Tuesday, August 26, 2014

HFF closes $56.5 million sale of 4-property Bergen County, NJ multi-housing portfolio

Jose Cruz
FLORHAM PARK, NJ – HFF announced it has closed the $56.5 million sale of a four-property multi-housing portfolio totaling 276 units in the suburbs of Westwood and River Vale in Bergen County, New Jersey.

                HFF marketed the portfolio on behalf of the seller, Hartz Mountain Industries, Inc.  Kushner Companies purchased the unencumbered properties for $56.5 million.

                The fully-stabilized portfolio includes one- and two-bedroom units averaging 798 square feet.  Individual property details are listed below:

Coventry Square, 20-46 Charles Street; Westwood, New Jersey, 103Units
 Stanford Place, 500 Center Avenue; Westwood, New Jersey, 71 Units
 The Madison, 99 Madison Avenue; Westwood, New Jersey, 56 Units
 Village on the Green, 229 Collignon Way; River Vale, New Jersey, 46 Units

Andrew Scandalios
                The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver. 

According to Cruz, “This sale provided an opportunity to acquire a multi-housing portfolio in northern Bergen County, New Jersey, which is a rare occurrence.  As a result, the buyer pool aggressively chased the asset and the process produced more than 12 bidders.”

                “The Westwood and River Vale properties were among the first residential communities that we acquired when we decided to add multi-housing into our portfolio,” said Emanuel Stern, COO and president for Hartz Mountain Industries.  “We’ve been really happy with these properties and we know Kushner will be as well.”

Headquartered in Secaucus, New Jersey, Hartz Mountain Industries, Inc. owns and manages one of the largest privately held commercial real estate portfolios in the United States, comprised of approximately 200 properties and totaling more than 38 million square feet in the northern New Jersey/New York area as well as Chicago, Seattle and Austin, Texas. 

Kevin O'Hearn
 Hartz began its residential portfolio in 2010 with the acquisition of a four-property apartment portfolio in North Jersey, which has since grown to more than 3,500 units in New Jersey, New York, Chicago, Seattle and, most recently, Austin, Texas. 

Hartz employs a comprehensive approach to real estate for leasing, management, finance, acquisition, architecture, construction, development, planning, and marketing, design and property management that allows the company to remain at the forefront of commercial, industrial, retail and hotel development.

In the past few years, Hartz has led the “green” way through a comprehensive program to reduce waste and energy use, while increasing clean energy production via investments in solar energy.  

Hartz has been recognized by Solar Energy Industry Association (SEIA) and the Vote Solar Initiative as top 20 commercial solar power users in the U.S.; and New Jersey Business and Industry Association (NJBIA) gave Hartz the “Environmental Quality Award”.

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

Ike Behar Opens First Charlotte, NC Store at Phillips Place

Alan Behar

 CHARLOTTE, NC — Ike Behar, a high-end menswear retailer, has opened its first store in Charlotte at Phillips Place.

 The store is the company’s fourth U.S. boutique, and it offers Ike Behar’s complete line of dress shirts, suits, ties, sports wear and accessories.

 “We chose Phillips Place because we believe it is the best place for us to reach the Ike Behar man,” said Alan Behar of Ike Behar.

“During the past few years, we have begun to expand our product line beyond shirts and ties, striving to create a complete lifestyle brand for the modern gentleman. With its collection of fine shops and some of the best dining in Charlotte, we knew our store had to be at Phillips Place.”

Philips Place, Charlotte, NC
The 133,059-square-foot Phillips Place, a pioneer in the lifestyle center concept that is leased and managed by Lincoln Harris, includes high-end national retail tenants such as Brooks Brothers and Dean & Deluca, the Post Park at Phillips Place apartment community and a Hampton Inn & Suites.

 “We are thrilled that Ike Behar chose Phillips Place for its first location in Charlotte,” said Johnny Harris, president of Lincoln Harris. “Phillips Place will continue to attract the best high-end retailers because of our fantastic tenant mix and desirable location.”
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

NAI Realvest Closes Sale of 22+ Acres of Lakeland, FL Industrial Land for $1.26 Million

Christie Alexander
LAKELAND, FL --- NAI Realvest recently closed the sale of 22.22 acres of industrial land located at 3150 County Line Rd. in Lakeland for $1,260,000.00.    
 NAI Realvest broker associate Drew Saphos, CCIM, chairman George Livingston, principal Christie Alexander, and associate Paul Vera, CCIM negotiated the sale representing the seller, Ozark Automotive Distributors, Inc. c/a O’Reilly Auto Parts based in Springfield, Mo. 

Gateway Business Park, LLC, c/a The Ruthvens, Inc., a Lakeland-based development firm, purchased the property and was represented in the transaction by David Bunch of Hauger-Bunch, Inc.  

According to Saphos, The Ruthvens intend to develop the site for speculative industrial product, similar to their Ruthven Business Park on Gateway Boulevard to the northeast.

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

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


Marcus & Millichap Brokers Two-Hotel Portfolio Sale in North Texas

Chris Gomes

DENTON, TX, Aug. 26, 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 two hospitality properties in Denton, Texas.

They are the 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites.

            Chris Gomes, vice president investments in Marcus & Millichap’s Dallas office, and Allan Miller, vice president investments in the firm’s San Antonio office, represented the seller, a Dallas-based company. The buyer is private high net-worth individual also based in Dallas.

            “The hotel market in Denton, and in the Dallas/Fort Worth Metroplex in general, have been experiencing tremendous growth in revenue per available room,” says Gomes. “Both of these assets have demonstrated increased revenue trends.”

Allan Miller
            The La Quinta Inn & Suites is located at 4465 Interstate 35. It is accessible from Interstate 35 and University Drive/U.S. Highway 380. Built in 2010, the four-story, interior corridor hotel features a mix of single- and double-bed rooms, a breakfast area, an indoor swimming pool with hot tub, two guest elevators and an exercise room.

            Built in 2010 at 4485 North Interstate 35, the Holiday Inn Express & Suites is an interior corridor mid-scale hotel with visibility and accessibility along Interstate 35.

The University of North Texas and Texas Woman’s University are nearby, as are a Federal Emergency Management Agency office and businesses such as Peterbilt, Sally Beauty Supply, Acme Brick Co., Tetra Pak and Fastenal.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Brickell Development in Downtown Miami, FL Hits Market for $35 Million

Alex D. Zylberglait
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has obtained the exclusive listing for an approximate half-acre of land improved with a 45,000-square foot office building located in the Brickell submarket of Miami, Fla.

The asset is listed for $35,000,000. Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, has the exclusive listing to market the property on behalf of the seller, a Miami-based private investor.

“The opportunity to acquire 90 SW 8th Street will allow an investor to take control of an approximate half-acre of land in the epicenter of the city’s booming financial district. 

"With the large-scale CityCentre project to be completed in 2015, thousands of jobs will be brought to the area, creating an urban environment that will further energize the area as a destination where people live, work and play,” says Zylberglait. 

Brickell City Centre, Miami, FL
Brickell CityCentre, a $1.05-billion urban shopping and mixed-use development project, is located across from the property.  

It will include a department store, luxury shops, restaurants, a hotel, office towers and condominiums, as well as an 80-story tower. 

The site is also located less than a block away from Mary Brickell Village which offers an eclectic mix of upscale dining, shopping and entertainment options.

90 SW 8th Street is developed with a three-story, 45,000 square foot commercial office building built in 1971. Interested investors can contact Alex Zylberglait at 786-522-7056.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Lincoln Property Company Southeast Promotes George Gwaltney and Kelsey Mandus to the Leasing Associate Level

Kelsey Mandus
ATLANTA, GA (Aug. 26, 2014) – Lincoln Property Company Southeast (Lincoln) has named George Gwaltney and Kelsey Mandus leasing associates. The two are in the firm’s Atlanta office.

 Gwaltney, who graduated from the University of Alabama with a bachelor’s degree in finance with a specialization in real estate, was an intern at Lincoln this summer, where he assisted in the leasing of over 50,000 square feet of flex industrial space in Stone Mountain, Georgia.

 Mandus has worked at Lincoln for a year assisting the agency leasing teams and has two years of prior sales and leasing experience with Signature Management.

 Gwaltney and Mandus will join the office leasing team co-led by Michael Howell and Hunter Henritze, both vice presidents with the firm.

 “Both George and Kelsey have remarkable work ethics, and they have quickly impressed both us and our clients with their intelligence and their willingness to do whatever it takes to assist our agency leasing teams,” said Tony Bartlett, a senior vice president for Lincoln who oversees the firm’s Atlanta office.

George Gwaltney
 “As the commercial real estate markets in metro Atlanta continue to recover, it’s vital that we add bright and ambitious personnel like George and Kelsey.”

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O)
 404-405-2354 (C)

MHA Brokers Two North Carolina Apartment Community Sales Totaling $19.79 Million

Marc Robinson
CHARLOTTE, NC — Multi Housing Advisors (MHA) has brokered the $11.4 million sale of Brannon Park, a 299-unit apartment community in Greensboro, North Carolina, and the $8.39 million sale of The Brittany, a 214-unit community in Burlington, North Carolina.

Marc Robinson, Jordan McCarley, and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.

 “The Triad region continues to attract investment capital with its stable economic base and growing population,” Robinson said.

 Blue Valley Apartments, Inc., an affiliate of Ocwen Financial, sold The Brittany, located at 706 Huffman Mill Road, to Harvest Investments, a Connecticut-based investment partnership.
Jordan McCarley
 The community, built in 1973, includes a playground, swimming pool, tennis and basketball courts, a dog park, laundry facility, and fitness and business centers.

 San Diego-based Pacifica Cos. purchased Brannon Park, located at 3822 Mizell Road, from VTT Management, a Boston-based private investment firm. 

The property, built in 1984, includes a playground, swimming pool, fitness and business centers, and basketball and tennis courts.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O)
 404-405-2354 (C)

Sheraton Bali Kuta Resort in Bali, Indonesia Announces Celebrity Chef Rinrin Marinka to Joint Market Brunch Celebration at Feast

Chef Rinrin Marinka
BALI, INDONESIA, Aug. 26, 2014 – Sheraton Bali Kuta Resort has announced that popular cooking show Host and Judge, Rinrin Marinka will be the special guest chef as the hotel celebrates the first anniversary of its Sunday Market Brunch.

Themed “Sip, Savor and Shop,” the weekly brunch event is Kuta’s only market brunch featuring a great spread prepared by the resort’s culinary team at Feast restaurant – revolutionizing Bali brunches a year ago by including market shopping at the brunch, now all guests start off with free groceries included in the brunch!

Chef Marinka will join the celebration by presenting some of her own creations whilst also sharing her passion with guests on Sunday, August 31.

 “A year ago we refreshed the traditional brunch with an open-air market of delicious fare, handmade crafts and services from local farmers, artisans and vendors,” explained Dario Orsini, General Manager of Sheraton Bali Kuta Resort.

Dario Orsini
 “We are thrilled to refresh our Market Brunch by including fresh bread, fruits and vegetables to go, plus dishes from Chef Marinka – created exclusively for Sheraton Bali Kuta Resort.  

"We are excited to welcome her to the resort to share in our special anniversary celebration along with our guests.”

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com