Tuesday, September 10, 2013

HFF closes sale of 15915 Katy Freeway in Houston, TX

Rendering of 15915 Katy Freeway office building, Houston, TX

HOUSTON, TX – HFF announced today that it has closed the sale of 15915 Katy Freeway, a 105,619-square-foot office building in Houston, Texas.

Dan Miller
HFF marketed the property on behalf of the seller, Downtown Properties.  Dornin Investment Group   purchased the building for an undisclosed amount free and clear of debt.

15915 Katy Freeway is located on Interstate 10 across from Park 10 Business Park, a 550-acre, master planned, mixed-use business park in Houston’s Energy Corridor.  The building is 88.7 percent leased to a diverse mix of tenants in industries such as engineering, technology, real estate, energy and healthcare.

Marty Hogan
The HFF team representing the seller was led by senior managing director Dan Miller and director Marty Hogan.

Downtown Properties, the U.S. real estate associate of Gaw Capital Partners, has been acquiring and managing real estate investments in the United States since 1991.

 Its portfolio in Los Angeles, San Francisco, New York and Hawaii comprises more than 2.5 million square feet of office buildings, hotels with more than 1,000 rooms, two 18-hole championship golf courses, a ski resort and three residential redevelopment projects. 

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 | www.hfflp.com

HFF named to market for sale student housing community near Miami University in Ohio

Level 27 Apartments, 3770 Southpointe Parkway, Concord, MA

CHICAGO, IL – HFF announced today that it has been named to market for sale Level 27 Apartments, a 216-unit/756-bedroom, Class A student housing community serving Miami University in Oxford, Ohio.

Brian Kelly
               HFF is marketing the property on behalf of the seller, Blue Vista Capital Management, LLC.  The property is expected to trade near $30 million and may be purchased free and clear of existing debt.

               Completed in 2007, Level 27 Apartments has three and four-bedroom, fully furnished units averaging 1,603 square feet each.  

Community amenities include a resort-style salt water swimming pool, three hot tubs, fitness center, tanning bed, movie theatre, computer lab, basketball and sand volleyball courts, and game room with pool table, foosball and flat screen tv. 

 The property is located at 3770 Southpointe Parkway just south of campus, and is 98 percent leased for the 2013-2014 academic year.

               The HFF investment sales team representing the seller is led by managing directors Brian Kelly and Troy Manson.

Troy Manson
               “Level 27 Apartments is one of only three purpose-built communities serving students in Oxford and beats the competition on almost every level with superior unit and community amenity offerings,” said Kelly.  “Miami University of Ohio is one of America’s eight ‘public Ivies’ and boasted a 2012 enrollment of nearly 17,000 students ensuring demand for student housing options for the foreseeable future.”

               Blue Vista Capital Management, LLC creates and deploys niche investment strategies to co-invest with successful real estate investors and developers.

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 | www.hfflp.com

HFF secures $49 million first mortgage financing for office complex in Concord, MA

Concord Meadows Corporate Center, 300 Baker Avenue, Concord, MA

BOSTON, MA – HFF announced today that it has arranged $49 million in first mortgage financing for the Concord Meadows Corporate Center located at 300 Baker Avenue in Concord, Massachusetts, a 424,815-square-foot office complex

Riaz A. Cassam

               HFF worked on behalf of the borrower, Normandy Real Estate Partners, to secure the floating-rate loan through Natixis Real Estate Capital LLC. 

               300 Baker Avenue is situated on a 70-acre site in Concord, close to Route 128 and about 20 miles northwest of downtown Boston.

 The property underwent a complete renovation in 1998 and has benefited from significant on-going capital improvements since Normandy’s purchase in 2006. 

The tenant roster is anchored by Emerson Hospital with 80,785 square feet, Welch’s with 79,695 square feet and Kayak with 29,381 square feet. 

Recently negotiated expansions and extensions by Emerson and Oxford Instruments, along with recently signed leases with Welch’s, Lexington Eye Associates and several other smaller tenants, have substantially filled the 214,000-square-foot space vacated by Dassault Systemes/SolidWorks in 2012. 

The property is currently 78 percent leased and the loan provides the additional funds required to lease the balance of the building.            

               The HFF team representing Normandy Real Estate Partners was led by senior managing director Riaz Cassum, director Porter Terry and real estate analyst Samantha Bendetson.

 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 | www.hfflp.com

Crossman & Co. Closes Sale of Northshore Town Center in Knoxville, TN

Northshore Town Center, Knoxville, TN
 ORLANDO, FL -- Senior Vice President John Zielinski along with Brian Carolan, Director at Crossman & Company, have sold Northshore Town Center, located in Knoxville, TN, to a private group.

John Zielinski
Built in 2012 on 9.21 acres, Northshore Town Center sold at an undisclosed amount in just about a year’s time. The sale of the 78,306 square foot flagship, Publix-anchored site is the first of its kind to trade as no other hybrid Publix supermarkets have been obtainable for sale. CHM, LLC a prominent real estate development firm based in Knoxville, TN was the original developer for the center.

Carolan stated that, “When Publix goes into a new market, I believe they only choose the best locations.”  It is also of note that Publix Super Markets, Inc. has been awarded as one of FORTUNE's "Most Admired Companies" from 1994 to present and has scored higher than any other supermarket for customer satisfaction in a national survey conducted by the American Customer Satisfaction Index since 1995.

Brian Carolan
“It has been a pleasure working with both the buyers and sellers on this transaction.  Publix at Northshore has been a success from day one and will continue to be a strong performing center for years to come.” said Zielinski. 

“Quickness was key in this deal. Northshore Town Center is a high-end, greatly sought after area.  This three phase mixed-use development includes a 5-acre lake, parks and more. In the next 5 years we expect to see the project complete with large national retailers and a significant footprint in the economic development in Knoxville.”

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

Claire Pagán
Marketing Specialist | Crossman & Company
3333 S. Orange Ave. Suite 201 | Orlando, Florida 32806
407.423.5400 main | 407.581.6223 direct | 352.348.3066 cell
cpagan@crossmanco.com | Web | Facebook

Hendricks-Berkadia and Dowd Properties, Inc. Negotiate $3 Million Price in Florida Sale of 80.96-Acre Callawalk Reunion Development Site on Polk-Osceola Border

Reunion development, between Osceola and Polk Counties in Central Florida

ORLANDO, FL--- Hendricks-Berkadia Real Estate Advisors, one of the nation’s largest multi-family property investment advisors, recently negotiated the $3,000,000 sale of an 80.96-acre development site located on State Road 532 across from Reunion, straddling the border between Osceola and Polk counties.

Jim Dowd
Cole Whitaker, Orlando based partner, who heads Hendricks-Berkadia in the Southeast, and Jim Dowd of Jim Dowd Properties, Inc. based in Celebration, negotiated the sale representing the seller, Capstone Resdev, LLC. 

Gene Lanton at Coastal Bay Realty LLC represented the buyers, Clarkwood Callawalk LLC, GCIW-Callawalk LLC and First American Exchange Company LLC. 

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

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


Taylor & Mathis Signs Largest Lease To Date in Downtown West Palm Beach: 40,000 Square Foot Lease to Akerman Senterfitt LLP at Phillips Point

Phillips Point office complex, West Palm Beach, FL

Brian Gale
West Palm Beach, FL Sept 10, 2013 --In the seven years he’s been the exclusive leasing agent for Phillips Point, Taylor & Mathis’ Principal, Brian Gale says Akerman Senterfitt LLC is the largest prospective tenant he has seen in the downtown West Palm Beach market. 

A few weeks ago, Akerman became the largest deal he’s done at the property.  Florida’s largest law firm signed a lease for nearly 40,000 square feet and will move its West Palm Beach office to two and a half floors at Phillips Point in about a year.

 The 12-year, $25 million deal was co-brokered by Matt Cheezem of CRESA Partners. 

Leasing activity has been brisk at the half million square foot office and retail complex, located in the heart of the West Palm Beach central business district. In July Taylor & Mathis announced the signing of two firms to 25,516 square feet of leases.  Global Capital Econometrix, LLC leased the building’s entire 18th floor of 14,516 square feet and BMO Harris Bank, a tenant at the building since 1997, signed a 10,000 square foot renewal. 

Matthew Cheezem
The location provides seamless access to Palm Beach Island, directly across from the entrance to the Royal Palm Bridge, with Ocean and Intracoastal Waterway views from all sides. The building is home to internationally recognized tenants including, Goldman Sachs, Squire Sanders, Morgan Stanley and Greenberg Taurig.  Among the complex’s amenities are banking, valet parking, concierge, Morton’s Steakhouse,

The Phillips Point Club (a penthouse level dining club), café and sundry shop, 24-hour manned security and on-site dining.

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

Brian Gale

Island Hospitality Expands Growing Footprint into 22nd State

Hampton Inn & Suites, Exeter, NH

PALM BEACH, FL,  Sept. 10, 2013—Officials with Island Hospitality, one of the nation’s largest hotel management companies, today announced that it has been engaged by Chatham Lodging Trust (NYSE:CLDT) to operate the 111-room Hampton Inn & Suites in Exeter, N.H. 

Tim Walker
This engagement extends Island’s east coast penetration to 11 states and the District of Columbia and marks the 16th Hilton-branded hotel in its growing portfolio. 

The hotel was acquired earlier this summer by Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels.

“Island has been steadily expanding its geographic footprint this year, adding new markets like Pittsburgh and now a new east coast state,” said Tim Walker, president of Island Hospitality.

“This hotel is a well-considered, strategic addition to our portfolio as it has a similar operating environment to the very successful Hampton Inn in Portland Maine which joined our portfolio earlier this year.

" It also enhances our position as one of the most prominent operators of the leading select-service hotel brands.”  

The Hampton Inn & Suites opened in August 2010 and is located in the seacoast area of southern New Hampshire.  With convenient access to Interstate 95, the LEED-certified hotel is proximate to Phillips Exeter Academy and strong corporate clients such as Timberland, Bauer, Cobham, Sig Sauer and leisure destination Hampton Beach.

Phillips Exeter Academy
The non-smoking hotel offers numerous complimentary amenities, including WiFi throughout the hotel and a daily hot breakfast.  Additionally, each room is equipped with the brand’s popular clean and fresh Hampton bed, as well as 37-inch flat screen televisions.

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

Lauralee Dobbins
Daly Gray, Inc.

Faris Lee Investments Completes $5.5 Million Off-Market Sale of Heritage Plaza in Tustin, CA

Heritage Plaza, Old Town District, Tustin, CA

IRVINE, CA, Sept. 10, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5.5 million sale of Heritage Plaza, a 14,622-square-foot retail center located in the historic Old Town District of Tustin, Calif.

Jeff Conover
Built in 2005 and located at 135, 137 and 139 W. 1st Street, the center is 92 percent occupied by a diverse mix of nine neighborhood tenants.

 Jeff Conover, senior managing director with Faris Lee Investments represented the seller, San Juan Capistrano, Calif.-based Strocher Heritage Plaza, LLC.

Matthew Mousavi, senior managing director with Faris Lee Investments, represented the buyer, Los Angeles-based AMDG Alliance. The closing cap rate was 6 percent and the price per square foot was $376.

 “Faris Lee positioned this property as a secure and stable Orange County investment,” said Conover. “This was an off-market transaction as we were able to match up an ideal 1031 Exchange buyer from Faris Lee’s proprietary FLI Exchange database.” 

Matthew Mousavi
 Faris Lee worked with Barclays Bank and the buyer to secure a favorable loan with a 30 percent down payment. Faris Lee also worked with the seller on a conduit loan defeasance with Wells Fargo Bank in order to pay off the existing loan early.

 “The buyer was attracted to the rare Orange County retail offering, ease of management, and the potential for creating additional cash flow through lease up of the property’s vacancy,” said Mousavi.

 Heritage Plaza is situated on 1.2 acres of land and is situated in a densely populated Orange County location with more than 600,000 consumers within a five-mile radius. The property is located one-half mile from the 5 and 55 freeways.

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

 Darcie Giacchetto
Spaulding Thompson & Associates

PCCP, LLC Provides $80 Million in Senior Loans to Keystone Property Group and Mack-Cali Realty Corp. JV for Pennsylvania Office Property Portfolio Acquisition

Rose Tree Corporate Center, Media, PA

New York, NY - - PCCP, LLC announced today it has provided a total of $80 million in senior loans to a joint venture between Keystone Property Group and Mack-Cali Realty Corporation, a New Jersey-based Real Estate Investment Trust (REIT).  The loans were for a portfolio of four separate office properties all located within Pennsylvania.

John Randall
Mack-Cali Realty Corporation previously owned and managed the properties, and is selling the portfolio to Keystone Property Group. Mack-Cali will retain an equity investment in each of the properties sold, and Keystone will manage future property operations.

“Keystone is an experienced owner and operator of office properties with proven success in the area,” said John Randall, senior vice president out of the firm’s New York City office.

Mike Corvasce

 “PCCP believes that providing senior loans for these properties represents a prime opportunity to lend against strong assets in their prospective markets – all of which are showing signs of recovery.”

Mike Corvasce, vice president of Keystone Property Group had this to add: “PCCP played an integral role in Keystone’s acquisition of the portfolio and was able to provide us with highly efficient and tailored debt capital in an accelerated timeframe.”

Keystone Property Group owns and manages a portfolio of $500 million of suburban office assets. Keystone has raised three private equity funds and specializes in creating value through the re-development of older office properties. Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest REITs in the U.S., owns over 260 office and flex office assets, and has a market capitalization of $5.2 billion.

Sentry Park West, Blue Bell, PA
Following is information on each of the properties:

·         4 & 5 Sentry Park, located in Blue Bell, PA consists of three suburban office buildings totaling 200,000 square feet. 
  ·         150 Monument Road in Bala Cynwyd, PA, an affluent suburb in southeastern Pennsylvania, consists of a six-story, 125,000-square-foot Class A office building.
 ·         Rose Tree Corporate Center, which is located at 1400 North Providence Road in Media, PA, includes two, mid-rise suburban office buildings totaling 260,000 square feet.
 ·         1000 Madison, in Lower Providence, PA, is a three-story, suburban office building totaling 100,000 square feet.  

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

 Darcie Giacchetto
Spaulding Thompson & Associates

Chatham Lodging Announces Monthly Dividend


PALM BEACH, FL, Sept. 10, 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 its board of trustees has declared a monthly common share dividend of $0.07 for September 2013.  The common dividend is payable October 25, 2013, to shareholders of record on September 30, 2013.

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

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

 Dennis Craven
Chatham Lodging Trust
(561) 227-1386