Thursday, July 10, 2014

Marcus & Millichap Sells Pittsburgh, PA-Area Grocery-Anchored Shopping Center

Townfair Center, Indiana, PA

 INDIANA, PA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Townfair Center, a 218,610-square-foot grocery-anchored community shopping center in Indiana, Pa. The terms of the sale were not released.

            Joseph French, a senior director in the firm’s National Retail Group, and Thomas Dalzell, an associate, both in Marcus & Millichap’s Westchester office in White Plains, N.Y., represented the seller, a New York Stock Exchange-listed real estate investment trust. The buyer is a public, non-traded real estate investment trust.

            “At the time of the sale, Townfair Center was 100 percent leased to a strong mix of national and regional tenants,” says Dalzell. “Shopping center vacancy is just 3.4 percent in the area and the presence of nearby Indiana University of Pennsylvania helps keep the local economy stable.”

            The property was built in 1995 and renovated in 2010. It is located at 475 South Ben Franklin Road in Indiana, Pa. just down the road from Indiana Mall, a 518,388-square-foot regional mall.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

CBRE Orlando Closes Lakeside at Greenboro in Melbourne, FL for $16.65 Million

Lakeside at Greenboro Apartments, Melbourne, FL
ORLANDO, FL -- CBRE is pleased to announce that it has sold the Lakeside at Greenboro apartments in Melbourne for $16,650,000.

This 232-unit rental community was built in 1987, and was 94% occupied at closing. Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively
represented the seller in the transaction.

Lakeside at Greenboro offers 1, 2, and 3 bedroom units averaging 1,052 SF, and an amenity package including a swimming pool, heated spa, fitness center, and tennis

The property is near the Melbourne International Airport, and the buyer was attracted to the area’s emerging high-tech employment base. CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $845,000,000 in the Orlando MSA in the last 18 months.

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

Shelton D. Granade, Jr., Executive Vice President
CBRE | Investment Properties - Multifamily
200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001

Blo Blow Dry Bar and Body By Blo to Open First Tampa, FL Location at MetWest International

Kalyn Brandewie
TAMPA, FL – Blo Blow Dry Bar, the world’s largest blow dry chain, and its sister company, Body By Blo will open their first Tampa location at MetWest International in Tampa’s Westshore Business District. 

The 1,250 square foot bar will be located in the retail section of the development between The Bar Method and Cooper’s Hawk Winery & Restaurant. 

Kalyn Brandewie of Florida Retail Partners brokered the deal on behalf of the project’s owner MetLife while co-broker Paul Royak of Avison Young represented Blo. 

“With nearly 4,000 employees on-site in MetWest’s three office buildings, Blo will have a ready-made customer base,” stated Brandewie.  “I can’t wait to make my first appointment when Blo and Body By Blo opens later this month.” 

“We're so excited to be bringing Blo and Body By Blo to Tampa and specifically to MetWest! We chose MetWest because it's a first class property with an excellent location. 

Cynthia Keenan
"We want to be able to provide the level of service that the people who live, work and play at MetWest deserve. 

"We're going to be offering the best of its kind in products and services in our industry and can't wait to share Blo/Body by Blo with our own local community.” – Cynthia Keenan. Blo Mama/Franchise Partner

 The MetWest location will combine the two Blo concepts:  Blo Blow Dry Bar and Body By Blo. 

  Blo is North America’s Original Blow Dry Bar, a place for quick, affordable catwalk-quality blo outs. 

Scissors are verboten. Dye, ditto. No cuts, no color: Just WASH BLOW GO. Guests choose from seven styles featured in the Blo Hair Menu, from the razor-straight “Executive Sweet” to the runway-inspired “Pillow Talk”. Blo, started in 2007, currently has 40 locations across North America, Philippines and Russia with more opening soon.

Paul Royak
 Body By Blo is a beauty bar dedicated to nails and wax created so women can fit beauty into their busy schedules. 

The beauty bar will be open seven days a week. Body by Blo is an affordable, convenient and quick luxury with an emphasis on guest experience, superior training, a sleek build and cheeky brand.

 The first Body By Blo opened with Blo Seaport in Boston with Gaithersburg, Maryland and multiple Florida locations to open soon. The MetWest location will be the 3rd location of Body by Blo in the franchise. 

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

Kalyn Brandewie
Florida Retail Partners
(813) 251-3333

Cynthia Keenan
Blo Blow Dry Bar/Body By Blo Tampa
(813) 335-5384

West Coast Farmers Market Association and Vestar Announced Farmers’ Market at Pacific Commons Shopping Center in Fremont, CA

FREMONT, CA -- West Coast Farmers Market Association in association with Vestar, one of the largest privately held retail real estate companies in the western United States, are excited to announce the opening of a new Fremont Certified Farmers’ Market.  Opening Day was Saturday, July 12th.

 The market will take place every Saturday from 9am to 1pm through November at the Pacific Commons Shopping Center, behind DSW and Nordstrom Rack.  It will feature more than 25 stalls featuring fresh fruits and vegetables and some hand-crafted prepared foods.

“We are very excited about this market, as it is the beginning of our new expansion into the East Bay and our first farmers’ market in Alameda County,” explains Jerry Lami, Executive Director of West Coast Farmers Market Association. 

“We hope to bring a community event for locals to come and shop delicious fresh fruits and vegetables,” adds Director of Market Operations Jan Taylor.

As Northern California's largest power center, Pacific Commons is currently 98 percent leased to several national tenants including Kohl’s, Lowe’s, Costco, Nordstrom Rack, Babies R’ Us/Toys R’ US, DSW and TJ Maxx/HomeGoods.

  Located at the southwest corner of I-880 and Auto Mall Parkway, the center serves residents from Union City to Milpitas with nearly 200,000 cars passing daily.

West Coast Farmers Market Association officially opened its doors in October of 2011 with its first market in Cupertino.  Since then, WCFMA has opened 10 farmers’ markets in Northern California and is currently working on bringing more into operation. 

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

David Ebeling
Ebeling Communications
949.278.7851 (Cell)

Loews Hotels & Resorts Completes Acquisition of The Graves 601 Hotel in Downtown Minneapolis, MN

Paul Whetsell
NEW YORK, NY — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), announced that the company completed the acquisition of the 255-room Graves 601 Hotel Wyndham Grand.

 Located at the center of the business, theatre and entertainment districts in the heart of downtown Minneapolis, the former Graves Hospitality property has immediately been converted to the Loews Hotels brand. Loews Hotels plans an approximate $7 million renovation scheduled to begin in early 2015. 

“The Loews Minneapolis is a great addition to the Loews portfolio,” said Paul Whetsell, President & CEO of Loews Hotels & Resorts. 

  “There are exciting new developments in Minneapolis including the Block E area, and having our hotel in such a key Midwestern destination is a tremendous plus for the growth of our brand.  The property is in great physical condition, with the renovation targeted to further enhance the guest experience.”

This addition is part of Loews Hotels & Resorts expanding their footprint in the Midwest.  Loews recently announced the purchase of the 556-room InterContinental Chicago O’Hare Hotel, expected to close at the end of the month, along with the addition of Loews Chicago, a 400-room new build hotel, located downtown which will open in February 2015.  Loews Hotels continues to add properties in gateway cities and resort destinations.

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

Loews Hotels & Resorts                                                                     
Sarah Murov
(212) 521-2495

Voit Report: Inland Empire Industrial Market has Positive Absorption for Seven Consecutive Quarters; Office Market Positive for Five Consecutive Quarters

Jerry Holdner
            Inland Empire, CA– The Inland Empire industrial market took significant strides toward continued improvement in 2014 with significant positive absorption for the year thus far, a seven cent or 19 percent increase in asking lease rates, and drops in both vacancy and availability compared to a year ago.

“Overall in the Inland Empire industrial market over the last five years, vacancy has decreased over 55 percent while availability has fallen a jaw-dropping 58 percent,” explains Jerry Holdner, Vice President of Market Research at Voit.  “The substantial decreases in vacancy and availability are contributing to the gains in asking lease rates.”

  Industrial vacancy and availability continued trending downward throughout 2014. 

Vacancy ended the second quarter of 2014 at 5.60 percent, a drop of 3.78 percent from 2013’s second quarter, which is amazing since 12.3 million square feet of new product has been delivered to the market over the past four quarters.  

Likewise, availability posted a rate of 7.48 percent at the close of the quarter, a substantial decrease of almost 14 percent from a year ago.

As lease rates rise, sale prices are also ticking up, notes Holdner, who attributes this trend to the diminishing supply of industrial product for sale in Inland Empire.

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

  Carla Mantecon
  Voit Real Estate Services
  (714) 978-7880

Marcus & Millichap Arranges Sale of BB&T Bank Building in Coral Springs, FL for $4.28 million

Douglas K. Mandel
 CORAL SPRINGS, FL, July 7, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of BB&T Bank Building, a 37,369 square foot office property located in Coral Springs, FL. The asset sold for $4,275,000 equating to $114 per square foot.

Douglas K. Mandel, a first vice present investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Miami, FL.

“This was an opportunity for an investor to acquire a stabilized asset located within the Coral Springs Community Redevelopment Area.  The focus of the redevelopment plan is to convert the current low-density, unconnected, car-dependent, development pattern into a ‘real downtown’ where none has existed before,” says Mandel.

BB&T Bank Building was constructed in 1978 and is 93 percent occupied with a mix of professional office and medical office tenants.  BB&T Bank has a branch in the property with drive-thru lanes and an ATM.  The property is located adjacent to the Broward Health Coral Springs Hospital at 9600 West Sample Road in Coral Springs, FL. 

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

Ryan Nee
Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Gail Goldstein joins Avison Young in the West Los Angeles office

Gail Goldstein

 Los Angeles, CA – Christopher Cooper, Avison Young Principal and Managing Director of the company’s Southern California region, announced the strategic hiring of industry veteran Gail Goldstein as a Senior Vice-President in the company’s West Los Angeles office.

 Goldstein brings more than 25 years of commercial real estate experience to Avison Young. In her new role, she will focus primarily on agency leasing while leveraging her many tenant relationships. 

She will also work closely with Avison Young’s Southern California asset services and leasing teams and their clients. Goldstein most recently served as Regional Director – Leasing with Equity Office Properties in Santa Monica, CA.

 “Gail is highly regarded in the industry for her proven expertise in leasing,” comments Cooper. “We couldn’t be more pleased to have her on board to assist in the growth of our Southern California agency leasing practice. She is an important addition to our expansion of services to better meet our clients’ needs.”

 While with Equity Office Properties, Goldstein was responsible for the leasing of a 2.5-million-square-foot (msf) portfolio of office and retail buildings throughout Santa Monica and Los Angeles. Prior to that, she served as Project Director with Spieker Properties where she utilized a full spectrum of real estate service expertise, including asset management, leasing, property management, construction management, human resources and accounting. 

Christopher Cooper
She also held the position of Senior Leasing Manager with Heitman Properties and was responsible for marketing and leasing a portfolio of six properties totaling 1.2 msf in four diverse Southern California markets.

“Through my extensive experience as an institutional owner, coupled with the platform and collaborative culture of an elite company such as Avison Young, we are poised to provide a principal-to-principal agency representation – something not readily available in the market,” states Goldstein. 

“Avison Young offers an impressive combination of corporate presence, bandwidth, a team of exceptional professionals and solid platform, while maintaining an entrepreneurial work environment. These key elements will provide me with the tools I need to achieve our clients’ goals and objectives.” 

Goldstein holds the Certified Property Manager (CPM) designation from the Institute of Real Estate Management (IREM). She is also a member of IREM’s Los Angeles chapter and the Los Angeles Commercial Realty Association (LACRA). She is a graduate of the University of Southern California (USC) where she received a Bachelor of Science degree in Business Administration with a focus on real estate/finance.

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

Darcie Giacchetto
D.G. Communications, Inc.


HSA PrimeCare Survey of Top Regional Medical Providers Projects Growth in Outpatient Development from the Affordable Care Act

John Wilson

 CHICAGO, IL —Implementation of the Affordable Care Act will spur many changes for healthcare providers in the near future, with the highest impacts taking place in ambulatory care strategy and new outpatient facilities, according to a recent report from HSA PrimeCare, one of the Midwest’s leading full-service healthcare real estate advisor.

“Our findings show healthcare providers will face significant challenges handling the increased patient population created by the Affordable Care Act and the new fee structures and cost pressures associated with it,” said John Wilson, president of HSA PrimeCare.

 “Yet with these challenges will also come many new opportunities, as savvy providers are rethinking old strategies and developing new ways to deliver efficient care models in an outpatient setting and expand their system.”

Through a combination of interviews, research and surveys, HSA PrimeCare engaged leading healthcare executives across the Midwest, including several presidents and CEOs of area hospitals, chief strategy officers at several health care systems, leading academics at Midwestern medical schools and several management-level decision makers from major providers, to gauge their opinions and strategies for successful implementation of the ACA and their predicted outcomes.

 To read the complete white paper, please visit HSA PrimeCare’s web site.

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

   Mark Thomton,, 312-267-4523

Jeff Henson of Lincoln Property Company Represents Tenants in More than 54,000 Square Feet of Leases

Jeff Henson
 ATLANTA, GA – Jeff Henson, a senior associate in Lincoln Property Company Southeast’s Office Leasing Group, recently represented tenants in four commercial leases totaling 54,700 square feet in metro Atlanta and San Antonio.

The details of the transactions are below:

• On-Time Logistics signed a lease for 32,000 square feet of industrial space at the Tri-County Industrial Park in San Antonio. Omar Nasser of Prologis represented the landlord.

• Atlanta Warehousing signed a new lease for 16,700 square feet of industrial space at Oakbrook Summit in Norcross, Georgia. Austin Brannen of NAI Brannen Goddard represented the landlord.

• Clearstar signed a 4,000-square-foot expansion of its office lease at 5955 Shiloh Road in Alpharetta, Georgia. Leo Torres of Mimms Enterprises represented the landlord.

 • CLD Capital Inc. signed a lease for 2,000 square feet of Class-A office space at Buckhead Tower in Atlanta. Jeff Frantz and Adam Viente of Jones Lang LaSalle represented the landlord.

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

Stephen Ursery
The Wilbert Group

Griffin-American Healthcare REIT III Acquires Acworth Medical Complex Near Atlanta, GA

Dan Prosky
  ATLANTA, GA – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced the REIT has acquired Acworth Medical Complex, an approximately 39,000-square-foot medical office building in the Atlanta suburb of Acworth. 

 Located at 4769, 4791 and 4797 South Main Street, Acworth Medical Complex is approximately 83 percent leased to four tenants, including Emory Specialty Associates LLC, a wholly owned subsidiary of Emory Healthcare, Northside Hospital and Eldercare Pharmacy, which in the aggregate lease approximately 69 percent of the space through June 2020.

 A number of medical services are provided at the building, including: pharmacological, nursing, cardiac imaging and cancer care.

 Emory Healthcare, the building’s principal tenant, is the largest comprehensive healthcare system in Georgia, with 1,830 licensed patient beds, 9,000 employees and more than 20 health centers located throughout Greater Atlanta.  Emory has an Aa2 credit rating, as provided by Moody’s Corporation.

Acworth Medical Complex, Acworth, GA
 “Acworth Medical Complex is affiliated with two of Atlanta’s most prestigious hospital systems in Emory and Northside,” said Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III. 

 “Additionally, it is both an attractive and modern medical office building, having undergone a comprehensive renovation in 2009.” 

 Acworth Medical Complex was acquired from unaffiliated third party investors represented by Spencer Coan of SK Commercial Realty.  Griffin-American Healthcare REIT III financed the acquisition using cash on hand.  

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

Damon Elder                                                    
(949) 270-9207

Hyatt Atlanta Perimeter at Villa Christina Grows HVMG Partnership With Hyatt to Three Full Service Hotels

Hyatt Atlanta Perimeter at Villa Christina
ATLANTA, GA (July 10, 2014) – Hospitality Ventures Management Group (HVMG) announced that it will operate the new Hyatt Atlanta Perimeter at Villa Christina, the first new hotel in Atlanta's Perimeter district in more than 25 years and the company's third full-service Hyatt hotel in the last 16 months.

            The 177-room Hyatt Atlanta Perimeter is located in Perimeter Summit, an 83-acre, master planned, mixed-use development, combining more than 1.3 million square feet of Class A office with luxury residential and numerous lifestyle amenities at one premier address. 

The Hyatt was strategically designed and developed to add the convenience and comforts of a four-star hotel to Villa Christina, Atlanta’s premier conference and special event venue.  HVMG also will manage the Villa Christina, which is host to more than 200 weddings, meetings and special events annually and offers expansive gardens, meeting and conference space, ballroom and special event facilities, recreational attractions and fine dining.   

Robert Cole
            "With the industry metrics, especially ADR, continuing to grow at historically high levels, these types of multi-dimensional projects will become more prevalent,” said Robert Cole president and CEO of HVMG.  "During and immediately following the downturn, our team was immersed in the turnaround of troubled assets. 

“This allowed us to perfect an operational infrastructure and processes that assures success from the start, balancing revenue maximization with efficient operating margins, all while focusing on the guest experience.  "

That discipline has put us in a position to confidently tackle complex projects with numerous and varied business drivers, like the Hyatt Atlanta Perimeter at Villa Christina."

            For additional information, please go to

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

Chris Daly
Daly Gray, Inc.

McCraney Property Company Breaks Ground on Two-Building, 100,000-Sq.-Ft. Spec Industrial Project in its West Palm Vista Business Park in West Palm Beach, FL

Vista Business Park, West Palm Beach, FL

 WEST PALM BEACH, FL – McCraney Property Company (MPC) has broken ground on a Class A, 100,000-square-foot warehouse/distribution project in its Vista Business Park project, located off Okeechobee Blvd. and Jog Road in West Palm Beach. 

Situated on Vista Lot 19, this is the first new construction in the park in the last five years and one of the few new developments in the county.

“Our new Vista project fills the need for distribution space in the rapidly growing West Palm Turnpike corridor,” said Steven McCraney, CCIM, SIOR, president and CEO of McCraney Property Company.  “We’re encouraged by the initial interest from prospective tenants.”

Designed by Jose Jaramillo of JJ Architectural Group, the project consists of two Class-A, dock-high warehouse/distribution buildings, totaling approximately 100,000 square feet on 7.2 acres, featuring spaces from 10,000 to 100,000 square feet. 

Steven McCraney
The state-of-the-art buildings will have clear heights of 24 feet and depth of up to 130 feet. Edwards Construction Services, Inc. is the general contractor on the project. Financing was provided by City National Bank.  

Michael Falk & Company, LLC is the exclusive leasing agent for Vista Business Park and can be reached at (561) 478-6400. Expected completion is December of 2014.

In addition to Vista, MPC is developing more than one million square feet of Class A, spec industrial product in its Bent Oak Industrial Park and John Young Business Park projects in Orlando.

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

 Don Silver ( or
 Ashley Fierman (
Boardroom Communications