Thursday, July 31, 2014

Berger Commercial Realty Arranges $4 Million Sale and Purchase of 17th Street Causeway Office Building in Fort Lauderdale, FL

  
Judy Dolan

FORT LAUDERDALE, FL  – Berger Commercial Realty announced the $4 million sale of an 11,709-square-foot office building located at 1550 S.E. 17th St. in Fort Lauderdale. The building was sold by Ardell Marina, Inc. to Fifteen-Fifty Southeast Seventeenth, LLC.

 Berger Commercial Realty Senior Vice President St. George Guardabassi and broker Keith Graves represented Ardell Marina, Inc. Vice President Judy Dolan represented the buyer.

Headquartered in Fort Lauderdale, Resolve Marine Group is a leading marine services organization that provides salvage, emergency response, training, naval architecture, marine engineering and many other services to the global maritime industry.

Its divisions include Resolve Salvage & Fire; Resolve Marine Services; Resolve Maritime Academy, and the Resolve Engineering Group.

St. George Guardabassi
 One of the company's tug boats, the AHT MV Resolve Earl, was the lead vessel towing the Costa Concordia ship wreck in Italy from Giglio Island to Genoa earlier this month.

 Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A regional, independent and privately-owned firm, services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory/investment sales, construction/project management, and retail services.

For more information, visit www.bergercommercial.com.


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

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

AuctionWorks to Host Real Estate Auction on Illinois Properties Aug. 25-27

                        
Diana M. Peterson
CHICAGO, IL (July 31, 2014) – AuctionWorks has announced the firm will host an online auction Aug. 25-27 that will include single-family homes; mixed-use, office, industrial and retail buildings; and vacant land.

The auction includes a 14,000-square-foot estate set on 2.3 acres in Willowbrook, Ill., in the Hinsdale Central School District. It also includes several bank-owned properties, including two that will be sold absolute.

 An upcoming September auction will feature a recently renovated, five-bedroom single-family luxury home with golf course views in Riverwoods, Ill.; several adjacent riverfront commercial properties in West Dundee, Ill.; and the opportunity to purchase notes in bulk. Buyers can bid online or submit pre-auction offers.

“High-end homes have been a big part of our recent auctions,” said Diana M. Peterson, president of Chicago-based AuctionWorks.

 “In our previous auction, a vintage Lincoln Park home replete with luxury finishes sold in a pre-auction bidding war for $1.425 million, $100,000 over the reserve price. 

"We’re seeing more sellers opt to use online auctions because it provides high visibility for their luxury homes among a screened, stable pool of serious buyers.”
  
  Interested parties in the Aug. 25-27 and September 22-24 online auctions should visit www.svnauctionworks.com to bid and join the mailing list to receive upcoming auction notices.

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

 Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523
Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522


Avison Young completes $2.9-million sale of property occupied by Pacific Western Bank in Murrieta, CA

  
Dan Vittone

Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $2.9-million sale of a 5,080-square-foot (sf) class A building fully occupied by Pacific Western Bank in Murrieta, CA.

 Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the seller, WLA Investments, Inc. as well as the buyer, a private family partnership. The sale garnered a price per square foot exceeding $570.

 Built in 2004, and situated on 0.87 acres, the property includes a drive-thru, ATM and vault, and is located at 41381 Kalmia Street. 

The building is situated within the first phase of Village Walk Murrieta, a 65-acre, mixed-use business park which includes more than 400,000 sf of upscale shops, restaurants, seniors housing and office buildings.

 “Pacific Western Bank still has more than 10 years remaining on its lease and provided the trust buyer with a secure, long-term investment,” comments Vittone. “Single-tenant, triple-net leased assets in highly visible locations like this one are in demand by family offices and exchange investors as they seek low management investment portfolios with increasing annual returns.”

Alan Pekarcik
 The City of Murrieta is situated within southwestern Riverside County. Murrieta – part of the greater Temecula Valley market, which includes the cities of Temecula and Menifee – has emerged as a major employment center for the local area. 

Murrieta’s projected expanding employment base and the region’s affordable housing provide favorable conditions for commercial real estate investment now and in the foreseeable future.
  
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.

949.278.6224

HFF arranges $8.53 million acquisition financing for urban multi-housing property in Seattle, WA


Mona K. Carlton
DALLAS, TX – HFF announced it has arranged $8.53 million in financing for The Residences at 3295, a six-story, 60-unit urban multi-housing property in Seattle, Washington.

                HFF worked on behalf of the borrower, Abacus Capital Group, to secure the fixed-rate acquisition loan through Nationwide Life Insurance Company, Columbus, Ohio. 

Completed in 2012, The Residences at 3295 includes 60 condominium-quality residential units averaging 633 square feet each along with 2,800 square feet of ground-floor retail and a 100-space, access-controlled subterranean parking garage.  

The residential portion of the property is 95 percent leased and the retail portion is 100 percent leased to a single tenant.  Community amenities include a state-of-the-art fitness center, rooftop terrace, barbecue grills, 3,000-square-foot community garden and access to the adjacent West Seattle public golf course.  The property is located at 3295 SW Avalon Way proximate to the West Seattle Bridge and approximately five miles from downtown Seattle.

Tom Wilson
The HFF debt placement team representing Abacus was led by senior managing director Mona Carlton and managing director Tom Wilson.

Abacus Capital Group LLC is a New York-based institutional advisory firm focused on the multifamily sector nationwide.  This asset was purchased through a fund sponsored by Abacus

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


HFF closes the sale and financing of The Offices at Broadway Station in Denver, CO




Angela Lentell
DENVER, CO – HFF announced the closing of the sale and acquisition financing for The Offices at Broadway Station, a 318,053-square-foot office property located in central Denver.

HFF marketed the property on behalf of Walton Street Capital, LLC (seller) and represented EverWest Real Estate Partners (buyer/borrower) on the financing.  HFF arranged the 10-year, fixed-rate, securitized loan through Wells Fargo Bank, N.A.

The Offices at Broadway Station is located at the intersection of South Broadway and I-25 in Denver.  

Fully-renovated in 2006 to include modern interiors with Class A finishes, the property is composed of three buildings, including two four-story office buildings and a newly-constructed, four-level garage with ground-floor office space. 

 The office buildings are 94.7 percent leased.   The property originally served as the factory and headquarters for the Gates Rubber company.   The area surrounding and including The Offices at Broadway Station has been transitioning over the last three decades from an industrial area to a vibrant transit-oriented, mixed-use infill location.

                                                Mary Sullivan

The HFF investment sales team representing the seller was led by senior managing directors John Jugl and Mary Sullivan as well as associate director Angela Lentell.

HFF’s debt placement team representing the buyer was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Kristian Lichtenfels.

“We are pleased to add The Offices at Broadway Station to our platform and look forward to continually enhancing this asset in the thriving Denver market,” said Paul Andrews, Chief Financial Officer with EverWest. 

 “The HFF team provided insightful access to the capital markets and exemplary transaction management.”

Walton Street Capital, L.L.C. is a private equity real estate investment firm. 

 Since its founding in 1994, affiliates of Walton Street have received total equity commitments of $5.7 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high-net-worth individuals.  

Affiliates of Walton Street Capital have invested and/or committed to invest approximately $4.5 billion of equity in approximately 180 separate transactions. For more information, visit www.waltonst.com.

John Jugle
EverWest Real Estate Partners, LLC is a Denver, Colorado based leading private real estate investment manager and operator who invests in core, valued add and opportunistic investments in office, industrial, multi-family, retail and mezzanine debt investments. 

 EverWest serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments, and high net worth individuals. 

 EverWest provides a full-service investment management operating platform through its six regional offices with established acquisition, asset-takeover, asset management, property management, financing, operations, risk management, advisory and reporting capabilities to its clients.  

EverWest has regional offices in New York, Boston, Chicago, San Francisco, Los Angeles and Phoenix.  For more information, please go to www.EverWest.com.


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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


HFF arranges $82.15 million refinancing for 444 North Michigan in Chicago’s central business district


444 North Michigan, Chicago, IL
CHICAGO, IL – HFF announced it has arranged an $82.15 million refinancing for 444 North Michigan, a 517,115-square-foot, core office property in Chicago’s central business district.

                HFF worked on behalf of GLL Real Estate Partners to secure the floating-rate loan with Blackstone Mortgage Trust.    

444 North Michigan is located at the intersection of Michigan Avenue and Illinois Street along Chicago’s Magnificent Mile, a sought-after section of Michigan Avenue that runs from the Chicago River to Oak Street in the Near North Side. 

Renovated in 2000, the 33-story property is currently undergoing additional renovations.  It is leased to tenants in the media, advertising and technology sectors, including Comcast, Fox Entertainment, National Cable, Monster Worldwide and Momentum.  The ground floor contains nearly 10,000 square feet of retail space.

                The HFF debt placement team was led by senior managing director Mike Kavanau and managing director Stephen Skok.

Mike Kavanau
“GLL has strategically invested capital into the property that has had a positive impact on the property’s performance,” Skok said.  “Also, the property has strong leasing momentum and the occupancy should exceed 90 percent within a year.”

“444 North Michigan has an extremely valuable retail component, which is currently available,” Kavanau added.  “As the nexus of luxury retail continues to move south on Michigan Avenue, this will appeal to many high end tenants.”

GLL Real Estate Partners GmbH (GLL) is a Munich-based real estate fund management group with $7 billion under management.  

Formed in 2000 as a joint venture between Lend Lease Corporation and Italian insurance giant Assicurazioni Generali, GLL is now majority-owned by its management team.  

GLL currently manages 15 funds employing varying property strategies and investing throughout western Europe, central eastern Europe, South America and the United States.

Stephen Skok
From offices in Munich, Luxembourg, Budapest, Santiago de Chile, Mexico City, Orlando, New York and San Francisco, GLL serves an investor group that includes pension funds, insurance companies and sovereign entities.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) is a real estate finance company that primarily originates senior mortgage loans collateralized by properties in the United States and Europe.

  The company is externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone, and is a real estate investment trust traded on the NYSE under the symbol “BXMT.”  Blackstone Mortgage Trust, Inc. is headquartered in New York City.

 Further information is available at www.bxmt.com.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


Wednesday, July 30, 2014

Taylor & Mathis of Florida Executes 2nd Large Office Deal at 9250 Doral in Miami, FL


Brian Gale
MIAMI, FL, July 30, 2014 – Taylor & Mathis of Florida has filled 56% of the office space at 9250 Doral in three deals valued at $19 million totaling more than 104,000 square feet since the building’s conversion and multi-million dollar renovation. 

Prestige Health Choice, LLC has leased 49,324 square feet, over 25% of the building, in a transaction valued at $6 million. 

Late last year California-based West Coast University signed a 45,000 square foot lease. The Prestige deal was brokered by Andrew Trench and Brian Gale of Taylor & Mathis representing the owner and co-broker Steve Smith of ComReal representing Prestige.

 The building’s large 45,000+ square foot floor plates were instrumental in securing both deals.   “We are very excited to announce a new lease with Prestige Health Choice, an excellent, growing local company,” stated Trench.

 “Because this office will be used to meet with several important government officials, clients and partners, Prestige required a high-end property with Class “A” presentation.

Andrew Trench
“ With the capital that Delma Properties has invested into the renovation of the building, 9250 Doral offered Prestige the exact image they are looking to convey.  This is a great partnership between Landlord and Tenant.” 

9250 Doral sits in one of the most exciting and rapidly growing areas of the Miami-Dade office market.

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

Todd Benson, Delma
(786)533-1620

 Brian Gale, Taylor & Mathis
 (305)476-8880

Trepp Reports CMBS Delinquency Rate Slows Improvement in July


Joe McBride


(New York, NY, July 30, 2014) –Trepp, LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its July 2014 US CMBS Delinquency Report today (available at www.trepp.com/knowledge/research). 

Having achieved double-digit improvements in the monthly US CMBS delinquency rate for over a year, the contraction in the rate slowed significantly in July. During the course of the month, the delinquency rate for US commercial real estate loans in CMBS dropped just one basis point, to 6.04%.

Loan resolutions, which have ranged from $900 million to $2 billion (excluding the CWCapital sales) this year, totaled only $600 million in July. With fewer distressed loans removed from the delinquent loan pool, newly delinquent loans pushed the monthly total back up. Trepp currently counts $32.1 billion in CMBS loan delinquent, which is down from June’s total.

“After so many months of steady declines in the delinquency rate, the slowdown in distressed loan liquidations and an uptick in newly delinquent loans put the brakes on the improvement in July,” said Joe McBride, research analyst at Trepp. “Whether the monthly decrease in loan liquidations is an outlier or a true shift to slower workout activity from special servicers remains to be seen but we expect the rate to continue downward.”

“Seriously delinquent” loans, which are counted as those 60+ days delinquent, in foreclosure, REO, or non-performing balloons, have also been on a steady decline. Again, this improvement stalled in July, as the rate decreased by only four basis points on this basis.

When broken out by major property type, lodging loans surpassed retail as the best performer. The delinquency rate for lodging loans fell to 5.19% in July and retail increased to 5.53%. While all five property types have fallen into the single digits for their respective delinquency rates, multifamily loans remain the worst performing property type, with a rate of 9.24%.

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

Joe McBride, Research Analyst
Trepp LLC
212-754-1010

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001

(212) 741-2977

Charles Dunn Company Completes $6.87 Million Sale of 12-Unit Multifamily Property in Valley Village, CA


Gelena Skya Wasserman
LOS ANGELES, CA, July 30, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $6,875,000 sale of a fully occupied 12-unit multifamily property located at 5056 Laurel Canyon Blvd. in Valley Village, Calif., a city within San Fernando Valley.

Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company represented the 1031 exchange buyer, Venture One, LLC in the transaction. The seller, Laurel Heights, LLC was represented by Peter Miller of KW Commercial.

Built in 2011, the property includes a mix of spacious three- and four-bedroom townhome-style units. The units all offer 2,000-square-foot and larger floor plans and include hardwood floors, granite counter tops, stainless steel appliances, and washer/dryer hookups. The property also includes a covered parking garage.

Roger Beck
“The Valley Village area near North Hollywood is a small community with very little product available to purchase,” said Skya-Wasserman, director with Charles Dunn Company.

“This property was attractive to the buyer because there are very few options to rent higher-end, large townhome units like this. 

"The majority of apartments in this area are older construction with the exception of IMT Residential’s new projects within the vicinity.”

Skya-Wasserman added that the non-rent controlled property was also in prime condition and required little to no maintenance.

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Atlanta Braves Announce Partners for Mixed-Use Development Adjacent to New Ballpark



ATLANTA, July 30, 2014 – A trio of nationally respected developers will partner with the Atlanta Braves organization to develop the 74-acre, $400-million mixed-use development that will be integrated with the new ballpark the franchise is developing in partnership with the Cobb-Marietta Coliseum and Exhibit Hall Authority. 

 Construction on the new stadium is scheduled to start later this year and will be completed by Opening Day 2017. The goal of the mixed-use development will be to open Phase I, or a substantial portion of it, by spring of 2017 as well.

Terry McGuirk
The organization announced today that three local companies – Fuqua Development, Pope & Land Enterprises, and Pollack Shores Real Estate Group – will be its partners in developing the project, which includes up to 630,000 square feet of class A office space, 500,000 square feet of upscale retail, 450 hotel rooms and 500 residences.

The Braves will retain a majority ownership stake in the development and will continue to guide the development process in conjunction with its partners.

 “In just eight months, we have made tremendous progress on our ballpark and mixed-use project,” said Atlanta Braves Chairman and CEO Terry McGuirk. “We’re thrilled to announce a partnership that reflects our local roots and global brand as we move forward on the mixed-use portion of the project.”


For more information, visit www.HomeoftheBraves.com

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

Matt Scofield
JACKSON | SPALDING for the Atlanta Braves
P 404-214-3554
M 404-312-8325
E mscofield@jacksonspalding.com

Cousins Properties Announces Public Offering of 18 Million Shares of Common Stock


Charlotte, NC Uptown skyline
ATLANTA-- Cousins Properties Incorporated (the "Company") (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 18.0 million shares of its common stock.

The Company intends to use the net proceeds of the offering to fund the purchase price of Fifth Third Center, a 698,000 square feet Class-A office building located in the Uptown submarket of Charlotte, North Carolina. 

Any remaining proceeds will be used for general corporate purposes, including the acquisition and development of office properties, other opportunistic investments and the repayment of debt.

J.P. Morgan will serve as the sole book-running manager for the offering.

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

Cousins Properties Incorporated
Marli Quesinberry, 404-407-1898
Director of Investor Relations and Corporate Communications


Tuesday, July 29, 2014

HFF closes sale and arranges financing for South Florida mixed-use property


Dadeland Square, 7700 North Kendall Drive, Miami, FL

MIAMI, FL – HFF announced today the closing of the sale and concurrent financing of Dadeland Square, a mixed-use retail and office center in Miami, Florida. 

HFF marketed the property on behalf of The Green Companies, a Miami-based real estate company.  COFE ZM Dadeland LLC purchased Dadeland Square and hired HFF to arrange financing through JP Morgan Chase & Co. 

Dadeland Square is located at 7700 North Kendall Drive in Miami, Florida.  

The property is situated within the most densely-developed area south of Downtown Miami and is near the Simon-owned Dadeland Mall.  Dadeland Square is a mixed-use retail and office center totaling 214,357 square feet that is 95 percent leased and anchored by TJ Maxx, HomeGoods, Jo-Ann Fabric and Craft and Guitar Center.  

Daniel Finkle
The HFF investment sales team representing the seller was led by managing director Luis Castillo, senior managing director Danny Finkle and director Ike Ojala.

“Dadeland Square was a highly sought-after opportunity and reflects investors’ desire to acquire well-located assets backed by strong retailer and office tenant performance,” Castillo said.

HFF’s debt placement team representing the buyer was led by senior managing director Paul Stasaitis and senior analyst Nat Scarmazzi.

“The Dadeland Square asset, coupled with highly regarded sponsorship, yielded outstanding finance terms and lender interest,” Stasaitis added.  

“Driven by strong residential demand, the Dadeland submarket’s retail and office sectors only stand to benefit further from already-impressive rental and occupancy levels.”

Luis Castillo
HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

The Green Companies is one of Miami's oldest family-owned firms, specializing in real estate development, acquisition, and property management.  

Since 1948, The Green Companies have constructed thousands of homes, condominiums, rental apartments and planned residential communities.  The firm is also responsible for more than two million square feet of office and mixed-use development in South Florida


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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

HFF closes $23 million sale of two Publix-anchored shopping centers in Florida


New Smyrna Beach Regional Shopping Center,
New Smyrna Beach, FL
ORLANDO, FL – HFF announced today the closing of the $16 million sale of New Smyrna Beach Regional, a 118,451-square-foot, multi-tenant retail center in New Smyrna Beach, Florida, and the $7 million sale of Forest Village, a 71,526-square-foot, multi-tenant retail center in Tallahassee, Florida.

               HFF marketed both properties exclusively on behalf of the seller, Equity One, Inc.  Publix Supermarkets Inc. purchased the properties for a total of $23 million in two separate transactions.

Brad Peterson
               Both shopping centers are Publix-anchored.  New Smyrna Beach Regional (NSB) sits on 19.8 acres on State Road 44 in New Smyrna Beach, Florida, and is the largest multi-tenant center in the area.  Built in 1987, the center is 90 percent occupied and, in addition to Publix, includes Dollar Tree, Pet Supermarket and Metcare of Florida as tenants. 

               Forest Village is located at the intersection of Crawfordville Road and Capital Circle S.W. in Tallahassee, which has a daily traffic count of approximately 36,400 cars.

  It sits on 15.9 acres with an additional 15.4 acres of undeveloped land, which was included in the sale.  Built in 2000, the property is 79 percent occupied to tenants including Publix, Rent-A-Center, Pizza Hut and The UPS Store. 

               The HFF team representing the seller was led by senior managing director Brad Peterson and real estate analyst Whitaker Leonhardt.

Whitaker Leonhardt
“These properties presented investors with an opportunity to acquire two seasoned and successful shopping centers,” Peterson said.  “HFF has sold 23 Publix-anchored shopping centers in Florida since 2012, and we continue to see very strong demand for these types of retail investments.”

HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

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 $10.5 million refinancing for New Jersey office buildings


Michael Klein
FLORHAM PARK, NJ – HFF announced today that it has secured a $10.5 million refinancing for 180-188 Mt. Airy Road, a two-building office property totaling 104,202 square feet in Basking Ridge, New Jersey.

               Working on behalf of Lincoln Property Company, HFF placed the five-year, floating-rate loan with OceanFirst Bank.  Loan proceeds will be used to retire existing debt and return equity to the partnership.

               180-188 Mt. Airy Road is located in northern New Jersey 54 miles outside of New York City in an area known as the state’s “Wealth Belt” along Interstate 78.

  Situated on 14.4 acres, the asset is comprised of two two-story, multi-tenant office buildings containing 104,202 square feet of rentable space.  180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007. 

 The properties are 95 percent leased, and major tenants include Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates.

Mack Pogue
               The HFF debt placement team representing the borrower was led by director Michael Klein and associate director Andrew Roland.

“The borrower was seeking short-term financing with maximum prepayment flexibility in the event of a sale of the property in the future,” Klein said.

 “Ocean First understood the unique tenant mix at the property and was attracted by the strength of the subject’s submarket.  As a result, the bank was able to provide an aggressive floating-rate loan that best met the joint venture’s current and future needs.”

               Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately held real estate firm involved in real estate investment, development, property management and leasing worldwide.

 Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln's cumulative development efforts have produced more than 100 million square feet of commercial space and more than 185,000 multifamily residential units.

Lincoln Property Company is one of the largest commercial real estate companies in the world.  Lincoln’s transaction team was led by, vice president
Mike Taylor. 

He can be reached at 973-599-0050 with any questions, or for more information on Lincoln in the New Jersey or Tri-State NYC Area.

OceanFirst Bank is a full-service community bank headquartered in Ocean County, New Jersey and provides commercial and residential financing as well as checking, savings and online services to retail and business clients throughout the region.

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

Paul Shailendra Appointed to Board of Alexander-Tharpe Fund and College of Engineering Advisory Board at Georgia Tech


Paul Shailendra
ATLANTA, GA (July 29, 2014) — Paul Shailendra, president of SG Property Services, was recently appointed to two boards at Georgia Tech — the board of the Alexander-Tharpe Fund Inc. and the College of Engineering Advisory Board.

 The primary purpose of the Alexander-Tharpe Fund Inc. is to raise the money for scholarships for Georgia Tech's student athletes. The annual goal is to raise enough money to cover the cost of the number of scholarships currently allowed by the NCAA.

 The College of Engineering Advisory Board provides advice to the dean regarding priorities and directions for engineering education and research.

 “I am honored serve my alma mater, Georgia Tech, by sitting on these boards, which have such a positive impact on students’ lives,” Shailendra said.

 Shailendra graduated from Georgia Tech with a bachelor’s degree in civil engineering. He is also an alumnus of Woodward Academy and sits on the school’s advisory council.

Georgia Gov. Nathan Deal
Last year, Gov. Nathan Deal appointed Shailendra to the Georgia Department of Natural Resources’ Board of Directors, which is responsible for setting rules and regulations on matters ranging from air and water quality to hunting seasons in Georgia and provides input on the state agency’s budget recommendations and legislative initiatives.

 He currently serves on the Board of Directors of the Metro Atlanta YMCA and the Board of Directors of Midtown Alliance. Shailendra also co-chairs the YCEO golf tournament and is a chair of the Buckhead chapter of Ducks Unlimited.

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)

Cocke, Finkelstein To Develop New Apartment Community in DeKalb County, GA


Chamblee Gateway Apartments Rendering,
Peachtree Boulevard and Chamblee-Tucker Road,
DeKalb County, GA
ATLANTA, GA (July 29, 2014) — Cocke, Finkelstein Inc. (CFI), a full-service multifamily investment firm, has acquired six acres in metro Atlanta at the intersection of Peachtree Boulevard and Chamblee-Tucker Road in DeKalb County.

The firm plans to develop a 283-unit, urban-infill apartment community called Chamblee Gateway, and construction of the Class A property is slated for completion in early 2016.

The Chamblee Gateway land acquisition capped a busy early summer for CFI, as the firm also recently acquired 658 apartment units in metro Atlanta and Michigan, and broke ground on a new apartment community in Atlanta’s prestigious Buckhead sub-market.

Byron Cocke
More specifically, CFI acquired the 296-unit Reserve at Twin Oaks in Clarkston, Georgia, for $12.25 million and three communities in Michigan — the 102-unit Garden Court Apartments in Monroe, the 110-unit Newberry Apartments in Lansing and the 150-unit Olivewood Apartments in Sterling Heights — for $11 million. CFLane, the property management subsidiary of CFI, will manage the four newly acquired communities.

On the development side, The Ardmore, CFI’s 165-unit apartment community in Buckhead, is slated for a third-quarter 2015 completion. 

In addition, leasing has begun at Collier Lofts, a Class A, 184-unit apartment  community in Atlanta’s thriving Buckhead West neighborhood, and construction is slated to be completed this summer.  CFI is co-developing both communities with Enfold Properties.

“The apartment market continues to thrive, both in our hometown of Atlanta and across most of the nation,” said Byron Cocke, Co-CEO of CFI and CFLane. “With the favorable macro economic conditions and our disciplined acquisition and development strategies, we are confident these additions to our portfolio will perform outstandingly and deliver strong returns for our investors.”

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)

Marshall Hotels & Resorts to Manage Under Construction Hotel Indigo Manhattan Financial District

  

 NEW YORK CITY, NY and SALISBURY, MD, July 29, 2014—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced today that it has been selected by owner 10-12 MLane LLC to manage the under-construction Hotel Indigo Manhattan Financial District.  

Marshall will handle all pre-opening activities, as well as operate the hotel upon opening in 2016.

“This will be our third current hotel in Manhattan and eighth new build project in the city,” said Mike Marshall, president and CEO.  “While the hotel will not open its doors for another 18 months or so, the hotel’s future success begins now. 

Michael Marshall
“We will provide input throughout the construction process to help maintain schedules and optimize efficiency, initiate a comprehensive marketing outreach program and bring on experienced staff to ramp the hotel quickly in order to open the property smoothly with a solid book of business. 

“Manhattan is a one-of-a-kind market with numerous idiosyncrasies and demand generators,” he noted. 

“The city has seen a significant amount of new construction in this segment in the past few years which requires creative marketing and operating strategies to succeed.

“ Implementation of our proprietary systems, calling on our in-depth experience in the market and taking advantage of our economies of scale will give this hotel a competitive advantage in all phases of the hotel cycle.”

The Hotel Indigo Manhattan Financial District is centrally located on Maiden Lane between Nassau Street and Broadway, one block from the new One World Trade Center. 

One World Trade Center, New York City, NY
The 25-story, 190-room property’s design will incorporate the theme of time to honor the area’s legendary history of being a craftsman center for fine jewelry and watch-making. 

The hotel will offer 1,450 square feet of meeting space, a fitness center and a rooftop lounge.  

Guests and locals will enjoy a great neighborhood bar with seasonally and local sourced food. 

“Our plan is to operate the hotel so that it becomes an immediate classic in one of the most dynamic neighborhoods in Manhattan,” Marshall said.  

“We expect the Indigo brand and its amenities to be a significant factor in achieving that plan.”

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

Chris Daly, media
Daly Gray Public Relations
(703) 435-6293


Monday, July 28, 2014

Hartman Simons Adds Veteran Attorneys James Budd in Atlanta, GA and John H. Lewis in Raleigh, NC


James Budd
ATLANTA, GA (July 28, 2014) – Hartman Simons & Wood (Hartman Simons), the nation’s leading commercial real estate law firm, has hired veteran attorneys James Budd and John H. Lewis. Each will serve as a senior counsel with the firm.

Budd, most recently with the Atlanta office of Stites & Harbison, has more than a decade of experience representing clients across the nation in commercial real estate and finance matters.

 He represents both lenders and borrowers in financings on office, retail, multifamily, industrial and mixed-use projects. Budd also represents developers in the acquisition, disposition and leasing of real estate.

Lewis, who joins Hartman Simons from The Law Offices of John H. Lewis PLLC in Raleigh, North Carolina, has practiced commercial real estate law for more than 30 years and has represented clients in a wide range of matters — acquisitions, dispositions, developments and financings — involving virtually all property types.

His career has focused in large part on the representation of national and regional retailers and developers.

 Budd will work in Hartman Simons’ Atlanta office, while Lewis is based in Raleigh.

John H. Lewis
“James and John bring exceptional skill and experience to the wide-ranging commercial real estate expertise at Hartman Simons,” said Gil Y. Burstiner, managing partner of the firm.

“Commercial real estate has weathered the recession-induced doldrums, and activity within the industry is coming back in a big way.

"We are enjoying an extremely busy year, and James and John will help us to continue to provide our growing client base with excellent representation.”

 Budd is a graduate of the Emory University School of Law. Lewis received his law degree from the University of Florida.







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

Stephen Ursery
The Wilbert Group
404.549.7150 – office
404.405.2354 – cell

Marcus & Millichap Arranges Sale of 3,391 Acres in Glen Saint Mary, FL for $4.55 Million


Paul Bouldin
GLEN SAINT MARY, FL, July 28, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 3,391 acres of land, located in Glen Saint Mary, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $4,550,000.

Paul Bouldin, a senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

The property is located in Glen Saint Mary, Florida, approximately one mile north of Interstate 10 on County Road 125 in Baker County. 

Glen Saint Mary is one mile west of Macclenny, the county seat and is considered to be in the Jacksonville MSA, approximately twenty-miles west of the Jacksonville city limits. 

It was previously part of a proposed Development of Regional Impact (DRI) that was planned for mixed-uses including a 55+ age restricted single-family residential community.

“This project never became a reality and remained a timber tract until most of the trees were harvested in 2013,” says Bouldin. 

“The property was entangled in Bankruptcy Court and disputes between partners, but this sale allowed the prior owners to resolve their issues and repay their obligations,” adds Bouldin.

“The buyer purchased the property as a long-term investment and plans to continue its agricultural use until development again becomes feasible.”

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

San Francisco Peninsula Apartment Complex Sold by Marcus & Millichap for $10.8 Million


Viking Apartments, Burlingame, CA

BURLINGAME, CA, July 28, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Viking Apartments, a 35-unit apartment property in Burlingame, Calif. 

The $10,800,000 sales price equates to $308,571 per unit.

            Tom Doglio, vice president investments, and Richard Reisman, associate, both in Marcus & Millichap’s Palo Alto office, represented the seller, members of a family that owned the property for over 50 years. Adam Levin, vice president investments, also in the firm’s Palo Alto office, represented the buyer, a local family trust.

Adam Levin
            “The acquisition of Viking Apartments provides the new owner with an outstanding opportunity to reposition the property through both renovation and resetting the existing rents, which are currently significantly below market rate,” says Levin. “Nearby properties that have recently executed similar strategies are now demonstrating significant gains.”

            Built in 1958, the 21,007-rentable-square-foot property is located in an affluent neighborhood two blocks from Burlingame Avenue at 500 El Camino Real in downtown Burlingame, Calif

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

Gina Relva
Public Relations Manager

(925) 953-1716

South Florida Shopping Center Sells for $13.8 Million


Douglas K. Mandel
FORT LAUDERDALE, FL, July 28, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the of sale Plaza Del Mar, a 32,079-square-foot shopping center in Fort Lauderdale, Fla. The $13.8 million sales price equates to $430 per square foot.

            Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, South Florida Residential LLC. The buyer is a private investor from Brazil.

            “Plaza Del Mar is a top-quality asset in a high-barrier-to-entry market,” says Mandel. “The offering attracted a great deal of attention from the retail property investment community and the transaction closed within a relatively short timeframe.”

            Constructed in 1984 and renovated in 2011, Plaza Del Mar is located at 1451 North Federal Highway in Fort Lauderdale with direct frontage on U.S. Highway 1.  

Plaza del Mar Shopping Center, 1451 North Federal Highway
Fort Lauderdale, FL

At the time of the sale, Plaza Del Mar was 84 percent leased to a variety of local and national retailers and restaurants. 

Tenants include Lime Fresh Mexican Grill, Jimmy John’s, Joe’s Crab Shack, Sally Beauty Supply and MetroPCS.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Suburban Cleveland, OH Grocery-Anchored Shopping Center for $34.3 Million

  
Erin Patton

BEACHWOOD, OH, July 28, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Pavilion Shopping Center, a 249,873-square-foot shopping center east of Cleveland in Beachwood, Ohio.

 The $34.3 million sales price equates to $137 per square foot.

            Scott Wiles, vice president investments and Craig Fuller, associate vice president investments, both in Marcus & Millichap’s Cleveland office, along with Erin Patton, vice president investments in the firm’s Columbus office, represented the seller, a Cleveland-based private joint venture.

 Wiles, Fuller, Patton and CJ Jackson, an associate in the Columbus office, represented the buyer, Devonshire REIT of Whitehouse, Ohio.

            “Pavilion Shopping Center is a well-established, stabilized shopping center in one of Ohio’s strongest suburban settings,” says Wiles. “The center is anchored by Giant Eagle, Cleveland’s No. 1 grocery operator.”

The Pavilion Shopping Center, Beachwood, OH
            The property is located near Interstate 271 at 24055 Chagrin Blvd., which features traffic counts that exceed 28,000 vehicles per day. The average annual household income within one mile of the center is $146,700.

The shopping center is surrounded by the Cleveland metropolitan statistical area’s premier office submarket, which features the newly built $117 million world headquarters of the Eaton Corp., a power management company with 2013 sales of $22 billion.

Scott Wiles
            Pavilion Shopping Center is co-anchored by Stein Mart, Marshalls, Big Lots, Petco and Michaels. Two freestanding out-parcel buildings leased to Ruby Tuesdays and Huntington National Bank were included in the sale.

            Home to 5,500 families, more than 3,000 businesses and regional retail centers featuring Saks Fifth Avenue, Nordstrom, Tiff­any’s and Apple, Beachwood, Ohio attracts more than 100,000 people every day for business, healthcare, shopping or entertainment purposes.

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

Gina Relva
Public Relations Manager

(925) 953-1716