Thursday, December 19, 2013

MACK Companies Purchases Three Commercial Properties in Tinley Park, IL

High Pointe Plaza, 6787 159th Street, Tinley Park, IL
CHICAGO, IL (Dec. 19, 2013) – MACK Companies, a premier provider of redeveloped residential properties and one of the largest owners and managers of single-family rentals in the Chicagoland area, announced that the firm recently expanded into the commercial market with the purchase of two shopping centers and an office building in Tinley Park, Ill.

MACK will provide property management services for all three buildings, which were purchased in September.

 “For the past 16 years, MACK’s focus has been on raising the quality of life for residents in key Chicagoland communities, like Tinley Park, by delivering quality redeveloped housing. 

Entering the commercial market by delivering prime retail and office space in these communities is a natural extension of what we do best,” said Eric Workman, vice president of sales and marketing at MACK.

Each of the three commercial properties were in foreclosure at the time of MACK’s purchase.

 MACK has been headquartered in Tinley Park since its founding in 1997.

Gateway Plaza,6800 Oak Park Avenue, Tinley Park, IL
“With its easy access to Chicago, Tinley Park is home to many hardworking people who want convenience, choice and affordability where they live and where they shop. 

"Because our firm’s roots are in Tinley Park, we understand its residents and their needs. Both Gateway Plaza and High Pointe Plaza address their needs.”   

 Gateway Plaza, located at 6800 Oak Park Avenue, is a 7,500-square-foot shopping center with a mix of retail, office and commercial space. Interior renovations have begun, with plans for exterior renovations slated for the spring of 2014.

 “Gateway Plaza was aptly named, because it truly is the gateway to Tinley Park,” said Workman.

Centennial, 6820 South Centennial Drive, Tinley Park, IL
 “It corners the intersection coined as 'Gateway' by the Village, because it’s located at the southernmost point of Tinley Park, is just a mile from downtown and only 1½ miles from the First Midwest Amphitheater. 

"Gateway is a destination for many residents as well as those in neighboring communities.” Purchased for $375,000, current tenants include Ames Tools and Signature Dry Cleaners, with 4,500 square feet of available retail space.

 Located 10 blocks north of Gateway Plaza at 6787 159th Street, High Pointe Plaza is an 11,953 square-foot shopping center. Betscher Cleaners and Indy Mac Holdings LLC currently occupy a total of 5,361 square feet at High Pointe, with 3,950 square feet of retail and office space available.

Fulton House, Chicago, IL
Centennial is an 8,000-square-foot facility that will become office space for approximately 40 MACK employees from the firm’s executive management, operations, accounting and sales and marketing divisions. Move-in is scheduled for early 2014.

 “As we’ve expanded our business, we’ve also expanded our resources,” said Workman. “While we’ll keep the historic Fulton House, we needed a larger headquarters to accommodate our firm’s exponential growth.” 

Centennial is located at 6820 South Centennial Drive, just two blocks north of the Fulton House.

For information on Gateway Plaza and High Point Plaza, contact Rob Coco at 855-706-6225 or

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

Kelly Shumaker, 312-267-4519
Emily Johnson,, 312-267-4522

Foxford Group Announces New Pricing and Plans for Historic Lansdowne Estate in Lake Bluff, IL

Landsdowne Lakefront Mansion, Lake Bluff, IL

Benjamin Marshall

 Chicago, IL (Dec.  19, 2013) – Hinsdale, Ill.-based Foxford Communities has announced new pricing and plans for the historic Lansdowne lakefront mansion in Lake Bluff, Ill., designed by famed Chicago architect Benjamin Marshall and built in 1911 for the Harry Clow family.

The 10-bedroom, 14,845-square-foot home, which sits on 3.9 acres and overlooks Lake Michigan, now includes its own private beach in its listing price of $5.49 million. The private beach includes more than 160 feet of Lake Michigan frontage.

 Prior to Foxford purchasing the 21-acre Lansdowne estate earlier this year, the property did not have rights to the beach. “Even without the beach, this is a breathtaking home and property,” said Peter Brennan, CEO of Foxford.

“But we saw tremendous value in purchasing the beach and including it in the price of the mansion without changing the price of the home, and think buyers will agree. We are also working on getting approval to expand the depth of the beach to accommodate a path down to the beach for easy access.”

Orren Pickell
The Lansdowne mansion, a three-story Georgian, has undergone significant interior renovations in the last few years courtesy of North Shore luxury builder Orren Pickell.

Pickell preserved the home’s original character while also incorporating the most desired modern technology, including a new gourmet eat-in kitchen and updated bathrooms and closets.

In fact, the master suite now includes its own walk-in shoe closet, as well as a separate18 by 20 foot wardrobe room.

 In all, the home boasts 24 rooms including 10 bedrooms, nine full baths and two half baths, a sunroom, exercise room, grand foyer with a double staircase, three fireplaces, 12-foot ceilings, a wine cellar, a finished basement with sauna and whirlpool, and floor-to-ceiling windows with stunning views of Lake Michigan and the entire estate.

 “What’s so special and rare about this property is that the home and grounds are as equally magnificent as the views. Everything truly complements each other, which is a testament to the home’s architect, Benjamin Marshall, and its original landscaper, Jens Jensen, two of Chicago’s most significant design names,” said Brennan.

Jens Jensen
“And even though the home is more than 100 years old, it has the open floor plan, room sizes, bonus spaces and traffic flow that resonate with today’s buyers.” 

 But the mansion isn’t the only option buyers have to purchase a home at the historic Lansdowne estate. 

The 21-acre estate has been divided into seven lots, one of which includes the Lansdowne mansion.

 Foxford Communities is continuing with the plan for an exclusive enclave of luxury homes on the property.

 To date, Foxford has sold two lots, with one of those lots already under construction. Foxford plans to start construction on a third lot for a speculative home in early 2014. 

Lansdowne lot sizes vary from 1.5 to 3.1 acres with prices ranging from $979,000 to $3.7 million.

 Opportunity to combine lots is available. “Right now, the lot next to the mansion has a sunken bronze pool and pool house,” said Brennan.

Gen. George Patton
“If a buyer chooses to purchase the mansion and the adjacent lot then they have the option of keeping the pool. Additionally, the buyer would have rights to the entire beach (370 feet of Lake Michigan frontage) making it an incredible investment. 

"Or, buyers could purchase the lot adjacent to the house and build their own custom home with access to their own private beach.”
According to Brennan, the Lansdowne estate represents one of the only developments of its kind on the North Shore. 

“By offering buyers the option of purchasing the Lansdowne mansion, one of the other lots on the grounds, or combining a number of lots, we’re giving them a rare opportunity to live not just on a piece of history, but in one of the most beautiful and peaceful settings in the North Shore,” said Brennan.

 Rich in history, the Lansdowne estate was the site of the first polo match in the Midwest where General George Patton was said to have played.

Additionally, movies such as “Chain Reaction” and “Kissing a Fool” were filmed on the property. With Lake Michigan to the east, and a private drive to the west, the estate is also bordered by a wooded ravine to the north and a thicket of trees to the south, providing optimum privacy.

Jeff Ohm
 Sales for Lansdowne are being arranged by Jeff Ohm of Premier Realty Group. To schedule a tour of the Lansdowne mansion or visit the estate’s available home sites, contact Ohm at 847-821-9090 or

To view the listing of the Lansdowne mansion, visit

The Foxford Communities has developed a number of properties in the Chicago area. Most recently, the firm re-imagined Van Buren Lofts, a rehabbed condominium loft building at 1224 W. Van Buren in Chicago’s West Loop, which was once home to a paper mill.

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

Kelly Shumaker, 312-267-4519
Emily Johnson,, 312-267-4522

Westgate Elementary School in Falls Church, VA, Designed by Cooper Carry, to Break Ground by Year End

Rendering of Westgate Elementary School, Falls Church, VA,
designed by Cooper Carry


FALLS CHURCH, VA – Cooper Carry, an internationally recognized design firm, has completed the design of a 50,000-square-foot renovation and a 40,000-square-foot addition at Westgate Elementary School, a public school in Falls Church, Va.

The contractor has been mobilized and construction on the site will begin in earnest before the end of the year. Cooper Carry is working with Fairfax County Public schools to oversee the design and construction of the school. Construction of the project is scheduled to be complete in the fall of 2015.

 “We are committed to delivering environments that are tailored to the unique needs of each individual school,” said Lauren Perry Ford, senior associate at Cooper Carry.

“Our work on Westgate Elementary School continues to be rewarding and we are thrilled to be a part of such an important project. We look forward to the day that the students move into their new classrooms and hope the new school further inspires the children to learn about and explore the world around them.”

 The project includes the renovation and modernization of existing facilities which will include classrooms, a cafeteria and a gymnasium. The new addition will house an administrative office, library and additional classroom wing.

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

Hadley Creekmuir
The Wilbert Group
O: 404.343.4080
C:  404.556.0010

Beech Street Capital Closes $6.7 Million Freddie Mac Loan to Acquire Pensacola, FL Apartment Complex

Meadowrun Apartments, Pensacola, FL


Monica Schroeder

BETHESDA, MD – Beech Street Capital announced it provided a $6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a 200-unit, garden-style apartment complex in Pensacola, Florida.

Chad Thomas Hagwood, executive vice president and Monica Schroeder, vice president in Beech Street’s Birmingham, Alabama office, co-originated the transaction.  Brandon Pate managed the transaction for Beech Street.

 “The transaction is an example of the benefits for the borrower of working with a team that understands their business model and can provide one of the most streamlined agency processes in our industry,” Hagwood says. 

Chad Thomas Hagwood
 “We closed the deal in approximately 40 days.”

 Having managed the property, the borrower was in an excellent position to assess the value of ownership. 

Meadowrun is a well-maintained Class B apartment community that consists of 17, two-story apartment buildings. 

Since 2010, 45 units have been upgraded with new plumbing fixtures, lighting fixtures, cabinets, flooring (carpet/vinyl), dishwashers and countertops. 

Community amenities include a clubhouse/leasing office with wood-burning fireplace and wet bar, fully equipped fitness center with new equipment, two swimming pools with Jacuzzi, laundry facilities, and landscaped walking paths. 

Brandon Pate

   The fixed-rate loan has seven-year term and amortization of 30 years payable on an actual/360 basis.

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

Courtney Lewis at 240-507-1948 or
Jenifer Bernardi at 240-507-1946.


Greystone to Develop Miami Multifamily Property

Miracle Mile Retail Corridor, Downtown Coral Gables, FL

New York, NY  – Greystone, a real estate investment and development firm, today announced the closing on a parcel of land near the popular Miracle Mile commercial section of Downtown Coral Gables in Miami, Florida.

Jeffrey Simpson
The project, a joint venture with Miami-based Alta Developers and Strategic Properties, represents Greystone’s entry into the Miami multifamily development market.

“The Mile,” a planned 13-story, 119-unit mixed-use property with street-level retail, will be situated along Coral Way, just one block from the prominent Miracle Mile shopping district, which comprises several blocks of retail, dining and entertainment.

 Once fully developed, the property will have a projected value in excess of $40 million.

 “We feel that the Coral Gables market is extremely promising for multifamily real estate development, considering the increasing demand for housing within walking distance of the area’s shopping, restaurants and cultural activities,” said Jeff Simpson, CEO of Greystone Property Development.

Henry Pino
“The Mile’s proximity to downtown and the airport is a key reason why the Downtown Coral Gables location is so attractive for a growing influx of sophisticated residents,” Simpson added.

 “Greystone’s deep multifamily expertise pegged them as ideal partners for this project, and we look forward to developing a modern and exciting residential addition to the flourishing Downtown Coral Gables area,” said Henry Pino of Strategic Properties.

 The Mile’s multifamily development site is located at 3622 S.W. Coral Way, with construction planned to begin in the first quarter of 2014. The property will feature a swimming pool; secure garage parking, fitness center, concierge and other luxury amenities.

 Architectural firm Behar Font & Partners, based in Coral Gables, has been retained for the project.

 Outside of this initial foray into the Florida multifamily market, Greystone is currently developing several other multifamily properties in high-demand neighborhoods of New York City, including the West Village, Williamsburg and DUMBO, among others.

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

Karen Marotta
PR Manager
152 W. 57th Street
New York, NY 10019
212-896-9149 direct
917-902-7073 mobile

Charles Dunn Co. Completes $3 Million Sale of Nine-Unit Multifamily Property in Los Angeles, CA

11235 Richland Avenue, West Los Angeles, CA
Michel Hibbert

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3 million sale of a fully occupied, nine-unit, non-rent controlled multifamily property located near Sepulveda Blvd between Pico and National Boulevards at 11235 Richland Avenue in West Los Angeles.

Michel Hibbert of Charles Dunn Company represented seller, KWP Investments from Los Angeles, as well as the buyer, Tai On Investments, LLC from Glendale. The closing cap rate was 4.7 percent.

Built in 1987 the two-story property was recently renovated and includes two, one-bedroom/one-bathroom units and seven, two-bedroom/two-bathroom units. The property also offers 17 parking spaces, a laundry facility, and secured entry.

“The seller needed to close before year-end to purchase an up leg property for his 1031 exchange said Hibbert. “We were able to identify an all-cash buyer who was also in a 1031 exchange and closed escrow in just two weeks at 98 percent of list price.”

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

Darcie Giacchetto
D.G. Communications, Inc.


Vista Investment Group completes 12-year, 40,315-square-foot office lease renewal with Todd-Soundelux, LLC in Hollywood, CA

Todd-AO Studios, 900 Seward Street, Downtown Hollywood, CA

John Tronson
Los Angeles, CA – Santa Monica-based Vista Investment Group has announced a 12-year, 40,315-square-foot (sf) office lease renewal with Todd-Soundelux, LLC, the world’s largest independent provider of creative post production sound services to content creators working across all media platforms.

The firm occupies the Todd-AO Studios facility located at 900 Seward Street, in the heart of the Hollywood, CA production corridor.

Avison Young Principal John Tronson and Steven Tronson, a Vice-President in the company’s Los Angeles North office, represented the landlord, Vista Investment Group.

 “This lease extension, along with the significant improvements and technological upgrades being installed by both the ownership and the tenant, further solidifies Vista’s commitment to the Hollywood market where the firm has been an active investor over the last few years,” comments Steven Tronson.

Steven Tronson

 “Additionally, Todd-Soundelux is recognized industry-wide as a leader in post-audio production, serving the film and television industry, and this lease renewal shows the company’s commitment to this facility and presence in the industry.”

 "We are very happy to have reached an agreement with Todd-Soundelux to renew and extend the lease at the property,” says Jonathan Barach, President of Vista Investment Group.

“The deal provides Vista with an opportunity to increase investment value early on, while allowing the tenant to confidently make the necessary capital investment in its studios to retain its dominant position in the industry,"

 Todd-AO Studios consists of five mixing stages, two ADR stages, transfer facilities, production offices and editorial rooms along with a full kitchen and client lounges, offering a full-service experience to clients.

David F. Alfonso

 “The Todd-AO facility in Hollywood is an important part of our strategic plan to build on our position as the destination of choice for post production sound services,” said David F. Alfonso, the owner and Chairman of Todd-Soundelux.

“We are committed to envisioning and realizing the next iteration of a fully integrated and deeply guest-focused post production sound company.

“Todd-Soundelux has helped set the bar for excellence for more than 60 years in bringing content to life through sound, and we are preparing to carry that tradition forward, striving to provide a magical and inspiring experience for content creators.”

 For more than half a century, the world’s most visionary content creators have partnered with Todd-Soundelux to bring something unique and vital to their projects.

Arlene Sommer
In this partnership with many of the most important voices of their generations, Todd-Soundelux has helped create some of the most iconic moments in film and television history.

 Recognized for decades of groundbreaking innovation and creative leadership, Todd-Soundelux has been nominated for 54 Academy Awards – taking home the industry’s ultimate symbol of excellence an unprecedented 23 times.

 Todd-Soundelux was represented by Arlene Sommer and Mark Robinson of Cushman & Wakefield in the transaction.

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

Darcie Giacchetto
D.G. Communications, Inc.


Golub & Company and Alcion Ventures was represented by HFF in the sale of Willow Crossing Apartments in suburban Chicago

Marty O'Connell
CHICAGO, IL - Golub & Company announced the sale of Willow Crossing, a 579-unit multi-housing community in Chicago’s northwest suburbs.

HFF represented the seller, Golub & Company and Alcion Ventures, in the transaction.  Steadfast Income REIT purchased Willow Crossing for an undisclosed price.

Willow Crossing is situated on 27.5 acres at 1031 Charlela Lane is adjacent to Interstate 290 and close to Chicago’s O’Hare International Airport about 20 miles northwest of downtown Chicago in Elk Grove.

The property, which was most recently renovated in 2013, consists of 11 apartment buildings with one-, two- and three-bedroom units averaging 950 square feet each. 

Community amenities include a clubhouse, fitness center, two swimming pools, business center, playground, dog run, sand volleyball court and garage parking for 339 vehicles.

Matthew Lawton

The HFF investment sales team representing the seller was led by managing directors Marty O’Connell and Sean Fogarty, as well as executive managing director Matthew Lawton.

O’Connell and Sean Fogarty, as well as executive managing director Matthew Lawton.

Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services.

Since its founding more than 50 years ago, the company has owned, leased or managed more than 45 million square feet of commercial and multifamily real estate properties valued in excess of $8 billion. For more information, visit

Sean Fogarty
Alcion Ventures is an entrepreneurial real estate private equity firm that executes a high-yield investment strategy with uniquely positioned real estate in select North American markets.

 Steadfast Income REIT is a real estate investment trust that owns and operates a diverse portfolio of stable, income-producing apartment communities in 11 Midwestern and Southern states. 

Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment companies that acquire, develop and manage real estate in the U.S. and Mexico.

 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 $52.75 million sale of 10-story office building in Washington DC’s Central Business District

919--18th Street, Downtown Washington, DC

Jim Meisel
WASHINGTON, D.C. – HFF announced today that it has closed the sale of 919 18th Street, a 10-story, 105,965-square-foot office building located in the heart of Washington, D.C.’s Central Business District (“CBD”).

               HFF represented the seller, Clarion Partners in this transaction and procured the buyer, Epic LLC.  The property was acquired for $52.75 million free and clear of existing debt.

               919 18th Street is situated within Washington, D.C.’s Golden Triangle, an “amenity-rich” area of the city with more than 3,000 businesses, 350 shops, seven luxury hotels and numerous dining options. 

Dek Potts
Both the Farragut West Metro station and the Farragut North Metro Station are within walking distance, providing access to the orange, blue and red lines of Washington, D.C.’s metro rail. 

The property is also close to local transportation routes such as Interstate 66 and the George Washington Memorial Parkway.

 Originally built in 1981, 919 18th Street was most recently renovated in 2013 and is 94 percent leased to 20 tenants.  The property features a three-story, 85-space parking garage and the restaurant, Devon & Blakely.

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

“The property’s superb location and stellar occupancy history of approximately 95 percent over the last 10 years led to extremely competitive bidding,” said Potts.

Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico.

Stephen Conley
With $28.6 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.

 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 |

PKF: U.S. Hotels Poised To Resume Strong Growth

Atlanta, GA – After a slight deceleration in growth during the last half of 2013, PKF Hospitality Research, LLC (PKF-HR) is forecasting very strong gains in revenues and profits for the U.S. lodging industry in 2014 and 2015. 

R. Mark Woodworth
According to the recently released December 2013 edition of Hotel Horizons®, national revenue per available room (RevPAR) is projected to increase by 6.6 percent in 2014, followed by another 7.5 percent boost in 2015. 

Concurrently, hotel profits should enjoy growth of 12.8 percent and 14.5 percent respectively over the next two years.

 “As anticipated, RevPAR growth slowed down a bit in 2013 compared to the previous three years,” said R. Mark Woodworth, president of PKF-HR.

  “Entering the year, we knew fears of falling off the fiscal cliff would create uncertainty in the minds of potential travelers. 

“As the year progressed, the sequester and government shutdown caused additional angst.  However, despite the challenging economic environment, we observed above average growth in lodging demand, average daily rates (ADR), RevPAR and profits.”

 PKF-HR estimates that by year-end 2013, lodging demand will grow by 2.1 percent.  This is greater than the projected 0.8 percent increase in supply, thus resulting in a 1.3 percent gain in occupancy. 

The 62.1 percent occupancy level estimated for the year surpasses the long-run average of 61.9 percent as reported by Smith Travel Research (STR).

“Our firm’s forecast for nominal ADR growth in 2013 is 3.9 percent.  Given the fact that occupancy levels have finally eclipsed the long-run average, some hoteliers were expecting even greater rate growth,” said Woodworth. 

“Clearly this is the one measure that was impacted most by the economic uncertainty that characterized 2013.

“Industry participants need to temper their disappointment, though.  As we have noted in the past, hotels have been achieving highly desirable, real ADR growth during this low inflationary environment. 

“We also should note that evidence of greater future demand from meeting planners will lend tensile strength to revenue manager’s enhanced pricing power in 2014.”

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

R. Mark Woodworth                                               
PKF Hospitality Research, LLC.                          
Tel: 404 842 1150, ext 222                                    

 Chris Daly
Daly Gray Public Relations
Tel: 703 435 6293                                                         

Trepp Issues Year-End Report on Maturing CRE Loans - The Outlook for Refinance

NEW YORK, NY -- As the 10-year anniversary of the previous market peak in commercial real estate approaches, lenders and investors are looking ahead to a wave of refinancing that could spell trouble for the market.

An estimated $1.4 trillion in commercial mortgages will mature between 2014 and 2017, and CMBS loans represent about one fourth of the total. 

Trepp data shows about $346 billion in CMBS loans maturing between 2014 and 2017, with a peak of $113 billion maturing in 2016.

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

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001
(212) 741-2977