Thursday, June 13, 2013

HFF closes sale of Class A office complex in suburban New Orleans

Lakeway Center, Metairie, LA

DALLAS, TX – HFF announced today that it has closed the sale of Lakeway Center, a three-building, Class A office complex totaling 1.22 million square feet in Metairie, Louisiana.

Jeffrey Feil
 HFF marketed the property on behalf of the seller, Equity Office Properties.  The Feil Organization purchased the property for an undisclosed amount.

“We are very pleased to close the acquisition of Lakeway Center,” said Jeffrey Feil, chief executive officer of the Feil Organization.

“It is an outstanding property, which is an ideal complement to our nearby Lakeside Shopping Center.  This transaction builds on our nearly 40-year track record of investment and job creation in the greater New Orleans community. 

“We plan to continue to maintain and upgrade Lakeway Center to ensure it remains a top-tier office destination.”

Located in the suburban market of Metairie, roughly equidistant from downtown New Orleans and the New Orleans International Airport, Lakeway is the premier office development in suburban New Orleans and one of the largest office developments in the state. 

 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 named to market for sale The Crossings of Oak Brook in suburban Chicago

The Crossings of Oak Brook, Oak Brook, IL

CHICAGO, IL – HFF announced today that it has been named to market for sale The Crossings of Oak Brook, a two-building, 303,510-square-foot office complex in the western Chicago suburb of Oak Brook.

Jaime Fink
                HFF is co-marketing the property with NAI Hiffman on behalf of the seller, The Davis Companies and Arthur Goldner & Associates.  The asset is listed without a formal asking price free and clear of existing debt. 

The Crossings of Oak Brook is comprised of 1420 and 1520 Kensington Road, three-story properties that were renovated in 2010 and feature 151,340 and 152,170 square feet, respectively.

 Building amenities include a Bright Horizons daycare facility, a recently completed 50-person conference center, a sundry shop, fitness center with shower and locker facilities, and an executive cafĂ©. 

Jeff Bramson
Overall, the properties are 90 percent leased to tenants including Readerlink, A.M. Castle & Co., Molina Healthcare and Cbeyond Communications.  The Crossings of Oak Brook is situated on more than 16 acres close to Interstates 88 and 294, IL Route 83, Oakbrook Center and Yorktown Center.

                The HFF team representing the seller is led by senior managing directors Jaime Fink and Jeff Bramson and director Mark Katz.  The NAI Hiffman team is led by executive vice president Dan O’Neill.

Mark Katz
                “The Crossings presents an excellent opportunity for investors to achieve outsized equity returns with minimal future capital requirements from exceptionally well-located, stabilized, Class A real estate,” said Katz.

The Davis Companies (, a real estate investment, development and management firm based in Boston, Massachusetts, was founded in 1976. 

On behalf of its clients, The Davis Companies has invested in approximately 140 properties representing over $2.5 billion in gross asset value, and has acquired approximately $550 million of commercial loans and real estate securities.  Today,

Daniel B. O'Neill
The Davis Companies, together with its affiliates, owns and manages a real estate portfolio of approximately 10 million square feet and is an active investor in real estate equity, debt, and fixed-income real estate securities.

Arthur Goldner & Associates, Inc. (AGA) and its affiliates comprise a complete and fully diversified real estate organization. The company provides its investors, tenants, landlords and clients with services and opportunities in all areas of the commercial real estate business.

  Since 1977, AGA, through its principals and affiliates, has successfully sponsored and acted as General Partner and Managing Member for more than 100 real estate investment partnerships and LLC’s. Additionally, AGA currently manages over 2.5 million square feet of real estate valued over $250 million.

 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 arranges $33.5 million financing for Class A office campus in Orange County, CA

Summit Phase V, Aliso Viejo, CA

IRVINE, CA – HFF announced today that it has arranged $33.5 million in financing for Summit Phase V, two Class A office buildings totaling 250,803 square feet in Aliso Viejo, California.

Kevin MacKenzie
                HFF worked exclusively on behalf of a joint venture between Parker Properties and RREEF advising a public pension plan, to secure the 2.89 percent, fixed-rate loan through a life company.  The loan was placed for an eight-year term, full term interest-only, with proceeds used to retire existing construction financing.

                Summit Phase V is comprised of 20 and 30 Enterprise Drive plus a 1,233-space, five-story parking garage. 

The properties were completed in 2007 as the fifth phase of a 1.6 million-square-foot master planned campus with a corporate hotel, dining and fitness amenities immediately adjacent to the 73 Freeway and close to the 405 and 5 Freeways in Aliso Viejo. 

Eric Tupler
Summit Phase V is 97 percent leased to tenants including Bausch & Lomb, UST Global, Marvel Semiconductor, Avanir Pharmaceuticals and The Johnny Rockets Group.

                The HFF team representing the borrower was led by senior managing directors Kevin MacKenzie and Eric Tupler with support from real estate analyst Lee Redmond IV.

                “We were amazed at how competitive the quotes were that we received through HFF’s efforts.  This is a clear indication that lenders are felling bullish on the Orange County market once again,” said Lee Redmond III, managing member of Parker Properties.

Lee Redmond IV
                “This is a good example of how accommodating the current capital markets can be for strong sponsors with high quality assets.

“ Through an extensive marketing process, we were able to generate significant interest from a variety of life companies and banks, ultimately securing terms that aligned perfectly with the sponsor’s needs.

“ This included optimizing proceeds, loan term, a low fixed-rate, full term interest-only, and flexible prepayment,” added MacKenzie.

 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 101 North Sepulveda Boulevard in El Segundo, CA

    101 North Sepulveda office building, El Segundo, CA

Michael Ross
LOS ANGELES, CA – HFF announced today that it closed the sale of 101 North Sepulveda, a 198,532-square-foot office building in El Segundo, California.

HFF marketed 101 North Sepulveda on behalf of a global investment manager.  The buyer, Menlo Equities, purchased the property for an undisclosed amount.

Paul Brindley
Located near the intersection of Pacific Coast Highway, 101 North Sepulveda is less than two miles south of Los Angeles International Airport, two miles from the Pacific Ocean and near the Interstate 105/405 interchange.

 The three-story building is 89 percent leased to Federal Express and International Rectifier and also includes a 734-space subterranean parking garage.

Richard Plummer
The HFF investment sales team representing the seller was led by senior managing directors Michael Ross, Paul Brindley and Richard Plummer and director Andrew Harper.  Eric Lastition, senior executive vice president of Colliers International, assisted as the leasing expert.

Andrew T. Harper
Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Palo Alto, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets in the western United States.

 Since its founding, Menlo Equities has acquired or developed more than 80 properties for a total cost of approximately $2.2 billion, and has developed and built more than 3.2 million square feet of high-profile office, R&D and engineering commercial real estate.

Eric Lastition

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 |

Jones Lang LaSalle Closes Sale of Buckeye Logistics Center in Southwest Phoenix, AZ for $44.3M

Buckeye Logistics Center, 6825 and 6913 W. Buckeye Road. 
Southwest Phoenix, AZ

Mark Detmer
PHOENIX, AZ,  June 13, 2013 – Only months after joining Jones Lang LaSalle's Capital Markets group, the veteran broker team of Managing Directors Mark Detmer and Bo Mills has completed the $44.3 million sale of Buckeye Logistics Center, a two-building institutional-quality industrial project in the sought-after Southwest Phoenix submarket.

Detmer and Mills represented both the seller, Principal Real Estate Investors, and the buyer, IIT Acquisitions LLC. 

Bo Mills
As the project’s exclusive leasing brokers, Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall brought the property from zero to 100 percent leased and well-positioned for sale.

“This is hands down one of the best institutional-quality projects sold in Phoenix this year,” said Detmer. “It is fully leased to five strong credit tenants, has been institutionally owned and maintained since its delivery to the market, and sits at a high profile location.

Pat Harlan
“These features—along with the submarket’s rapid absorption rate and the property’s tremendous upside potential through rent growth—create a scenario that’s extremely hard to replicate.”

Built in 2008, Buckeye Logistics Center totals 684,064 square feet at 6825 and 6913 W. Buckeye Road. The 6825 building totals 380,569 square feet on 14 acres and is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less.

Steve Sayre
The 6913 building totals 303,495 square feet on 17 acres and is fully leased to Philosophy and Kellogg. Both buildings offer state-of-the-art distribution features including 32’ clear, trailer storage and cross dock loading.

Located directly on Buckeye Road in Phoenix, Buckeye Logistics Center is minutes from Interstates 10 and 17, the 101 Freeway, and Sky Harbor International Airport.

The property is also within a six-hour drive to the Ports of Los Angeles and Long Beach. It is situated within Southwest Phoenix, which is home to more than 25 percent of the entire Phoenix industrial market inventory.
Kyle Westphall
“These are the kind of fundamentals that hit the high points of an investor’s checklist,” added Mills. “They make for long-term viability that is unrivaled in any other part of the Valley.”

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Charles Dunn Completes $12.5 Million Portfolio Sale of Two Multifamily Properties Totaling 103 Units in Highland Park Neighborhood of Los Angeles, CA

    119 North Ave. and 219 North Ave., Highland Park, Los Angeles, CA

LOS ANGELES, CA,June 13, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $12.5 million portfolio sale of two multifamily properties totaling 103 units located at 119 and 219 N. Avenue 51 in the Highland Park neighborhood of Los Angeles. The portfolio was 98 percent occupied at the close of escrow.

Hamid Soroudi
Hamid Soroudi, senior managing director, of Charles Dunn Company represented the seller, 11022 Santa Monica Blvd. L.P.  The buyer is undisclosed. The property sold at a cap rate of 6 percent.

“The Highland Park submarket is one of the hottest areas in Los Angeles to live,” said Soroudi. “The number of listings are down, and properties are seeing consistently rising prices. This buyer was able to secure a strong, value-add buy and plans on repositioning the property by doing an extensive renovation of the units and bringing the rents up to market rates.”

Both properties include controlled access, an elevator two-level subterranean parking garages. Built in 1990, 119 North Avenue 51 totals 59 units.

Highland Park neighborhood
Northeast Los Angeles, CA
Built in 1991, 219 North Avenue 51 includes 44 units. The properties are within walking distance to two Metro Gold Line stops for easy access to major employment centers (Tri-Cities, Downtown Los Angeles, and San Gabriel Valley).

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

Darcie Giacchetto
D.G. Communications, Inc.


NAI Realvest negotiates new lease agreement with compressor manufacturer for 12,320 SF of industrial space in Orlando, FL

8350 Parkline Boulevard, South Orlando, FL

ORLANDO, FL – NAI Realvest recently negotiated a new lease for 12,320 square feet of industrial space in units 18, 19 and 20 at 8350 Parkline Blvd. off Orange Avenue and McCoy Road in South Orlando. 

Quentin Caruso
 Michael Heidrich, a principal at NAI Realvest, negotiated the transaction on behalf of the landlord Parkline Properties, LLC of Columbus, Ohio. 

 Tenant Quincy Compressor of Bay Minette, Ala., one of the country’s leading designers and manufacturers of air compressors, was represented by Quentin Caruso of Lee & Associates-Central Florida.

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

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

NAI Realvest Negotiates Sale of Longwood, FL Industrial Building for $2.715 Million

1205 Sarah Street Warehouse,  Longwood, FL

Michael Heidrich
Maitland, Fla. --- NAI Realvest recently negotiated the sale of a 55,520 square foot industrial building situated on four acres at 1205 Sarah St. off SR 434 and 427 in Longwood for $2,715,000.00.

Rizwan Manji
 Michael Heidrich, a principal in the firm, negotiated the transaction representing the seller, Industrial Property Partners, Inc. of Coral Springs.

The buyer, Oasis Investments, LLC of Sanford, was represented in the transaction by Rizwan Manji of Ameriteam Realty, Inc.

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

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

Greystone Works Around Lock-out And Provides $5.2 Million To Refinance Georgia Multifamily Property

Savannah Summit Apartments, Savannah, GA

New York, NY –- Greystone, a leading national provider of multifamily and healthcare mortgage loans, announced that it has restructured a 40-year bond deal to provide a $5.2 million FHA loan to refinance Savannah Summit Apartments, a multifamily property located in Savannah, Georgia.

Betsy Vartanian
Jonathan Rosenberg, an FHA originator with expertise in tax-exempt bonds in Greystone’s multifamily lending group, structured the transaction.

 Originally financed in 2003 as a GNMA collateralized bond-deal, Greystone was able to obtain the necessary approvals to structure financing around the lock, permitting the borrower to refinance the underlying debt now, taking advantage of the unprecedented interest rate environment, well in advance of the date in which it would have been eligible for refinancing due to the lockout.

 Greystone provided a new FHA loan, through HUD’s Section 223(a)(7) program, at a substantially reduced interest rate. The new loan has the benefit of a 40-year amortization period.

Jonathan Rosenberg
This is the second restructuring of its kind that Greystone has closed recently. The other transaction was locked out until 2015 but was able to be refinanced two years earlier than previously considered possible.

 “We are thrilled to have been able to structure this unique refinancing opportunity for Ambling” said Betsy Vartanian, Head of Greystone’s FHA business.

“It is a challenge to restructure the debt before the bonds are callable. To our knowledge, no other lenders have been successful in this arena.

“Greystone was founded in 1988 with an initial objective to restructure defaulted bond deals. Our firm has extensive experience and we are able to effectively negotiate and collaborate with bondholders and all other necessary parties to waive lockout provisions.

“Moreover, this transaction was done with no significant out-of-pocket expense to the borrower”.

 Continued Vartanian, “While not widely known, we are seeing significant opportunities in the market for deals of this nature. Although only a small percentage of bonds can be restructured during the lock-out period, all borrowers should explore whether they can take advantage of this unique option.”

Greystone’s multifamily and healthcare mortgage lending group consists of over 200 individuals located in offices throughout the United States. 

For more information on Greystone’s financing solutions please visit

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

Jessica Kleinman
Account Manager
11 Broadway
18th Floor
New York, NY 10004
+1 646 395 6314  :direct
+1 646 395 6300  :main
+1 646 395 1876  :fax

Stan Johnson Co. Strengthens Houston, TX Team

Andrew Peeples
HOUSTON, TX (June 13, 2013) — Stan Johnson Company,  a leading real estate brokerage and advisory firm specializing in net-lease investment sales, announces the promotion of Andrew Peeples to Associate Director.  Since joining Stan Johnson Company in 2011, Andrew has closed over $100 million in net lease sales. 

Brett Butler
 “Andrew has played an integral part of the entire sales process.

"Excelling in building deeper relationships with current clients and developing new clients,” commented Andrew’s team Director, Brett Butler.  “Andrew is always willing to go the extra mile to make sure deals get closed.”

To contact Andrew Peeples about your next net lease investment email or to view his current listings and most recent transactions visit:

Albert Muller
Albert Muller and Jeff Jackson are the seventh and eighth brokers to join the Houston office since it opened in September 2008. 
Collectively, the Houston team has completed 150 transactions valued in excess of $656 million since its opening and $235 million in the past 12 months.
·         Albert Muller will serve as an associate director specializing in the sale and acquisition of net lease properties. 

Jeff Jackson
·         Jeff Jackson will serve as an associate working with Associate Director Reed Hudson and specialize in the sale and acquisition of net lease properties. 

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

Darcie Giacchetto
Ebeling Communications

PKF Hotel Budget Guidance for 2014: Plan for Strong Increases in Revenues and Profits

Atlanta, GA, June 13, 2013 – U.S. hotels are poised for significant gains in all the major metrics in 2014. 

R. Mark Woodworth
According to the recently released June 2013 edition of Hotel Horizons®, PKF Hospitality Research, LLC (PKF-HR), is projecting that U.S. hotels will enjoy a 7.7 percent increase in revenue per available room (RevPAR) in 2014, along with a 15.4 percent boost in net operating income (NOI).

 “We expect the factors that have inhibited lodging performance during the first half of 2013 will dissipate as the year goes on,” said R. Mark Woodworth, president of PKF-HR.  “By 2014, any uncertainty caused by fears of fiscal cliffs and sequestration should be alleviated, thus resulting in improved attitudes among hotel guests, owners and operators.”

 One lingering concern among hoteliers may be the recent rise in interest rates.  “Moody’s Analytics, our source for the economic forecasts that drive our econometric models, has been projecting a 150 basis point increase in interest rates by year end 2014. 

Accordingly, our positive lodging forecasts do incorporate any detrimental influence this may have on investments and inflation,” Woodworth noted.

 For 2014, PKF-HR is forecasting a very strong 3.3 percent growth in lodging demand, along with a projected increase in supply of just 1.0 percent.  The net result is a national occupancy level of 63.8 percent in 2014, the highest annual occupancy rate since 1997.

To purchase a June 2013 Hotel Horizons® report, please visit  Reports are available for each of 50 major metropolitan areas in the U.S., and contain five year projections of supply, demand, occupancy, ADR, and RevPAR.

 A video summarizing our June 2013 forecasts will soon be available at  To view this press release on a web page, please visit:
For a complete copy of the company’s news release, please contact:

Chris Daly
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553

Chatham Lodging Trust Prices Public Offering of Common Shares

Hyatt Place® Pittsburgh/North Shore Hotel, Pittsburgh, PA

 Palm Beach, FL,(BUSINESS WIRE)  June 13, 2013- -- Chatham Lodging Trust (NYSE: CLDT) today announced that it has priced its public offering of 4,500,000 common shares of beneficial interest, $0.01 par value per share, at $16.35 per share, for total gross proceeds of $73,575,000, prior to underwriting discounts and offering expenses.   

The offering is expected to close on June 18, 2013.  The underwriters have a 30-day option to purchase up to an additional 675,000 shares to cover over allotments, if any.

 The company will contribute the net proceeds of this offering to its operating partnership in exchange for common units of limited partnership interest in the operating partnership. 

The company’s operating partnership intends to use a portion of the net proceeds of the offering to repay debt under the company’s senior secured revolving credit facility and to fund the acquisition of the 178-room Hyatt Place® Pittsburgh/North Shore in Pittsburgh, Pennsylvania.

The company’s operating partnership intends to use any remaining net proceeds to invest in additional hotel properties in accordance with the company’s investment strategy and for general corporate purposes.

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

Daly Gray Public Relations
Jerry Daly, 703-435-6293


Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief Financial Officer

Carter Adds Lindsey Cottingham As Project Manager to oversee design and construction projects

Lindsey Cottingham
ATLANTA, GA (June 13, 2013) – Carter, one of the country’s leading real estate investment, development and advisory firms, has hired Lindsey Cottingham as project manager. Lindsey will oversee design and construction for educational clients, including facility renovations and new construction projects.

Lindsey will lead project teams consisting of design consultants, contractors and other building stakeholders to ensure high quality, timely and cost effective project outcomes. She will act as a liaison between the design team, educators and administration to coordinate designs that exceed expectations. Lindsey’s first projects at Carter will be The Lovett School’s Athletic Center and Clayton State University’s Science Building.

John Jokerst
“Carter is thrilled to add Lindsey to our education team,” said John Jokerst, senior vice president of development for Carter.

 “This addition shows Carter’s continued commitment to our program management division. With Lindsey’s public sector background, she is a perfect fit for Carter’s projects and I’m confident she’ll be a great asset to our educational clients, including both higher education and K-12 schools.”

Prior to joining Carter, Lindsey worked with the Department of Defense Education Activity (DoDEA) as Program Manager, providing design and construction oversight for school systems on multiple military installations. During her tenure at DoDEA, Lindsey was responsible for determining project scopes, ensuring architectural and engineering designs met organizational requirements and maintaining cost, schedule and quality goals.

Lindsey is a licensed Professional Structural Engineer and LEED Accredited Professional. She received her bachelor’s and master’s degrees in Civil Engineering from the Georgia Institute of Technology.

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

Tony Wilbert
The Wilbert Group