Tuesday, June 18, 2013

MVP REIT Acquires National Headquarters of Short-Term Lender in Las Vegas, NV

LAS VEGAS, NV(June 18, 2013) – MVP REIT Inc. announced today the acquisition of an approximately 22,000-square-foot office building in Las Vegas, Nev. for $6.5 million. The acquisition of the property closed on June 14, 2013.

Mike Shustek
Located at 8860 W. Sunset Road, the two-story, single-tenant building was built in 2008 and is fully occupied by a national short-term lender, which uses the property as its national headquarters.

 The property has approximately 10 years remaining on its triple net lease, under which the tenant is responsible for the majority of the costs associated with maintaining the building.

“The acquisition of this property expands MVP REIT’s asset base and fits our acquisition criteria,” explained Mike Shustek, chairman and chief executive officer of MVP REIT. “The property is income-producing, enjoys a significant remaining lease term and is fully occupied.” 

MVP REIT financed the acquisition through the assumption of $3,966,876 in existing debt and the transfer of approximately 285,744 of MVP REIT shares to the seller at $8.865 per share.

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

Jill Swartz                                                                                                                                                                                             Spotlight Communications
(949) 427-5172 ext. 701

$33 Million Multifamily Sales in Oldsmar, FL Arranged by IPA

The Abbey at Forest Lakes Apartments
100 Old Village Way
Oldsmar, Pinnellas County, FL

OLDSMAR, FL, June 18, 2013 – 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 The Abbey at Forest Lakes, a 400-unit multifamily complex located in Oldsmar, Pinellas County, Fla. The sales price of $33,000,000 equates to $82,500 per unit.

Jamie B. May
IPA Florida executive director Jamie B. May advised the seller, Abbey Residential.  The buyer is Pacifica Companies.

            “The Abbey at Forest Lakes is a well-maintained, late ’80s constructed property situated in a high barrier-to-entry location,” says May. 

“The property has tremendous potential to add value through strategic capital investments in unit interiors and also offers the new ownership an opportunity to capitalize on rental rate increases as the apartment market enters a prolonged recovery period.”

The property is located at 100 Old Village Way, just off Tampa Road in Oldsmar, on the eastern edge of north Pinellas County.

 The immediate surrounding area includes numerous retail venues, restaurants, parks and highly rated schools. Tampa Bay employment centers including the Westshore business district, downtown Clearwater and the Gateway/Carillon district are all easily accessed from the complex.

Built in 1984, The Abbey at Forest Lakes is situated on 42 acres with five lakes and generous scenic views. The unit mix includes 136 three-bedroom/two-bath units, 232 two-bedroom/two-bath units and 32 one-bedroom/one-bath units.

Westshore business district, Tampa, FL
Amenities include two resort-style pools with sundecks, a tennis court, putting green, four laundry centers, a fitness center, car care center, sand volleyball, boat storage and several picnic and barbecue areas.

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

Ben Johnson
Marketing Director
(925) 953-1736

Concord Hospitality Named Hyatt Developer of the Year

Hyatt Place Grand Rapids-South hotel, Grand Rapids, MI

RALEIGH, N.C., June 18, 2013—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, was named Hyatt Hotels & Resorts’ Developer of the Year. 

Mark Hoplamazian
The honor recognizes a company for its hotel development in strategic locations and construction quality and efficiency.  Concord was one of only 10 companies honored at Hyatt’s global owner’s conference held in Orlando. 
“We are privileged to have a strong network of owner relationships around the world,” said Mark Hoplamazian, Hyatt’s CEO. “Concord has proven to be a valued collaborator with a strong history of quality projects.

“We thank them for their contribution to our company and for their support for our brands, and we look forward to continuing to grow together with them in ways that create mutual value.”

Concord was singled out for both its current Hyatt projects, as well as hotels under development.  As an owner, operator and developer of both Hyatt Place and Hyatt House hotels, Concord Hospitality currently manages Hyatt Place Grand Rapids-South, one of the first LEED-certified Hyatt Place hotels, in Wyoming, Mich. and Hyatt House Boulder/ Broomfield in Broomfield, Colo.

Hyatt House Boulder/Broomfield Hotel
Concord recently opened the Hyatt House in Pittsburgh and will open two more Hyatt House hotels in Raleigh, N.C., and Jersey City, N.J., as well as a Hyatt Place hotel in Miami.

 “Hyatt works with some of the most respected hotel owners and developers in the world,” said Jim Chu, senior vice president, franchise and owner relations for Hyatt.

“Concord’s demonstrated leadership in developing LEED-certified hotels puts them at the forefront of our industry.  We look forward to continuing the momentum with Concord to strengthen our representation in the full service, select service and extended stay segments in North America.”

Mark Laport
“Concord’s growth is enhanced by tremendous partnerships, like our affiliation with Hyatt,” said Mark Laport, Concord’s CEO.  “It is particularly rewarding when one of the leading hospitality companies in the world recognizes one’s work in the same breath as some of the most respected developers in our industry.

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

 Chris Daly, Lauralee Dobbins
(703) 435-6293

Commercial and Multifamily Mortgage Debt Outstanding Falls Slightly in Q1

Jamie Woodwell
Washington, DC (June 18, 2013) -- The level of commercial/multifamily mortgage debt outstanding decreased by $4.9 billion, or 0.2 percent, in the first quarter of 2013, the first quarterly decrease since the third quarter of 2011, according to the Mortgage Bankers Association (MBA).  

The $2.41 trillion in outstanding commercial/multifamily mortgage debt was $4.9 billion lower than the fourth quarter 2012 figure. Multifamily mortgage debt outstanding rose to $842 billion, an increase of $4.1 billion, or 0.5 percent, from the fourth quarter of 2012.

“After five quarterly increases, the amount of commercial and multifamily mortgage debt outstanding fell slightly in the first quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

“Banks and thrifts, Fannie Mae, Freddie Mac and FHA increased their commercial and multifamily holdings, but the balance of loans in commercial mortgage-backed securities resumed its decline.”

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

Matt Robinson
(202) 557-2727

NAI Realvest negotiates sale of industrial/flex condominium for $378,240 at South Park Business Center in Orlando, FL

South Park Business Center, Orlando, FL
Tom R. Kelley II

ORLANDO, FL — NAI Realvest recently negotiated the sale of a 2,364 square foot industrial/flex condo at South Park Business Center, 8600 Commodity Circle, Unit 106 in Orlando.

Angela Chapman
 Tom R. Kelley, II, CCIM, principal at NAI negotiated the transaction on behalf of the seller, Miami-based South Park, LLC.

HNN Investments, LLC a local privately held real estate investment firm purchased the property.  Angela Chapman of Capital Realty Group Florida represented the buyer in the transaction.

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

Beth Payan or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com      

Hendricks-Berkadia Negotiates sale of 185-unit Ravenwood Apartments in Kissimmee, FL for $8.5 million

Ravenwood Apartments, Kissimmee, FL

ORLANDO, FL--- Hendricks-Berkadia, among the nation’s largest and most active multi-family investment banking and research firms, recently negotiated the sale of Ravenwood Apartments off North John Young Parkway in Kissimmee.

Cole Whitaker, partner who heads Hendricks-Berkadia in the southeast region and associate partner Hal Warren negotiated the sale.

Sale of the property, built in 1993 with 185 apartment units on 16 acres, qualified for low housing tax credits (LHTC) financing. The average rents are $632.00.

Ravenwood Partners LLC paid $8.5 million to acquire the property from Ravenwood Partners of Kissimmee.

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

Beth Payan or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com      

Forman Capital Provides $26 Million First Mortgage for 280-unit Condominium Inventory in Panama City Beach, FL

PALM BEACH, FL -- Forman Capital, a direct lender for commercial real estate nationwide, recently funded a $26 million first mortgage secured by 280 units in the 709 unit community known as Shores of Panama located in Panama City Beach.

Brett Forman
 Brett Forman, founder and president, said the loan was utilized to refinance the existing bridge debt, and provide greater flexibility for the sponsor’s business plan.

 Forman Capital took an entrepreneurial approach to the transaction, provided flexible terms, and closed in less than 30 days.

 Forman Capital’s platform combines real estate underwriting and analysis of traditional credit metrics, with integrity and speed. Since 2004 Forman Capital has provided creative and reliable capital solutions to its middle market clients across a diverse range of real estate asset classes and transaction types.

Gulf of Mexico at Panama City Beach, FL
For a complete copy of the company’s news release, please contact::

Julie Wilson, Marketing Director, Forman Capital, LLC 561-588-0132
Brett D. Forman, President, Forman Capital, 561-588-0132
Beth Payan or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com      

PKF Survey Finds Optimism In Hotel Investments

Atlanta, GA, June 18, 2013 – Rising profits, limited supply growth and improved access to capital make 2013 and 2014 an excellent time to invest in the U.S. lodging industry.  This is the sentiment expressed by participants in the recently released 2013 edition of PKF Consulting USA, LLC’s (PKFC) Hospitality Investment Survey.

Scott Smith
 “It has been a while since we have seen such a convergence of positive operating fundamentals and a favorable, yet practical, financing environment,” said Scott Smith, MAI, vice president in the Atlanta office of PKFC.  “While opinions may vary among industry professionals regarding the cause for all the optimism, at PKFC we believe that several factors support our positive outlook for hotel real estate.”

 Due to limited supply growth, revenue per available room (RevPAR) is forecast to grow between 6.0 to 7.0 percent in most major U.S. lodging markets.

Given the strong outlook for revenue growth, net operating income (NOI) is forecast to increase in excess of 10 percent through 2015.

Interest rates for hotel development and acquisition purposes remain at historically low levels, therefore the dividend yield from a hotel investment looks very attractive given the risk.

As special servicers and banks work-out their troubled lodging assets, fewer distressed properties remain to have their loans modified or sold.
Few quality hotels are available for sale causing interested parties to bid aggressively.

Conducted in the spring of 2013, the current edition of the Hospitality Investment Survey tracks changes in investment and financing criteria over the prior 12 months.

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

Marcus & Millichap Names Bob Osbrink Regional Manager of Newport Beach, CA Office

Bob Osbrink

 CALABASAS, CA, June 18, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Bob Osbrink regional manager of its Newport Beach office, according to John J. Kerin, president and chief executive officer.

“Bob brings extensive commercial real estate sales management experience and brokerage skills to our firm, making him an invaluable resource to our agents and clients in the Newport Beach office and throughout Southern California,” says Kerin.

Prior to joining Marcus & Millichap, Osbrink held various positions at Grubb & Ellis Company spanning over 20 years, most notably as executive vice president and president of transaction services nationally, and as co-CEO upon his departure. 

John J. Kerin
While serving as regional managing director of Grubb & Ellis’s five Los Angeles County offices from 1996-2000, he successfully doubled that firm’s revenue by reorganizing management and creating a new business plan.

During his lengthy career, Osbrink has also held high-level executive positions at other major real estate firms, including the Irvine Company and Cushman & Wakefield. 

Osbrink received a Bachelor of Science degree in business administration from the University of Southern California. He was also a member of the advisory board of the Lusk Center for Real Estate at the University of Southern California for five years.
For a complete copy of the company’s news release, please contact:
Ben Johnson
 Marketing Director
(925) 953-1736

Rick Wall Promoted to Director of Property Management at Colliers International South Florida

Rick Wall
MIAMI, FL, June 18, 2013 - Colliers International South Florida is pleased to announce that Rick Wall has been appointed Director of Property Management. He is responsible for all operations of the firm's property management arm, including a portfolio of properties of office, retail, industrial and multifamily assets, including the development of new business. 

Wall had been Portfolio Manager at Colliers International South Florida.

"Rick's deep South Florida market experience and analytical skills are important strengths that benefit our clients and enhance our team," said Stephen Nostrand, CEO of Colliers International South Florida. "He excels in client-focused leadership that brings a special value-added component to accelerating the success of all of our clients."

Stephen Nostrand
Rick Wall is a 19-year property management professional with extensive experience throughout the Southeastern U.S. He holds a bachelor's degree with a concentration in accounting from the University of South Alabama.
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

Invest Atlanta Applauds Georgia Supreme Court’s Ruling Regarding Perry Bolton TAD

Georgia Supreme Court building, Atlanta, GA

ATLANTA, GA (June 18, 2013) — The Georgia Supreme Court has dismissed an appeal to a City of Atlanta bond issuance designed to spur redevelopment in the Perry-Bolton/Northwest Atlanta Tax Allocation District (TAD). The decision was unanimous.

Brian P. McGowan
 In Sherman et. al v. City of Atlanta et.al, the state's highest court ruled that appellants John S. Sherman and Christopher D. Eichler failed to prove they had standing to object to City of Atlanta’s May 8, 2012, bond validation hearing. Specifically, neither Sherman nor Eichler offered competent evidence that either was a Georgia citizen or resident of Atlanta, the court ruled.

 “We note that this is not the first time Sherman, advised by [attorney John] Woodham, chose to deny that there was a defect on his effort to intervene in a bond validation proceeding, rather than take the simple steps necessary to correct the defect,” the state Supreme Court said in its decision. “In the end, civil litigants must bear the consequences of their litigation decisions.”

John S. Sherman

This is the second time in the past month the Georgia Supreme Court has struck down challenges to tax allocation districts and bond validations involving TADs.

 “Once again, the state’s highest court has ruled in favor of the City of Atlanta and the TADs that spur redevelopment in areas that otherwise might not attract new activity that creates jobs,” said Brian P. McGowan, President and CEO of Invest Atlanta.

 The Perry-Bolton/Northwest Atlanta Tax Allocation District was established in 2002 to make possible the redevelopment of more than 500 acres in Northwest Atlanta. The TAD provides stimulus to new retail and service businesses and funding for infrastructure improvements and affordable housing in the under-developed area.

Fourth Ward Park, Atlanta, GA
“Given its location and success attracting new residents, the Perry-Bolton area of Atlanta is poised for redevelopment, and TAD funding will prove critical to its success,” McGowan said. “We applaud the Georgia Supreme Court’s action in this case..”

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

Tony Wilbert
The Wilbert Group

Englewood Construction Retail Group Builds Chicago Area’s First Ports 1961

William Di Santo
CHICAGO,IL  (June 18, 2013) – Englewood Construction, one of the country’s leading commercial construction firms, has announced its retail group has begun work on the Chicago market’s first Ports 1961, a luxury apparel retailer, in Rosemont, Ill.

“Ports 1961 chose to enter the Chicago area by locating within Fashion Outlets of Chicago,” said William Di Santo, president of Lemont, Ill.-based Englewood Construction.

“The retail world is anxiously awaiting the August 1 opening of this world-class fashion outlet mall in Rosemont.  Fashion Outlets of Chicago will be home to more than 120 leading designer and top brand retail stores, and astute retailers like Ports 1961 know the value of having a presence there.”

 Englewood is building the 2,162-square-foot store, which marks the third Ports 1961 in the United States, and Santa Monica, Calif.-based Montalbo Architects Inc. is designing the space.

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

Mark Thomton