Monday, January 6, 2014

HFF secures $31.08 million financing for Green River Village in Corona, CA

Green River Village, 4901 Green River Road, Corona, CA

Zach Koucos
SAN DIEGO, CA – HFF announced today that it has arranged $31.08 million in financing for Green River Village, a 333-home site manufactured home community in Corona, California.

                HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate loan through Union Bank, N.A.  Loan proceeds were used to pay off a maturing loan balance.

Green River Village is situated on a 41.1-acre site at 4901Green River Road adjacent to Riverside Freeway 91, just east of the Orange and Riverside County line in Corona.

The all-ages community is 92 percent occupied with amenities including a recently upgraded clubhouse, two swimming pools, indoor spa, fitness room, picnic areas, playground, basketball court and RV storage.

                The HFF team representing the borrower was led by director Zach Koucos.

“The quality of this property and its accessible Southern California location, combined with Hometown America’s premier sponsorship, resulted in a competitive marketplace for the financing of Green River Village. 

"It’s a sign that there is great depth to the lending pool for the manufactured home community asset class,” said Koucos.

Founded in 1997 and based in Chicago, Illinois, Hometown America is a privately-held real estate investor that owns and operates manufactured housing communities across the country.  Today, the company operates 43 communities in 10 states.

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 |

HFF closes sale of luxury beachfront hotel in Daytona Beach, FL

The Shores Resort & Spa, 2637 Atlantic Avenue, Daytona Beach Shores, FL

Scott Hall
SAN DIEGO, CA – HFF announced today that it has closed the sale of The Shores Resort & Spa, a 212-room, luxury beachfront hotel in Daytona Beach, Florida.

                HFF marketed the hotel on behalf of the seller, Rockbridge.  The asset was acquired by Garrison Investment Group.

                The Shores Resort & Spa is located at 2637 South Atlantic Avenue on Daytona Beach Shores, a five-mile long barrier island between the Atlantic Ocean and the Intracoastal Waterway. 

The hotel is close to the Daytona International Speedway, Interstates 4 and 95, and is less than a one hour drive from Orlando. 

Originally built in 1974, The Shores underwent a $30 million renovation in 2005, and is the only AAA Four Diamond-rated hotel in Daytona. 

Paul Hsu
Hotel amenities include 20,000 square feet of indoor meeting space, a heated outdoor saltwater swimming pool, fitness center, Shores Kid’s Club, beachfront fire pits, the Azure Restaurant, Palapa Tiki Bar and Indulge Spa.

                The HFF investment sales team representing the seller was led by managing director Scott Hall, senior managing director Dan Peek, and associate directors Paul Hsu and Michael Weinberg.

“The market for Florida oceanfront resorts is as strong as it has been since 2006 or 2007,” noted Peek.  “Resort asset performance and market values are expanding beyond SE Florida and every corner of the state is in the growth mode.”

“The Shores is a tremendous asset which has experienced strong performance growth coming out of the downturn,” noted Hall.

Michael Weinberg
 “The stewardship of Rockbridge and the resort’s management team has positioned this luxury hotel for continued near-term and long-term success in response to macro and micro market fundamentals.”   

According to Smith Travel Research data, the resort segment led the hospitality industry location segments through October 2013 with 6.7 percent growth in revenue per occupied room compared to the same period in 2012.

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 |

HFF closes $5 million sale of industrial redevelopment site in Elizabeth, NJ

900 Fairmount Avenue, Elizabeth, NJ
Michael Nachamkin
 FLORHAM PARK, NJ – HFF announced today that it has closed the $5 million sale of 900 Fairmount Avenue, a 7.7-acre industrial redevelopment site in Elizabeth, New Jersey.

HFF marketed the property exclusively on behalf of the seller, Oakmont Hayward I LLC, and procured the buyer, Fairmount Redevelopment Group LLC.  The purchase price was $5 million.

900 Fairmount Avenue provides immediate access to the New Jersey Turnpike and is in close proximity to the entrance to Newark Liberty International Airport and Port Newark-Elizabeth Marine Terminal.

With construction slated to commence in 2014, current plans for the property include the development of a state-of-the-art, 100,000-square-foot distribution center and three acres for trailer storage.

The HFF team representing the seller was led by managing director Michael Nachamkin.

Josh Avidan
Fairmount Redevelopment Group is a local-based investor and developer of industrial properties with a long history in the market.   It is led by Josh Avidan of The Avidan Group and Dave Gibbons of Elberon Development Group.

"We are excited and look forward to this rare opportunity of a ground-up development project in Elizabeth, New Jersey.  Our goal is to produce a high quality and functional product that will benefit the community and attract a variety of prospective tenants,” said principal and member Josh Avidan. 

The Avidan Group, a subsidiary of Avidan Management, has deep roots in Northern New Jersey.  Operating for over 40 years, the company specializes in industrial/commercial real estate development focusing on big-box, refrigerated and flex buildings. 

The Elberon Development Group owns approximately 1.7 million square feet of industrial and warehouse property in the city of Elizabeth.  It recently completed ground-up, build-to-suit projects for Wakefern Food Corp. and Seafrigo Cold Storage in the area.

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 |

HFF closes $40.75 million sale of Class A multi-housing community in suburban Denver, CO

Encore Highpointe Park apartments, 9701 Pearl Street, Thornton, CO

Jordan Robbins
DENVER, CO – HFF announced today that it has closed the sale of Encore Highpointe Park, a 220-unit, Class A, garden-style multi-housing community in Thornton, Colorado.

                HFF marketed the property on behalf of a joint venture between Encore Enterprises and Inland Private Capital Corporation.  Asher Investments purchased the asset for $40.75 million free and clear of existing debt. 

Encore Highpointe Park is located at 9701 Pearl Street within one half mile of Interstate 25 in the desirable Highpointe Park retail development of Thornton, approximately 10 minutes north of downtown Denver. 

With units averaging 941 square feet, the newly developed community was approximately 90 percent leased at the time of sale.  Community amenities include a clubhouse, coffee lounge, fitness studio, yoga room, playground, swimming pool, spa, barbecue area and attached parking garages.

                The HFF team representing the seller was led by director Jordan Robbins and associate director Jake Young.

Encore Enterprises, Inc. is a privately owned national real estate investment company founded in 1999 with corporate headquarters in Dallas, Texas.  

Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices and public-private mixed-use developments.

Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. 

Asher Investments is a privately held real estate investment company located in Denver.  The company invests on its own behalf and is one of the largest private owners in Denver, with more than 3,000 units, along with other properties located in California and the Washington D.C. area.

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 |

Sale of Panorama Corporate Center in Englewood, CC closed by HFF

Panorama Corporate Center, at the southwest corner of the Interstate 25/Dry Creek Road interchange adjacent to the Dry Creek light rail station, Englewood, CO
Mary Sulllivan

DENVER, CO – HFF announced today that it has closed the sale of Panorama Corporate Center, an 821,242-square-foot, Class A office campus in Englewood, Colorado.

                HFF marketed the property exclusively on behalf of the seller, a joint venture between Equity Office and institutional investors advised by J.P. Morgan Asset Management.  Miller Global Properties, LLC purchased the asset free and clear of existing debt.

Panorama Corporate Center is 92.3 percent leased and includes seven institutionally maintained buildings completed between 1996 and 2008. 

Situated on 53.3 acres, the property includes two additional land parcels totaling 11.3 acres, which are zoned for any combination of office, retail, industrial or residential uses. 

The property is located at the southwest corner of the Interstate 25/Dry Creek Road interchange adjacent to the Dry Creek light rail station. The asset is anchored by United Launch Alliance (ULA).

John Jugl
The HFF team representing the seller was led by senior managing directors John Jugl and Mary Sullivan.

Equity Office is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 60 million square feet of Class A office space under management in superior locations throughout the country. 

J.P. Morgan Asset Management – Global Real Assets has more than $70 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of September 30, 2013.  

With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies.

Located in Denver, Colorado, Miller Global Properties, LLC and its affiliates sponsor value-add/opportunistic real estate investment vehicles.  The principals of Miller Global have been involved in transactions totaling more than 50 million square feet of buildings.  They have experience in all property types and have executed more than $7 billion of real estate transactions throughout their careers. 

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 |

GrayRobinson Leaving Brickell for Downtown Miami; Law Firm Signs 35,358 SF Lease at Wells Fargo Center

Wells Fargo Center, Downtown Miami, FL

Barbara Liberatore Black

Miami, FL,  Jan. 6, 2014 — GrayRobinson, one of the fastest growing law firms in Florida with 280 attorneys and 11 offices across the state, is relocating its Miami office.

Taylor & Mathis signed the firm to a long-term 35,358-square-foot lease at MetLife’s Wells Fargo Center in Downtown Miami.  The full service law firm is moving from 1221 Brickell to Wells Fargo Center in January 2015.

GrayRobinson along with several other tenants are moving from Brickell to Downtown Miami—and taking up residence at Wells Fargo Center.

 Brian Gale, Principal, and Ryan Holtzman, Leasing Director, both of Taylor Mathis, negotiated the long term lease on behalf of MetLife. 

Brian Gale
“GrayRobinson is the sixth tenant we have signed at Wells Fargo Center this year with new leases topping over 90,000 square feet,” stated Gale. GrayRobinson will occupy the 31st and 32nd floors of Wells Fargo Center.

Gale also stated, “Wells Fargo Center, because of its location at the south side of the Brickell Bridge, has drawn a plethora of Brickell tenants across the river”.

 “We explored several options in Brickell and Downtown Miami before settling on the Wells Fargo Center,” said Steven Zelkowitz, Managing Shareholder of GrayRobinson’s Miami office.

“Cresa helped us navigate the landscape and balanced our short-term and long-term needs with an eye toward sustainable growth. We’re convinced we’ve found a strategic location at the Wells Fargo Center.”

Barbara Liberatore Black, a Managing Principal at Cresa South Florida, represented GrayRobinson in the deal.

“It was important for GrayRobinson to establish the firm’s offices in a class A building in the urban core. Wells Fargo Center met all of the firm’s criteria,” said Liberatore Black. “GrayRobinson’s office space will facilitate the firm’s new office standards and technologies. The firm also has the ability to continue expanding at Wells Fargo Center by leasing additional space.”

Ryan Holtzman
 “GrayRobinson is a welcome addition to the high quality tenant roster at Wells Fargo Center. The development, a long-term investment for MetLife, has attracted many of the Country’s most notable companies this year,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.

 The law firm was attracted to Wells Fargo Center, in part, because it is attached to a world-class JW Marriott Marquis.

 GrayRobinson established a presence in Miami six years ago when it retrofitted existing office space at 1221 Brickell. 

Although the space accommodated the firm’s needs at the time, its rapid growth—now approaching 50-plus attorneys—required GrayRobinson to seek new class A office space that mirrors its other locations and gives the firm room for future growth as it continues to expand in South Florida. 

Byrd F. 'Biff' Marshall Jr.
GrayRobinson plans to lease temporary office space at Wells Fargo Center in January 2014 to accommodate immediate growth in its Miami office, and then move its entire legal staff to the building at the beginning of 2015.

“Our growth in Florida this year remained strong,” said Byrd F. “Biff” Marshall, Jr., President and Managing Director of GrayRobinson.

 “Finding quality real estate solutions in prime locations in the Florida cities we serve is vital to accommodate the needs of our clients.”

 The decision comes just months after GrayRobinson announced a new location in Boca Raton and recent expansions in Orlando and Ft. Lauderdale.

Wells Fargo Center is a 750,000 square foot Class A office tower located downtown one city block off Interstate 95 and south of the Brickell Bridge. 

 It is home to some of the most prominent and respected companies in the country, including Wells Fargo Bank, Greenberg Traurig, Deloitte, McDermott, Will & Emery and Littler Mendelson PA.  

Charles 'Chuck' Davis
The office building shares a site with the first of its kind JW Marriott Marquis hotel and the first Hotel Beaux Arts, a new hotel of Marriott International luxury group.  

Tenants benefit from the five-star amenities of the hotel, which include dining, conference facilities, an entertainment complex, fitness center, salon and spa, and the Jim McLean Golf School. 

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

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


New Castle Names Kevin Baker Director of Sales and Marketing for Westin Jekyll Island

Westin Jekyll Island hotel rendering, Jekyll Island, GA

Gerry Chase
SHELTON, CT and JEKYLL ISLAND, G.A, Jan. 6, 2014—Officials of New Castle Hotels and Resorts, a leading hotel owner, operator and developer, today named Kevin Baker director of sales and marketing for the under construction Westin Jekyll Island.

 The 200-room, oceanfront hotel is slated to open in the fourth quarter. 

Baker previously was the director of group sales for the Westin Hilton Head Island Resort and Spa in Hilton Head, S.C.  A career hotelier, Baker has worked within the Starwood family of brands since 2008 and earlier held various sales positions with Ritz Carlton, Marriott and Hilton.

 In his new role, Baker will develop and execute extensive marketing plans for the first oceanfront convention center hotel in the southeastern U.S.

 In addition to offering guests the only luxury hotel experience on the Jekyll Island beach, Westin Jekyll Island will be the anchor hotel for the recently-opened, 128,000 square foot Jekyll Island Convention Center. 

"Kevin has exactly the right experience to market the Westin Jekyll Island to both the meeting/ convention markets and the leisure traveler," said Gerry Chase, president and COO of New Castle Hotels and Resorts, which will operate the hotel. 

"With the opening of this hotel, Jekyll Island quickly will emerge as a direct competitor for businesses that currently choose other beach venues.

" Kevin's experience with both the Westin brand and similar, beachfront markets give our hotel an advantage right out of the gate."

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

Lauralee Dobbins
Daly Gray, Inc.

Strategic Expansion Pays off for Stonemark Portfolio

Souad Belkheir
Atlanta, GA (Jan. 6, 2014) – Strategic changes that Stonemark Management put in place in the past 18 months are yielding strong results. 

The multifamily property management firm has strengthened its core operations and expanded service offerings.

This led to a significant increase in the size of the firm’s management portfolio by approximately 3,000 units net – which is more than 20% growth – while retaining its back-to-basics, hands-on approach.

Ashley Monroe
Starting in 2012, the firm began taking a series of strategic steps to broaden its internal executive staff, improve its financial and management functions and accommodate growth.

Several key hires made at that time have helped the firm move forward in many ways.

·        As Internal Risk Manager, Souad Belkheir has helped develop and administer risk management and loss-prevention policies and programs, while increasing supervision of legal and regulatory compliance functions.

·        Corporate Controller David B. Little, CPA, helped increased efficiency and accuracy in cash flow analysis and revenue projections, audits and a number of other tasks. He also provides additional support to the Vice President of Accounting. 

David B. Little
·         Ashley Monroe, who became Vice President of Operations a year ago, is celebrating her first year with the firm. The creation of the new executive role helped the company sharpen its existing procedures and practices and strategically position itself for growth.

“The internal strength we’ve added over roughly the past year lets us offer more value to our clients, which helps bolster the outlook for their investment assets,” said Michael Taylor, CEO of the Stonemark Group.

Stonemark manages multifamily communities for a large number of third-partner owners and investors, as well as joint ventures involving its corporate partner Stonemark Equities.

Michael Taylor
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas.

The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management.

For more information, visit

For a complete copy of the company’s news release, please contact:
Terri Thornton
(404) 932-4347

INNOVATIVE Real Estate Companies Adds Even More Talent; Lori Snider Joins as Vice President, Marketing & Team Development

Lori Snider
Houston, TX  (Jan. 6, 2014) – In keeping with the company’s strategy of hiring only top-tier talent, INNOVATIVE Real Estate Companies has announced the addition of Lori Snider to the team as Vice President, Marketing & Team Development.

Snider is a nationally-recognized educator and marketing trailblazer who specializes in delivering the highest-level customer experience through team development and purposeful messaging.

 Lori has developed, delivered and implemented training programs and award-winning marketing initiatives for many of the country’s top apartment firms. 

Her career includes positions with Lincoln Property Company, Legacy Partners, Draper and Kramer,  For Rent Media Solutions and Creativity For Rent – a multifamily marketing and design firm she co-founded – in addition to dozens of clients she has served as one of the industry’s premier consultants.

“Adding Lori to the team reflects our commitment to building a great company,” said Jared Miller, President of Multifamily Operations and Principal.

Jared Miller
“She has worked with so many multifamily organizations and been an extended part of so many teams, we are very fortunate to add her as a full-time member at INNOVATIVE where she will oversee all marketing and team development functions. 

"There are only a few marketing and training professionals who stand out in multifamily, and even fewer are as well-rounded, creative, passionate, intelligent and driven as Lori.”

In addition to marketing and team development, Snider will oversee “experience management” initiatives and encourage the cultural environment that makes INNOVATIVE a convention-defying company and an incubator for new ideas.

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

Terri Thornton
(404) 932-4347