Tuesday, July 23, 2013

Marcus & Millichap Arranges Sale of Miami Beach, FL Citibank for $7.8 Million

Citibank building, 830 Fifth Street, South Miami Beach, FL

Marc E. Strauss
MIAMI BEACH, FL, July 23, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Citibank, a 5,150 square-foot net-leased bank located in Miami Beach, FL. The asset sold for $7,800,000 representing $1,515 per square foot.

Marc E. Strauss, a First Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller a Miami-based limited liability company.

“This Citibank branch is brand new - construction began in early 2012 and the interior tenant improvements were completed in December 2012.  Citibank signed a 15-year lease and opened for business that month.  

South Fifth Street Neighborhood, Miami Beach
The buyer of the property will benefit from its irreplaceable location and the long term appreciation with solid secure income,” says Strauss.

The bank is located on a 14,000-square foot site on the signalized corner of South Beach’s busy 5th Street and boasts the only double drive-thru for a bank facility in the area. Citibank is located at 830 5th Street in Miami Beach, FL.

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

Gregory Matus
Regional Manager
Vice President,
Fort  Lauderdale, FL
(954) 245-3400

Cousins Signs Frazier & Deeter at Promenade in Midtown Atlanta, GA

Promenade office tower, Midtown Atlanta, GA

ATLANTA — (July 22, 2013) — Cousins Properties Incorporated (NYSE: CUZ) has signed Frazier & Deeter LLC, a leading CPA and advisory firm, to a new multi-floor lease at its Promenade office tower in Atlanta’s Midtown Arts District.

Seth McDaniel
 Frazier & Deeter, the second largest independent CPA and advisory firm in Georgia and the 10th fastest growing accounting firm in the U.S. in 2012, will transform multiple floors of Promenade’s Class-A office space into its national headquarters.

 “We’re excited to bring our headquarters to Promenade,” said Seth McDaniel, Managing Partner at Frazier & Deeter. “Promenade’s great amenities and Midtown location will appeal to the top talent that we need to help grow our business. Cousins’ commitment to creating a great workplace environment is energizing and we look forward to the move.”

Larry Gellerstedt
 Cousins has completed renovations of Promenade, including a redesigned 15th street plaza and entrance, as well as a new fitness facility, chef-driven Bistro 1230 and The Bean Counter coffee shop.

 “Frazier & Deeter is a wonderful addition to the building and we look forward to a long and successful relationship,” said Larry Gellerstedt, CEO of Cousins Properties. “The re-location of another high-profile headquarters further validates our investment in Promenade.”

 In the second quarter, Cousins executed five transactions at Promenade, generating 114,000 square feet of incremental leasing activity.  The building now is 88 percent leased, up from 58 percent at the time of purchase. 

 Cousins acquired Promenade, the 774,000-square-foot Class-A office tower, in November 2011. The building still has more than 100,000 square feet of space available, including floors with great views of Midtown and its surroundings.

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

 Cameron Golden
Vice President of Investor Relations and Corporate Communications
(404) 407-1984

Beech Street Capital Closes $17.2 Million Freddie Mac Loan for Clearwater, FL Apartments

MacArthur Park apartments, Clearwater, FL

, BETHESDA, MD, JULY 23, 2013– Beech Street Capital, LLC, announced today that it closed a $17.2 million Freddie Mac CME loan for the acquisition of MacArthur Park, a 456-unit apartment complex in Clearwater, Florida. 

Mitch Sinberg
Mitch Sinberg and Michael Wallace, senior vice presidents of originations in Beech Street’s Fort Lauderdale office, originated the transaction.   The borrower was Robbins Property Associates (RPA). 

In addition to its ownership interests in apartment communities, RPA currently manages 16 properties totaling 4,000 units, primarily in Florida.

Built in 1975, MacArthur Park is a well-maintained property.  The previous owners invested over $1.6 million in capital expenditures since 2008. It offers a unit mix of one-, two-, and three-bedroom apartments. 

Michael Wallace
Approximately 35 percent are townhouses, which makes them especially attractive for families.  Unit amenities include fully equipped eat-in kitchens, large walk-in closets, linen closets, private patio/balconies, and extra storage.

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

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

Courtney Lewis
Jenifer Bernardi

Summit Plaza: Another Opportunity for New Business

Summit Plaza, Casselberry, FL

Casselberry, FL- Tracy Worrell of Crossman & Company signed a new-lease for 500 square feet at 877 West Bay Drive in Largo, FL.  Summit Plaza leased the space to Capitol Executive Holdings.

Tracy Worrell
“Capitol Executive Holdings is another example of the opportunity for new businesses to be able to open in Casselberry, FL due to the creative deals offered at the Summit Plaza,” stated Worrell.

Summit Plaza has great visibility on State Road 436 and has short term leasing opportunities available.

For more details on spaces available for lease please contact Tracy Worrell, tworrell@crossmanco.com, 407-581-6219.

Crossman & Company was founded in 1990 and is a regional shopping center brokerage firm which represents over 200 shopping centers in FL, GA, AL, TN, SC and NC.

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

Claire Pagán at

Morrison Commercial Real Estate Completes Lease Transactions totaling Over 53,000 SF in Orlando, FL

Alliance International Business Center, Orlando, FL

Lisa Bailey
 ORLANDO, FL -- Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of a office/flex lease transactions totaling 53,000± square feet at Alliance International Business Center  in Southwest Orlando.

Through the first six months of 2013, Lisa Bailey, Vice President at Morrison Commercial Real Estate, and associate Patrick Morrison, combined to lease a total of 53,000± square feet, of which 26,000± square feet is newly tenanted space, at Alliance International Business Center in Southwest Orlando’s Tourist Corridor.

Patrick Morrison
This office/flex project, located at 7001-7131 Grand National Drive, Orlando, FL, has experienced a significant increase in leasing velocity due in large part to a comprehensive re-branding campaign and the completion of several extensive capital improvement projects.

  Bailey and Morrison represented Bel-Cal Properties, Inc. (Landlord) in each transaction.

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

Gina Wade
Phone: 407.440.6651

HFF closes sale of the Ritz-Carlton Fort Lauderdale

Ritz-Carlton Fort Lauderdale, Fort Lauderdale, FL

MIAMI, FL – HFF announced today that it has closed the sale of the Ritz-Carlton Fort Lauderdale, a 166-room, luxury beachfront hotel in Fort Lauderdale, Florida.   
HFF marketed the property on behalf of the seller.  An affiliate of Miami-based Gencom purchased the property.  Ritz-Carlton will remain as manager of the property.

                Completed in 2007 as a St. Regis-branded property, the hotel was converted in 2008 to the Ritz-Carlton and features 166 rooms and suites plus 28 third-party owned condo-hotel units that participate in the resort’s rental program. 

Resort amenities include four food and beverage outlets with gourmet dining, a seventh-floor pool deck with private cabanas, more than 24,000 square feet of meeting facilities, an 8,500-square-foot spa, 24-hour business center and valet parking service. 

Manuel de Zarraga
The Ritz-Carlton Fort Lauderdale is located on the beachfront at 1 North Fort Lauderdale Beach Boulevard proximate to Las Olas Boulevard and close to Fort Lauderdale-Hollywood International Airport and Port Everglades.  The property is the only AAA Five Diamond-rated hotel in Broward County.

                The HFF investment sales team representing the seller was led by senior managing director Daniel C. Peek, executive managing director Manny de Zárraga, directors Max Comess and Paul Hsu and analyst Chris Lingerfelt. 

Max Comess
                “The trade of the Ritz-Carlton Fort Lauderdale provides further evidence of the recovery of the luxury lodging segment and increased investor appetite for high-quality oceanfront resorts,” commented Daniel C. Peek, head of the hospitality practice at HFF.  “This was an extremely complicated transaction and we congratulate all of the many stakeholders involved.”

According to Smith Travel Research data, the luxury lodging segment led the hospitality industry in the second quarter with 4.6 percent growth in average daily rates and 6 percent growth in revenue per occupied room compared to the same period in 2012. 

Paul Hsu
                 “As unquestionably the top luxury property in Broward County, the Ritz-Carlton benefits from Fort Lauderdale’s strong visitation due to expansions at Fort Lauderdale International Airport and Port Everglades, as well as tourism initiatives sponsored by the Greater Fort Lauderdale Convention and Visitors Bureau,” added Max Comess, a director in HFF’s Miami office. 

  “In particular, we were impressed with the strong turnout of international investors who would consider a major acquisition in Fort Lauderdale, rather than their traditional focus on Miami exclusively.”

                HFF’s hotel group announced the sale of the historic Haddon Hall Hotel in Miami Beach earlier this week.  Some of the firm’s previous transactions in the Fort Lauderdale market include the sale of the ground lease at the Marriott Harbor Beach Resort and Spa and the financing of both the Sheraton and Westin hotels on Fort Lauderdale Beach.
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

Perry Mesmer Joins Colliers South Florida

Perry Mesmer
FORT LAUDERDALE, FL, July 23, 2013 -- Colliers International South Florida is pleased to announce that Perry Mesmer has joined the firm as Executive Vice President of Business Development. 

Mesmer joins the South Florida team after serving as Executive Managing Director of the Colliers International New York City office for more than 15 years.

"I hope to inject my NYC business experience into the South Florida landscape," says Mesmer.

With more than 30 years of experience, Perry Mesmer has completed transactions totaling in excess of four million square feet of rentable commercial space. He specializes in tenant and landlord representation.

Stephen Nostrand
"Perry is a vastly seasoned professional. We are thrilled that the Florida sunshine brought him here from our New York office and that his experience will accelerate our client's success,' says Stephen Nostrand, CEO of Colliers South Florida.

Prior to joining the firm, Mesmer worked for Sumitomo Realty & Development (NY), Inc. and Bernstein Real Estate. During his four years as Vice President and Director of Leasing for Sumitomo, he was responsible for the performances of two New York City properties.

Prior to joining Sumitomo, Mesmer was the Senior Vice President and Director of Leasing at Bernstein Real Estate for 10 years. Mesmer is a graduate of Syracuse University.

Mesmer is a long-standing member of the Young Men's / Women's Real Estate Association. His charitable affiliations include the National Multiple Sclerosis Society, Ronald McDonald House and Susan G. Komen for the Cure.

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

Vinings Main Office Condos Sold Out in Vinings, GA

      Vinings Main office condos sold out in Vinings, GA

ATLANTA, GA, July 23, 2013 -- Jeff Pollock, CCIM and Philip Covin of Pollock Commercial have sold the last remaining office condominiums at Vinings Main

Jeff Pollock
-The 34,620 square foot, Class A building in the heart of Vinings now has 9 owners ranging from 1,000 to 10,000 square feet

-The building is part of an 18 acre mixed use project with residential and retail originally developed by Wood Partners in 2007.

-Although there was early success with office sales, overall economic conditions impacting the residential forced the project into foreclosure.

Philip Covin
-The last unit closed May 14, less than six months after Pollock Commercial was hired.

-Pollock is seeing strong sales velocity in other submarkets as well, a clear indication that activity has increased in the small office user sales niche - a segment that had been dormant for most of 2009-2011.

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

Jeff Pollock, CCIM
Pollock Commercial, Inc.
404-662-2182 office direct (NEW)
404-964-7060 mobile
154 Krog Street, Suite 135
Atlanta, GA 30307

New Apartment Complex Hits the Austin, TX Market

Lotus Village apartments, Austin, TX

AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been awarded the exclusive listing to market for sale Lotus Village, a 222-unit apartment complex in Austin. The property is being offered on a cash-to-existing-note basis.

Joe James
Joe James and Kent Myers, senior associates in Marcus & Millichap’s Austin office, are representing the seller, a regional developer.

“Constructed in 2012, Lotus Village has experienced an impressive lease-up and is currently at 98 percent occupancy,” says James.

“This infill asset is the premier apartment community in its submarket and features an upscale urban atmosphere,” adds Myers.

Kent Myers
The property located on 8.1 acres at 300 Ferguson Drive in north central Austin.

Unit interiors at Lotus Village feature faux-wood flooring, built-in computer desks, black appliances, nine-foot ceilings, linen closets, private patios/balconies and under-kitchen-cabinet lighting packages. Every unit has a full-size washer and dryer.

Community amenities include elevators, a swimming pool, a clubhouse with business center, controlled access security gates, a hot tub, a 24-hour fitness center, detached garages and covered parking. Wi-Fi is provided in the clubhouse and pool area.

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

Gina Relva
Public Relations Manager
(925) 953-1716

HFF closes sale of Washington Harbour in Washington, D.C.

Washington                                                   Washington Harbour, Washington, DC

Jim Meisel
WASHINGTON, D.C. – HFF announced today that it has closed the sale of Washington Harbour, a 557,961-square-foot, mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket.

HFF marketed the property exclusively on behalf of the seller, a joint venture between Rockpoint Group and MRP Realty.  The asset was acquired by Principal Real Estate Investors for a consortium of South Korean investors.

Dek Potts
 Simone Investment acted as the managing member of the consortium.  Principal Real Estate Investors and Hana Daol Fund Management have been appointed as asset managers.

The Arthur Cotton Moore-designed project consists of two freestanding, Class A towers that have recently undergone an expansive $50 million renovation. 

Andrew M. Weir
Included in the renovations is a new retail and street-level experience with the addition of a fountain with programmable light and water shows in the spring and summer, transforming into a 12,000-square-foot ice skating rink in the fall and winter months. 

The office space is 96 percent leased to 26 tenants such as the law firms of Foley & Lardner and Kelley Drye & Warren, as well as communications and advertising firm GMMB Inc. 

Major retail tenants include restaurants such as Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill. 

Stephen Conley
The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir, executive managing director Stephen Conley and senior real estate analyst Matt Nicholson.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

HFF arranges $21 million refinancing for biotech and data center facility in suburban Seattle, WA

Nexus Canyon Research Park, Bothell, WA

SAN DIEGO, CA – HFF announced today that it has arranged a $21 million refinancing for Nexus Canyon Park Research Center, a 152,050-square-foot biotech and data center facility in the Seattle suburb of Bothell, Washington.

Tim Wright
HFF worked exclusively on behalf of San Diego-based Nexus Properties, Inc. to secure the interest only, fixed-rate loan.

The building is located within the Canyon Park Business Center just north of Interstate 405, approximately 15 miles northeast of downtown Seattle.  Situated on 6.96 acres, the two-story property is 97 percent leased to tenants including T-Mobile, Epoch Pharmaceuticals and Acucela.

HFF’s debt placement team representing the borrower was led by senior managing director Tim Wright and associate director Zack Holderman.

“The borrower originally purchased the property completely vacant in 1999 and immediately expanded and repositioned it to accommodate laboratory and data center use.  The tremendous investment into the asset, by both the tenants and owner, made the opportunity very attractive for the lender,” commented Wright.

Founded in 1979, Nexus Properties, Inc. is a developer of high-quality corporate facilities, biotech laboratories and flex research and development properties throughout California, Washington and other markets.  www.nexusprop.com.
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

HFF closes sale of Haddon Hall Hotel and Campton Apartments in Miami Beach. FL

  Haddon Hall hotel and adjoining Campton Apartments, Miami Beach, FL
MIAMI, FL – HFF announced today that it has closed the sale of Haddon Hall, a 123-room historic, art-deco hotel, and the adjacent Campton Apartments, a 45-unit multi-housing community centrally located in Miami Beach, Florida.

Manuel de Zarraga
                HFF marketed the property on behalf of the sellers, Haddon Hall Associates, Ltd. and Campton Associates, Ltd.  The purchaser of the property was an affiliate of Rockwood Capital.  The hotel was offered unencumbered by any brand or management agreement.  Terms were not disclosed.

Haddon Hall and the Campton Apartments are situated on an approximately 1.4-acre site with frontage along both Collins Avenue and Washington Avenue, one block from Ocean Drive and Miami Beach and less than two blocks from the Lincoln Road retail and entertainment corridor.

Haddon Hall, originally constructed in 1940, was designed by world-renowned architect L. Murray Dixon and is a contributing building to the Miami Beach Architectural District, which is part of the U.S. National Register of Historic Places. 

The property features expansive indoor and outdoor public areas and offers one of the largest non-oceanfront swimming pools in Miami Beach.  The offering also included the right to expand the property by approximately 50,000 square feet of additional space.

Max Comess
                The HFF investment banking team representing the seller was led by executive managing director Manuel de Zarraga, senior managing director Daniel C. Peek, director Max Comess and senior hospitality analyst Cyrus Vazifdar.

“The sale of Haddon Hall and the Campton Apartments demonstrates the continued strength and desirability of Miami as one of the world’s most highly sought hotel investment markets,” commented Peek, who is based in South Florida and serves as head of HFF’s hospitality practice group.  “This is a great example of an institutional buyer entering the market to significantly rehabilitate a property that has an incredible location and the potential to create significant value.”

Former site of Seville Beach Resort
Comess, a director in HFF’s Miami office, adds, “The trade of Haddon Hall further solidifies our thesis that both investors and visitors to our city are moving increasingly inland and northward, closer to our world-class retail, cultural and entertainment destinations.

" We are excited for the buyer and for the future of this iconic property, which will surely become one of the most dynamic hotels in South Beach.”

HFF’s hotel group previously arranged the sale of the Seville Beach Resort on Collins Avenue at 29th Street in Miami Beach, which is in its final stages of redevelopment and will soon reopen as the Miami Beach Edition.

Cheeka Lodge and Spa, Islamorada, FL
 The group subsequently arranged the sale of the Cheeca Lodge and Spa in Islamorada, the Westin Imagine in Orlando and the Residence Inn in Coconut Grove, all on behalf of separate sellers.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

Spence Hill Associates Arranges $3.75 Million Financing for McLean, VA Retail Center

McLean Village, 8104 Old Dominion Drive, McLean, VA

FALLS CHURCH, VA, July 23, 2013 – Spence Hill Associates announced today that it has arranged $3.75 million of permanent financing for McLean Village, a 9,538 square-foot shopping center located at 8104 Old Dominion Drive, McLean, Virginia.

 Michael H. Trauberman, Managing Director of Spence Hill Associates, arranged and negotiated the financing on behalf of McLean Village, LLC of Vienna, Virginia.  The 10-year loan was placed with a Virginia-based bank, and features an initial seven-year fixed interest rate of 3.55%.

 McLean Village is a neighborhood retail center situated on the north side of Old Dominion Drive, just east of Spring Hill Road.  The fully-leased center has outstanding demographics, and is well-positioned to serve the nearby affluent neighborhoods of McLean and Great Falls. 

Tenants include Nourish Market, Gathered Stems, Modern History Collection, Dominion Village Cleaners, Pro Taekwondo Martial Arts Center, and McLean Nails & Spa.

 Mr. Trauberman commented:  “During the recent rise in interest rates, we were able to utilize a creative structure to forward lock the interest rate on the loan.  As a result, our client benefits from a very attractive, long-term fixed interest rate – one that is now significantly below market.”

 Spence Hill Associates, a real estate investment banking firm founded in 1993, arranges the financing and sale of commercial real estate, and provides financial advisory services to real estate owners, developers, and institutions throughout the United States.  Spence Hill Associates is headquartered in Falls Church, Virginia.

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

Michael H. Trauberman
Spence Hill Associates