobile Festival Centre, Mobile, AL

ATLANTA, GA – HFF announced today that it has closed the sale of Mobile Festival Centre, a 380,619-square-foot power center in Mobile, Alabama.

Richard Reid
                HFF represented the seller, a joint venture between Kimco Realty Corporation and a global investment manager, in the sale of the property to Lakestar Properties. 

                Mobile Festival Centre is located at 3725 Airport Boulevard less than one half of a mile from Interstate 65.  The property is leased to tenants such as Academy Sports and Outdoors, Bed Bath & Beyond, h.h. gregg, Jo-Ann Fabric and Craft Store, Ross and Virginia College.  The center is shadow-anchored by Home Depot.

                The HFF team representing the seller was led by managing directors Richard Reid and Jim Hamilton.

Jim Hamilton
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. 

Lakestar Properties is a real estate investment company that seeks opportunistic real estate transactions for acquisition and future sale.  Lakestar has completed transactions in excess of $500 million totaling six million square feet throughout its history. 
 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 |

Colliers International South Florida Excels Through Globalization and Deep Local Relationships

Stephen Nostrand
 MIAMI, FL, June 3, 2013 - "The commercial real estate industry has evolved from a deal-driven arena to a world in which clients demand high levels of service, expertise and collaboration across all platforms," says Steve Nostrand, Chief Executive Officer of Colliers International South Florida.

"Three years ago, our company made structural changes to embrace that reality. Today this culture of collaboration rewards both our team members and the clients we advise. 

"As a result, business is growing and we are adding new team members who want to accelerate their income and careers in our collaborative environment."

Nostrand, who has seen commercial real estate evolve in South Florida during his 30-plus years in the field, credits Colliers International South Florida's deep business and community relationships as a key advantage.

"We have the global reach that our clients demand, as well as the personal relationships that make us niche players in South Florida. Real estate is a local decision and we know this South Florida market better than almost anyone."

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Downtown Fort Lauderdale and Beach Market Faces Prospect Of Condo Shortage

MIAMI, FL -- The Downtown Fort Lauderdale and Beach condo market could soon be faced with the prospect of a shortage of units - and increasing prices - barring a reversal of the current climate of rising rents, shrinking resale inventory, and few new condo developments being proposed, according to a new report from 

Some six years after the South Florida real estate market first crashed in 2007, the Downtown Fort Lauderdale condo market now has less than six months of unit inventory available for resale despite a 29 percent increase in the average resale price of a unit in the first quarter of 2013 compared to the same January through March period of 2012, according to data compiled by the licensed Florida brokerage CVR Realty™.

Industry watchers contend six months of residential resale inventory is ideal. Any less resale inventory is thought to contribute to a seller's market and stronger prices while any more inventory leads to a buyer's market and weaker prices.

"The Downtown Fort Lauderdale and Beach condo market is rapidly approaching a crossroads," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "The prospect of rising prices - and potentially even bidding wars - for condo units in the Downtown Fort Lauderdale and Beach market is possible given the current climate of strengthening rental rates, dwindling inventory, and a minimal number of newly proposed condo towers.

“ Given the lengthy lead time necessarily for new construction, the Downtown Fort Lauderdale and Beach market could be at the mercy of demanding sellers sooner than most people would probably think.

Peter Zalewski
"The question going forward is, whether the more than 4,000 rental units proposed for the Downtown Fort Lauderdale and Beach market will function as apartments or instead be converted into condominiums upon completion of construction."

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

Condo Vultures® LLC
225 Midtown Building at
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.

National Retail Properties Inc. Closes Offering of Depositary Shares Representing Series E Cumulative Redeemable Preferred Stock

Orlando, FL - National Retail Properties, Inc. (NYSE: NNN) (the “Company”) announced that it has closed an underwritten public offering of 11,500,000 depositary shares, each representing a 1/100th interest in a share of its newly designated 5.70% Series E Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary share, which reflects the full exercise of the underwriters’ option to purchase 1,500,000 additional depositary shares.

 The Company estimates that the net proceeds from the offering will be approximately $277.6 million, after deducting the underwriting discount and estimated offering expenses.  The Company intends to use the net proceeds from the offering for general corporate purposes, which may include funding future property acquisitions.

 Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and Raymond James & Associates, Inc. acted as joint book-running managers for the offering. 

RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co. Incorporated, BB&T Capital Markets, a division of BB&T Securities, LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., Capital One Southcoast, Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. acted as co-managers for the offering.

 National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2013, the company owned 1,636 properties in 47 states with a gross leasable area of approximately 19.3 million square feet.

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