Friday, July 31, 2015

National Retail Properties Inc. Announces Second Quarter 2015 Operating Results and Increased 2015 Guidance


Craig Macnab
Orlando, FL – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter and six months ended June 30, 2015.

Craig Macnab, Chief Executive Officer, commented: "With our recently announced dividend increase, 2015 will be the 26th consecutive year of annual dividend increases which is a long-term record that all of us at NNN are working to perpetuate.

“ Our team continues to source attractive retail properties for acquisition at excellent initial cash yields that will help us accomplish our objective."





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

Kevin B. Habicht
Chief Financial Officer

(407) 265-7348 

Thursday, July 30, 2015

HFF closes sale of three-building corporate headquarters campus in San Diego, CA


Campus at Copley, 5751, 5761 and 5771 Copley Drive,  San Diego, CA


 
Nick Psyllos
SAN DIEGO, CA, July 30, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Campus at Copley, a three-building, 101,571-square-foot corporate headquarters office campus in San Diego, California.

HFF marketed the asset on behalf of the seller, HighBrook Investment Management, LP.  The property was purchased by The Gildred Companies.

Campus at Copley is situated on nearly seven acres at 5751, 5761 and 5771 Copley Drive between Interstate 805 and Route 52 in the Kearny Mesa submarket of San Diego.

 This location offers substantial power infrastructure and excellent fiber connectivity with multiple fiber optic options for a telco facility, a building use making up approximately one-third of the rent roll. 

The property is 96 percent leased to four tenants including XO Communications, EdgeConneX, Reva Medical and Kleinfelder with a weighted average remaining lease term of more than six years. 

The HFF investment sales team representing the seller was led by senior managing director Nick Psyllos and director Nick Frasco. 

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 arranges sale of Class A industrial center in suburban Washington, DC


Springfield Newington Industrial Center, Lorton, VA

Bruce Strasburg
WASHINGTON, DC, July 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged the sale of Springfield Newington Industrial Center, a 106,945-square-foot, 100-percent-leased, newly-renovated, Class A industrial warehouse center in the Washington, D.C. suburb of Lorton, Virginia. 

HFF marketed the property on behalf of the seller, Bristol Capital Corporation.  Stockbridge Capital Group, LLC purchased the asset.   

Situated on 6.02 acres at 8424-8444 Terminal Road, Springfield Newington Industrial Center offers direct proximity to Interstate 95, which is less than one mile away, and to Fort Belvoir, which is less than four miles away. 

Michael Stuart
The one-story building features 24’ to 26’ clear heights, cross-dock loading, I-95 visibility and privatized outdoor storage capability.  The property is 100 percent leased to three investment grade tenants including the General Services Administration and Associated Materials.

 In 2015, the property underwent an extensive exterior restoration that included a new building façade and roof.

The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg and associate director Michael Stuart.

“Springfield Newington Industrial Center is a rare opportunity to acquire an institutional quality, Northern Virginia warehouse facility that is fully leased to an investment grade tenant roster,” Stuart said.  

“The property is one of the most attractive and efficient industrial options in the I-95 Corridor and is poised to benefit from future growth in the greater Fort Belvoir area.”

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 secures $13.33 million refinancing for Lake Tahoe boutique resort hotel in South Lake Tahoe, CA


Beach Retreat & Lodge, South Lake Tahoe, CA

IRVINE, CA, July 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $13.33 million refinancing for the Beach Retreat & Lodge, a 262-room, lakefront, boutique resort hotel located in South Lake Tahoe, California.

Chip Sykes

HFF worked on behalf of the borrower’s sponsor, Urbana Realty Advisors, to secure the three-year, floating-rate loan through CapitalSource, a division of Pacific Western Bank.  Loan proceeds will be used to refinance existing debt and provide funds for additional minor capital improvements. 

Beach Retreat & Lodge consists of five buildings and features 500 linear feet of beach front on Lake Tahoe, the largest alpine lake in the U.S. 

The hotel has an outdoor heated pool, 24-hour fitness center, outdoor games and activities, full-sized beach volleyball court and The Beach Club with cabanas, lounge chairs and menu service on the beach. 

Guests have two dining options, The Tavern at Tahoe and The Boathouse, which is located on the longest pier in Lake Tahoe.  Additionally, through an on-site marine operator, guests can rent boats, jet skis and kayaks. 

Renovated in 2012 through 2014, the hotel has completed upgrades to guest rooms, the lobby and restaurant space; constructed an outdoor fire pit and patio area; and completed the Beach Retreat Conference Center, which has in excess of 4,000 square feet of flexible meeting and event space with on-site catering and state-of-the-art technology. 

James Fowler
Situated on seven acres at 3411 South Lake Tahoe Boulevard, the hotel is approximately four miles from Lake Tahoe Airport and is 189 miles east of San Francisco and 35 miles west of Reno, Nevada.

The HFF debt placement team representing the borrower was led by managing director James Fowler and director Chip Sykes.

“Urbana had completed a significant amount of the property renovation when we were asked to procure debt financing,” Fowler said.  “As a result, the property is already seeing the benefit, with strong bookings through the early summer months.  These two factors, along with a great lender in CapitalSource, helped facilitate a smooth execution.”

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 secures $165.75 million refinancing for 25-property industrial portfolio in Colorado, Georgia, Minnesota and Texas


Colony Industrial Portfolio

 
Jody Thornton
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $165.75 million refinancing for a 25-property, four million-square-foot light industrial portfolio with buildings located in Atlanta, Dallas, Denver, Houston and Minneapolis.

HFF worked on behalf of the borrowers, subsidiaries within the light industrial platform of Colony Capital, Inc., to arrange the 10-year, fixed-rate loan through Prudential Mortgage Capital Company. 

As of June 30, 2015, the portfolio was 97 percent leased and housed 69 tenants across 25 properties located in infill, established industrial submarkets.  The portfolio is approximately 14 percent office finish, and the buildings have clear heights ranging from 24’ to 32’.

The HFF debt placement team representing the borrowers was led by executive managing director Jody Thornton, senior managing director John Rose, director Gregg Shapiro and associate director Leon McBroom.


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


Apartment Development Along the Atlanta BeltLine Continues to Boom


Ryan Gravel
ATLANTA, GA (July 30, 2015) — The Atlanta BeltLine, the brainchild of Georgia Tech graduate Ryan Gravel, is an ambitious project that aims to connect the core of the city with walkable, bike-friendly paths and eventually public transportation. 

The Eastside Trail connecting Piedmont Park and Krog Street Market opened in 2012, and since then a myriad of multifamily residences have sprung up along the BeltLine, transforming the Midtown, Old Fourth Ward, and Inman Park neighborhoods.

The Atlanta Apartment Association has created a timeline outlining the construction and opening of these properties, as well as the progress the Atlanta BeltLine has made and plans to make in the future. 

It tells the story of how an old rail corridor turned car-free path can bring life to neighborhoods and foster the growth of restaurants, retail, art, and cultural events in the space, thus making it a popular place for renters.

Jim Fowler
It’s no secret that apartments along the BeltLine are highly desirable in the Atlanta market,” said Jim Fowler, President of the Atlanta Apartment Association. “The influx of multifamily development in this area is astounding and will only continue to grow as the BeltLine blossoms over the next several decades.”

By 2030, the 22-mile Beltline loop with paved path and streetcar options will be completed, fostering multifamily growth in a vast array of intown Atlanta neighborhoods. 

To view the timeline, click here: http://bit.ly/1VNzSoR

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

Savannah Duncan
The Wilbert Group
404-343-0870 (O) 404-901-4433 (C)


Walgreens in Cocoa, FL sells for $5.35 million


Jan Boltres
Cocoa, FL (July 30, 2015) – Seeking a long-term investment with the advantages of a net lease property, a private investor recently purchased a Walgreens store in Cocoa, Fla. for $5.35 million. The 15,120-square-foot standalone building sold for $354 per square foot. 

The buyer, SAHM Broadway MGT, LLC, a private investor from Rancho Sante Fe, Calif., was represented by Jan Boltres, CCIM, Managing Director of Industrial Services; and John Jackson, Industrial Services at Colliers International Tampa Bay.

The seller, SDG Cocoa Beach, LLC, was represented by Daniel Corcoran of Marcus & Millichap in New York City.

Net lease properties, where the tenant pays some or all of the taxes, fees and maintenance costs in addition to rent, are rising in popularity among investors, who like the simplicity of owning this type of property.

“The buyer was seeking a net lease property as a long term investment,” said Colliers’ Boltres. “It sold at a cap rate under 6 percent, which is at market value for this type of investment, considering the amount of time that Walgreens had remaining on its lease.”

The Walgreens store, located at 1106 Clearlake Road in Cocoa, is less than four miles from both the Martin Andersen Beachline Expressway and I-95.

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

Leah Saunders
B2 Communications
Office: (727) 895-2030, ext. 104
Cell: (813) 924-0367


The Dow Hotel Company Celebrates Completion of $12 Million Renovation of Hilton Bellevue in Bellevue, WA

  
 
Murray L. Dow II
BELLEVUE, WA, July 30, 2015—Officials of The Dow Hotel Company (DHC), a leading national hotel owner/investor and operator, today announced that it has completed the $12 million renovation of the 353-room (including five suites) Hilton Bellevue in Washington.

 The renovation focused on guest rooms, meeting space, the lobby, restaurant, bar and the creation of three new banquet and meeting rooms.

“Bellevue has grown tremendously over the years, becoming one of the nation's most prestigious cities in which to live and work, and the Hilton Bellevue has grown and changed along with it,” said Murray L. Dow II, DHC founder and president.

 “This full renovation brings the hotel to ‘like-new’ status,’ with new services and amenities that speak to the wants and needs of today’s business and leisure travelers.”

Located at 300 112th Avenue SE, the 10-story hotel is within walking distance of the Meydenbauer Convention Center and just a few miles from major sports arenas, Marymoor Park and the Seattle Art Museum, as well as the corporate headquarters for companies including Boeing, Microsoft, Expedia, Inc., Nokia, T-Mobile, Amazon and Starbucks. SeaTac Airport is just 25 minutes away.

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

Chris Daly
Phone:  (703) 435-6293
            

Wednesday, July 29, 2015

Assisted living facility in St. Petersburg, FL sells for $8.4 million


Kenneth Carriero
St. Petersburg, FL (July 29, 2015) – Bristol Court, an assisted living facility specializing in memory care, has sold for $8.4 million. 

The facility, built in 1960 and completely renovated in 2011, has 70 units and 115 beds. At the time of the sale the facility was 89 percent occupied.

CTR Partnership, L.P., a REIT focusing on senior housing assets, purchased the facility from SPALF Holdings, LLC.

The transaction was brokered by Kenneth Carriero, Senior Vice President, CCIM, and Damien Carriero, Associate Vice President of Colliers International National Seniors Housing Group.

The 35,474-square-foot memory care facility is one of the largest in Florida and sold for $120,339 per unit, $73,250 per bed.

Bristol Court was specially designed by health care experts to focus on safety and security, while promoting maximum independence. Although most assisted living facilities include a small memory care component, Bristol Court is focused entirely on caring for residents with memory loss due to normal aging, Alzheimer’s disease, or other forms of dementia.

“Our biggest challenge for this transaction was locating the right buyer for this size of a memory care facility,” said Ken Carriero. “Most assisted living facilities offer memory care to about 20 percent of the residents, while Bristol Court focuses entirely on providing memory care.”

Bristol Court is located at 3479 54th Ave. N in St. Petersburg, Fla.

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

Leah Saunders
B2 Communications
Office: (727) 895-2030, ext. 104
Cell: (813) 924-0367

IPA Facilitates Sale of $20.9 Million Cypress Village Apartments in Buena Park, CA


Stewart I. Weston
BUENA PARK, CA, July 29, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of a multifamily property located at 6343 Lincoln Avenue in Buena Park, Calif.

The sales price for the 88-unit property was $20.9 million, which equates to $237,500 per unit.

            Stewart I. Weston, Alexander Garcia, and Christopher Zorbas, IPA senior directors, along with IPA associate directors, David Sperling and John Montakab, advised the seller, NNC Apartment Ventures LLC, and an institutional investor.

            “The Orange County apartment market is projected to be one of the best-performing markets throughout the country during the next few years, and more specifically, the Cypress/Buena Park submarket has remarkably strong fundamentals due to its central location with respect to major employment centers,” says Weston.   

            “With its varied amenity package and unique physical plan, Cypress Village already represents a highly desirable asset in Orange County,” says Garcia.

Alexander Garcia
            The low-density community of 17.25 units per acre creates a tranquil setting for a multifamily community – the residences are situated in 22 buildings, with half of the units only sharing one common wall. 

All single story, two-bedroom/two-bathroom floor plans average 920 square feet and 36-units feature direct access to assigned covered parking.

            “The property is in excellent physical condition benefiting from recent extensive capital improvements including renovated leasing office, upgraded landscaping, select interior enhancements, storage lockers and new signage,” adds Zorbas.

 Cypress Village was built in 1962 and has a full complement of common area facilities including a swimming pool, a clubhouse, a fully equipped fitness center, laundry facilities, a barbecue area and storage facilities. 

Additionally, as the asset is located on an expansive lot, there is an option to redevelop the land in a future market cycle.
  
For a complete copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager

(925) 953-1716

KZF Development to Begin Construction and Sales at Timber’s Edge in Northbrook, IL

  
Rendering of Timber's Edge, Northbrook, IL
CHICAGO, IL (July 29, 2015) – Northbrook, Ill.-based KZF Development has announced that it has received zoning approval and will begin construction and sales at Timber’s Edge, a low-maintenance community of 21 single-family homes, in Northbrook, Ill.

 The development, which has been specifically designed to foster a strong sense of community, has been touted by Northbrook village officials as an example of the right way to build a planned housing development.

 Located at 3895 Dundee Road, Timber’s Ridge will reflect a coastal-style design that is pedestrian friendly with front porches, paved walkways and a centrally located 10,000 square foot community green with benches, pergolas and a fountain.

“A refreshing alternative to the typical sprawling subdivisions found in the suburbs, Timber’s Edge will offer a more cozy and neighborly atmosphere that homebuyers of all ages are showing a new appreciation for,” said Steve Friedman of KZF Development.

“Timber’s Edge is designed as an interactive neighborhood where walkways and landscaped seating areas connect homes and residents, helping form a more close-knit community.”

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

Kelly Shumaker kshumaker@taylorjohnson.com, (312) 267-4519
Emily Johnson, ejohnson@taylorjohnson.com, (312) 267-4522

Berger Commercial Realty Announces Three New Leasing and Management Assignments Totaling More Than 282,000 SF in South Florida


Cypress Creek Tower
FORT LAUDERDALE, FL (July 29, 2015) - Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently acquired three new leasing and management assignments for properties in Fort Lauderdale and West Palm Beach.

"We are pleased to take on the leasing and management responsibilities for these three properties and look forward to enhancing the value of each asset through rental price optimization, proven marketing strategies, and efficient operation," said Berger Commercial Realty President Lloyd Berger.

Cypress Creek Tower

Wendy Collins
Located at 800 W. Cypress Creek Road in the Cypress Creek office submarket of Fort Lauderdale, Cypress Creek Tower will be exclusively leased by Berger Commercial Realty brokers Keith Graves and Jonathon Thiel and will be managed by property manager Wendy Collins.

The class B building, which is 75 percent occupied, includes 62,000 square-feet of office space and stands five stories tall. It features an onsite banking facility, a computerized energy management system, and is within minutes of I-95, Florida's Turnpike and the Cypress Creek Tri-Rail Station.

The building was recently acquired by COLE International Investments, LLC, a Delaware-based company. Berger Commercial Realty also leases and manages two other assets owned by COLE.


Executive Airport Business Center

Recently acquired by CP Highlands Fund, the Executive Airport Business Center includes 73,130 square-feet of single-story office, industrial and flex space located at 5101 N.W. 21st Ave. in Fort Lauderdale.

 
Claudia Fajardo
Situated on more than six acres of land, the property consists of two buildings adjacent to a lake and small wooded area. It is located southwest of Fort Lauderdale Executive Airport and just north of Commercial Boulevard.

CP Highlands Fund selected Berger Commercial Realty after a thorough and lengthy bidding process. Brokers Judy Dolan and Thiel will be responsible for leasing the property and Collins will manage it.

Okeechobee Industrial Park

Okeechobee Industrial Park consists of 11 one-story buildings totaling 175,000 square-feet of industrial and flex space. The 13.25-acre industrial property is located at 1550 Latham Road in West Palm Beach and is within minutes of I-95, US-98 and Palm Beach International Airport.

Judy Dolan
The property, acquired by FM Capital, will be managed by Berger Commercial Realty from its Palm Beach office. Broker Robert Dabrowski will be responsible for leasing and property manager Claudia Fajardo will handle management.

 Fajardo is moving from Berger Commercial's Miramar office to manage the industrial park and assist with the firm's current Palm Beach County-based portfolio.


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

954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Hospitality Ventures Management Group (HVMG) to Develop and Manage SpringHill Suites at The Wharf in Orange Beach, AL

  
 
Robert S. Cole
ATLANTA, GA, July 29, 2015 – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, has been selected by Wharf Entertainment Properties, LLC, to serve as the lead developer and operator of the planned five-story, 132-room SpringHill Suites that broke ground in June at The Wharf in Orange Beach, Ala. 

Located at 4763 Wharf Parkway, the hotel will be adjacent to the Orange Beach Event Center and near the popular Orange Beach Sportsplex.

 Once completed, the hotel will include a destination restaurant, full-service bar and an outdoor patio overlooking the intra-coastal waterway. 

Additionally, the hotel will include such amenities as approximately 3,000 square feet of meeting space, an oversized lobby, complimentary breakfast, fitness center and resort-style pool. 

“The Wharf and the City of Orange Beach are flush with entertainment, retail and dining options,” said Robert S. Cole, HVMG president and CEO. “However, the one thing that has been missing at The Wharf has been a premier, all-suite hotel to meet the short-term needs of leisure and business travelers to the area. This is about to change, and we’re excited to be a part of this important development for the Orange Beach community.”

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

Chris Daly
703-435-6293


Charles Dunn Company Completes $4.9 Million Sale of 32-Unit Multifamily Property in Koreatown Neighborhood of Los Angeles, CA


Janet Neman
LOS ANGELES, CA, July 29, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.9 million sale of a non-rent controlled, 32-unit multifamily property located at 932 Irolo St. in the Koreatown neighborhood of Los Angeles.

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented buyer, Engine Real Estate, LLC from Los Angeles, as well as the seller, a private investor from Beverly Hills. The closing cap rate was 5.5 percent.

Built in 1927 in Art Deco design, the property was 97 percent occupied at the close of escrow and includes 24 studio units and eight one-bedroom units. On-site amenities include upgraded units and common areas, laundry room, secured access, and an intercom system.

Bryan Glenn
“The seller decided to add value by fully renovating the asset in order to maximize value and buyer attention,” said Neman. “The buyer plans to make some small improvements that include providing additional amenities, and improving overall property management and operations of this vintage property.”

With its central location close to Downtown Los Angeles, Hollywood, and Mid-City, Koreatown continues to experience strong rental growth, investment demand, and an influx of renters seeking renovated, high-end apartments.

“932 Irolo is a very unique asset because of its non-rent controlled status despite its 1920s vintage,” noted Glenn. “This transaction was a perfect example of maximizing the potential for multifamily units in Koreatown through repositioning and high-end renovations to attract quality tenants at great rental rates and ultimately a strong sale price.” 

Glenn added that the Charles Dunn team received multiple offers very quickly and selected the buyer based on the strength of its offer, experience, and qualifications.

The asset is located in the amenity-rich heart of Koreatown north of Olympic Boulevard, south of 8th Street and just east of Western Avenue. It is adjacent to the Seoul International Park and is walking distance to the purple line Metro stop at Wilshire / Normandie, as well as the Robert F. Kennedy Schools.

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

Darcie Giacchetto
949.278.6224


Tuesday, July 28, 2015

HFF closes $29.4 million sale and secures $19.175 million financing for three Gaithersburg, MD office/lab buildings


25, 35 and 45 West Watkins Mill Road, Gaithersburg, MD

WASHINGTON, DC, July 28, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for 25, 35 and 45 West Watkins Mill Road, three office/lab buildings totaling 139,938 square feet in the Washington, D.C. submarket of Gaithersburg, Maryland.

Jim Meisel
HFF represented the seller, an affiliate of Equus Capital Partners, Ltd., in the transaction.  Tritower Financial Group purchased the assets for $29.4 million and was assisted by HFF in securing a 10-year, fixed-rate acquisition loan with a life insurance company. 

25, 35 and 45 West Watkins Mill Road are situated on a combined 12.7 acres within Montgomery County’s I-270 corridor, which is widely known as a leading life sciences center. 

The properties are within walking distance of the new Watkins Mill Town Center and have easy access to area roadways including Rockville Pike, Routes 117 and 124 and the Intercounty Connector.  

Tenants at the 95 percent, triple net leased buildings include MedImmune and Amplimmune, wholly owned subsidiaries of AstraZeneca.  

The HFF investment sales team representing the seller included senior managing directors Jim Meisel, Dek Potts and Andrew Weir, executive managing director Stephen Conley and associate director Matthew Nicholson.

HFF’s debt placement team representing the new owner was led by managing director Cary Abod.

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 arranges $37.5 million financing for luxury apartment project in Houston’s Museum District


Cappella Museum District,  1699 Hermann Drive, Houston, TX

 HOUSTON, TX, July 28, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $37.5 million in financing for the development of Cappella Museum District, a 224-unit, seven-story luxury apartment project in Houston’s Museum District.

Working on behalf of the developer, Tema Development (1988), Inc., HFF placed the construction permanent loan with AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors LLC.

Cappella Museum District is situated on a 2.25-acre site at 1699 Hermann Drive near Jackson Street overlooking Hermann Park and the new McGovern Centennial Gardens.

 Due for completion in late 2016, the property will have 238,000 square feet of studio, one- and two-bedroom units and five penthouse suites.  

The property will also have a 12,000-square-foot courtyard and a 351-space, five-story parking garage that will provide direct entry into each floor of residences. 

The 9,000-square-foot amenity area will include a seasonal ice skating rink, café bar, resident club, conference room, fitness center, yoga room, swimming pool, fire pit, barbecue area, electric car charging station and a sky lounge on the top floor that will provide views of Hermann Park, the Museum District and downtown Houston. 

The HFF debt placement team representing the borrower was led by senior managing director Matt Kafka.


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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com




Capital Square Realty Advisors Completes DST Offering of Dallas Medical Office Building Portfolio


 
Louis Rogers
DALLAS, TX (July 28, 2015) – Capital Square Realty Advisors, LLC announced today that its Delaware Statutory Trust offering, MOB Portfolio III, DST, comprised of two medical office buildings located in the Dallas suburbs of Arlington and Mansfield, Texas, has been fully subscribed by investors.

Both properties are 100 percent leased to Arlington Orthopedic Associates, the largest independent practice providing comprehensive orthopedic care in the Mid-Cities, Texas area.

“The DST structure provides Section 1031 exchange and cash investors with an attractive opportunity to participate in the ownership of high quality properties like these, with strategic locations and long-term leases to strong tenants in the ever popular medical office space,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. 

The two-story Arlington building, located at 800 Orthopedic Way, totals 37,100 square feet of space in the heart of the city’s commercial district.

The Mansfield property, located at 2801 E. Broad St., includes approximately 12,560 square feet of medical office space.

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

Julie Leber                                                                         
Spotlight Marketing Communications                    
949.427.5172, ext. 703                   

                                       

Lexington Homes Begins Construction on Lexington Crossing Townhomes in Rolling Meadows, IL


Jeff Benach
Chicago, IL (July 28, 2015) — Chicago-based Lexington Homes has announced it has started construction on Lexington Crossing, a community of 54 townhomes in downtown Rolling Meadows, Ill. 

Three models at Lexington Crossing are scheduled to open January 2016 along with first move-ins.

“Over the past two years we have developed a number of successful townhome communities in the north/northwest suburbs including Park Ridge, Palatine and Morton Grove and are excited to start construction on our newest community in Rolling Meadows,” said Jeff Benach, co-principal of Lexington Homes.

 “Based on the brisk sales of these communities, there is obviously a demand for townhomes like ours that combine open floor plans and convenient locations. So far, Lexington Crossing seems to be following suit as we have already had solid sales before starting construction.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

Easton & Associates Announces More than 160,000 SF of Industrial Leases


Kathy Zerbone

 DORAL, FL, July 28, 2015 — Demand for new industrial space remains strong in Miami Dade County.  Last month, Easton & Associates, the brokerage division of The Easton Group, brokered more than 160,000 sq. ft. of leases.  They include:      

-Valassis Direct Mail renewed a lease for 100,000 sq. ft. at Lakes Corporate Park, 5890 NW 163rd Street, Miami Lakes.  The landlord is Cap-East Associates.  Easton’s Jim Armstrong and Mike Waite represented the landlord and Newmark Grubb Knight represented the tenant. Lakes Corporate Park is a 35-acre development with more than 555,000 sq. ft. of bulk/warehouse distribution and office/flex facilities.

-FKA Global Pathology renewed its lease for 22, 700 sq. ft. at Lakes Corporate Park, 16250 NW 59th Avenue, Miami Lakes.   The landlord is Cap-East Associates. Easton’s Jim Armstrong and Mike Waite represented Cap-East and DTZ America, Inc. represented FKA Global Pathology. 

Jim Armstrong

-SystemOne Technologies, Inc. renewed a lease for 14, 687 sq. ft. at 8305 NW 27th Street, #106 & 107, Miami.  Jim Armstrong and Mike Waite represented the landlord, SPG Transal Park LLC and Patrick O’Hare of Florida Corporate Realty, Inc. represented SystemOne.

-Caribbean Form Products, Inc. signed a new lease for 12, 290 sq. ft. of industrial space at 1175 NW 159 Drive, #3, Miami.  Jim Armstrong and Mike Waite represented the landlord, 1175 NW 159 LLC.

-Fast Dispatch Inc. extended a lease for 10, 680 sq. ft. at 8810 NW 24 Terrace, Miami. Easton’s Kathy Zerbone represented Fast Dispatch in the transaction.


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

Todd Templin
Boardroom Communications

954-370-8999/954-290-0810

Marcus & Millichap Brokers Sale of Sitios Place Apartments in Tampa, FL


Casey Babb
TAMPA, FL, July 28, 2015 – 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 Sitios Place, a 4-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $500,000.

Casey Babb, CCIM and vice president investments, and Ari Ravi, associate, both of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by Casey Babb and Ari Ravi.

“Apartment properties in and around the urban core continue to experience high demand both from tenants and investors alike. That is especially the case in the South Tampa market, which is one of the strongest rental submarkets in the region. The subject traded within four percent of the asking price at a sub six percent cap and nearly ten times the gross rent,” said Babb.

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Oakwood Garden Apartments in Ocala, FL


Joshua Teplitzky
OCALA, FL, July 28, 2015 – 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 Oakwood Garden Apartments, a 46-unit apartment community located in Ocala, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,725,000.

Joshua Teplitzky, investment associate, and Michael P. Regan and Francesco P. Carriera, both vice president investments, all of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer was also represented by Teplitzky, Regan and Carriera. 

“This property was a prime example of a value-add opportunity in a tertiary market. The seller self-managed the property and restricted the resident base to tenants 55 years or older even though there were no land use restrictions on the property,” says Teplitzky.

 “The buyer saw this as an immediate management upside through expanding the potential tenant pool and plans to capture a new demographic by updating the interior of the units.

 “We generated nine offers and found the ideal buyer out of Israel due to our international platform and our unparalleled ability to create a market for multifamily properties of this size and vintage.”

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

The Mele Storage Group Enters Weight Loss Challenge to Benefit the Self-Storage Association Foundation Scholarship Program


Tara Paronto
TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced today that the Mele Storage Group will “trim the fat” amongst their team members to see who can lose the greatest percentage of weight.

The challenge will benefit the Self-Storage Association (SSA) Foundation Scholarship program, which provides scholarship awards up to $5,000 toward postsecondary education tuition and fees. 

This is a need-based scholarship program for students with at least a "C" average or 2.0 cumulative GPA on the 4.0 scale.

Michael Mele, senior vice president, Sean Delaney, first vice president, Luke Elliott, associate, Robert Bloch, associate, Kevin Menendez, associate, Brian Baldwin, associate, Tara Paronto, director of operations, Brian Fulton, senior analyst, and Kelly Russano, analyst, will all enter the six week challenge, which began Monday, July 27 and ends Friday, Sept/ 4,  just before the annual SSA Fall Tradeshow and Conference in Las Vegas, Nevada.

Kelly Russano
 “With the long hours and travel everyone has been putting in, our health has fallen to the back burner. 

"We realized we needed to do something to turn things around and the Vegas show coming was the perfect timing,” said Mele. 

“While this is a great cause to give back to, my health is important and I’m really tired of all the young guys in the office talking about my ‘broker body,’” Elliott adds.

Each team member will weigh in every Monday, and the results will be reported directly to the SSA for distribution to the entire self-storage community. The group will also post their progress on their social networking feed and their website at www.melestoragegroup.com.

 “It started out as a friendly competition in the office, then I thought why not use this as an opportunity to raise some money for a great cause,” says Mele. The Mele Group has pledged to donate $15 for every pound lost during the competition. “And I challenge our clients and friends to match the donation,” he concludes.
  
For a complete copy of the company’s news release, please contact:

 Tara Paronto
Director of Operations,
Mele Storage Group

(813) 387-4726