Saturday, January 25, 2014

IPA Adds Leading Arizona Apartment Broker to National Team

Steve Gebbing
PHOENIX,  AZ—Institutional Property Advisors (IPA), a division of Marcus & Millichap Real Estate Investment Services, is pleased to announce the expansion of its national team of senior advisors with the addition of Steve Gebing, according to Brian Murdy, national director of IPA.

            Gebing has been a leading broker of major multifamily properties with Marcus & Millichap for more than seven years, completing over $532 million in transactions in the last two years.

Gebing’s clients include some of the nation’s largest institutional and major private multifamily investors. As a senior director, he will be responsible for IPA’s Arizona office.

“We are excited to have Steve join IPA,” says Murdy. “He will continue building our presence in serving the robust Arizona markets and Nevada as well.”

Brian Murdy
Gebing and his business partner, Cliff David, a Marcus & Millichap vice president investments, are one of the strongest investment sales teams in Arizona.

David will remain focused on the private client segment of the market while Gebing will focus on serving the needs of institutional clients through the IPA division.   Gebing and David will be located in IPA’s Phoenix office along with Peter Katz, whose primary responsibility is overseeing student housing for IPA nationally.

“The addition of Steve to our team is an important part of our strategic plan to provide comprehensive and integrated investment advisory services to major apartment investors through an expanding national collaborative platform,” says Hessam Nadji, Marcus & Millichap’s chief strategy officer.

Gebing joined Marcus & Millichap in 2006 as an associate in the firm’s Phoenix office, rising to vice president investments in July 2012. Gebing has earned three national achievement awards and three sales recognition awards.

Prior to joining Marcus & Millichap, Gebing spent nearly seven years working for IBM, where he served as the worldwide sales and marketing manager for IBM’s emerging storage virtualization software.

Cliff David
In this role, Gebing had responsibility for identifying new market opportunities, coordinating go-to-market activities, as well as developing, communicating and strengthening the portfolio's value proposition. 

Since its introduction, IPA’s sales volume of major apartments has nearly doubled, positioning IPA/Marcus & Millichap among Real Estate Alert’s top five institutional apartment brokers nationally.

 In October 2013, the firm expanded its services by introducing IPA Capital Markets, which works in an integrated fashion with the firm’s investment sales advisors to provide institutions and major private investors with a full range of financing services from a global suite of capital providers.
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Chatham Lodging Trust Announces Marketing of Joint Venture Hotel Portfolio

Jeffrey H. Fisher
PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that the Chatham/Cerberus joint venture is offering for sale the 51-hotel, 6,847 room Innkeepers portfolio. Eastdil Secured is exclusive advisor for the offering.

The offering represents a rare opportunity to own a highly-diversified portfolio of newly renovated hotels that are supported by superior locations, leading brands, strong property performance, substantial recent capital investment and compelling, long-term value enhancement opportunities.

The portfolio is being offered unencumbered by management contracts and has a $950 million interest-only loan in place with a floating interest rate of LIBOR + 4.8 percent that is assumable subject to certain conditions.

The portfolio benefits from $171 million in capital expenditures since 2007 or approximately $25,000 per room. Operating performance has been strong in 2013 with estimated RevPAR growth of 5.5 percent, a RevPAR penetration index of 129 and estimated EBITDA of approximately $101 million.

“Having owned or operated the portfolio for quite some time, we know these hotels very well, its results are very strong, and with industry experts projecting attractive growth in the future, we would expect the portfolio to continue to produce great results” said Jeffrey H. Fisher, Chatham’s chief executive officer.

 “The joint venture has already returned 92 percent of our original capital investment, so if a sale occurs, the potential value that may accrue to Chatham because of our promote interest could be meaningful.”

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

Jerry Daly, Carol McCune                                 
Daly Gray Public Relations                                  
(703) 435-6293                                                    

Dennis Craven
Chief Financial Officer
(561) 227-1386              

NAI Realvest Negotiates Four Leases totaling 8,377 SF at South Park Business Center in Orlando, FL

Tom R. Kelley II

 ORLANDO, FL– NAI Realvest recently negotiated four new leases – two new ones and two renewals --  totaling 8,377 square feet at South Park Business Center, a flex,  office and warehouse center located at 8600 Commodity Circle in Orlando. 

 Tom R. Kelley II, CCIM, principal at NAI Realvest, brokered all four transactions on behalf of the Miami-based Landlord South Park, LLC.  The tenants include:

 Mat Life LLC, signed a new lease for Unit 115 with 2,307 square feet;  PPT Strength & Conditioning renewed its lease of Unit 116 with 2,146 square feet;

Vacation Innovations LLC  renewed the lease of Unit 119 with 2,094 square feet and Ding Bikes LLC, is a new tenant in unit 124 with 1,830 square feet. 

 The 57,000 square foot business center was built in 2008.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

Emerson International reports big jump in occupancy in 11 Central Florida office properties

Kenneth Koch
Altamonte Springs, FL--- Emerson International reports that occupancy in 11 Class A commercial office properties it owns and manages in Maitland, Longwood, Altamonte Springs and Orlando increased from 75 percent to more than 84 percent in 2013.

Kenneth Koch, director of leasing at Emerson International, said Emerson International’s portfolio group of office properties totals 1,127,788 square feet of space.

“Office occupancy is a reliable long-term measure of overall economic health and clearly the regional economy is improving,” Koch said. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 

NAI Realvest Negotiates Office Lease Agreement for 7-Eleven Regional Office in Maitland, FL

Tom R. Kelley II
ORLANDO, FL. --- NAI Realvest recently completed a new long term lease agreement with 7-Eleven Corporation for a regional office in the 800 Trafalgar Court building in Maitland Center.

 Tom R. Kelley II, CCIM, a principal in the firm and Associate Chris Adams negotiated the transaction representing the landlord, Maitland-based FFVA/Florida Fruit & Vegetable Association.

 Kelley said 7-Eleven will be using the 2,185 square foot office facility for administration and training.   Gina LeMaster of Avista Retail & Development was the cooperating broker. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142