Sunday, September 21, 2014

Celebrity Chef Rinrin Marinka Creates Exclusive Dishes to Celebrate Sunday Market Brunch at Sheraton Bali Kuta Resort in Indonesia

Chef Rinrin Marinka
BALI, INDONESIA –  In conjunction with the celebration of the first anniversary of its Sunday Market Brunch at Feast Restaurant with popular cooking show Host and Judge, Rinrin Marinka,  Sheraton Bali Kuta Resort is pleased to announce that Chef Marinka will be creating exclusive original dishes for Feast’s Sunday Market Brunch. 

 “I was thrilled to be part of this special anniversary commemorating Feast’s refreshed take on a traditional Bali brunch with an indoor market showcasing delicious serves from local farmers, artisans and vendors,” explained Chef Marinka.

“It is truly a delight to create dishes for such an appreciative crowd, and I am excited that guests of the Sunday Market Brunch – which is unlike any other brunch experience in Bali – will be able to continue enjoying my exclusive dishes on the menu.”

The two original dishes Chef Marinka created for Sunday Market Brunch are Walnut Crusted Beef, a thick cut of tenderloin steak coated with a Dijon mustard and toasted walnut mixture and served with a creamy onion, garlic and shallots sauce, and Chocolate Cake with Chocolate Mousse and Fruits, a sumptuous chocolate dessert featuring seasonal fruits.

  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:

Chatham Lodging Trust Prices Public Offering of Common Shares

Palm Beach, FL —Chatham Lodging Trust (the “Company”) (NYSE: CLDT) announced it has priced its public offering of 6,000,000 common shares of beneficial interest, $0.01 par value per share, at a price to the public of $21.85, for total gross proceeds of $131,100,000, prior to underwriting discounts and offering expenses.

The offering is expected to close on September 24, 2014, subject to customary closing conditions.  The Company has granted the underwriters a 30-day option to purchase up to an additional 900,000 common shares.

 Barclays, BofA Merrill Lynch and UBS Investment Bank are acting as joint book-running managers for the offering, and Baird, Credit Agricole CIB, Piper Jaffray and Stifel are acting as senior co-managers.  

FBR, JMP Securities and SunTrust Robinson Humphrey are acting as co-managers for the offering.

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

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Atlanta Apartment Association Donates $150,000 to Georgia Apartment Industry Education Foundation

David Hirsch
ATLANTA, GA — The Atlanta Apartment Association (AAA) recently presented the Georgia Apartment Industry Education Foundation (GAIEF) with a $75,000 contribution, the second contribution of that amount that the AAA has made to GAIEF this year.

“The AAA values the great impact that GAIEF has on college students, the future leaders of the multifamily industry,” said David Hirsch, chairman at ECI Group Inc. and chairman of the Atlanta Apartment Association. “We are proud to support such an amazing organization and look forwarding to continuing to grow our partnership in the future.”

The Georgia Apartment Industry Education Foundation (GAIEF) is a private, non-profit organization that promotes career opportunities within the apartment industry.

The mission of this organization is to attract people to the apartment industry and inform them of career opportunities. GAIEF provides educational outreach to the career academies as well as a program at the University of Georgia for property management.

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

Stephen Ursery
The Wilbert Group

Austin Stahley of Lincoln Property Company Southeast Brokers Florida Leases Totaling Over 50,000 Square Feet

Austin Stahley
ORLANDO, FL  – Austin Stahley, director of leasing in Lincoln Property Company Southeast’s (Lincoln) Orlando office, has brokered commercial leases in Florida totaling 51,101 square feet over the summer and spring. He represented the landlord in all of the transactions.

In August, he brokered three office leases at Baldwin Park II in Orlando, transactions that bring the property’s occupancy rate to 100 percent: Orlando Family Law’s new 2,203-square-foot lease, Century Homes’ renewal of its 1,593-square-foot lease, and H.B.G. Management Corporation’s renewal of its 1,369-square-foot lease at Baldwin Park II in Orlando.

 He also closed MOCE Technologies’ new 3,272-square-foot office lease at One Eleven in downtown Orlando.

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

Stephen Ursery
The Wilbert Group

Lincoln Wins Leasing Assignment for East Johns Crossing Office Building in Metro Atlanta

Michael Howell

 ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has been awarded the leasing assignment for 6465 East Johns Crossing, a four-story, 100,000-square-foot Class A office building in the Johns Creek submarket of metro Atlanta.

Glenfield Capital (Glenfield) recently purchased the property from LaSalle Investment Management as part of a five-building portfolio, which also includes four Class A buildings in the Peachtree Corners submarket, and subsequently awarded the leasing assignment of the 6465 East Johns Crossing building to Lincoln.

The building has an impressive tenant roster that includes Innotrac, CorTrans Logistics and Anheuser-Busch, among others.

Michael Howell and Hunter Henritze, vice presidents of office leasing for Lincoln, will handle the leasing efforts for the building.

Hunter Henritze
 Glenfield plans to reposition the asset through numerous building renovations, proactive management and an aggressive approach to leasing.

Glenfield has experienced notable success in metro Atlanta during this recent real estate cycle, having acquired, stabilized and sold 4800 North Point Parkway in the North Fulton submarket at very favorable returns to the firm and its partners.

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

Stephen Ursery
The Wilbert Group

Meta Housing Corp. Completes $32.4 Million Senior Housing Project in San Clemente, CA

Kasey Burke
SAN CLEMENTE CA – Meta Housing Corporation has announced the completion of the $32.4 million Cotton’s Point Senior Apartments, a 76-unit, affordable housing community for seniors aged 62+ in the seaside community of San Clemente, Calif.

“This new development delivers much-needed affordable housing to the City of San Clemente,” said Kasey Burke, President of Meta Housing Corporation.

“With the support of the City and County, we were able to transform a blighted, abandoned restaurant on an underutilized lot into a beautiful, amenity-rich community that will significantly enhance the vitality of the City of San Clemente.”

The property is located at 2358 N. El Camino Real, San Clemente, Calif.  The community began leasing in June of 2014, and is 95 percent occupied. 

Western Community Housing acted as both a co-developer and a general partner for the project. Public sector financing for the new development was provided by the City of San Clemente, which contributed $3.016 million to the project; the County of Orange, which contributed $1.654 million; the Mental Health Services Act (MHSA) program, which contributed $1.622 million; the State of California Multi-Housing Program (MHP), which provided $5.480 million; and the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP), which provided $760,000.

 Cotton’s Point Senior Apartments was designed in a Spanish Colonial Revival-style by YM Architects, and delivers scenic views of the ocean and a nearby golf course.

 Located on a hillside near the Interstate 5 freeway, the project is adjacent to a steep riparian ravine, which created some initial design and construction challenges, according to Meta Housing Project Manager Tim Soule.

“Two distinct challenges emerged based on the site location that required deep development expertise to circumvent,” Soule explained.  “The first was the property’s height, which needed to remain low in order to ensure that other properties in the neighborhood retained their ocean views.”

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

Lexi Astfalk/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Faris Lee Investments Completes $22 Million Sale of Watson Marketplace in Phoenix, AZ Submarket

Christopher Tramontano
 IRVINE, CA– Faris Lee Investments has completed the $22 million sale of Watson Marketplace, a fully leased, 90,000-square-foot retail center located in Buckeye, Ariz., a growing submarket  30 minutes west of Phoenix.

Chris Tramontano, Matthew Mousavi, and Patrick Luther of Faris Lee Investments represented the seller and developer of the property, Scottsdale-based Desert Troon Companies.

Chris Tramontano and Tom Chichester, also of Faris Lee Investments, represented the all-cash buyer, San Diego-based Interstate Holdings, who was in a 1031 Exchange. The transaction closed at a 6.8 percent cap rate.

 The transaction included 55,153 square feet of property on nearly eight acres that is leased to 15 national credit and regional tenants including the anchor, Goodwill, along with Denny’s, The UPS Store, Dunkin Donuts with drive-thru, and Firehouse Subs in seven separate free-standing pad buildings.

Matthew Mousavi
It also included two retail pads ground-leased to a 5,250-square-foot McDonald’s, which is on 1.22 acres, and a 4,583-square-foot Bank of America, which is on 1.0 acres.

 “Faris Lee implemented a break up strategy for the property,” stated Tramontano.

“Marketing the anchored portion of the center and the two ground-leased retail pads individually would maximize value and meet the seller’s objective of selling the entire project this year.

“We secured several strong offers, particularly for the McDonald’s and Bank of America pads, which were in the low 4 percent cap rate range. However, the San Diego buyer required a larger transaction as part of the upleg of its 1031 Exchange.

“Because of this, we negotiated an attractive, all-cash offer with an aggressive blended cap rate for the entire center. The seller benefited from a short escrow term, and the buyer’s acquisition requirements were met.”

Patrick Luther
Tramontano added that Faris Lee aggressively marketed the property to its proprietary investor database with a particular focus on outreach to California buyers.

“The pent up demand from capital in the state of California is astounding,” he said. “With competition fierce and price-per-square-foot levels at historical highs for California assets, investors are seeking out-of-state opportunities in growing markets.”

Located at 441 - 733 S. Watson Road, Watson Marketplace is ideally positioned within the major retail corridor along S. Watson Road, which features a large monument sign at the on/off ramp to Interstate 10 – the main artery leading to and from Phoenix.

Additionally, the property is situated across the street from Sundance Towne Center, consisting of many high profile tenants including, Lowe’s, Walmart Supercenter, PetsMart and Walgreens. The City of Buckeye is in a strong growth mode as the economy recovers and currently has more than $1 billion in public and private projects under construction or planned in the city.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Newcastle Partners Acquires 13 Acres for 260,000-SF Speculative Industrial Project at Meridian Business Park in Riverside, CA

Opportunity Way within Meridian business Park
 Riverside, CA
 SAN FRANCISCO, Calif., September 12, 2014 – Newcastle Partners, Inc., a San Francisco-based real estate investment and development company, has acquired 13 acres of land for industrial development.

The site is located at Opportunity Way within Meridian Business Park, a 1,290-acre master-planned commerce center in Riverside, a city within the Inland Empire region of Southern California. 

With this latest acquisition, Newcastle Partners’ development activity within the park now totals 1.37 million square feet on 66 acres of land.

Phil Lombardo
“The Inland Empire continues to set records for industrial absorption. The impact of e-commerce and increasing Port of Los Angeles traffic are some of the drivers pushing major corporations to continue aggressive expansion into the region. 

"This ongoing level of activity is driving our focus on speculative development as the market doesn’t seem to have enough space to meet demand,” said Jackson Smith, who heads Southern California operations for Newcastle Partners.

 “We’ve already had great interest in Meridian Distribution Center as the region provides all the strategic advantages that corporate users want today.”

Dennis Higgs, Newcastle Partners’ Managing Partner and Founder, observed that corporate users prefer locating near other high profile users. 

“The quality of Meridian Business Park and its amenities rivals all other state-of-the-art product throughout the Inland Empire region. The visibility, access to the freeway system and ports, and quality of its tenant base is unsurpassed. Kia Motors, McLane Foodservice, Sysco Foods, and the University of California at Riverside all have located here for these reasons.”

Chuck Beldon
Phil Lombardo and Chuck Belden with Cushman & Wakefield represented Newcastle on the land acquisition, as well as the seller of the land, LNR Riverside Holdings, LLC. Lombardo and Beldon are also responsible for leasing of the facility in addition to Newcastle’s Phases 1 and 2 at Meridian Distribution Center.

 Founded in 1999, Newcastle Partners, Inc. is a real estate investor and developer focused on industrial, office and business park properties in California. Newcastle Partners has offices in Irvine and San Francisco, California, and currently owns or has recently developed more than $728 million of properties. 

Visit Newcastle Partners at

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

Darcie Giacchetto
Spaulding Thompson & Associates

Avison Young completes lease renewal for PPG Aerospace in Valencia, CA

Andrew Berk
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed a seven-year lease renewal on behalf of tenant PPG Aerospace, a division of PPG Industries, Inc. in Valencia, CA.

 Valued at $6.5 million, the specialized-industrial-space lease totaled 83,000 square feet (sf).

Avison Young Principal Mark Evanoff and Andrew Berk, a Vice-President in the company’s Los Angeles North office, represented PPG Aerospace. The landlord, Krausz Company, represented itself.

 Located at 24811 Avenue Rockefeller, PPG uses the highly customized space for its aeronautics manufacturing, design and office space.

“The industrial product inventory in the North Los Angeles area is extremely constrained, with vacancy just under 4% – the lowest vacancy level in more than five years,” comments Evanoff.

Mark Evanoff
 “Given that there is minimal product and a lack of new product becoming available, Avison Young advised PPG on anticipated capital expenditures and a time-intensive move, should PPG opt to relocate,” adds Berk.

“As PPG had made highly specialized improvements to the property, we negotiated lease terms with the landlord by leveraging PPG’s stability and creditworthiness.

“We also successfully negotiated some out-of-the-box landlord concessions in order to achieve a cost-saving rental rate that shaved significant dollars off our client’s bottom line.”

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

Darcie Giacchetto
D.G. Communications, Inc.


Charles Dunn Co. Completes $3.2 Million Sale of a 9,252-Square-Foot Office Building in Sherman Oaks, CA to Owner-User

Gelena Skya-Wasserman
 LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3,205,000 sale of a two-story, 9,252-square-foot office building located at 14101 Valleyheart Dr. in Sherman Oaks, Calif.

Roger L. Beck, SIOR and Gelena Skya-Wasserman of Charles Dunn Company represented the seller, Van Nuys, Calif.-based CG Investments, LLC.

 Bogun Realty represented the buyer, a private investor from Sherman Oaks who will occupy about half of the property for its home nursing provider business. 

The price-per-square-foot for the property garnered approximately $346, one of the highest prices to date in the market for comparable assets.

Built in 1985, the well-maintained and well-located property was recently renovated. It is adjacent to the Hollywood 101 and 405 freeways, offers easy access to Ventura Blvd., and is within walking distance to Fashion Square Mall. The asset offers ample parking (22 spaces), balconies, and four individually metered suites.

Roger L. Beck
“The occupancy at the close of escrow was 50 percent,” said Beck. “The new owner-user will continue to lease out space to existing tenants, while using the remainder of the space for its business.”

Beck added: “Inventory in the Sherman Oaks area is very low for available office space – especially smaller office product that is well-suited for an owner-user situation.

“Understanding the office ownership demand from small business owners, our marketing strategy targeted local businesses in the area and we were able to secure a solid buyer for our client.”

This is the second time Beck and Skya-Wasserman have sold this particular property.

Skya-Wasserman noted: “In 2008 our team represented CG Investments, LLC when it acquired the asset in an owner-user situation, and again when they expanded to a new location in 2011.”

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

Darcie Giacchetto
D.G. Communications, Inc.


Sample Row in Coral Springs, FL Hits Market for $11 Million

Sample Row retail plaza, Coral Springs, FL
CORAL SPRINGS, 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 Sample Row, a 90,552-square- foot retail plaza located in the heart of Coral Springs, Fla. 

The asset is listed for $11,000,000.

Douglas K. Mandel, a first vice president investments, and Barry M. Wolfe, a vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, have the exclusive listing to market the property on behalf of the seller, a private investor from Miami Beach, Fla.

Douglas K. Mandel
“In addition to benefiting from the area’s strong demographics, this property has a prime location on Sample Road with premium store frontage and sign visibility,” says Wolfe. “Several of the interior design tenants draw clientele from miles away while the property’s restaurants and destination establishments serve the local community,”

Sample Row was built in 2001 and consists of three one-story buildings on 4.35 acres.  The plaza is home to retailers that include several dominant home goods stores, medical providers, and professional tenants such as DaVita Dialysis, a Fortune 500 company.

National retailers in the area include Bank of America, Lowe’s, Walgreens, Publix and a Walmart. Located at 7355 West Sample Road in Coral Springs, Fla., the property is centrally located within easy access of upscale residential areas and within proximity of the Sawgrass Expressway and the Florida Turnpike.

Interested investors can contact Douglas Mandel or Barry Wolfe at (954) 245-3400.

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

Gina Relva
Public Relations Manager

(925) 953-1716

IPA Sells Coastal Los Angeles County Multifamily Property for $26.5 Million

Greg Harris
SANTA MONICA, CA– Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of 3 One Eleven Apartments, a 60-unit apartment complex in Santa Monica, Calif. The $26,500,000 sales price equates to $442,000 per unit.

            IPA executive director Greg Harris, along with IPA directors Kevin Green and Joseph Grabiec, advised the seller, a joint venture between MWest Holdings LLC and GreenOak Real Estate LP. The buyer is a local private investor.

            “Santa Monica experienced dynamic 2013 rent growth of 8.5 percent and during the last two years, 3 One Eleven received $1.5 million in capital expenditures,” says Harris.

 “The new owner is in an excellent position to benefit from continued rent growth and may add value by continuing the renovation program on the remaining 41 units.”

Kevin Green
“With more than 700 new businesses in the area, and several tech mainstays, including Facebook, Google and YouTube, the property is at the epicenter of Los Angeles’s tech and startup community,” adds Green.

“This hub of rapidly rising high-tech businesses, known locally as ‘Silicon Beach,’ presents 3 One Eleven with an opportunity to foster a community of resident entrepreneurs supported by more than 40,000,000 square feet of office space within a three-to-five-mile radius.”

The apartment community is located at 3111 4th St. in Santa Monica, less than 1.5 miles from the new downtown Santa Monica Expo light rail station. The upscale Abbot Kinney shopping and dining area is three blocks away.

 Main Street and the beach are within two blocks of the property and Rose Ave. in Venice, Calif. is just one block away.

Built in 1971, 3 One Eleven consists of one five-story building situated on nearly one acre of land. Floor plans range from 900 to 1,250 square feet.

Joseph Grabiec
Upgraded unit interiors include stainless-steel appliances, new paint, upgraded lighting fixtures, quartz kitchen countertops, modern ceramic/glass-tiled kitchen backsplashes and bamboo-tiled ceramic bathroom walls.

The community is gated and offers covered parking and tuck-under parking spaces. The new rooftop sundeck features expansive 180-degree views of all of Santa Monica and Los Angeles.  

Community amenities also include a new fitness center and on-site laundry facilities with coin-operated machines on each floor.

The center of the property features a large Spanish-style tile courtyard with modern lounge furniture and there are two spacious sundecks with patio tables and lounge chairs in the back.

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

Gina Relva
Public Relations Manager
(925) 953-1716

$58 Million Three-Property Multifamily Portfolio Sale Arranged by IPA

Seven Oaks Apartments
NEW YORK, NY – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of the OREP Portfolio, a three-property, 1,056-unit multifamily portfolio in the Midwest. 

The portfolio sold for $58 million. The properties are:

Wellington Apartments, 420 units
Seven Oaks Apartments, 312 units
Wildwood Village Apartments, 324 units

            IPA’s Peter Von Der Ahe and Scott Edelstein, along with Marcus & Millichap vice presidents investments Alex Blagojevich and David Gaines, represented the seller, a partnership between Onex Real Estate Partners and New York Life Insurance Asset Management.

Wellington Apartments
Von Der Ahe, Edelstein, Blagojevich, Gaines and associates Greg Gonzalez and Wes Sheets represented the buyer, Fireside Financial.

Barry A’Hearn, an associate in Marcus & Millichap’s Cedar Rapids office, is the firm’s broker of record in Iowa. Josh Caruana, regional manager of the firm’s Indianapolis office, is Marcus & Millichap’s broker of record in Indiana.

            “Each asset in the OREP Midwest Portfolio is unique, but as a whole, the portfolio provides scale in markets where true cash-on-cash yields are achievable,” says Blagojevich.

“While cap rates in major markets across the country remain low, these three assets offer opportunities for yield. Each property can deliver an immediate cash-on-cash return and all three possess upside potential via operational stabilization and income maximization,” Blagojevich concludes.

Wildwood Village Apartments
Wellington Apartments is located at 4700 EP True Expressway in West Des Moines, Iowa, south of E.P. True Parkway and west of Interstate 35, two of the largest thoroughfares in the city. 

The location is near both the largest mall in the area, Jordan Creek Town Center, and West Des Moines’ largest employer, Wells Fargo. Built in 1991, the property features large one-bedroom/one-bath units and two-bedroom/two-bath apartments.

The units feature vaulted ceilings, in-unit washers and dryers, updated appliances, large closets, private balconies and fireplaces in select units. Community amenities include a swimming pool with sundeck, a 24-hour fitness center, covered garages and a resident clubhouse.

Peter Von Der Ahe
Built in 1976 on 18 landscaped and wooded acres, Seven Oaks Apartments is located at 4010 N. Brandywine Drive in Peoria, Ill. near War Memorial Drive (Highway 150) and Interstate 74, the two most heavily trafficked thoroughfares in Peoria.

The property’s floor plans mix includes one-bedroom/one-bath apartments, two-bedroom/one-bath units and two-bedroom/two-bath floor plans.

The average size is 827 square feet, which is the largest average floor plan size in the marketplace for early 1970s construction. The units have central heating and air conditioning, dishwashers, garbage disposals large closets and private balconies.

Shared amenities include two swimming pools, a sun deck, a clubhouse and a 24-hour fitness center.

            Wildwood Village Apartments was built in 1986 on a 20-acre park-like setting six miles northwest of downtown Indianapolis at 3491 Timbersedge Drive.

Scott Edelstein
The property is less than one mile from Lafayette Square Mall and near Community Westview Hospital, Indiana’s only osteopathic hospital. The unit mix includes one-bedroom/one-bath apartments, two-bedroom/one-bath units, two-bedroom/two-bath apartments and two-bedroom/two-bath townhomes.

The average unit size is 811 square feet. The apartments feature updated appliances, French doors, large closets, private balconies, in-unit washers and dryers and fireplaces in select units. Community amenities include a pool with sun deck, a water feature, laundry facilities and carports.

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

Gina Relva
Public Relations Manager
(925) 953-1716