Wednesday, February 19, 2014

HFF closes sale of Baltimore, MD multi-housing community

Halstead at Guilford, located along Charles Street between Johns Hopkins University and Loyola University, about three miles north of downtown Baltimore, MD

David Nachison
WASHINGTON, D.C. - HFF announced today that it has closed the sale of Halstead at Guilford, a 234-unit, 14-story, high-rise multi-housing community in Baltimore’s Guilford neighborhood.

HFF marketed the property on behalf of the seller, The DSF Group.  Cornerstone Real Estate Advisers purchased the asset on behalf of a Cornerstone-managed fund.

Halstead at Guilford is located along Charles Street between Johns Hopkins University and Loyola University about three miles north of downtown Baltimore.

 Renovated in 2006, the property features one-, two- and three-bedroom units averaging 1,147 square feet each.  Residents also have access to a 3,000-square-foot fitness center with separate yoga/pilates room, rooftop pool with barbeque grills, club room with five televisions and billiards table, theatre room, library/business center, gaming room, laundry center and gated pet park.

Alan Davis
The HFF investment sales team representing the seller was led by senior managing directors David Nachison and Alan Davis, associate director Brenden Flood and senior real estate analyst Bret Thompson.

“Halstead at Guilford has been transformed into the market-leading address for residents and the ‘gold standard' for living in one of Baltimore’s most historically rich neighborhoods,” said Nachison. 

“Cornerstone’s investment includes the opportunity to further improve performance in a best-of-class building that actively serves students, faculty and staff from Johns Hopkins University and the area’s discerning residents.”

Since 2000, the DSF Group has invested more than $2 billion in five million square feet and has quietly become one of the most successful private real estate investment firms in the country.

 With offices in Boston and Washington D.C., three decades of experience and a track record unrivalled in the industry, the DSF Group offers investors and communities the unique combination of expertise, vision and hands-on involvement, in both converting and redeveloping existing properties and in developing new properties from the ground up. 

Brenden Flood
Among numerous other industry recognitions, DSF Group was selected by the National Association of Home Builders (NAHB) as the 2011 Multifamily Development Firm of the Year.  For more information, visit

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers.

 It provides core and value added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe.  Cornerstone is a member of the MassMutual Financial Group. 

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 |

ZipRealty Names the 10 Best Metros for Home Sellers in 2014Va

Lanny Baker
EMERYVILLE, CA, Feb. 19, 2014 /PRNewswire/ -- ZipRealty, Inc. ( (NASDAQ: ZIPR), the nation's most prominent online technology-powered residential real estate brokerage firm and real estate marketing solutions provider, has released a list of the Top 10 Best Cities for Home Sellers in 2014, based on housing market trends in 24 metro areas nationwide.

"The real estate markets in the western region soared compared to the rest of the country in 2013, based on data we compiled over the past year in our Housing Trends Report," said Lanny Baker, CEO of ZipRealty. "While we expect these metros to outperform once again this year, it should be at a more measured pace."

ZipRealty ranked the top 10 metros based on three evenly weighted housing metrics – median sales prices, median days on market and total housing inventory per capita.

The Top 10 Best Cities for Home Sellers in 2014 are:

SF Bay Area
San Diego
Las Vegas
Orange County
Los Angeles
Washington, DC/Northern VA

Nationwide, here's how the housing market performed in 2013 according to the National Association of Realtors (NAR):

  • Median home sales prices increased 11.5% on average over 2012.
  • Homes stayed on the market for an average of 35 days.
  • 6.6 homes on average were available per 1,000 people.

Van Davis
Here's how the top three metros surveyed by ZipRealty compared to the national averages:

San Francisco Bay Area:

Median home sales prices increased nearly 35% on average over 2012.
Homes stayed on the market for an average of 19 days.
           1.1   homes on average were available per 1,000 people.


Median home sales prices increased 32% on average over 2012.
Homes stayed on the market for an average of 15 days.
3.3 homes on average were available per 1,000 people.

San Diego:

Median home prices increased 20% on average in 2013 over 2012.
Homes stayed on the market for an average of 24 days.
1.9 homes on average were available per 1,000 people.

"For home sellers in today's market, finding the right real estate agent to list your home could help you attain the highest possible listing price," said Van Davis, President of Brokerage Operations for ZipRealty. 

"The Internet is a great place to start informing yourself about agent qualifications and expertise. Many tools are available online, including agent ratings and reviews.

San Francisco Bay Area
“It's important to find an agent you are comfortable talking with, who can work with your schedule and is responsive to your needs. Scheduling a few interviews to make your final selection is also an excellent idea," he added.

"Online exposure of your home is critical," added Mr. Davis. "Make certain the agent and their brokerage are able to fully expose your property on the Internet since 93% of home buyers start their search there."

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

 Stacey Corso

Post Properties Announces Quarterly Dividends; Increases Dividend Payout to Common Shareholders by 9 Percent

Dave Stockert
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.36 per share for the first quarter of 2014. 

The dividend is payable on April 15, 2014 to all common shareholders of record as of March 31, 2014.

Said Dave Stockert, CEO and President, “We are pleased to be able to increase the dividend to common shareholders again this year, reflecting growing earnings and cash flow, and the overall strength of our business.

 "With today’s announcement, we expect our annualized rate of common stock dividends to rise by 9 percent to $1.44 per share.”

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the first quarter of 2014. The dividend is payable on March 31, 2014 to all Series A preferred shareholders of record as of March 17, 2014.

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

Post Properties, Inc.

Chris Papa, 404-846-5000

Avison Young completes 7,000-square-foot office lease with GoCoin in Santa Monica, CA

227 Broadway, also known as Keller Block Building, Santa Monica, CA
 Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed a multi-year office lease with GoCoin, an international payment-services company. GoCoin will occupy 7,000 square feet (sf) at 227 Broadway in Santa Monica, CA.

Randy Starr
Avison Young Principal Randy Starr, based in the company’s Santa Monica office, represented GoCoin as well as the landlord, Third Street Limited, in the transaction.

GoCoin is relocating and expanding to occupy the entire third floor of 227 Broadway, also known as the Keller Block building, a 22,500-sf building registered by the City of Santa Monica as a Historic Landmark.

The architecture of the three-story property, constructed in 1893, is a regional interpretation of the Romanesque Revival style. With GoCoin’s lease, the Keller Block Building is now fully occupied. Other tenants include Partos Company, Papyrus and the City of Santa Monica.

“This was a strategic move to the heart of Silicon Beach in terms of location and recruiting new talent to the company,” comments Starr.

“The challenge in finding a space for GoCoin was to identify a property that was as turn-key as possible so that the tenant wouldn’t have to go through the typical tenant-improvement construction process. I was able to negotiate a below-market deal for the tenant, while saving the landlord capital in regard to construction dollars.”

 Starr adds that the building offers GoCoin the ability to expand to additional creative space on the second floor as space becomes available.

GoCoin is moving its office from the Real Office Centers-ROC Santa Monica location – a collaborative workspace for startup companies.

Situated on the northwest corner of Third Street and Broadway, the Keller Block building has surrounding operable windows over the Third Street Promenade and Broadway and has a history of attracting creative firms. The property also provides easy access to Santa Monica 10 Freeway and the neighboring communities of Pacific Palisades, Venice and Malibu.

GoCoin is a leading international payment platform enabling merchants to accept digital currency such as Bitcoin and, more recently, Litecoin.

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

Darcie Giacchetto
D.G. Communications, Inc.


PCCP, LLC Provides $41.5 Million Senior Loan for the Recapitalization and Lease Up of Office Tower in Fort Worth, TX

One City Place, 300 Throckmorton Street,  Downtown Fort Worth, TX

Ron Bonneau

 Los Angeles, CA, Feb. 19, 2014 – PCCP, LLC announced today it has provided a $41.5 million senior loan for the recapitalization and lease-up of One City Place, a vacant 313,953-square-foot Class A office building in Downtown Fort Worth, Texas, to an affiliate of Spire Realty Group, LP.

Located at 300 Throckmorton Street, One City Place is a portion of City Place, a 1.2 million-square-foot, three-building development owned by Spire that includes a sister office building called Two City Place, and a retail/parking structure building.

Dallas-based Spire Realty Group acquired the City Place development in 2011.  Since that time, Spire has invested significant capital to completely renovate One City Place, which was left vacant and in shell condition by the previous ownership.

Built in 1978, the 19-story office tower served as Radio Shack’s headquarters until they vacated the property in 2005.

Wally Reid
“PCCP’s loan will recapitalize One City Place, providing funds for tenant improvements and leasing commissions,” noted Ron Bonneau, vice president with PCCP. “The property is best-in-class for the area and has already attracted significant interest from potential tenants.”

One City Place has a desirable location in Downtown Fort Worth and is just one block from Sundance Square, a large mixed-use collection of 55 restaurants, four live theaters, numerous retail stores, 12 bars and nightlife options, two museums, multiple hotels, and residences.

The Dallas/Fort Worth economy and office market have been among the top performers in the country over the past several years boasting the most new jobs of any major city on a percentage basis of 3.7 percent over the past year, and the second most new jobs on an absolute basis totaling 111,000.

Corby Chaffin
Additionally, The Dallas/Fort Worth office market had the biggest occupancy improvement in the country in the third quarter of 2013 – a 70 basis point increase.

 Downtown Fort Worth has outperformed the overall market due to the expansion of energy companies over the past several years. The nine million-square-foot market is approximately 89 percent occupied.

Wally Reid and Corby Chaffin of HFF Houston arranged the financing on behalf of Spire.

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

Chatham Lodging Trust Closes Out Strong 2013

Jeffrey H. Fisher

 PALM BEACH, Fla., February 18, 2014—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint ventures 77 premium-branded, upscale, extended-stay and select-service hotels, today announced results for the fourth quarter and year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Comparable Hotel RevPAR – Grew hotel RevPAR 4.9 percent, excluding the Washington, D.C. hotel which was ramping up as a newly converted Residence Inn by Marriott.
  • Portfolio RevPAR - Rose 4.4 percent to $103 for the 25 wholly owned hotels.
  • Adjusted EBITDA – Increased 52 percent to $12.7 million.
  • Adjusted FFO – Improved 159 percent to $7.6 million. Adjusted FFO per diluted share rose 38 percent to $0.29 from $0.21.
  • Operating Margins Expand – Enhanced margins significantly with Gross Operating Profit margins rising 170 basis points to 43.6 percent and hotel EBITDA margins up 210 basis points to 36.0 percent.
  • Portfolio Growth Continues – Completed acquisitions of two, high quality hotels comprising 391 rooms for $111.6 million.
  • Innkeepers Joint Venture – Received distributions of $0.8 million in the quarter, bringing total distributions to 92.4 percent of original invested capital.

“It has been an invigorating year with the Chatham and JV portfolios producing strong operating results,” said Jeffrey H. Fisher, Chatham’s president and chief executive officer.

 “We have grown the Chatham wholly owned portfolio by nearly 50 percent since late December 2012 through the acquisition of seven, high quality hotels. By a number of important measures, 2013 was a very successful year for Chatham.”

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

Dennis Craven (Company)
Chief Financial Officer                                                                   
(561) 227-1386                                                                                  
Chris Daly
Daly Gray, Inc. (Media)

 (703) 435-6293

Lowe’s Ground Lease in Cincinnati, OH Sells for $14.25 Million

Lowe's, 5385 Ridge Avenue, Cincinnati, OH

Erin Patton

 CINCINNATI, OH  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 138,445-square-foot Lowe’s Home Improvement store ground lease in Cincinnati.

The $14,253,731 sales price equates to $103 per square foot.

            Senior associate Craig Fuller and vice president investments Scott Wiles, both in the firm’s Cleveland office and Erin Patton, a vice president investments in Marcus & Millichap’s Columbus office, represented the seller, a New York-based investment fund.

Fuller, Wiles and Patton also represented the buyer, a national real estate investment trust.

            “Investor demand for high-quality single-tenant assets, particularly stable net-leased properties, remains steady amid a low supply of assets listed for sale,” says Fuller.

            The home improvement store is located at 5385 Ridge Ave. in Cincinnati. There are eight-and-a-half years remaining on the ground lease.           

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

Gina Relva
Public Relations Manager
(925) 953-1716

Mercatus Adds Integrys Energy Services to Growing List of Firms Deploying Its Solar Investment & Analysis Platform for Accelerating Growth in Commercial and Industrial Solar Sectors

Haresh Patel
San Francisco, CA  -- Mercatus, Inc., the leading enterprise level investment analysis and decision making platform serving as the core "operating system" for solar energy investors, announces that Integrys Energy Services, Inc., a national provider of competitive energy supply solutions, has adopted Mercatus’s Investment and Analysis platform to accelerate its growth in the commercial and industrial solar market segments. 

Haresh Patel, CEO of Mercatus, made the announcement.

“As Integrys Energy Services continues to build its solar portfolio, the company has deployed Mercatus to drive greater efficiency and consistency to its investment process, making our development team more effective and efficient to service more developers, projects, and opportunities,” said Joel Jansen, Vice President.
For a complete copy of the company’s news release, please contact:

Eric Gerard,; 212-741-2977
Tom Nolan,  

NAI Realvest negotiates Central Florida Industrial leases Totaling 21,460 square feet in Seminole, Orange and Osceola Counties

Michael Heidrich

 ORLANDO, FL – NAI Realvest recently negotiated four industrial leases totaling 21,460 square feet at industrial centers in Osceola, Orange and Seminole Counties.

Michael Heidrich, a principal at NAI Realvest, negotiated the transactions representing the landlords. 

 Heidrich represented landlord Parkline Properties LLC based in Columbus, Ohio in a lease renewal for 12,310 square feet in units 11, 12 and 13 at 8350 Parkline Blvd.  Tenant National Certified Testing Laboratories, Inc. was represented in the transaction by Andrei Savitski of Coughlin Commercial.

At South Seminole Industrial Center, 975 Florida Central Parkway, Heidrich represented New York based landlord Eckstein Properties, LLC in a renewal lease agreement for suite 1200 with 4,800 square feet.  Tenant Old Dock Apparel, Inc. was represented by Stephan Neveleff of Stewart Realty Advisors.

Andrei Savitsky
 At Airport Industrial Center, 7466 Narcoossee Rd., The New Fitness LLC d/b/a Crossfit Lions Den of Orlando signed a new lease for Unit E with 3,000 square feet.  Heidrich brokered the transaction representing the Boston-based landlord, BIEL REO, LLC. 

 Heidrich also brokered a lease for 1,350 square feet representing Small Bay Partners LLC of Maitland, the landlord at Poinciana CommerCenter, 1735 Business Center Lane in Kissimmee.  The new tenant is Rujam’s Services of Florida Maintenance & Restoration LLC.

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

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