Wednesday, September 11, 2013

HFF arranges $53.9 million acquisition financing for a four-property office portfolio in Salt Lake City, UT

Gateway Development, Downtown Salt Lake City, UT

LOS ANGELES, CA – HFF announced today that it has arranged a $53.9 million financing for a four-property, Class A office portfolio totaling 440,708 square feet in Salt Lake City, Utah.

Paul Brindley
HFF worked on behalf of a venture between a subsidiary of a fund managed by Oaktree Capital Management, L.P. and Hines, to secure the five-year, floating-rate loan through California Bank & Trust.  The loan proceeds were used to acquire the portfolio.

Built between 2001 and 2012, the four buildings are located in downtown Salt Lake City within the Gateway development, a mixed-use urban lifestyle center that includes a total of 760,000 square feet of Class A office space and approximately 130 retail, dining and entertainment venues including the Clark Planetarium, Megaplex 12 at The Gateway, and the Discovery Gateway Children’s Museum. 

The portfolio is 93percent leased to tenants such as Ernst & Young, Barrick Gold of North America, Energy Solutions, and various government agency tenants.

The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.

 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 Greenway Plaza in Houston, TX and 777 Main in Fort Worth, TX

Greenway Plaza, Houston, TX

777 Main office complex, Fort Worth, TX
HOUSTON, TX – HFF announced today that it has closed the sale of Greenway Plaza, a 4.4 million-square-foot, Class A office complex in Houston, Texas, and 777 Main, a 980,374-square-foot Class A office property in Fort Worth, Texas.

               HFF marketed the properties on behalf of the sellers, who are affiliates of Crescent Real Estate Holdings LLC.  Affiliates of Cousins Properties Incorporated purchased the assets for an undisclosed amount. 

               According to HFF, the sale of Greenway Plaza is one of the largest real estate transactions in the city of Houston in recent times.

Elizabeth Malone
Mark Gibson
               Greenway Plaza is located adjacent to Highway 59 in Houston’s western Inner Loop, close to the Houston Galleria, Rice University, Highland Village Shopping Center and the affluent River Oaks residential area.

 The 4.4 million-square-foot office portfolio has approximately 100,000 square feet of retail space including an underground promenade with a food court, USPS post office and additional retail tenants. 

Greenway Plaza is 92 percent leased to tenants including Occidental Oil & Gas, Invesco, Transocean Offshore and ExxonMobil Corporation.

Scott Galloway
               777 Main is a 40-story office tower encompassing 980,374 square feet in the heart of the central business district of Fort Worth, Texas. 

The property is situated near Sundance Square, a 35-block commercial, residential, entertainment and retail district.

 A lobby renovation was just completed on the 95 percent leased property, which is home to tenants such as Jacobs Engineering, Frac Tech Services and Frost Bank. 

Jeffrey A. Hollinden
               The HFF investment sales team representing the seller was led by executive managing directors Mark Gibson and Scott Galloway, senior managing directors Jeff Hollinden and Trey Morsbach, director Elizabeth Malone and associate director Bill Fishel.

Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Barclays Capital and Goff Capital. 

Through its subsidiaries, Crescent owns and manages premier, Class A office buildings in Dallas, Denver and Las Vegas. 

Trey Morsbach
Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®. 

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT).  The Company, based in Atlanta, GA, primarily invests in Class A office towers located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. 

Bill Fishel
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 |

NAI Realvest negotiates new lease for 4,160 square feet of industrial space in Orlando

Regional Airport Center, 8350 Parkline Boulevard, south Orlando, FL

Michael Heidrich
 ORLANDO, FL – NAI Realvest recently negotiated a lease agreement for 4,160 square feet of industrial space at 8350 Parkline Blvd. off Orange Avenue and McCoy Road in South Orlando. 

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

 The new local tenant Unilumin LED Technology FL, LLC was represented in the lease agreement by Nick Sands of Pizzuti Management.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-461-3780 or 407-644-4142;   

NAI Realvest negotiates $3.05 Million acquisition of 14-Acre Maguire Road site in Ocoee, FL

1650 Maguire Road development site, Ocoee, FL

Matt Cichocki
Maitland, FL – NAI Realvest recently closed the $3,049,391 sale of a 14-acre bank-owned property at 1650 Maguire Road near the Florida Turnpike in Ocoee.  

 NAI Realvest principals, Matt Cichocki and Kevin O’Connor, along with senior associate Jack W. Lynch, negotiated the transaction representing the buyer, Skorman Development Corp.   The seller was Miami-based PNP Parabis VPG Lake Butler, LLC.  

Kevin O'Connor
 Buyer has received approval for the development of a 242-unit garden-style apartment community with a two-acre commercial outparcel on the property.  Permitting of the apartments is already underway and delivery is expected in approximately 18 months.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-461-3780 or 407-644-4142;   

Del Webb Stone Creek Celebration in North Florida to Welcome 1000th Homeowner

Ocala, FL--- Del Webb Stone Creek in Ocala will host a celebration to welcome its 1,000th homeowner – a couple from across the world – Wednesday, Sept. 25 in the Reunion Center Ballroom.

Sean Strickler
 Sean Strickler, vice president of sales for Del Webb in North Florida, said the event will take place between 5 to 8 p.m. with plenty of live music, dancing, and games, along with refreshments.   

 “This is a meaningful benchmark for Del Webb Stone Creek just seven years after opening,” Strickler said. 

 Dixie and Rene Tigcheler from The Netherlands have purchased the Copper Ridge Loft home design by Del Webb. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-461-3780 or 407-644-4142;   

Federal Reserve Sees Clearer Skies Ahead for Commercial Real Estate


ATLANTA, GA– While most of the country experienced a rainy summer, the Federal Reserve sees clearing skies ahead for the commercial real estate market.

Brian Bailey
 That was the consensus on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guest, Brian Bailey, a senior financial policy analyst for the Federal Reserve Bank of Atlanta, discussed banks, job creation and how Obamacare will affect commercial real estate going forward.

 Commercial real estate is beginning to experience some real vibrancy, Bailey said. Vacancy rates continue to move down, even in hard-hit sectors like retail. The uptick in online sales has caused industrial vacancies to fall as online retailers add distribution centers to fulfill higher-than-ever demand, he added.

Michael Bull
 Banks play an important role in commercial real estate, and one of the Fed’s main responsibilities is to help banks remain profitable and safe. Banks currently have about $1.4 trillion worth of commercial real estate loans outstanding on their books, Bailey said.

 The country currently is in the midst of a unique part of the business cycle, one that is driven by three factors, Bailey said. First, interest rates are relatively low, which has driven down cap rates; hence property values have increased. Second, because interest rates are low, debt-service requirements have decreased. Finally, the economy is improving, Bailey said.

 “You don’t have those three factors converge for a very long period of time, so the market has to be mindful of that,” he said. “Commercial real estate is a capital-intensive business, and at points banks have done a good job of meeting this need and turning a profit.”

 The entire show on the Fed's view of commercial real estate is available for download at The next “Commercial Real Estate Show” will be available on Sept. 12 and will feature an update on tax credits.

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

Stephen Ursery
The Wilbert Group

Gemstone Hotels & Resorts Named Management Partner for Dollywood’s DreamMore Resort in Pigeon Forge, TN


             PARK CITY, UT and PIGEON FORGE, TN, Sept.11, 2013—Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced the company has been awarded the prestigious management partner designation for Dollywood’s DreamMore Resort, located in Pigeon Forge, Tenn.

Dolly Parton
 The resort is projected to open in the summer of 2015 adjacent to Dollywood theme park and Dollywood’s Splash Country water park.

The 300-room resort hotel will be situated on a hilltop with views of the majestic Smoky Mountains, with 20 acres of grounds loaded with activities and surprises for the entire family. 

The project is part of a 10-year capital investment plan that includes more than $300 million in future development for Dolly Parton’s Dollywood properties.

An independent economic impact study commissioned by The Dollywood Company projects that Dollywood and its hospitality investments will add $150 million annually to the local economy.

 Additionally, more than $7 million in state and local taxes will be generated by the company’s 10-year investments. Approximately 2,500 jobs will be created, primarily in the hospitality and construction industries, due to the addition of the resort. 

Dollywood Theme Park

“We conducted a vigorous search to find the right management partner to help us fulfill Dolly’s dream of a developing a resort that gives families a place to reconnect and enjoy this beautiful part of our country,” said Craig Ross, president, The Dollywood Company. 

“Gemstone’s experience  in creating and managing ‘one-of-a-kind’ hotels and resorts, along with their respectful, thoughtful approach to our company’s culture and Dolly’s dream, set them apart from the others.”

Jeff McIntyre
            “Ms. Parton has a very clear vision for her DreamMore Resort, and helping bring that dream to fruition is a once-in-a-career opportunity for us,” said Jeff McIntyre, principal of Gemstone.

“We’ve been working on the programming for several months now and are confident that we’ve created something that will be unique to our industry. 

“The property will have great appeal not only for families visiting The Dollywood Parks, The Great Smoky Mountain National Park or the unique environment of Pigeon Forge, but for couples, weddings and groups of 10 to 500, as well.”

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

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

Marcus & Millichap Arranges Sale of 14-Unit Apartment Building in Fort Lauderdale, FL

Tropic Aire Apartments, 837 NE 17th Terrace, Fort Lauderdale, FL

FORT LAUDERDALE , FL, Sept. 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tropic Aire Apartments, a 14-unit apartment property located in Fort Lauderdale , FL. The asset sold for $1,500,000.

Joseph P. Thomas
Joseph P. Thomas, a Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, represented the seller, a private investor from Plantation, FL, as well as the buyer, a private investor from Boca Raton, FL.

Tropic Aire is a two-story apartment building that consists of two studio apartments, eight one-bedroom/one-bathroom units, two two-bedroom/one-bathroom units and two two-bedroom/two-bathroom units.

 The property is located just south of Sunrise Boulevard in the Victoria Park submarket of downtown Fort Lauderdale.  Tropic Aire Apartments is located at 837 NE 17th Terrace in Fort Lauderdale, 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