Friday, October 30, 2015

Jonathan Jaeger Receives Inaugural Lori Raleigh Award for Emerging Excellence in Hospitality Consulting






(L to R: ISHC President Chad Sorensen, ISHC Chair Rachel Roginsky, Lori Raleigh, Jonathan Jaeger)


Berlin, Germany and Atlanta, GA -- The International Society of Hospitality Consultants (ISHC) named Jonathan Jaeger the recipient of the inaugural Lori Raleigh Award for Emerging Excellence in Hospitality Consulting. The award was presented at the ISHC Annual Conference held in Berlin, Germany. 

“Having completed more than 1,000 consulting and valuation assignments on behalf of a wide variety of clients across North America and the Caribbean in just the early years of his career is truly impressive, making Jonathan the ideal recipient of the inaugural Lori Raleigh Award,” said Award Committee Chair Kristie Dickinson, senior vice president, CHMWarnick.

“However, this award is about much more than the projects he’s completed. Jonathan has demonstrated accomplishments and a career progression earned only by a strong work ethic and dedication to the industry, other young professionals and the clients he advises.

He gives back tirelessly to the industry, mentoring new associates in his firm, teaching college students and speaking before some of the most prestigious groups in hospitality. His desire and ability to lead in all aspects of hospitality is truly impressive, and we are confident that Jonathan will remain a growing, important presence in the industry as his career progresses.”

Jaeger is a managing director at LW Hospitality Advisors, a provider of advisory, valuation, feasibility, investment counseling, asset management, property management and transactional services focused exclusively on hotels, resorts, gaming properties and conference center assets worldwide.  

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

Chris Daly, media
(703) 435-6293


Tuesday, October 27, 2015

WoodSpring Suites Breaks Ground on New Hotel in Miami, FL

  

From left: Ron Burgett - WoodSpring;  Robert O’Leary - WoodSpring; Raul Garcia- Gold Coast Premier Properties; Veronica Garcia- Gold Coast Premier Properties; Abel Ramirez –JAXI


Miami, FL — WoodSpring Hotels, the nation’s fastest growing, extended-stay hotel company, and Gold Coast Premier Properties, LLC, announced the groundbreaking of the  WoodSpring Suites hotel near Zoo Miami at Coral Reef Drive and parallel to the Florida Turnpike.

“It has been a great experience working with WoodSpring Hotels. They are a strong competitor in the extended stay segment, and we’re excited to capitalize on their unique operating model that focuses on the bottom line and in turn offers strong returns,” said Raul Garcia, president of Gold Coast.

The projected opening date for the hotel is 3Q 2016. The hotel will be built as a prototypical 124-room WoodSpring Suites and will feature such guest amenities as laundry facilities, modified kitchens and high-speed internet, as well as the cleanliness, safety and affordability that the WoodSpring Suites brand provides to every guest.

This is the first of two planned WoodSpring Suites hotels under development by Gold Coast. The second location, which will be built in the Doral sub-market of Miami, is slated to be a WoodSpring Suites Signature hotel.

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

Chris Daly, media
(703) 435-6293

Saturday, October 24, 2015

Wyndham Hotel Group’s Expansion Accelerates in South East Asia with Seven New Properties

  
Barry Robinson
SINGAPORE  - Wyndham Hotel Group’s aggressive growth in South East Asia is showing no signs of slowing down, as the world’s largest hotel company announced the signing of seven new franchise agreements during ITB Asia in Singapore.

The properties will be located across tourist hot spots in Thailand, Malaysia and Vietnam under the hospitality giant’s Ramada®, Days Inn® and Wyndham Hotels and Resorts® brands.

Barry Robinson, Wyndham Hotel Group’s president and managing director, South East Asia and Pacific Rim, said the seven new franchise agreements boost the company’s strategic efforts to expand its brands even further across the region.

“South East Asia is becoming an increasingly popular tourist destination with an estimated 100 million visitors annually,” said Mr Robinson. “With visitor numbers continuing to rise, we have our sights set on growing our presence to meet this demand over the coming years. We know our range of globally recognised brands will offer the utmost in value and services to meet the needs of today’s travellers in South East Asia.”

For a complete copy of the company’s news release, please contact:
  
Stacey Grims
Public Relations Officer
T: +61 (0) 7 5512 8227         
M: +61 (0) 431 846 265

Colliers International Tampa Bay Brokers Sale of 96 Percent Occupied Park Place Office & Promenade in Clearwater, FL to Steelbridge Capital


Melanie Jackson
CLEARWATER, FL – Park Place Office & Promenade, one of the most well-known office parks in Pinellas County, Fla., has sold to an affiliate of Steelbridge Capital, a real estate investment company with headquarters in Chicago and Miami. The purchase price was not disclosed.

The properties, located at 311, 410, 420 and 430 Park Place Boulevard in Clearwater include a six-story, 118,447-square-foot office building and three, single-story, promenade-style buildings, totaling 50,221 square feet. The property was 96 percent occupied at the time of sale.

John Gerlach, CCIM, Vice President of Investment Services at Colliers International Tampa Bay, represented the undisclosed seller. The buyer is Steelbridge II, Park Place LLC.

“We are pleased to be back in Tampa buying office property” said Mike Manno, Principal at Steelbridge Real Estate Services. “After our successes in the last cycle with such properties as the Urban Center and Sunforest I and II in Westshore, and Bushwood II and III in North Tampa, we are focused on expanding our Tampa Bay regional footprint.”

Melissa Hazlewood
Steelbridge will manage the property in concert with the Tampa office of JLL. Colliers International Tampa Bay’s office team of Alan Feldshue and Melanie Jackson will continue to lease the property, as they have since 2007.

Melissa Hazlewood, Regional Manager with JLL, stated, “We are very excited to partner with Steelbridge and continue our contribution to the asset’s investment goals as we did successfully for prior ownership.” 

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

Juliette Lauer     
Account Executive
B2 Communications
p 727.895.5030 x107 | c 407.405.5696


RealtyTrac Reports Number of Seriously Under Water Properties Drops by 525,000 in Third Quarter 2015


IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q3 2015 U.S. Home Equity & Underwater Report. Highlights of the report show:

·         There were 6.9 million seriously underwater (at least 25 percent underwater) U.S. residential properties at the end of Q3 2015, down more than half a million from the previous quarter and down more than 1.2 million compared to a year ago.

o   A surge in home sales volume and prices in the second and third quarters account for the dramatic drop in seriously underwater homeowners.

·         There were 10.5 million equity rich (at least 50 percent equity) U.S. residential properties at the end of the third quarter, down nearly a half million from the second quarter.

o   Indicates more homeowners with equity are leveraging that equity with a refinance, a move-up sale and purchase or by cashing out of the housing market completely.

·         Only one in three properties in foreclosure was seriously underwater, the lowest level since RealtyTrac began tracking in the Q1 2012 and down from a peak of 62 percent underwater in the second quarter of 2012.

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

Ginny Walker
949.502.8300, ext. 268

Mortgage Bankers Association Report: Multifamily Lending Jumped 13% in 2014


Jamie Woodwell
WASHINGTON, DC -- In 2014, 2,876 different multifamily lenders provided a total of $195.1 billion in new mortgages for apartment buildings with five or more units, according to the Mortgage Bankers Association (MBA) 2014 Report on Multifamily Lending.

 The 2014 dollar volume represents a 13 percent increase from 2013 levels.  Sixty-five percent of the active lenders made five or fewer multifamily loans over the course of the year.

“Lenders provided more than $195 billion of capital to multifamily apartment owners in 2014, a new record,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. 

“The lending came from a range of lenders – with two-thirds making five or fewer multifamily loans during the year – and went to a range of borrowers – with more than one-quarter of the loans being for $500,000 or less.  

"The market has continued to expand this year and shows every sign of breaking last year’s record.”

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

Ali Ahmad
(202) 557-2727


HFF arranges $41.4 million acquisition financing for TownPark Commons in Kennesaw, GA

  
 
Brian Carlton
DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $41.4 million in financing for the acquisition of TownPark Commons, a 349,635-square-foot office building in Kennesaw, Georgia, a northwest suburb of Atlanta.  

The project was acquired by the TSP Value and Income Fund, a discretionary value-add real estate fund managed by Transwestern Investment Group. 

The fund seeks to deliver attractive risk-adjusted returns with a focus on current income and lower volatility.  Working on behalf of the buyer, HFF placed the five-year, fixed-rate loan with Ares Management.  In addition to funding the acquisition of the property, the loan will also fund tenant improvements and leasing commissions.

Town Park Commons is located at 125 TownPark Drive in a business park setting between Interstates 575 and 75 in the northwestern greater Atlanta area.  The 99.6 percent leased property is anchored by Enercon, an architectural, engineering, environmental, technical and management services firm.

The HFF debt placement team representing the borrower was led by senior managing director Brian Carlton and director Gregg Shapiro.

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 $42.7 million refinancing for Samaritan Medical Tower in downtown Los Angeles


Samaritan Medical Tower, 1127 Wilshire Boulevard, Downtown Los Angeles, CA

Marc Schillinger
LOS ANGELES, CA –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $42.7 million refinancing for Samaritan Medical Tower, a 146,354-square-foot medical office building in downtown Los Angeles.

HFF worked on behalf of the borrower, Boulevard Investment Group, Inc., to secure the 10-year, fixed-rate CMBS loan.  The financing is interest only throughout the entire term.

Samaritan Medical Tower is located at 1127 Wilshire Boulevard directly across the street from Good Samaritan Hospital, a 408-bed, world-class academic medical center affiliated with both USC and UCLA Schools of Medicine.

 This location is convenient to the 110 Freeway and nearby development projects in downtown Los Angeles including the Wilshire Grand, 6th & Bixel, The Bloc, and the Good Samaritan Hospital expansion.  Originally built in 1964, Samaritan Medical Tower was extensively renovated in 2000 and 2014.

The HFF debt placement team representing the borrower was led by director Marc Schillinger.

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

 Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


HFF closes $12 million sale of Essex Square on Route 17 in Bergen County, NJ


Essex Square, 184 Essex Street, Lodi, NJ

Chris Munley
FLORHAM PARK, NJ --  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the prestigious Route 17 retail corridor in the New York City suburb of Lodi, New Jersey. 

HFF marketed Essex Square on behalf of the seller, ARC Properties Inc.  Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired all cash. 

Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. 

The two-building center benefits from highway visibility and a traffic count of more than 104,000 vehicles per day.  

The property is located at 184 Essex Street in close proximity to Interstate 80, which provides direct access into New York City.  More than 216,000 people live within a three-mile radius of the property with notable nearby towns including Paramus and Hackensack.    

The HFF investment sales team representing the seller was led by managing directors Chris Munley and Kevin O’Hearn and senior managing director Jose Cruz.

“Retail assets of this nature continue to be in high demand from multiple equity sources around the country,” Munley said.  “The tremendous outpour of interest received on this property was a reflection of both the quality tenancy and irreplaceable location within the highly-desirable Bergen County submarket of Northern New Jersey.”  

“The center is well located and fits well with our investor’s strategy for long-term stable ownership,” said Monica Kang, a principal with Capstone Realty Group.

 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 $37.180 million financing for Executive Plaza in North Bethesda, MD

Executive Plaza, 6120 and 6130 Executive Boulevard, White Flint District,
 North Bethesda, MD

   
Susan Carras
WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $37.180 million in bridge financing for Executive Plaza, a two-building Class A office project totaling 328,457 square feet in North Bethesda, Maryland.

Working on behalf of the borrower, an affiliate of Angelo Gordon & Company and Monument Realty, LLC, HFF placed the 36-month, floating-rate loan with Citizens Bank.  Loan proceeds will be used to refinance the existing loan and to provide funds for continuing capital improvements and leasing related costs.

Executive Plaza is located at 6120 and 6130 Executive Boulevard in the White Flint district of North Bethesda.  The 13-acre site is close to the Capital Beltway (I-495) and Interstate 270 via Montrose Parkway, and walkable to the White Flint Metrorail station. 

Pike and Rose, the new office, retail, residential, restaurant and entertainment destination that delivered this year, is also within walking distance of the property.  The two eight-story buildings feature a four-story, 866-space parking garage and 25,683 square feet of lower level space in 6120 Executive Boulevard that will be improved with a fitness facility and conference center.

HFF’s debt placement team was led by Susan Carras, Walter Coker and Brian Crivella.

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



Friday, October 23, 2015

Waterton Integrates Apartment, Hotel Management Operations

  
 
David Schwartz
 CHICAGO, IL – Waterton Associates LLC, a U.S. real estate investor and operator, today announced it has combined its wholly owned apartment and hotel management subsidiaries, Waterton Residential and Ultima Hospitality.

Effective immediately, Waterton Associates and the two subsidiaries will operate as a single entity, Waterton, reflecting the broader convergence of the multifamily and hospitality sectors as the firm celebrates its 20th anniversary.

“Over the years, we realized that whether we were managing an apartment community or a hotel, our goal was the same: to deliver an exceptional level of service to our customers, regardless of whether we counted their stay in nights or years,” said Waterton CEO and co-chairman David Schwartz, who co-founded the company with Peter Vilim in 1995.

 “We’ve coined this overlap between residential and hospitality ‘ResitalityTM’ – the idea of recreating the comforts of home for our hotel guests, and giving our apartment residents all of the services and amenities they expect when staying at a resort or hotel.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

MVP REIT II, Inc.’s Offering Declared Effective by the U.S. Securities and Exchange Commission


SAN DIEGO, CA  (Oct. 23, 2015) – MVP REIT II, Inc. (“MVP REIT II”) today announced that its registration statement on Form S-11 pertaining to an initial public offering of up to $550 million in common stock was declared effective by the United States Securities and Exchange Commission on October 22, 2015.

A copy of the final prospectus for MVP REIT II is available without charge upon written request to MVP REIT II, Inc., 12730 High Bluff Drive, Suite 110, San Diego CA 92130. The prospectus is also available at www.mvpreitii.com/prospectus, or on the SEC’s website at www.sec.gov.

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

Multi Housing Advisors Brokers Sale of 338-Unit Apartment Community in Mobile, AL


Jimmy Adams
BIRMINGHAM, AL  — Multi Housing Advisors (MHA) has arranged the $3.5 million sale of Orleans Place I & II, located in Mobile, Alabama.

Jimmy Adams of MHA’s Birmingham office represented the seller, Orleans Place Apartments, in the transaction. Varden Capital Properties (VCP) purchased the property.

“VCP plans to invest a significant amount of capital into the property’s interiors and exteriors,” Adams said. “There is pent-up demand for higher quality housing in the area and we anticipate the rehabilitated units being absorbed without issue.”  

Orleans Place I & II are located three blocks south of Mobile’s new Whole Foods development. The submarket has demonstrated strong rent and occupancy trends over the past five years.

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

Deborah Rogers
Multi Housing Advisors
404.645.7275


HFF closes sale of 21-property multi-housing portfolio for University of Chicago


Matthew Lawton
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a 21-property, 676-unit multi-housing portfolio plus two land sites located in Chicago, Illinois.

HFF marketed the offering on behalf of the University of Chicago.  Pioneer Acquisitions, LLC purchased the portfolio in its entirety free and clear of existing debt.

The portfolio consists of University of Chicago graduate student housing and faculty/staff buildings that are more than 95 percent occupied.  The properties have a total of 883 beds and approximately 460,582 square feet with individual units averaging about 681 square feet each.

 The properties are located in Hyde Park and Kenwood within walking distance to campus, approximately six miles south of Chicago’s Central Business District and close to Lake Michigan.

The HFF investment sales team representing the University of Chicago was led by executive managing director Matthew Lawton, managing director Brian Kelly and associate director Michael Higgins.

 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


HFF represents NYRT in the sale of 163 Washington Avenue in Brooklyn, NY


Rob Rizzi
NEW YORK, NY– Holliday Fenoglio Fowler, L.P. (HFF) announced it has represented New York REIT, Inc. (NYRT) in the sale of 163 Washington Avenue, a 49-unit, 16-story mixed-use property in Brooklyn’s Clinton Hill neighborhood.

HFF marketed the asset on behalf of NYRT to an undisclosed buyer.

163 Washington Avenue is located near the intersection of Washington and Myrtle Avenues, one block from the Pratt Institute to the south and Brooklyn Queens Expressway/Interstate 278 to the north. 

Originally developed as condominiums in 2009, the property includes 49 best-in-class rental apartments averaging 825 square feet each, a 1,176-square-foot retail unit and 38 parking spaces.  Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views.

The HFF investment sales team representing the seller was led by managing directors Rob Rizzi, Jeff Julien and Rob Hinckley.

“We are extremely pleased to have assisted NYRT on this disposition.  NYRT was at the forefront of the growth of the Brooklyn market, acquiring the property in 2012 and then capitalizing on the impressive pricing we are continuing to see there,” said Rizzi.

 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


PFK Consulting Reports Hotel Spa Departments Generate Healthy Profits


Andrea Foster
Boston, MA --  Hotel spa departments continue to contribute to the revenue and profit growth of U.S. hotels.  According to the 2015 edition of Trends® in the Hotel Spa Industry, hotel spa department revenues increased by 5.1 percent in 2014, while spa department profits grew 10.5 percent.

“The benefit of having a hotel spa can go beyond the direct financial contributions of the spa department,” said Andrea Foster, managing director for PKF Consulting|CBRE Hotels (PKFC) and director of the firm’s spa and wellness consulting practice. 

“When we compared the performance of spa properties with comparable hotels in PKFC’s Trends® in the Hotel Industry database, we found that the spa hotel sample had a higher ADR in 2014 and was able to increase its room rates to a greater degree. 

“This does not suggest causation; rather, it suggests a reasonable conclusion that guests find greater value in properties that have more extensive amenities and services available, thus creating the ability to increase rates to a greater extent.”

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

Chris Daly,


Thursday, October 22, 2015

Marcus & Millichap Brokers $5 Million Sale of State Road 52 Storage in Hudson, FL

  
Michael A. Mele
HUDSON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of State Road 52 Storage, a 51,830-square foot self-storage located in Hudson, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $5,000,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self Storage Group, had the exclusive listing to market the property on behalf of the seller, a local investor.  The buyer, an institutional owner based out of New York City, was secured and represented by Mele.

State Road 52 Storage is an institutional quality facility located at 11411 State Road 52 in Hudson, Florida. It is five miles east of US Highway 19, a major thoroughfare down the gulf coast of Florida. 

The facility, which was constructed in 2008 and sits on 3.07, consists of 409 climate controlled and non-climate controlled units totaling 43,928 net rentable square feet. The amenities at this facility include sprinklered units, video surveillance, electronic gate access, a fully fenced perimeter and an on-site management office.

“We continue to see the price per square foot increase in these markets, although this deal is even among the highest price paid in Pasco County,” says Mele. “The new owner will see significant upside.”

“The Mele team did an excellent job throughout the entire transaction, from the initial contract, to marketing the facility, to the closing,” said Jerome Ciaravino, the seller of State Road 52 Storage. “I would certainly recommend working with Mike Mele and the entire Mele team.”

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 $775,000 Sale of NAPA Auto Care Site in Tampa, FL

                                                                                                                           
James Medefind
TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of NAPA Auto Care, a 2,250-square foot net-leased property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $775,000.

James Medefind, senior associate, and James Garner, associate, both in 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 Ahmed Kabani, vice president investments, in the firm’s Miami office. 

This 2,250-square foot NAPA Auto Care Center is located just off of busy Interstate 275 at 10156 North Florida Avenue in Tampa, Florida. It is surrounded by national retailers such as Walmart, Family Dollar, Home Depot, CVS and Dunkin Donuts, among others.

The property is north of downtown Tampa and only three miles from the University of South Florida campus, which is the fourth largest university in the state of Florida. This NAPA Auto Care Center offers both oil change and auto repair services and has operated at this location since 2007. There are seven years remaining on the lease and two options.

“Through our network of investors and Marcus & Millichap’s national platform, we were able to secure nine offers throughout our marketing process, and ultimately closed with an international investment group,” said Garner. “This is yet another example of our ability to maximize exposure, drive multiple offers and attract qualified investors with out of area capital for our clients.”
                                                            
For a complete copy of the company’s news release, please contact:

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

(813) 387-4700

Wednesday, October 21, 2015

HFF closes $11.4 million sale of suburban Philadelphia retail center


Paoli Center, 152 East Lancaster Avenue, Peoli, PA

Chris Munley

 PHILADELPHIA, PA – October 21, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $11.4 million sale of Paoli Center, a two-building property totaling 15,400 square feet that is 100 percent occupied by Walgreens and PNC Bank in the Philadelphia suburb of Paoli, Pennsylvania.

HFF arranged the sale of the property on behalf of the seller, Pineville Properties.  Private investor Theodore Griffinger purchased the asset free and clear of existing debt.

Paoli Center is situated on 1.73 acres at 152 East Lancaster Avenue at the intersection of Routes 252 and 30, known as the “Main Line” or Lancaster Avenue, which connects the suburban market to the city of Philadelphia. 

 The area is home to several corporate headquarters and adjacent to some of the most affluent residential properties in the metropolitan Philadelphia area.  

Completed in 2002, Paoli Center has more than four access points, frontage along Lancaster Avenue and parking for its tenants. 

The HFF investment sales team representing the seller was led by managing director Chris Munley.  John Andreini of Capital Pacific represented the buyer.

“Paoli Center is irreplaceable real estate on the very affluent ‘Main Line’ with two premium tenants, and it is a great long-term investment and opportunity,” Munley said.  “The property garnered significant national interest and reflects the continued appetite for retail properties in core markets within the Philadelphia MSA.”

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 $30.5 million construction financing for Parsippany, NJ office property


Rendering of 10 Sylvan Way, Parsippany, NJ

Jon Mikula
FLORHAM PARK, NJ –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $30.5 million construction loan for 10 Sylvan Way, a 125,829-square-foot office property in Parsippany, New Jersey.

Working on behalf of the borrowers, Normandy Real Estate Partners and Partners Group, HFF placed the loan with First Niagara Bank.  Loan proceeds are being used for a gut rehab and build-to-suit of the building. 

10 Sylvan Way is located within the Mack-Cali Business Campus close to Interstate 287 and Route 10 in the northern New Jersey township of Parsippany.  Upon completion the property will be fully leased to Zoetis, Inc.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.

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

Twitter @FirstNiagara
on Facebook at FirstNiagaraBank.

Sale of Hilton Daytona Beach closed by HFF

  
Hilton Daytona Beach on Atlantic Ocean, Daytona Beach, FL


 
Michael Weinberg
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Hilton Daytona Beach, a 744-room, beachfront resort hotel on the Atlantic Ocean in Daytona Beach, Florida. 

HFF marketed the property on behalf of the seller, an affiliate of LNR Property.

The Hilton Daytona Beach is an expansive, twin-tower hotel located directly on the sand across the street from Daytona’s Ocean Center convention facility. 

The property features 16- and 11-story towers joined by a centralized lobby and amenity deck, retail outlets, spa and more than 60,000 square feet of function and meeting space. 

Additionally, the hotel has multiple dining options including the Hyde Park Prime Steakhouse; Doc Bales’ Grill; Clocktower Lounge; Legends Sports bar, which houses Jeff Gordon’s famous No. 24 DuPont car; and numerous indoor and outdoor bars.

 The hotel is connected to the 110,000-square-foot Ocean Walk Shoppes, not included in the offering, which is a mixed-use entertainment facility with additional restaurants and a movie theater.  The property is less than five miles from the Daytona International Speedway and Daytona International Airport.

Max Comess


The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director Max Comess and director Michael Weinberg.

“This transaction is a strong testament to the recovery of Daytona Beach and Florida’s secondary resort markets, which are growing at a faster pace in 2015 than the state’s primary resort destinations like Miami,” Comess said.  

“The international interest among investors for the Hilton further confirms that Daytona has all the necessary ingredients and infrastructure to be the next Fort Lauderdale or Clearwater Beach.”

According to Smith Travel Research, for the first half of 2015, the greater Daytona Beach market saw revenue per room growth of 13.3 percent compared to the same period in 2014.  

Similar secondary resort markets in Florida, such as Fort Myers and Melbourne, saw rates of 15.5 percent and 18.0 percent, respectively, during the same time period.  By comparison, Miami and Orlando realized growth rates of 7.4 percent and 8.7 percent, respectively.  The U.S. national revenue per room growth rate was 7.2 percent.
  
For legal counsel, the seller was represented by the Miami office of Bilzin Sumberg Baena Price & Axelrod LLP.  The Chicago office of Latham & Watkins LLP represented the buyer.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com



HFF closes $53.8 million sale of northern New Jersey Class A retail center


Chester Springs Shopping Center, 141--205 Route 206, Chester Borough, NJ

Kevin O'Hearn
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough, New Jersey.

HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust.  Dividend Capital Diversified Property Fund, Inc. purchased the asset for $53.8 million (approximately $241 per square foot).

Chester Springs Shopping Center is anchored by ShopRite, the market leader in the region, in addition to Marshalls and Staples.  The 95-percent-leased center is also home to other national retailers including Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel CafĂ©, Subway and Massage Envy.

 Chester Springs Shopping Center is situated in downtown Chester on 20.61 acres at 141-205 Route 206, a main thoroughfare through western Morris and Somerset Counties.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Steve Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.

  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


HFF closes sale of Atlanta-area Kroger-anchored retail center


Royal Lakes Marketplace, Oakwood, GA

 
Jim Hamilton

ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Royal Lakes Marketplace, a 119,493-square-foot, Kroger-anchored neighborhood shopping center in the Atlanta suburb of Oakwood, Georgia.

HFF marketed the property on behalf of the seller, Madison Retail LLC.  Preferred Apartment Communities, Inc. (NYSE: APTS), through is retail subsidiary New Market Properties LLC, purchased the asset free and clear of existing debt.

Situated on approximately 20.7 acres in Oakwood, part of the Atlanta MSA, Royal Lakes Marketplace is located at the intersection of Winder Highway (SR 53) and Sloan Mill Road adjacent to the Royal Lakes Golf and Country Club. 

Completed in 2008, the property is anchored by Kroger, which has a strong remaining lease term and is ranked by the Shelby Report as Atlanta’s No. 1 neighborhood grocer.  

Additionally, Royal Lakes Marketplace is less than 50 miles from downtown Atlanta’s business and cultural offerings due to the center’s access to Interstates 85 and 985.

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

 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


Sale of waterfront multi-housing community in downtown Yonkers, NY closed by HFF


Hudson Park community, Hudson River, Downtown Yonkers, NY


Jose Cruz
FLORHAM PARK, NJ –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Hudson Park, a multi-housing community situated along the Hudson River in downtown Yonkers, New York.

HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group.  Strategic Capital was the purchaser.

Overlooking the Hudson River waterfront in downtown Yonkers, Hudson Park is situated at the Yonkers Metro North commuter rail station, which provides access into Manhattan’s Grand Central Station.

 The property consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club.  Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom luxury apartments and approximately 15,500 square feet of well-leased office and retail space.

 Hudson Park North, the second phase of the development, was completed in spring 2008 and has 294 one- and two-bedroom luxury apartments, as well as a free-standing parking garage.

  In addition, the property includes a 0.23-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor.

Andrew Scandalios
 The ground breaking for this development occurred in mid-September with an expected completion date of mid-2017.  The completed residential component of Hudson Park is 98 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and associate directors Steve Simonelli and Michael Oliver.  Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction.

“The entrance of foreign capital into the Westchester market, and more specifically Yonkers, is an example of how the investment community perceives the submarket to have significant growth,” stated Cruz. 

“The level of interest in the property was very high given the quality of the buildings, additional development rights and location along the train line.”

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