Tuesday, June 11, 2013

Capital Square Realty Advisors Acquires Ashford Club Apartments in Tallahassee, FL


 Ashford Club Apartments, 2055 Thomasville Road, Tallahassee, FL

TALLAHASSEE, FL (June 11, 2013) – Capital Square Realty Advisors LLC announced today that the company has acquired Ashford Club Apartments, a 102-unit multifamily community in Tallahassee, Fla., on behalf of an affiliated entity. 

Louis Rogers
Ashford Club Apartments is located at 2055 Thomasville Road in the affluent neighborhood of Betton Hills.

The approximately 6.5-acre property includes five three-story buildings offering one- and two-bedroom apartments ranging in size from 750 to 1,000 square feet of space, with private patios and balconies. The property also includes a community clubhouse equipped with a full kitchen, fireplace and wet bar.

“Ashford Club Apartments is located in an upscale area with numerous amenities,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

Yogi H. Singh
 “The property is fully occupied with a waiting list, boasts a 96 percent positive rating on ApartmentRatings.com and has the potential to deliver strong, consistent cash flow.”

Property amenities include a swimming pool and spa, with a sundeck and Wi-Fi, indoor climate-controlled racquetball court, tennis court, playground, dog park, resident business center and full fitness center. 

The surrounding neighborhood includes office buildings, the Tallahassee Mall, Governor’s Square Mall, Tallahassee Memorial Healthcare, Tallahassee Community Hospital and Betton Hills Nature Center. 

Originally constructed in 1988 and recently renovated, Ashford Club Apartments was 100 percent occupied at the time of the acquisition.

“We are pleased with the results of an exhaustive search by Capital Square Management’s acquisition team and look forward to the continued success of Ashford Club Apartments,” said Yogi Singh, senior vice president, acquisitions and business development of Capital Square Management, an affiliate of Capital Square Realty Advisors. 
For a complete copy of the company’s news release, please contact:

Jill Swartz                                                                            
Spotlight Marketing Communications                    
949.427.5172, ext. 701 – office                                   
949.485.1552 – cell                                                            

Is Housing Demand Moderating in Big Cities? Prices Jump 16.4%, But New Listings Outpace Pending Sales, Reports ZipRealty

             San Francisco's Golden Gate Bridge

EMERYVILLE, CA, June 11, 2013 − ZipRealty’s new Housing Trends Report showing a 16.4% year-over-year increase in median home prices in 24 metros, according to MLS data. The median home price in these metro areas rose to $262,409 as of April 30, 2013.

Lanny Baker
“We’re seeing sales close quickly – in 32 days on average – at nearly full listing price or 98.9% of their asking price,” says ZipRealty CEO and President Lanny Baker. “In fact, homes are selling at 100% or more of their list price in nine cities we analyzed, and in two weeks or less in six cities we analyzed,” he notes.

“Mindful comments about another housing bubble deserve attention. But more than anything else, buyers and sellers in the market today are in agreement: Homes are moving fast and the gap between what sellers are asking and what buyers are willing to pay is small,” Mr. Baker says.

 “We’re starting to see more new listings coming to market, with 8% more new listings in April 2013 than in April 2012. 

"However, the heated pace of recent buyer activity means overall inventory levels are still 30% lower than this time last year.”

·         The San Francisco Bay Area, Las Vegas, Orange County, Sacramento and LA have seen the biggest increases in median sales prices on a YOY basis as of April 30, 2013.
For a complete copy of the company’s news release, please contact:

Stacey Corso

Ed Murray Joins Marcus & Millichap Capital Corp. as Director

Ed Murray
ORLANDO, FL – Marcus & Millichap Capital Corporation (MMCC) has named Ed Murray associate director in the firm’s Orlando office, according to William E. Hughes, senior vice president and managing director of MMCC.

            In his new position, Murray will arrange debt financing for all types of commercial real estate assets, including multifamily, hospitality, retail, and office and industrial properties.

“Ed has a strong background in finance and financial structuring with more than 14 years of experience,” says Hughes. “His knowledge will be of great value to our clients in Orlando and throughout the Southeast.”

William E. Hughes
             Prior to joining MMCC, Murray was vice president with First Trade Union Bank in Boston.  He was also the principal of CBD Ventures LLC in Walpole, Mass., a vice president of Anglo Irish Bank, Eastern Bank and Washington Mutual, all located in Boston.

Murray graduated magna cum laude from Suffolk University, Sawyer School of Management, where he earned a Bachelor of Science in Business Administration. He also earned a Master of Business Administration from F.W. Olin Graduate School of Business at Babson College.

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

Ben Johnson
Marketing Director

(925) 953-1736

Springhill Suites by Marriott Sale in Woodway, TX Arranged by Marcus & Millichap

Marriott’s SpringHill Suites Waco Woodway, Woodway, TX

David Greenberg
WOODWAY, TX June 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Marriott’s SpringHill Suites Waco Woodway, a four-story, 82-room premier hotel located in Woodway, Texas, part of the Waco metropolitan statistical area.

Chris Gomes, a senior associate, and Skyler Cooper, an associate, both in Marcus & Millichap’s Dallas office, and David Greenberg, a vice president investment in the firm’s Fort Lauderdale office, represented the seller, a Texas based investor.
Jonathan Ruprai

Senior associate Allan Miller of Marcus & Millichap’s San Antonio office and associate Jake Gaddy, of the firm’s Austin office, also provided representation to the seller.

Jonathan Ruprai, a senior associate in Marcus & Millichap’s Tampa office represented the buyer, an investment group from Ohio.

            “The hotel was originally built as a Best Western Atrea in 2009 and was converted to SpringHill Suites Waco Woodway in December 2011,” says Gomes. “Since the conversion to a Marriott franchise, the revenue has continued to increase, providing an exceptional opportunity for the new owners.”

Chris Gomes
            “This transaction speaks to the power of the Marcus & Millichap platform,” says Greenberg. “The listing team was located primarily in Texas, the buyer’s agent is in the firm’s Tampa office and the investor is based in Middlebury Heights, Ohio. Our culture of information sharing was instrumental in arranging an agreement that was amenable to all parties,” concludes Greenberg.

Jake Gaddy
SpringHill Suites Waco Woodway is located at 200 Colonnade Parkway and benefits largely from the corporate room night demand generated by companies such as L3 Communications and Coca-Cola.

In addition, Baylor University is situated approximately seven miles from the hotel and various leisure and entertainment venues are also situated nearby.

Allan Miller
            Amenities include two meeting rooms, a full-service bar, an indoor swimming pool and spa and a fitness center.

            SpringHill Suites Waco Woodway is the 36th individual sale of a hospitality asset brokered by Marcus & Millichap’s National Hospitality Team in 2013.  

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

Ben Johnson
Marketing Director

(925) 953-1736

$14.6 Million Five-Property Multifamily Portfolio Trades Hands in South Florida


                    Part of a five-property multifamily portfolio in North Miami, FL

Still Hunter III
NORTH MIAMI, FL, June 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Royal Properties Portfolio, a group of five multifamily properties in North Miami totaling 233 units. The $14,650,000 sales price equates to $62,876 per unit. The five properties are:

  • ·         Royal Courtyard, 13020 NE 6th Ave., 24 units
  • ·         Royal Village, 13055 NE 6th Ave., 51 units
  • ·         Royal Place, 14050 NE 6th Ave., 55 units
  • ·         Royal Vista, 400 NE 137th St., 59 units
  • ·         Royal Point, 1525 NE 125th St., 44 units
Evan P. Kristol
Still Hunter III and Evan P. Kristol, both senior vice presidents investments, and Felipe J. Echarte, vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, TCRG North Miami, LLC, managed by CFH Group, LLC.

 Hunter, Kristol and Echarte, along with Mark Thompson, a senior associate in Marcus & Millichap’s Orlando office, represented the buyer.

“The Royal Properties Portfolio includes stabilized, extensively renovated assets in ideal North Miami locations,” says Hunter. 

  “As a result of the strengthening market and the extent of the renovations, the new owner is positioned to enjoy a significant competitive advantage in the marketplace, allowing them to command premium rents and attract quality residents.”
Felipe J. Echarte

 “With the financing options available in today’s low interest rate environment, the properties should offer double-digit cash-on-cash returns from day one with substantial future upside,” adds Kristol.

“The five buildings are located near one another and enjoy outstanding access and proximity to the various attractions, amenities, employment and education opportunities found in the immediate submarket as well as in the rest of South Florida,” concludes Echarte.

The communities were all built between 1964 and 1971 of concrete block with stucco exteriors. Each property received extensive renovations in 2011-2012, including all new appliances in every apartment and new air conditioning units, hot water heaters, countertops and cabinetry in most apartments.

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

Ben Johnson
Marketing Director

(925) 953-1736

Marcus & Millichap Promotes Ronnie Issenberg to Associate Vice President Investments in Miami Office

Ronnie Issenberg

 MIAMI, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Ronnie Issenberg to associate vice president investments.

“The achievement represents excellence in the development and servicing of long-term client relationships,” says Kirk A. Felici, first vice president and regional manager of the firm’s Miami office.

Kirk A. Felici
Most recently, Issenberg held the title of senior associate.He is a director of the firm’s National Retail Group.

Issenberg began his career with Marcus & Millichap in March 2006 and was named senior associate in June 2010.

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

 Ben Johnson
Marketing Director

(925) 953-1736

Chatham Lodging Signs Agreement to Acquire Hyatt Place Downtown Pittsburgh


                             Hyatt Place Pittsburgh North Shore Hotel, Pittsburgh, PA

Jeffrey H. Fisher
PALM BEACH, Fla., June 11, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that it has entered into an agreement to purchase the 178-room Hyatt Place® Pittsburgh/North Shore in Pittsburgh, Pennsylvania for a cash purchase price of $40 million, plus customary pro-rated amounts and closing costs.   

The Pittsburgh Hyatt Place opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next door to PNC Park (home of the Pittsburgh Pirates) and near such attractions as Heinz Field (home of the Pittsburgh Steelers), the Andy Warhol Museum, the Carnegie Science Center and the National Aviary. 

  The Pittsburgh Hyatt Place is also proximate to Fortune 500 employers such as Alcoa, Del Monte Foods, PNC Financial, U.S. Steel and Heinz.

PNC Park, Pittsburgh, PA
Upon completion of the acquisition, the Pittsburgh Hyatt Place will be managed by Island Hospitality Management, or IHM, which is 90% owned by Jeffrey H. Fisher, Chatham’s Chairman, President and Chief Executive Officer.

 Chatham expects that the acquisition of the Pittsburgh Hyatt Place will close by June 17, 2013.  

Additionally, Chatham  announced that it anticipates its 2013 second quarter revenue per available room, or RevPAR, will be further impacted by renovations in connection with the Company’s rebranding of the former Doubletree Guest Suites hotel in Washington D.C. to a Residence Inn by Marriott, which Chatham expects to complete in the third quarter of 2013. 

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

Jerry Daly                                                                                   
Daly Gray Public Relations                                                   
(703) 435-6293                                                                          

Dennis Craven
Chief Financial Officer
(561) 227-1386

Ackerman & Co. Announces Net-leased CVS Sale in West Virginia

   CVS Pharmacy, Parkersburg, W.VA

Jason Powell
PARKERSBURG, W.VA  – Ackerman & Co. continues with its winning formula to dispose of net-leased drugstores. Jason Powell, vice president of brokerage at Ackerman, has arranged the sale of another single-tenant CVS pharmacy; this time, a 10,125-square-foot store in Parkersburg, W. Va. which sold for approximately $2.4MM.

The net-leased CVS, built in 2000, was sold by a Pennsylvania-based Trust to Arctrust Equities, LLC., out of New Jersey in an all-cash deal within 45 days.

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

 Fara Wilson, VP of Marketing
770. 913.3904  |  fwilson@ackermanco.net

Taylor & Mathis of Florida’s John O’Neil Closes Seven Office Lease Transactions in South Florida Totaling 81,786 SF


Commons on Sunset office building, 9360 Sunset Drive, Miami, FL

MIAMI, FL -- Taylor & Mathis of Florida Managing Director of Leasing, John O’Neil, has closed seven office lease deals totaling 81,786 square feet year-to-date. The value of the lease transactions exceeds $19 million.

9350 Sunset Drive, Miami, FL
“Tenants are taking advantage of market conditions to upgrade the quality of their space at the same or better financial terms,” stated O’Neil. “The “tire kicking” phase is over and companies realize that lease concessions will be drying up in the next 12 to 18 months.”

 The properties include Commons on Sunset, 9350 Sunset Drive, 9350 Financial Centre, Airport Executive Tower 1. Airport Executive Tower I, Aventura Corporate Center II and 404 Washington.
For a complete copy of the company’s news release and lease details, please contact:
John O'Neil (305) 205-1326  |  joneil@taylormathis.com
Managing Director- Leasing  |  Taylor & Mathis of Florida, LLC www.TaylorMathis.com


X Team Partner Florida Retail Partners Brokers Bloomingdale Square BurgerMonger® Lease

       Bloomingdale Square Shopping Center, Brandon, FL

Kalyn K. Brandewie
TAMPA, FL June 11, 2013 — Florida Retail Partners, an X Team partner brokered a 2,988 square foot lease for BurgerMonger® to open its third Tampa Bay Area restaurant in Brandon’s Bloomingdale Square shopping center.

 The local chain opened its first restaurant in 2011 in Carrollwood followed by a Wesley Chapel location. The Brandon location is the fourth restaurant for the chain with the third opening earlier this year in Willow Grove, PA.

Cary Anderson
 Kalyn Brandewie, Founding Partner with Florida Retail Partners represented BurgerMonger® while co-broker Cary Anderson with Regency Centers represented the landlord. 

We rise above the competition to feature the best, most flavorful ingredients,” said BurgerMonger® General Partner, Jake Hickton. “No other restaurant touting Kobe beef comes close to this 100% pure Japanese beef. Our beef is 2 to 3 grades above USDA Prime and is arguably the healthiest ground beef on the planet.”

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

Kalyn Brandewie
Lisa Deptula