Tuesday, February 25, 2014

Colliers Lists Pompano, FL Waterfront Hotel Development Site

Clinton Casey
FORT LAUDERDALE, FL - Colliers International South Florida is pleased to announce a new listing of two waterfront parcels in Pompano Beach totaling 2.8 acres with preliminary approval for up to a 150-room hotel, 10 stories tall. 

The site will also accommodate development of a signature waterfront restaurant as part of the hotel project. 

The property, located at 2507 North Ocean Boulevard, is listed for sale by listing agents Richard Lillis, Executive Vice President, Clinton Casey, Senior Commercial Associate and Kent Schwarz, Executive Vice President, on behalf of the receiver. 

Kent Schwarz
"The project's enviable location on the Intracoastal Waterway, the riparian rights, the proximity to the Hillsboro Inlet and the beautiful beaches of Pompano create a very compelling message that will attract a broad spectrum of buyers," says Lillis.

 There is significant leisure and group demand for hotels in the area, especially since there are no Hilton, Hyatt or Starwood branded hotels currently in Pompano Beach.

The Greater Fort Lauderdale hotel market has experienced enviable revenue per available room growth of approximately 7% per year over the last few years. 

Colliers International's sister company, PKF Hospitality Research, forecasts continued growth for the foreseeable future through 2017.  

Richard Lillis
"We believe that a hotel at this site will attract leisure travelers, boaters and diners seeking a unique and convenient waterfront setting," adds Lillis.

The hotel development site, which also has an operating 25-slip Marina, has unobstructed Intracoastal Waterway views to the north and third-floor views of the Hillsboro Inlet and the Atlantic Ocean to the south.

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

Crystal Proenza
Vice President of Marketing and Culture
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Franklin Street Completes Move Into New Miami Office

Deme Makras
MIAMI, FL (Feb. 25, 2014) —  Franklin Street, a full-service commercial real estate firm based in Tampa, has  moved its South Florida team into a new office in Miami. The 3,000 square foot space is located at 6205 Blue Lagoon Drive, Suite 280, in Miami.  

“The office move has rejuvenated our resolve to grow our South Florida team,” said regional managing partner Deme Mekras. “We are now positioned to actively recruit driven commercial real estate professionals who are looking to build their career with one of the fastest growing companies in the Southeast.”

Mekras added, “We are interested in talking with anyone who thrives in a team atmosphere and is a good fit for our collaborative culture.”

Currently, Franklin Street has a veteran multifamily investment sales team and commercial real estate insurance group in Miami. With the new office move, the company is looking to expand its service capabilities by adding a retail investment sales and leasing team, an industrial and office brokerage team and a capital advisors group. 

Andrew Wright
“South Florida is a very important market to us and we are focused on building out our full-service platform for our clients in the area,” said Franklin Street CEO and managing partner Andrew Wright.  “South Florida is one of the largest markets in the Southeast. It is a hotbed of activity which creates a lot of opportunity for collaboration with our other offices.”

Wright explained that expanding the company’s presence in South Florida is strategic to Franklin Street’s overall corporate growth plan. “We have built a brand people recognize in the short time we have been doing business and I am excited about what we will accomplish going forward.”

Franklin Street has offices in Tampa, Atlanta, Miami, and Jacksonville with plans to grow into other southeast U.S. markets this year. In 2009, Franklin Street opened the first South Florida office in Fort Lauderdale. The team moved to a temporary space in 2013 where the South Florida team worked until the new 6205 Blue Lagoon suite was complete.

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

Todd Templin
Executive Vice President, Boardroom Communications
1776 N. Pine Island Road, Suite 320
Plantation, FL  33322
Office phone: 954-370-8999
Cell: 954-290-0810

NAI Realvest Negotiates New Lease for a 6,500 Square Foot CrossFit Gym operation near Downtown Orlando, FL

Mitch Heidrich
Orlando, FL – NAI Realvest recently negotiated a lease agreement for a new 6,500 square foot CrossFit gym in Unit B of the retail/flex facility located at 511 Brookhaven Drive near downtown Orlando.

 The NAI Realvest retail team of Mitch Heidrich, Kevin O’Connor and Matthew Cichocki negotiated the lease representing the tenant CFO Partners, Inc. who will operate as CrossFit Orlando providing accredited fitness training seminars.

The tenant outgrew its space at 5134 Adanson St. in Orlando and relocated to the Brookhaven Drive facility with plans to open in March.

The landlord, Brookhaven/511, LLC was represented in the transaction by Crossman & Company.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@alol.com

Regency Centers Corp. Brokers Leases for Whole Foods Market stores at Shops on Main and Hinsdale Lake Commons centers in Chicago area

Nick Wibbenmeyer
CHICAGO--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored community shopping centers, has announced that two new Whole Foods Market grocery stores will be coming to the Chicago area.

 Leases have been signed at the Shops on Main center and also at Hinsdale Lake Commons, replacing the previous tenant, Dominick’s.

“Few brands carry the respect and consumer appeal that Whole Foods Market does,” said Nick Wibbenmeyer, vice president and regional officer at Regency Centers. 

“They are a national leader in offering high quality, organic foods, and we are very excited to be partnering with them to better serve our communities in Chicago and around.”

Michael Bashaw
“Schererville and Willowbrook are not only dynamic and energetic communities, but they also share our strong passion for natural and organic foods,” commented Michael Bashaw, Midwest regional president, Whole Foods Market.

 “We are delighted to be a part of these communities and support the wonderful people who live in them.”

Currently under construction for opening this spring, the Shops on Main is a 200,000-square foot community shopping center in Schererville, IN, which is located 25 miles southeast of downtown Chicago. 

The 178,960 square foot Hinsdale Lake Commons center is located in Willowbrook, IL at the intersection of Robert Kingery Hwy (SR 83) and 63rd St., approximately 22 miles southwest from Chicago. 
For leasing or more information about the Shops on Main, Hinsdale or other Regency properties in the Chicago market, contact leasing agent Rick Spector at 630-645-2817 or RickSpector@RegencyCenters.com.

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

Cohn Marketing
Lauren Simpson, 303-839-1415, ext. 43
Regency Centers Corporation
Nick Wibbenmeyer, 630-645-2806
Vice President, Regional Officer

Atlanta Area Shopping Center Trades Hands for $15.25 Million

Merchants Square Shopping Center, 7100 Georgia State Route 85, Riverdale, GA

Howard Bregman
RIVERDALE, GA  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Merchants Square, a 118,395-square-foot shopping center in Riverdale, Ga., a city within the Atlanta metropolitan statistical area.

The $15,250,000 sales price equates to $129 per square foot.

            Howard Bregman, an associate, and Brandon Rex, a vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private ownership group.

Brandon Rex
Bregman also represented the buyer, an international real estate investment trust. Michael J. Fasano, vice president and regional manager of the firm’s Atlanta office also provided representation. Fasano is Marcus & Millichap’s broker of record in the state of Georgia.

            “This Kroger-anchored center has long-term tenants and historically high occupancy levels,” says Bregman. “Kroger has demonstrated its commitment to the property by signing a 10-year-plus lease extension early, adding a fuel station and renovating the store in 2011 and 2013.”

 “Kroger is the dominant grocer in the marketplace,” adds Rex. “The store occupies 50 percent of the gross leasable area and has been a tenant since 1986.”

Michael J. Fasano
            Built in 1986 on 13.5 acres, the shopping center is located at 7100 Georgia State Route 85 in Riverdale, Ga., directly in front of the city of Riverdale’s new $32 million government complex and convention center.

 Tenants at Merchants Square include Chase Bank, Pizza Hut, Payless ShoeSource, Cato Fashions, It’s Fashion, Jackson Hewitt Tax Service and Blimpie Subs & Salads. Kroger’s lease extension runs through the end of June 2024.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Ackerman’s Frank Farrell Leases almost 30,000 SF of Office Space near Hartsfield-Jackson International Airport in Atlanta, GA

The 100 Building at 1800 Phoenix Boulevard, Phoenix Office Park, South Atlanta, GA

Frank Farrell
Atlanta, GA,  Feb. 25, 2013 – Ackerman & Co. SVP of Leasing Frank Farrell recently leased 29,848 SF to OmniTech Institute at the company’s Phoenix Office Park in South Atlanta, near Hartsfield-Jackson International airport.

The tenant – a continuing education school focusing on vocational, technical and medical fields – will occupy the 100 building of 1800 Phoenix Boulevard for a 10-year term starting in April. OmniTech is relocating from the Tucker area.

 “This was a good fit. The tenant was seeking an upgraded education facility that could accommodate additional classroom space,” said Farrell. “The 100 building also offered closer proximity to their student base, a key tenant requirement,” he added.

OmniTech joins recently signed office park tenants Progressive Insurance, CaroTrans  Atlanta and Woodland International Transport Company.

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

Fara Wilson, VP of Marketing
770. 913.3904  |  fwilson@ackermanco.net

Charles Dunn Company Completes $4.39 Million Sale of Retail Property Occupied by Bank of the West in Huntington Beach, CA

Bank of the West, 6881 Warner Avenue, Huntington Beach, CA

Charles DeSantis

 LOS ANGELES, CA,  Feb. 25, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.39 million sale of a 4,800-square-foot, single-tenant, NNN-leased property fully occupied by Bank of the West.

The property is situated on .53 acres and is located at 6881 Warner Avenue near Goldenwest Street in Huntington Beach, Calif.

Charles DeSantis and Kyle Gulock of Charles Dunn Company represented the seller, New York-based Big Four, LLC. The transaction closed at a capitalization rate of 4.9 percent or $915 on a per- square-foot basis.

“This single-tenant property offered the buyer the opportunity to satisfy their 1031 exchange requirement and own a retail asset with no management responsibilities,” said DeSantis. “The Huntington Beach market provides a dense population base in a coastal city which is highly sought after by investors.”

Gulock added: “Our team specializes in representing property owners who have financial institutions as tenants. We leveraged our relationships and experience within this sector to complete a successful transaction for our client. Ultimately, Big Four was pleased with the strong sale price achieved, despite a short amount of time remaining on the lease.”

Kyle Gulock
In the third quarter of 2012, DeSantis and Gulock completed the record-breaking sale of a 5,000-square-foot single-tenant leased investment occupied by Chase Bank for $7.51 million in West Los Angeles. 

The price per square foot of the building was $1,500.00, which set a record as the highest price per square foot ever paid for a bank occupied, single-tenant retail property in the Los Angeles/West Los Angeles region according to CoStar records.

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

Darcie Giacchetto
D.G. Communications, Inc.

HFF arranges financing for 10 and 120 South Riverside Plaza in Chicago’s West Loop

10 and 120 South Riverside Plaza, West Loop, Chicago, IL

Timothy Joyce
CHICAGO, IL - HFF announced today that it has arranged the financing for 10 and 120 South Riverside Plaza, a two-building, 21-story Class A office property totaling more than 1.4 million square feet in Chicago’s West Loop.

HFF worked on behalf of the borrower, an affiliate of Ivanhoé Cambridge advised by Callahan Capital Properties, to secure the fixed-rate loan for the property.

10 and 120 South Riverside, designed by Skidmore, Owings and Merrill, is located on the western bank of the Chicago River’s South Branch directly between Union Station and the Ogilvie Transportation Center.

The HFF team representing the seller was led by managing directors Timothy Joyce and Christopher Carroll.

Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors.

Christopher Carroll
 Through its multiple subsidiaries, its assets in more than 20 countries are valued at more than Cdn$35 billion as at December 31, 2012. 

Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec, one of Canada's leading institutional fund managers.  www.ivanhoecambridge.com.

Callahan Capital Properties (“CCP”) is a real estate investment firm focused on acquiring high quality office properties throughout the United States and leveraging substantial experience and expertise in asset management to enhance value. 

In December 2012, Ivanhoe Cambridge - selected CCP to join forces in the development of its U.S. office real estate platform and the management of its expanding office portfolio in major gateway markets. 

Since joining forces, Ivanhoé Cambridge and CCP have acquired over 5.0 million square feet of Class A office properties in New York, Chicago and Seattle.  www.callahancp.com.

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 | www.hfflp.com

HFF closes sale of Wood Ridge Plaza in The Woodlands, TX

Woodridge Plaza, located along Interstate 45 North directly across from The Woodlands Mall,
The Woodlands, TX

Rusty Tamlyn
HOUSTON, TX – HFF announced it has closed the sale of Wood Ridge Plaza, a 211,673-square-foot retail center in The Woodlands, Texas.

                HFF marketed the property on behalf of the seller, CSHV Woodlands, LP, an institutional pension fund advisor.

 A private real estate fund advised by Crow Holdings Capital Partners, L.L.C. purchased the property for an undisclosed amount free and clear of existing debt.  Weiss Realty, LLC will be the new property manager.

                Situated on 19.49 acres, Wood Ridge Plaza is located along Interstate 45 North directly across from The Woodlands Mall, approximately 30 miles northwest of downtown Houston.

 Renovated in 1997, the property is 87 percent leased to tenants including Pier 1 Imports, Kirkland’s, Office Depot, Mattress Firm, Pappas Bar-B-Q, Dailyspa and Chair King.

Ryan West

                The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, managing director Ryan West and associate director Matt Berry.

Crow Holdings Capital Partners, L.L.C. (“CHCP”) is the investment manager to a series of real estate private equity funds designed to generate current income and benefit from the capital appreciation of portfolio investments.

The six funds have had total equity commitments from partners of approximately $4.1 billion, approximately $675 million of which was committed by Crow Family Holdings. 

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 | www.hfflp.com

HFF secures debt financing for Casa Linda Plaza Shopping Center in Dallas, TX

Casa Linda Plaza Shopping Center, 9440 Garland Road, Lakewood area, Dallas, TX

DALLAS, TX - HFF announced it has secured mortgage financing for Casa Linda Plaza Shopping Center, a 326,868-square-foot, grocery-anchored retail center in Dallas’ Lakewood area.

Adam Herrin
Working on behalf of the borrower, AmREIT Casa Linda, LP, HFF placed the four-year, floating-rate loan with GE Capital Real Estate. 

  AmREIT Casa Linda, LP utilized the new loan to refinancing an existing CMBS loan that matured in December, as well as for capital to lease up the remaining vacant space at the shopping center.  

Casa Linda Plaza is located at 9440 Garland Road at the intersection of Garland Road and North Buckner Boulevard in the growing area of Lakewood in East Dallas. 

Originally built in 1945, the property is the second oldest shopping center in Dallas and is 84 percent leased to tenants including Albertson’s, Pei Wei, Starbucks, Torchy’s Tacos, Petco and Wells Fargo. 

Fueled by population growth and a strategic leasing plan, the center has enjoyed tremendous success in leasing up in the past 24 months.   New tenants include Torchy’s, Pei Wei, Raising Cane’s, Nothing Bundt Cakes, and more.  

The HFF debt placement team was led by director Adam Herrin. 
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 | www.hfflp.com

HFF closes recapitalization of and arranges acquisition financing for DoubleTree LAX in El Segundo, CA

DoubleTree LAX, 1985 East Grand Avenue, El Segundo, CA

Bill Stadler
DALLAS, TX – HFF announced today that it has closed the recapitalization of and arranged acquisition financing for the DoubleTree LAX, a 215-room, full-service hotel in El Segundo, California.

HFF represented the buyer in the recapitalization of the property.  A joint venture between Argosy Real Estate, Evolution Hospitality, LLC and the current owner, Stonecreek Properties, purchased the property for an undisclosed amount. 

HFF also arranged a 10-year, fixed-rate acquisition loan on behalf of the borrower through The Bancorp Bank.

The DoubleTree LAX is located at 1985 East Grand Avenue just off the Pacific Coast Highway, two miles from the Los Angeles International Airport in El Segundo’s central business district. 

John Bourret
The property offers 4,500 square feet of meeting space and additional amenities including a 24-hour business center, junior Olympic-sized heated outdoor pool, hot

tub, fitness center and gift shop.

The HFF team working on the recapitalization was led by senior managing director Bill Stadler and managing director John Bourret.

The HFF debt placement team representing the borrower was led by managing director James Fowler and managing director John Bourret.

Argosy Real Estate specializes in opportunistic real estate investments, serving both institutional investors and high net worth individuals.

Through joint venture structures, Argosy Real Estate partners with entrepreneurial real estate operating partners possessing significant local market knowledge, specific asset category experience and a demonstrated track record of operating success. 

James Fowler
Argosy Real Estate currently has in excess of $225 million in equity value of assets under management.

Based in Newport Beach, California, Evolution Hospitality specializes in the acquisition and management of hotel properties with years of experience and success in adding value on an industry-wide basis.

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 | www.hfflp.com