Wednesday, December 18, 2013

HFF advises Ashkenazy Acquisitions Corporation on equity raise for 625 Madison Avenue in Manhattan

625 Madison Avenue, New York City, NY

John Pelusi
NEW YORK, NY – HFF announced today that it has acted as an equity advisor to Ashkenazy Acquisitions Corporation for their purchase of 625 Madison Avenue in New York City. 

                625 Madison Avenue is a 17-story, trophy Class A office and retail building with 563,277 square feet.  

The property is master leased to an affiliate of SL Green Realty Corporation and serves as a headquarters location for Polo Ralph Lauren.

 Situated on a full block between 58th and 59th Streets, 625 Madison Avenue is across from the GM Building and close to Central Park in the Plaza District of Manhattan.

Michael Tepedino
                The HFF advisory team representing Ashkenazy Acquisitions Corporation was led by executive managing director John Pelusi and senior managing directors Michael Tepedino and Andrew Scandalios

Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets. 

Ashkenazy Acquisition has acquired over 13 million square feet of retail, office and residential properties, located throughout the United States and Canada.

Andrew Scandalios
 With a portfolio containing more than 100 buildings valued at approximately $5 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets.

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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 |

Cohen Real Estate Brokers Sale and Purchase of 633,498-SF Costco and Home Depot-Anchored Shopping Center in Nevada

Sparks Galleria Shopping Center, in Spanish Springs community, Sparks, NV

Michael Cleeman
NEW YORK – Cohen Real Estate (CRE), headquartered in New York, has announced the sale of Sparks Galleria Shopping Center, a 633,498 square-foot shopping center in Sparks, Nev., for $26.2 million.  

 Rick Kaiser of Cohen Real Estate represented the seller, a private investor based in North Carolina.  Michael Cleeman of Cohen Real Estate represented the buyer Pine Tree Commercial Realty, headquartered in Chicago, Ill.

 The Sparks Galleria is a retail power shopping center that serves much of the Sparks trade area.  It is strategically located at the intersection of Pyramid Highway and Disc Drive in the heart of Sparks’ “Spanish Springs” master planned community.

  The property is anchored by Costco and Home Depot that were not part of the sale, with co-tenants including Starbucks, Office Depot, Qdoba, GNC, Gamestop and a number of other national retailers.  The center was 57% occupied at the time of the sale having lost a couple of anchors during the real estate downturn.      

 “The buyer saw a great opportunity to acquire a well located property with strong anchors that offered tremendous upside with 43% vacancy,” said Cleeman..

“ While under contract the buyer was able to secure a lease for one of the anchor spaces.   

"Down the road there are additional development phases that will allow them to add approximately 200,000 square feet to the property adding more upside potential to the acquisition.

 “The property will fit in nicely with Pine Tree’s portfolio of properties and ability to turn around properties through their leasing and development expertise.”
Kaiser noted, “The owner of the property being based on the east coast felt they were not in the best position to revitalize the asset nor realize the future growth potential.”

 For additional information about this deal or any other properties for sale, contact Michael Cleeman or Rick Kaiser at 212-679-1222 or via email or

CRE, is among the leading full service brokerage firms specializing in shopping centers and retail properties throughout the United States and New York City.

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

Amy Hoffman
Pierson Grant Public Relations
6301 Northwest 5th Way  Suite 2600
Fort Lauderdale, FL  33309
v. (954) 776-1999  ext. 228
f. (954) 776-0290

Los Angeles Apartment Building Sells for $21.5 Million

Le Conte Westwood Village Apartments, 886 Hilgard Avenue
Westwood District, Los Angeles, CA

Tony Azzi
LOS ANGELES, Dec. 17, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Le Conte Westwood Village Apartments, a 60-unit apartment building in Los Angeles’s Westwood district. The sales price is $21.5 million.

            Tony Azzi, a senior vice president in Marcus & Millichap’s West Los Angeles office, represented both parties in the transaction.

            “The proactive marketing campaign we conducted for this property attracted buyers from throughout the investor spectrum,” says Azzi. “The resulting competitive bidding environment created excellent value for the seller.”

            “It is rare to find an asset of Le Conte Westwood Village Apartments’ vintage, quality and location on the market,” adds Azzi. “The property is extremely well positioned to capitalize on future growth.”

            The building is located at 886 Hilgard Ave. in Los Angeles at the northeast corner of Hilgard Avenue and Le Conte Avenue within walking distance of UCLA and the UCLA Medical Center. Interstate 405, shopping, restaurants, entertainment and prominent Los Angeles attractions such as the historical Fox Theater and the four-star W Los Angeles Hotel are nearby.

Fox Theater, Westwood Neighborhood, Los Angeles, CA
            Le Conte Westwood Village Apartments was built in 1976 and has been maintained by the original owner ever since.

 Every unit is equipped with a fireplace and each floor has two washers and dryers. 

Community amenities include two gated entry points, assigned gated parking, a swimming pool and a roof sundeck,

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

Gina Relva
Public Relations Manager
(925) 953-1716

Steven Kaiser Joins Newly-Named Hilton Meadowlands NJ as GM

Steven S. Kaiser
            MEADOWLANDS, NJ and WASHINGTON, DC, Dec. 18, 2013—Thirty-year hotel veteran Steven S. Kaiser has joined the 427-room Hilton Meadowlands as general manager.  

The hotel, which converted to the Hilton brand from the Sheraton Meadowlands on October 31, 2013, is located at Two Meadowlands Plaza in East Rutherford. 

            “Steve has worked for top-rated hotels on both coasts, the last 20 years on the East Coast, including multiple properties in New Jersey,” said Joseph Bojanowski, president of PM Hospitality Strategies (PMHS), operators of the property. 

“He most recently was general manager of our Hilton Baltimore BWI Airport property, which has consistently received high guest satisfaction ratings.  His in-depth experience with the Hilton hotel brand, as well as extensive background in meetings, events and food and beverage, are a perfect fit for the Hilton Meadowlands.”

Joseph Bojanowski
            Kaiser’s career includes leadership positions at some of the nation’s leading branded hotels and resorts, in New Jersey, Maryland, Florida, Colorado and California.  He holds a degree from the Culinary Institute of America.           

“The recent renovation, coupled with the strength of the Hilton brand and its HHonors guest frequency program, points to a great future ahead for the Hilton Secaucus Meadowlands,” Kaiser said.

 “We have a solid operations team in place, and I look forward to showcasing the property’s 30,000 square feet of meeting space, which is capable of hosting up to 1,000 guests.”

The hotel recently completed a multi-million dollar upgrade that included a make-over of nearly half of the hotel’s rooms, the lobby and hallways.  A second phase will complete the renovation later next year.  With the MetLife Stadium, literally across the street from the hotel, the property plans on being a major host during the upcoming Super Bowl XLVIII.

Newark Liberty International Airport
           The hotel features the 130-seat Chairman’s Grill, offering American cuisine; The Lounge, featuring light fare; and a Starbucks CafĂ©.  The amenity-rich property offers an indoor swimming pool, sauna and whirlpool, fitness room and business center.

            The Hilton Meadowlands is four miles from New York City and 15 minutes from Newark Liberty International Airport.

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

Chris Daly, Jerry Daly media
(703) 435-6293