Tuesday, August 12, 2014

Davidson Hotels & Resorts to Manage Franklin Marriott Cool Springs in Tennessee

Franklin Marriott Cool Springs Hotel, Franklin, TX

FRANKLIN, TN, Aug. 12, 2014—Davidson Hotels & Resorts, one of the nation’s largest, independent hotel management companies, today announced that it has taken over management of the 300-room Franklin Marriott Cool Springs in Franklin, Tenn. 

  Additionally, the company will operate the adjoining Cool Springs Conference Center.  

The hotel marks the eleventh hotel Davidson will operate on behalf of private real estate funds advised by Crow Holdings Capital - Real Estate (CHC-RE) and affiliates. 

The adjoining Cool Springs Conference Center, owned in partnership by Williamson County and the city of Franklin, is the fifth convention or conference center Davidson  operates on behalf of a municipality.  

The conference center contains more than 29,000 square feet of flexible event space, including the wedding-friendly Champion Ballroom, and offers the largest ballroom in the area, capable of accommodating up to 1,900 guests.

John Belden
“Not only have we been operating hotels in the Nashville area for two decades, but we’ve operated seven hotels statewide, showing just how deep our Tennessee roots run,” said John Belden, Davidson’s president and CEO.  

“Franklin is a thriving community with numerous business and leisure demand generators, making it an ideal addition to our growing portfolio of upper-upscale to near-luxury, full service hotels and high-density, select-service properties.  

"The Franklin Marriott Cool Springs has a strong reputation  within the community, and we look forward to continuing its history of active civic engagement. 

"We are particularly excited to be welcoming so many hard working and dedicated associates to the Davidson family.”

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

Cyndi Norwood                                                          Chris Daly (media)

Davidson Hotels & Resorts                                        Daly Gray Public Relations

(678) 349-0909                                                          (703) 435-6293

cnorwood@davidsonhotels.com                                chris@dalygray.com

Phillips Point Occupancy in West Palm Beach, FL Tops 96% With New to Market Tenants and Significant Renewals & Expansions

Phillips Points, West Palm Beach, FL
West Palm Beach, FL Aug. 12, 2014 -   Phillips Point, West Palm Beach’s most high profile office complex, continues to enjoy a historically high occupancy rate with $46.5 million in recent leasing transactions.

 Taylor & Mathis Principal, Brian Gale has secured four leases totaling 65,600 square feet, with additional deals in the works. In a new to market deal, Connecticut based Wexford Capital signed a 7,400 lease. 

The $4.5 million deal was co-brokered by Neil Merin and Shelbi Quinn of NAI/Merin Hunter Codman.

The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford.

“These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.

ESPN radio West Palm office of Good Karma Brands will be relocating to Phillips Point Tower, having signed a one million dollar lease for 4,635 square feet. “Phillips Point continues to attract the highest quality tenants in the market, with its unparalleled views and quality of ownership,” said Gale.

Brian Gale
The key testament to Phillips Point’s iconic stature in the market is the tenants choosing to stay at the property. In the last couple of years, Taylor & Mathis has reported nearly 150,000 square feet in renewals and expansions, with heavy weight tenants, such as Gunster and Morgan Stanley. 

 This year has seen two notable renewals.  International law firm, Greenberg Traurig, LLP signed an early renewal for an additional 13 years at the property, signing a 30,254 square foot lease for their West Palm Beach office.  Co-broker Jon Bourbeau of Newmark Grubb Frank represented the law firm in the deal valued at $23 million. 

AMG Properties has more than doubled the size of their offices signing a 12,805 square foot expansion along with a 10,518 square foot renewal.  

Co-broker Darren Goldstein of Virtual Global Realty represented the real estate management firm in the 23,323 square foot, $18 million deal. “We anticipate seeing additional growth from them yet this year,” stated Gale. 

Neil Merrin
“These tenants conducted extensive due diligence during their search for office space before signing leases at Phillips Point,” stated Taylor & Mathis’ Principal, Brian Gale. 

“Phillips Point, with its timeless finishes and unmatched views,  was able to renew all the existing tenants with expiring leases, even with the shiny new office building being proposed – Related’s Gateway Tower.” 

The location provides seamless access to Palm Beach Island, directly across from the entrance to the Royal Palm Bridge, with Ocean and Intracoastal Waterway views from all sides.

 The building is home to internationally recognized tenants including, Gunster, Squire Sanders, Goldman Sachs and Akerman.  

Among the complex’s amenities are banking, valet parking, concierge, Morton’s Steakhouse, cafĂ© and sundry shop, 24-hour manned security and on-site dining.

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

Brian Gale bgale@taylormathis.com  (305)476-8880 

Woodstock Square Shopping Center in Woodstock, GA Gains Momentum with Stars and Strikes’ 50,000 SF Lease

Aerial view, Woodstock Square Shopping Center, Woodstock, GA

ATLANTA, GA – Georgia-based Stars and Strikes has signed a new 50,000-square-foot, 15-year lease at Ackerman’s Woodstock Square Shopping Center in Woodstock, Ga. 

Jeff Rosenthal
Stars and Strikes, a family entertainment center, will use their new space to house state-of-the-art bowling lanes, a two-story laser tag arena, a laser maze, bumper cars, multiple private event spaces, and more. 

The new center marks their sixth location in Metro Atlanta and will bring nearly 100 locally filled jobs to Woodstock.

 “Stars and Strikes has seen and heard demand from the residents of Cherokee County and the surrounding area for a while now,” said Jack Canouse, managing partner and co-founder of Stars and Strikes. 

Woodstock Square Shopping Center allows the company to bring a family-focused entertainment center to the Woodstock-Marietta-Canton-Kennesaw area that guests of any age can enjoy.

 “We are excited to have Stars and Strikes as the new anchor tenant of Woodstock Square,” said Jeff Rosenthal, the property’s asset manager. “It is wonderful to partner with a local company to bring jobs and family entertainment to the community. 

Jack Canouse
"We are equally pleased to have been able to meet their business goals which included a highly visible location with easy access, excellent egress and ingress, a signalized intersection and abundant free parking in Woodstock,” he added.

 Ackerman Leasing Agent Angela Chapman represented the landlord in this transaction. 

 Woodstock Square Shopping Center, located on Highway 92 and less than a mile off Interstate 575, is a 79,969-square-foot neighborhood shopping center featuring two buildings and two outparcels. Long-term tenants include Subway, Goodyear, Edward Jones and Stevie B’s Pizza.

 Ackerman purchased the property in the late 90’s and has since sold one of the three original outparcels to Taco Bell. Following the opening of Stars and Strikes in the spring of 2015, Ackerman plans to freshen up the look of the shopping center to further enhance consumer shopping and dining experience.

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

Fara Wilson
Vice President, Marketing
P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

Ackerman & Co. Sells 200-Unit Apartment Building in St. Marys, GA for $10 Million

Chitra Subbarayan

 Atlanta, GA – Ackerman & Co. has brokered the sale of a 13.8-acre, 200-unit apartment building complex, in St. Marys, Ga. for $10,000,000. 

The Property, built in 1991, comprises 29 buildings, and is located near Georgia Highway 40, less than 3 miles from the naval submarine base. 

 “The buyer was seeking stabilized assets to add to their existing portfolio. 

"At 94% occupancy and located in close proximity to employment, retail and business centers, Harbor Pines Apartments was a compelling buy,” said Chitra Subbarayan, vice president of brokerage at Ackerman.

 Chitra, along with Andy Sutton represented the seller, Harbor Pines Partnership, Inc., in the transaction. The property was purchased by a private investment group based in New York.   

Andy Sutton
 Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals.

To date, Ackerman & Co.  has developed and acquired more than 30 million square feet of office, medical, retail and mixed-use space, has nearly 4 million square feet under management, and maintains an investment portfolio valued at $750 million.

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

Fara Wilson
Vice President, Marketing
P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

HFF arranges $111.5 million refinancing for seven-property portfolio

Trey Morsbach

DALLAS, TX – HFF announced it has arranged a $111.5 million refinancing for a seven-property portfolio totaling approximately 1.4 million square feet across five states.

HFF worked exclusively on behalf of the borrower, Madison Core Property Fund, a real estate fund managed by New York Life Real Estate Investors, to secure the fixed-rate loan that an HFF correspondent life company split into a five- and seven-year tranche.  HFF is also servicing the loan.

The portfolio is 96 percent leased. Individual property details are below:

Property Name & Location            Property Type/Year Built Size                      

Centerstone Plaza – Irvine, CA      Office/Retail/1988   156,880 SF

Bolingbrook – Bolingbrook, IL        Industrial/2001           283,630 SF          

Auburn Park – Auburn, WA            Industrial/2008            141,970 SF          

Sumner North – Sumner, WA         Industrial/2007             132,935 SF

Wellington Place – Medford, MA     Multi-housing/2005       137 Units

Pointe at Warner Center – Woodland Hills, CA    Multi-housing/2004        136 Units

Reserve at Sugarloaf – Duluth, GA   Multi-housing/2001      333 Units            

De'On Collins
The HFF team representing the borrower was led by senior managing director Trey Morsbach and associate director De’On Collins.

New York Life Real Estate Investors is a division of New York Life Investments* and NYL Investors, LLC, wholly-owned subsidiaries of New York Life Insurance Company.  New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. 

The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. 

With over $37 billion in assets under management as of June 30, 2014, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S. 

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 $8.55 million sale of 811 SW Naito Parkway in Portland, OR

Michael Leggett
PORTLAND, OR – HFF announced it has closed the sale of 811 SW Naito Parkway, a 49,946-square-foot, office property with an underground parking garage and adjacent parking lot in Portland, Oregon.

               HFF marketed the property on behalf of the seller, ATC Partners, LLC, a full-service real estate firm based in San Francisco.  The assets were purchased by Swift Real Estate Partners for $8.55 million.

811 SW Naito Parkway sits on the waterfront of the Portland central business district.  The property is one block west of the MAX light rail line and has easy access to Interstates 5 and 84.  811 SW Naito Parkway has unobstructed views of Mount Hood, Willamette River and Tom McCall Waterfront Park.

Originally constructed in 1982, this property was renovated in 2013.  The six-story, mid-rise building has an underground parking garage with 28 stalls.  An additional surface lot with 17 stalls was purchased from ATC Partners with the building and garage.

The HFF investment sales team representing the seller was led by director Nicholas Kucha and senior managing director Michael Leggett.

811 SW Naito Parkway, Portland, OR
ATC Partners, LLC, a value-add real estate company founded by Michael Halper in 1992, added the 811 building to its portfolio in 2007.  

The firm has completed more than $75 million in transactions during the last 18 months and is currently seeking opportunities to buy commercial assets in the Bay Area and California. 

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