Thursday, November 7, 2013

Construction Underway for HSA Commercial’s 220,000 SF Industrial Spec Project near Indianapolis, IN

Rendering of planned spec 220,000-SF industrial building in Gateway Business Park
1025 Columbia Road, Plainfield, IN

Jack Shaffer
CHICAGO, IL and INDIANAPOLIS, IN— Jack Shaffer, chairman and founder of HSA Commercial Real Estate, announced that construction has commenced on a 220,000-square-foot speculative industrial building the firm is developing in partnership with Great Point Investors LLC in the Gateway Business Park at 1025 Columbia Road, Plainfield, Ind.

Crews from the project’s general contractor, Fishers, Ind.-based Meyer Najem, are in the process of completing the mass earthwork and site utilities and will be erecting the wall panels next month.

 “Since Meyer Najem built the other two buildings at the Gateway Business Park, as well as the build-to-suit for the FAA (Federal Aviation Administration) just south of our site, they are familiar with Plainfield requirements and have moved very quickly so far,” said Craig Phillips, executive vice president of development with HSA Commercial.

Craig Phillips
“As long as we maintain this pace, we should have all of the walls up for the building shell by the end of the year.”

 Located on 13 acres immediately southwest of the Indianapolis International Airport, the freeway-visible industrial building at Gateway Business Park will feature 32’ clear heights, 24 truck docks, four drive-in doors, 155 parking spaces and quick access to Interstate 70 with convenient connectivity to the rest of the regional interstate system.

Delivery of the project is scheduled for spring 2014.

 “The Indianapolis market has been active for spec development, but our project is unique because it targets smaller users between 40,000 and 100,000 square feet,” said Robert Smietana, vice chairman and CEO of HSA Commercial.

Robert Smietana
 “We have been encouraged by the amount of interest in our development so far from that category of tenants, especially at such an early stage in construction.”

Terry Busch and John Hanley of CBRE have been selected to represent HSA Commercial and its joint venture partner, Great Point Investors LLC, in the project leasing.
For a complete copy of the company’s news release, please contact:

Mark Thomton

Multi Housing Advisors Brokers $20.2 Million Sale of 324-Unit Apartment Community in Metro Atlanta

Aslan on the River, Jonesboro, GA

Joshua Goldfarb
ATLANTA, GA— Multi Housing Advisors (MHA) has brokered the $20.2 million sale of Aslan on the River, a 324-unit apartment community in the Atlanta suburb of Jonesboro, Ga.

 Josh Goldfarb, co-founder and co-managing partner of MHA, represented the seller and was the only broker involved in the deal. Hamilton Point Investments, based in Old Lyme, Conn., purchased the community, which was built in 2001.

 “As 2013 nears completion, investor interest in the metro Atlanta and southeastern U.S. apartment markets remains very strong,” Goldfarb said.

“With interest rates in check, the economy improving and job growth picking up, household formations are increasing and that means this sector, which has performed so well over the past several years, will continue to thrive. We expect to see investment sales continue at a brisk pace for multifamily assets of all types.”

Concepts 21-Roswell, GA community

With the Aslan on the River transaction, MHA’s Atlanta office has completed $160 million in investment sales this year. MHA, which also has offices in Birmingham, Ala., and Charlotte, N.C., and completes transactions throughout the South, is aiming to close 100 transactions in 2013.

 Earlier this fall in metro Atlanta, MHA brokered the $15.6 million sale of Concepts 21-Roswell, a 304-unit community in Roswell, Ga., and the $5.8 million, off-market sale of Wynscape, a 272-unit community in Chamblee, Ga.

 AH Capital, a Los Angeles-based investor, bought Concepts 21-Roswell from Atlanta-based ECI Capital, while New York-based Varden Capital purchased Wynscape from Atlanta-based J.C. Gay. MHA represented the sellers in both transactions and was the only broker involved in the deals.

Wynscape Apartments, Atlanta, GA
MHA recently expanded its Charlotte office and intends to open additional offices in the South. The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.

 MHA enjoys a total sales transaction volume that has surpassed $2.4 billion, representing more than 76,000 units and more than 450 individual transactions.

MHA serves local, regional and national clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth

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

 Stephen Ursery
The Wilbert Group
404-549-7150 (O)
 404-405-2354 (C)

CHM Granted Three-Year Asset Management Extension with Hilton Baltimore Convention Center Hotel

Hilton Baltimore Convention Center Hotel

BALTIMORE, MD and BEVERLY, MA—Capital Hotel Management (CHM), a leading hotel asset management and investment advisory firm, today announced that it has been awarded a second contract extension for the asset management of the 757-room Hilton Baltimore Convention Center Hotel. 

Michael Doyle
CHM was originally retained in 2006 by the Baltimore Development Corporation, following a competitive bid process.

“We have worked closely with the hotel’s operators to optimize revenues while minimizing overhead during a very difficult period that has been impacted by a slow economic recovery, a sluggish meeting market and the effects of increased rooms supply,” noted Michael Doyle, executive vice president and head of asset management for CHM. 

“This three-year contract extension will mark over a decade of service to the City of Baltimore, and we look forward to building upon that foundation.”

In addition to the Hilton Baltimore, CHM has provided asset management services for more than 100 hotels over the past decade.

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

 Jerry Daly, Chris Daly
 (703) 435-6293

(978) 522-7000.

National Retail Properties Inc. Announces Third-Quarter Operating Results


Orlando, FL  – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter and nine months ended September 30, 2013.

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

Kevin B. Habicht
Chief Financial Officer

(407) 265-7348

Chatham Lodging Trust Announces Strong 2013 Third Quarter Results

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint ventures 76 premium-branded, upscale, extended-stay and select-service hotels
announced results for the third quarter ended September 30, 2013.

Third Quarter 2013 Highlights

·         Comparable Hotel RevPAR – Grew hotel RevPAR 6.7 percent, excluding the Washington, D.C. hotel which was being renovated/rebranded throughout the entire quarter.

·         Portfolio RevPAR - Rose 3.9 percent to $119 for the 21 hotels owned for the entire quarter.   

·         Adjusted EBITDA – Increased 30.2 percent to $15.6 million.

·         Adjusted FFO – Improved 70.6 percent to $10.8 million.  Adjusted FFO per diluted share rose 4.3 percent to $0.48 from $0.46, exceeding consensus estimates.

·         Equity Offerings Completed – Raised a total of $142.7 million in June and September to fund the acquisitions of four, high-quality hotels comprising 700 rooms for $156 million and enhanced capacity to make incremental, value-add acquisitions.

·         Innkeepers Refinancing –Completed $950 million refinancing for JV portfolio.  90.2 percent of original invested capital returned via distributions. 

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

Dennis Craven (Company)                                                    
Chief Financial Officer                                                       
(561) 227-1386                                                                      

 Jerry Daly
Daly Gray, Inc.
(703) 435-6293

McCraney Property Company Plans to Construct 700,000 SF of Class A Warehouse/Distribution Space at its New Bent Oak Industrial Park in Metro Orlando

Rendering of planned Bent Oak Industrial Park, Taft-Vineland Road, Orlando, FL

Steven E. McCraney
ORLANDO, FL and WEST PALM BEACH, FL (Nov 6, 2013) – McCraney Property Company (MPC), an integrated developer and manager of warehouse distribution and commercial/industrial flex properties located throughout Florida, signed a contract to purchase a fully entitled 39-acre industrial development site with more than 1,200 feet of Turnpike frontage south of and adjacent to Taft-Vineland Road in metro Orlando.

McCraney plans to develop Bent Oak Industrial Park, which will total 700,000 square feet of warehouse/distribution product.

 “There is no question that this is one of the finest industrial development sites in Central Florida,” said Steven E. McCraney, SIOR, CCIM, CEO of McCraney Property Company, which is currently developing 243,000 square feet of Class A spec industrial in its John Young Business Park, located in Orlando.

Matthew Sullivan
 “This is an excellent opportunity for build to suits for larger users looking to modernize and expand in Orlando’s attractive southwest market; that’s what we intend to deliver.”

The property fronts the Florida Turnpike and is located minutes away from the highly desired Beachline Expressway-Florida Turnpike interchange, which provides excellent access to Interstate 4 and the Central Florida Greeneway, as well as major distribution thoroughfares in Central Florida.

Wilson McDowell
 Even with new industrial developments on the horizon in the Orange County market, McCraney believes   the pent up demand is there resulting from delays in tenant expansions that occurred during the recession.

In addition, the project has several other characteristics that users are looking for today: 32’ clear height, ESFR sprinklers, tremendous trailer storage and Turnpike visibility. Bent Oak has an expected completion in Q3 of 2014.

 Bent Oak is being marketed by Matthew Sullivan, SIOR, CCIM, Wilson McDowell, CCIM and Bobby Isola of Colliers International-Central Florida. For more information, call (407) 843-1723.

Robert Isola
Late last spring, MPC completed one of the only build to suits in the Orlando market during the last five years, the 150,000-square-foot Dade Paper distribution center located in John Young Business Park.   MPC is in the process of constructing two spec industrial buildings totaling 243,000 square feet, also in John Young Business Park.

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

 Don Silver

Ashley Fierman
Boardroom Communications