Saturday, August 23, 2014

550 Biltmore in Coral Gables, FL Attracts Latin American Headquarters

Natalie Duran
CORAL GABLES, FL -- On the heels of signing UBS to the largest Coral Gables lease of the year, Taylor & Mathis has secured an additional $25 million in leases at the iconic 550 Biltmore.

The Taylor & Mathis leasing team of Brian Gale and Ryan Holtzman negotiated the transactions on behalf of owner AEW.

 In a new to market deal Heinemann Americas, Inc, one of the largest duty-free companies in the world, has leased 8,300 square feet. The company’s US office will help expand their cruise liner business which is dominated by American shipping companies.

 From this base, the company acts as a retail and distribution partner to organizations such as MSC Cruises, supplying its fleet in Miami, the Caribbean and South America.  The deal was co-brokered by Wolfgang Hertz and Natalie Duran of Fortune International Realty representing Heinemann.

Carol Ellis-Cutler
 “The tenant loved all of the renovations, which were recently completed in the building,” stated Holtzman. 

“They wanted to be in a building in Coral Gables with quality ownership.  

"However, it was one of the more unique amenities in the building that actually sealed the deal - the 1,000 square foot balconies, with views of the city were the key in making the deal.” 

 Richemont Latin America & Caribbean LLC expanded their headquarters by 3,215 square feet to lease 30,000 square feet at the building. John Marshall of CRESA South Florida represented Richemont in the deal.  Richemont owns several of the world's leading companies in the field of luxury goods, with particular strengths in jewelry, luxury watches and writing instruments.

Brian Gale
Keller Williams Realty Coral Gables-Coconut Grove leased 6,500 square feet. Carol Ellis-Cutler of Colliers represented the tenant.

 Owner AEW spent millions of dollars over the past 3 years to upgrade the iconic building, including the lobby, elevators and common areas. 

The renovations earned the building the Renovated Building of the Year award from the Building Owners and Managers Association (BOMA) in 2013.  

 The renovations have been instrumental in attracting new tenants and keeping existing ones in a market with a higher vacancy rate than neighboring sub-markets. 

 550 Biltmore, a 14-story pyramidal landmark office building in downtown Coral Gables, underwent a major renovation to the lobby, incorporating clean, modern lines in the design and furnishings as wells as upgrades to the mechanical and HVAC systems.

550 Biltmore, Coral Gables
 The 162,293 square foot office building features a pyramid configuration, enabling most suites to feature a private balcony with conference-size terraces for larger offices. 

The facade is comprised of imported Italian travertine marble and black granite.  A circular driveway and fountain demarks the building's main entrance, which is flanked by two impressive bronze-cast lions.

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

Ryan Holtzman
Taylor & Mathis

RealtyTrac Reports U.S. Home Flipping Drops Below 5 Percent of all Sales in Second Quarter to 2-Year Low

Daren Blomquist
IRVINE, CA --  RealtyTrac® (, the nation’s leading source for comprehensive housing data, today released its Q2 2014 U.S. Home Flipping Report, which shows that nearly 31,000 single family homes were flipped nationwide in the second quarter of 2014 — where a home is purchased and subsequently sold again within 12 months — representing 4.6 percent of all U.S. single family home sales, down from 5.9 in the first quarter of 2014 and down from 6.2 percent in the second quarter of 2013.
Investors averaged a gross profit of more than $46,000 per flip on homes flipped in the second quarter of 2014, a 21 percent gross return on the initial investment. 

The average gross return was down from 24 percent in the first quarter and down from 31 percent a year ago, which was the peak in percentage return on flips nationwide since RealtyTrac began tracking the flipping data in the first quarter of 2011.

“Home flipping is settling back into a more historically normal pattern after a flurry of flipping during the recent run-up in home prices in 2012 and 2013,” said Daren Blomquist, vice president at RealtyTrac.

 “Flippers no longer have the luxury of 20 to 30 percent annual price gains to pad their profits. 

"As the market softens, successful flippers will need to focus on finding properties that they can buy at a discount and efficiently add value to.”

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

jennifer von Pohlmann
949.502.8300, ext. 139

HFF closes sale of and arranges financing for Rock Creek Landing in Hillsboro, OR

Ira Virden
PORTLAND, OR – HFF announced today that it has closed the sale of and arranged financing for Rock Creek Landing, a 480-unit, Class A, garden-style multi-housing community in Hillsboro, Oregon.

                HFF marketed the property on behalf of the seller.  An affiliate of Heitman purchased the asset for an undisclosed amount free and clear of existing debt.  HFF also worked on behalf of the buyer to secure a $40 million, seven-year loan through a correspondent life insurance company.

                Rock Creek Landing is located at 3009 NW Overlook Drive approximately 12 miles northwest of downtown Portland and nearby employers such as Intel, Kaiser Permanente Westside Medical Center and Nike World Headquarters. 

Situated on approximately 21.4 acres, the property is 95 percent leased and includes one- and two-bedroom units averaging 899 square feet each.  Community amenities include a saltwater swimming pool, hot tub, barbecue area, clubhouse and business center.

Sean Deasy
                The HFF investment sales team was led by director Ira Virden, senior managing director and co-head of multi-housing investment sales, Sean Deasy, and senior real estate analyst Kerry Hughes.  

                HFF’s debt placement team was led by senior managing director Eric Tupler and managing director Tom Wilson.

                Heitman, founded in 1966 and headquartered in Chicago, manages more than $30 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia-Pacific. The firm’s clients include institutions, pension plans, endowments and foundations and individual investors.

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 |

HFF secures $9.85 million financing for apartment building in downtown Indianapolis, IN

Ken Martin
INDIANAPOLIS, IN – HFF announced it has arranged $9.85 million in financing for 333 Penn, a 78-unit, adaptive re-use apartment building in downtown Indianapolis.

                HFF worked exclusively on behalf of the borrower, TWG Development, LLC, to secure the fixed-rate loan through JP Morgan Securities.  Loan proceeds will retire an existing construction loan.

                Originally constructed in 1913, 333 Penn is an historic art deco building that formerly consisted of office space serving many of the city’s architects and builders. 

The conversion to residential units and ground floor office space was completed in late 2013 and both portions of the property were fully leased within six months of completion. 

Community amenities include a 24-hour fitness center, community room, laundry facilities and garage parking.  The property is adjacent to University Park and is also near Massachusetts Avenue, Monument Circle, Circle Center Mall, Banker’s Life Fieldhouse and Lucas Oil Stadium.

The HFF debt placement team representing the borrower was led by director Ken Martin.

333 Penn Apartments, Indianapolis, IN
According to HFF, the redevelopment of 333 Penn from a dilapidated, vacant office building into Class A residential units has been a great success for TWG as it continues to grow its market rate multi-housing portfolio.

TWG Development, LLC is a real estate development company specializing in commercial, market rate, affordable and senior housing developments.  

TWG was formed in 2007 to develop, own and manage housing communities.  Through its related entities - TWG Construction, LLC and TWG Management, LLC, TWG is able to see a development through from concept to lease-up and stabilization.

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 |

HFF closes $15.8 million sale of Coleman Village in Roswell, GA

Jim Hamilton
ATLANTA, GA – HFF announced it has closed the $15.8 million sale of Coleman Village, a 90,958-square-foot, grocery-anchored retail center in the Atlanta suburb of Roswell.

                HFF marketed the property on behalf of the seller, Wharton Realty Group.  Principal Real Estate Investors purchased the asset for $15.8 million free and clear of existing debt. 

                Coleman Village is located at 1050 Marietta Highway, the dominant artery that connects Roswell to Marietta, Georgia. 

Completed in 2001, Coleman Village is 96 percent leased to tenants including Kroger, Kauffman Tire, El Porton Mexican Restaurant, Kani House Steak and Sushi, Subway, Starbucks and The UPS Store.

                The HFF team representing the seller was led by managing directors Jim Hamilton and Richard Reid.

Wharton Realty Group strongly believes that the future of the real estate business will provide an unparalleled success to any other industry.  Their diversified portfolio consists of shopping centers and office buildings, providing space for over one thousand tenants across the country. 

Richard Reid
  This diversity allows the company to take advantage of economies of scale, which plays an integral role in any prosperous venture.  

The corporate strategy, formulated to maintain and develop Wharton Realty as a premier real estate company and provide the finest working environment for all tenants has changed little over the last decade.  

This strategy has proven to increase the value of our portfolio and satisfy shareholders.

Principal Real Estate Investors manages or subadvises $52.6 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. 

Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal 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 |

ICM Realty Group Buys Congress Office Park in Delray Beach, FL

Congress Office Park, 220 Congress Park Drive,
Delray Beach, FL
DELRAY BEACH, FL    –  ICM  Realty  Group,  the  international  real  estate  investment  and  management  firm,  announced  it  has  purchased  Congress  Office  Park,  one  of  the  area’s  best 
located office properties at 220 Congress Park Drive in Delray Beach, FL. 

The purchase represents ICM’s  second investment in Florida this year.  The purchase was made on behalf of ICM’s (VII) U.S. Core Plus  Realty Trust, a fully discretionary private equity fund focused on acquiring and developing office, retail  and medical office properties. 
Bruce Timm
As part  of  the   purchase, ICM has committed to continuing  the    property’s  significant  capital improvements that were undertaken by its prior owner.

 In addition, ICM intends to open its first Florida  office in the building so that it can focus on investing in the Southeast Florida market. 
”We are pleased to be purchasing a building that is poised to capitalize on the recovering leasing market and to be  expanding our portfolio in Southeast Florida’s steadily growing economy,” said Bruce Timm,  ICM’s  CEO.  “This  investment,  as  well  as  the  opening  of  our  Florida  office,  signals  our  ongoing  commitment to the market.”  
”A  trademark  of  ICM  is  the  company’s  ability  to  provide  tenants  with  immediate,  positive  changes  resulting from ICM’s signature hands-on approach,”  said ICM Managing Director Andrew Webb

“Our  intention is to enhance Congress Office Park’s title as the premier choice for tenants seeking well-located, 
high-quality office space that has all the traits and amenities of a newly developed office building.”   

Congress Office Park is strategically located on the southwest corner of West Atlantic Avenue and South  Congress Avenue in Delray Beach, FL. 

With a number of nearby retail amenities and direct access to I-95  and  downtown  Delray  Beach,  the  building  maintains  superior  accessibility  and  visibility.

  Its  central  location allows companies to access multiple talent pools in order to attract and retain employees from all  areas of the metro.

 The 97% occupied building includes a 3-story tower, underground climate controlled  parking, an outdoor patio area overlooking the lake and stunning views of the adjacent golf course.  
ICM  thanks  the  tireless  efforts  of  Grover  &   Corlew,  CBRE  and  Cohen  Norris  in  completing  this  transaction. 
For a complete copy of the company’s news release, please contact:

Andrew Webb
ICM Realty Group, LLC
7900 International Drive, Suite 150
Bloomington, MN 55425, USA
Tel:    +1 952 883 3107

Essex Realty Group, Inc. Hires Brian Kochendorfer

Douglas Imber
CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce that Brian Kochendorfer has joined the firm as a Director.

 A licensed Illinois broker since 2007, Brian specializes in the sale of multifamily and investment properties throughout the Chicagoland area.

Brian has closed more than 100 transactions of various product types including multifamily, mixed-use, office, retail, and land development.

Previously, Brian worked as a Senior Advisor for the Chicago office of Sperry Van Ness, LLC.

 Doug Imber, President of Essex, added that "We're very pleased to have someone of Brian's character, market knowledge, and reputation as part of our team."

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

Douglas Fisher
Essex Realty Group, Inc.

Marcus & Millichap’s IPA Division Adds Industry-Leading Investment Professional Nester Clark

Nester Clark
HOUSTON, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, is pleased to announce the expansion of its national team of senior advisors with the addition of Nester Clark, according to Brian Murdy, national director of IPA. 

Clark will work with IPA Texas as a director in the firm’s Houston office. 

            After graduating from Harvard University, Clark began his real estate investment career as an analyst for Goldman Sachs’ Whitehall Real Estate Funds and Asian Special Situations Group.

 He later became the youngest partner ever at Soros Real Estate Partners, where he jointly managed a $1 billion private equity fund.

            “Nester Clark’s high level of analytical, advisory and commercial real estate investment skills make him an excellent fit for the IPA platform,” says Murdy. “His in-depth industry experience and wide-ranging market knowledge will be of great benefit to our institutional and large private clients in Houston, throughout Texas, and across the country.”

Brian Murdy
            “IPA’s unique and powerful system for providing investors with the most complete and nuanced investment services in the industry provides me with a compelling opportunity,” says Clark. “I am very pleased to be able to offer IPA’s services to my clients and to investors throughout the region and country.”

The addition of Nester Clark to our team of experienced professionals provides institutional clients with an even greater depth of resources to execute their investment strategies,” says Hessam Nadji, Marcus & Millichap’s chief strategy officer.

“Nester is very well suited to perform at a high level in the fast-paced Texas investment property market,” says David Luther, vice president and regional manager of the firm’s Houston office.

            IPA is one of the country’s leading providers of institutional-quality commercial real estate investment services, including portfolio and property-level analyses, capital market solutions, research, acquisition sourcing and property sales. In 2013, the company closed over $3.3 billion in multifamily sales valued at $25 million and above.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Voit Hires Eric Hinkelman as Executive Managing Director

Robert D. Voit
Irvine, CA – Eric Hinkelman has been named to the position of Executive Managing Director at Voit Real Estate Services. 

Eric will be located in Voit’s Irvine office, with oversight responsibility of the company’s Orange County, Los Angeles and Inland Empire operations in partnership with Ian Britton, according to Robert D. Voit, Chief Executive Officer of Voit Real Estate Services.

  Hinkelman brings 30 years of experience in the commercial real estate industry to Voit. 

“Eric is a great addition to the Voit team because of his long history as an experienced leader,” according to Voit. “He possesses the entrepreneurial qualities that are consistent with the culture at Voit and that we believe will best serve our clients.”

 “This position was especially attractive to me because of the entrepreneurial spirit at Voit and the opportunity to grow the overall company platform,” stated Hinkelman. “I look forward to connecting closely with the existing professionals not only in Los Angeles and Orange County but within the entire company.  I am excited for the chance to make an impact both in my region and throughout the company.”

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

Jessamyn J. Miller | Marketing Manager
Voit Real Estate Services
101 Shipyard Way | Newport Beach, CA 92663
T (949) 566-6422 | C (949) 929-7147

License #01333376

North American Properties Looks Ahead to Phase II of Avalon in Alpharetta, GA

Mark Toro
ATLANTA, GA – As the opening date draws closer for Phase I of Avalon, a $600 million mixed-use development in Alpharetta, Georgia, North American Properties (NAP) is moving forward with plans for Phase II.

The company recently secured commitments from Lily Pulitzer, Brooks Brothers and Peek Boutique, who will be joined by 12 more retailers and three restaurants in Phase II.

 NAP has already had tremendous success with Phase I of Avalon, which opens Oct. 30. 

With only 10 weeks until the grand opening, the retail space is 97 percent leased and more than 5,000 people are on a reserve list for 250 luxury rentals and 101 single-family homes.

 “I’m confident the development of Phase II of Avalon will contribute mightily to the community, completing our vision of creating an unparalleled walkable, experiential environment,” said Mark Toro, managing partner of North American Properties.

Rendering of planned Avalon development, Alpharetta, GA
“With Phase II, we are reaffirming our promise to Alpharetta and the surrounding communities to conceive and deliver one of the most innovative projects in the U.S.”

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

Suong Nguyen
The Wilbert Group
404-343-0637 (O)
 678-642-4301 (C)