Tuesday, July 1, 2014

HFF arranges $5 million financing for newly completed Pacific Beach, CA mixed-use development

Aldon Cole
SAN DIEGO, CA – HFF announced it has arranged $5 million in financing for The Point @ Ingraham, a newly-built, mixed-use residential and retail project in Pacific Beach (San Diego), California.

               HFF worked on behalf of the borrower, Veritas Urban Properties, to secure the 4.17 percent, ten year, fixed-rate loan through HFF’s life insurance company correspondent Aegon USA Realty Advisors, Inc.

 Loan proceeds are taking out the existing construction loan and providing cash out to the borrower. The loan proceeds and interest rate were locked in advance of the project’s lease-up and prior to any property operating history, an advantage unique to life insurance companies.

“HFF was great to work with, and helped produce excellent value on an expedited schedule,” said Russ Murfey of Veritas Urban Properties.

Bryan Clark
               The Point @ Ingraham is located at 3805 Ingraham Street a few blocks south of Garnet Avenue, a major retail and entertainment thoroughfare, in the heart of Pacific Beach, and within 10 miles of downtown San Diego. 

Completed in January 2014, the property consists of a three-story residential building with 21 one- and two-bedroom units averaging 756 square feet per unit, plus 2,266 square feet of ground floor retail.  The retail component is fully leased to The Promiscuous Fork. 

               The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and associate director Bryan Clark.

The Point@Ingraham, Pacific Beach, CA
               Veritas Urban Properties was founded to fill a growing need for creative solutions in the urban landscape.  

The company has development experience that includes more than 1,000 residential units and 60,000 square feet of commercial space and was recently recognized by San Diego Magazine as one of San Diego’s Next Generation of Civic Leaders.  The builder on the project was Murfey Construction, Inc.

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 closes sale of Winn Dixie and Kmart-anchored retail center in West Palm Beach, FL

Danny Finkle
MIAMI, FL – HFF announced it has closed the sale of Cross County Plaza, a 357,537-square-foot, grocery-anchored retail center in West Palm Beach, Florida. 

 HFF represented the seller, Kimco Realty Corp. in the transaction.  Alliance Private Capital Group, LLC purchased the asset free and clear of existing debt.

Cross County Plaza is located at 4340 Okeechobee Boulevard close to Interstate 95, The Florida Turnpike, downtown West Palm Beach and the Palm Beach Lakes office submarket.

 Completed in 1998, the property is 99.4 percent leased to tenants including Winn Dixie, Kmart, Madrag, Ross Dress for Less, David’s Bridal and Party City. 

The HFF investment sales team representing the seller was led by senior managing directors Danny Finkle and Brad Peterson and managing director Luis Castillo.

Brad Peterson
 For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

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 closes $11.2 million sale of and arranges $8.6 million financing for Lilburn Corners in Atlanta, GA

Jim Hamilton

ATLANTA, GA – HFF announced it has closed the sale of and arranged financing for Lilburn Corners, a 105,161-square-foot, grocery-anchored retail center in Lilburn, Georgia.

HFF represented the seller, Philips Edison & Company, in the sale of the property to BDB Realty LLC.  BDB purchased the asset for $11.2 million and obtained acquisition financing through Jefferies LoanCore, which was also arranged by HFF.

 The $8.6 million securitized loan has a 10-year term and a fixed-rate for the duration of the loan.
Lilburn Corners is located at 375 Rockbridge Road NW at the confluence of Lawrenceville Highway (U.S. 29) and Rockbridge Road in the northeast area of the Atlanta MSA. 

The property is 92.4 percent leased and is anchored by Publix.  Additional tenants include H&R Block, The UPS Store, Snap Fitness and Marco’s Pizza. 

 The HFF investment sales team representing the seller was led by managing directors Jim Hamilton and Richard Reid. HFF’s debt placement team was led by director Chip Sykes.

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


The World’s Best-Reviewed Hotels: Expedia.com Releases 2014 Insiders’ Select™ Top 100 List

John Morrey
BELLEVUE, WA, July 1, 2014 – Today Expedia.com®, one of the world’s largest full-service online travel sites*, announced the Expedia® 2014 Insiders’ Select™ rankings, an annual crowd-sourced list of the world’s best-reviewed hotels.

The Insiders’ Select™ list recognizes the top-ranked hotels available worldwide on Expedia.com, as judged by nearly two million annual verified guest reviews and in-house experts. 

Hotels that consistently deliver value, in the form of competitive pricing, pristine amenities and superior customer service, will see that commitment rewarded in their ranking.

The exclusive 2014 list designates only 650 hotels as Insiders’ Select™ properties, from among the more than 290,000 bookable properties available on Expedia, Inc. websites worldwide.

Lakehouse Hotel and Resort, a four-star property in San Marcos, topped the 2014 Insiders’ Select list, followed closely by Blue Karma Resort in Seminyak, Bali. Last year, Mexico dominated the top ten with six properties but this year, the United States takes that honor with six listed in the top ten.

 The top 10 hotels in this year’s ranking include:

Lakehouse Hotel and Resort, San Marcos, CA
1.       Lakehouse Hotel and Resort (4 stars, San Marcos, CA, USA)
2.       Blue Karma Resort (5 stars, Seminyak, Bali)
3.       Dar Al Masyaf Madinat Jumeirah (5 stars, Dubai, UAE)
4.       Homestead Cottages (3 stars, Awahnee, CA, USA)
5.       Apache Casino Hotel (3.5 stars, Lawton, OK, USA)
6.       Cocomar Residences & Beachfront Hotel (3.5 stars, Parrita, Costa Rica)
7.       I Hotel And Conference Center (3.5 stars, Champaign, IL, USA)
8.       Fairmont Pittsburgh (4.5 stars, Pittsburgh, PA, USA)
9.       Almond Tree Inn (3.5 stars, Key West, FL, USA)
10.   Epoque Hotel (5 Stars, Bucharest, Romania)

“Every year we celebrate the Insiders’ Select list to honor the hotels and our commitment to giving customers a resource to make informed and confident hotel booking decisions that will fit any budget,” said John Morrey, Vice President and General Manager, Expedia.com.

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

Sarah Gavin                                        Dayna Sason
Expedia.com                                      HL Group (for Expedia)
(425) 679-8917                                   (646) 375-4018
sgavin@expedia.com                     dsason@hlgrp.com

Related Midwest Unveils Experiential On-Site Leasing Center and Kara Mann-Designed Model Residences at OneEleven in Chicago, IL

Curt Bailey
CHICAGO, IL – Related Midwest announces it has unveiled and opened its experiential on-site leasing center and six Kara Mann-decorated models at OneEleven, offering the first look inside the much-anticipated 60-story ultra-luxury rental tower at 111 W. Wacker Drive as it welcomes first move-ins July 1.

 Featuring 504 apartment residences and a prominent address overlooking the Chicago River, OneEleven brings a sophisticated new rental lifestyle to Chicago’s Loop with its mix of exceptional amenities, hotel-level services and notable design.

“It is always a proud moment when we unveil a new building, but this is especially true with OneEleven,” said Curt Bailey, president of Related Midwest.

“We introduced Chicago to the rental lifestyle Related is known for last year with the opening of 500 Lake Shore Drive, and now we’re bringing that same residential experience to a beautiful, unique location on Chicago’s riverfront.

With our leasing center and models open and first residents moving in, we’re excited to be able to showcase what the building offers inside and out.”

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Trepp Reports US CMBS Delinquencies Continue to Fade at Mid-Year Mark

Manus Clancy
NEW YORK, NY  – Trepp, LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its June 2014 US CMBS Delinquency Report. 

Half way through 2014, CMBS issuance has disappointed and uncertainty persists in the fixed income and equity markets but one thing that has remained constant is the improving delinquency rate in CMBS.

June marks the 13th straight month of improvement in the delinquency rate for US commercial real estate loans in CMBS. Dropping 22 basis points to 6.05% in June, the reading is 260 basis points lower year over year and 429 basis points below the all-time high from 2012.

“A few days ago, we saw the six year anniversary of the beginning of the CMBS Ice Age – a stretch where there would be no CMBS issuance for 21 months,” said Manus Clancy, Senior Managing Director at Trepp. “As we reach the halfway point of 2014, the thaw is nearly complete. New issue spreads continue to fall and legacy defaulted CMBS loans continue to be resolved at a steady pace.”

 Industrial loans saw the most improvement in June, dropping 55 basis points, after being the only property type to worsen in May. Retail still holds the crown of lowest delinquency of the five major property types while multifamily remains highest.  

 Loan resolutions tallied $900 million in June and loans that cured offset new delinquencies. 

There are currently $32.4 billion in delinquent loans, which is down from $33.6 billion last month. There are $40.9 billion in loans with the special servicer representing over 2,400 loans.

For additional details, such as delinquency status and historical comparisons, request the June 2014 US CMBS Delinquency report at www.trepp.com/knowledge/research. For daily CMBS commentary, follow @TreppWire on Twitter.

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

Carl Gaines
Account Director
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10003
w: (212) 741-2977
c: (917) 202-0771

Avex Homes Names Veteran Builder Heath Short Project Superintendent at Westyn Bay in Ocoee, FL

Heath Short
ORLANDO, FL --- Avex Homes, Central Florida’s premier traditional homebuilder, has appointed veteran home builder Heath Short project superintendent at Westyn Bay in Ocoee.

Eric Marks, president of Avex Homes, said Short has more than 25 years of experience as a home builder, including 10 years in concrete and masonry and 15 years building single family and townhomes. 

“We are pleased to welcome Heath to the Avex Homes Team,” said Marks. “He brings a wealth of knowledgeable into the workings of the homebuilding industry that we are eager to tap into.”

The Avex Homes Westyn Bay sales center is located at 634 Fortanini Drive, Ocoee, FL 34761.  For additional details and directions to the community, visit AvexHomes.com.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Names Tom Miller Director of Property Management

Tom Miller
 ORLANDO, FL -- NAI Realvest, one of central Florida’s largest commercial real estate services companies, recently named Tom Miller as director of property management.

Patrick Mahoney, president and chief operating officer at NAI Realvest, said Miller has more than 19 years of experience in commercial real estate. 

Prior to joining NAI Realvest Miller held leadership positions with Divisions Maintenance Group, Jones Lang LaSalle and National City Corporation.  

Miller has directed teams in managing a wide variety of property types, including commercial office, high-rise, flex/warehouse, critical operations/data center space and retail.  

Patrick Mahoney
Miller holds a Master of Business Administration and Management from the University of Akron and his specialized training, certifications and affiliations include Certified Facilities Manager (CFM), Facilities Management Administrator (FMA), Real Property Administrator (RPA) and Certified Property Manager (CPM).  

As Director of Property Management, Miller has bottom line responsibility and accountability for the comprehensive performance of the Property Management department at NAI Realvest.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Peachland Promenade Renovation in Port Charlotte, FL Enhances Shoppers’ Visits

Teri Young
PORT CHARLOTTE, FL -- Inland American Real Estate Trust, Inc. announced today that renovation has begun on Peachland Promenade, the shopping center located at 24123 Peachland Blvd. in Port Charlotte.

 Currently in progress, the work will include several phases of improvements, including a new building façade, sidewalk resurfacing, parking lot LED lighting, new landscaping, improved tenant signage, new asphalt pavement, seal coating of the parking lot and a new energy efficient white roof.

Spaces currently available for lease are completely built out, requiring only fixtures and décor for new tenants.  The renovation is scheduled for completion by mid-October.

“The improvements will refresh the visual appeal of the center and provide an updated shopping experience for customers and store owners alike,” said Teri Young, senior vice president of leasing and marketing for Inland American Management, LLC.

 All Peachland Promenade stores and businesses remain open during the renovation. 

Current tenants include Papa John’s Pizza, Charlotte’s Hallmark, Subway, Bon Worth, UPS, Dolphin Cleaners, Great Clips, Perfect Nails, Peachland Dental and Peach Garden Restaurant.  

Peachland Promenade is located at the intersection of King’s Highway and Veterans Boulevard.

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

Jennifer Morton-Riggs
Inland American Management, LLC.