Thursday, March 12, 2015

Lincoln Property Company Named Office Space Developer for Phase I of The Grand at Papago Park Center in Tempe, AZ

David Krumwiede
TEMPE, AZ – Papago Park Center, Inc. announced that Lincoln Property Company (LPC) has been selected to develop the first phase of Class A and mixed-use office space for The Grand at Papago Park Center.

The total project is a 60-acre, high-profile, urban mixed-use property on the last developable parcel within the 350-acre Papago Park Center.

The Grand project will serve as the final phase of one of the largest business parks in Arizona. Papago Park Center, Inc., 

The Grand project’s master developer, selected LPC after an extensive RFP process that included local, regional and national development candidates.

The Grand at Papago Park Center is located along the Loop 202/Red Mountain Freeway between Priest Road and Center Parkway, and is named after the adjacent Grand Canal.

The Grand Canal is a waterway developed in the 1870s to bring water from the Salt and Verde rivers to Metropolitan Phoenix. It was recently relocated to run through The Grand project, creating a water feature for the development. The completion of the canal relocation project will be celebrated with an upcoming event in March.

The Grand is part of Papago Park Center, home to the corporate offices of Salt River Project (SRP) as well as First Solar, Wells Fargo Home Mortgage, DHL, Union Bank, Sonora Quest Labs, State Farm Insurance, Western Refining and Parsons Brinckerhoff.

Nina Mullins
At build-out, The Grand will total more than 3.2 million square feet of mixed-use office, multifamily, hotel, retail and restaurant space, including up to six 10-story, Class A office buildings surrounding a central water feature.

When combined with Papago Park Center’s existing 3.3 million square feet of mixed-use projects, there will be more than 6.5 million square feet of urban development and approximately 20,000 employees and residents.

“The Grand signifies the innovation and importance of the Grand Canal and the natural history of Papago Park,” said Nina Mullins, Senior Director of Papago Park Center, Inc. 

“It exemplifies the need to both further advance the economic vitality of our Valley and to protect the resources that sustain our more than 4 million residents.”

Jerry Roberts, Corey Hawley and Patrick Boyle with CBRE will lead the marketing and leasing efforts for The Grand’s office development. HKS Architects/Kendle Design Collaborative both serve as the office project architects and JEDunn will serve as the general contractor.

More about The Grand at Papago Park Center is available at the project’s website:

Tempe Mayor Mark Mitchell said development of The Grand at Papago Park Center further adds to the positive momentum of Tempe’s economy.

Tempe, AZ Mayor Mark Mitchell
“This is a boon to Tempe. The Grand will have impressive spaces rivaled by few in the region,” he said. “I am excited the site will feature pedestrian and bike paths connected to Tempe Town Lake that will be enjoyed by employees and the public.”

LPC is rolling out plans this month for its first office buildings. At build-out, The Grand will have a total of 1.8 million square feet of Class A space in six buildings. Construction on three parking garages will coincide with the buildings’ development.

“Being selected for this project evokes a sense of history, partnership and environmental stewardship,” said Lincoln Property Company’s Executive Vice President David Krumwiede.

 “We are extremely excited to work with Papago Park Center and to have the opportunity to pay tribute to the historic Grand Canal as the focal point of the development. We also recognize the all-time high demand for Tempe’s live-work-play environment, and believe now is an ideal time to build something very unique and lasting.”

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Rosano Partners Completes Property Sale for New Hotel Development in North Hollywood, CA

Mariela Lamburg
 LOS ANGELES, CA – Rosano Partners has successfully completed the sale of a three building property that will be redeveloped into a new, boutique hotel to serve the growing tourist base in North Hollywood, California, according to Sagiv Rosano, President and Founder of Rosano Partners.

The multifamily asset is planned to be transformed into a modern, four-story boutique hotel that will feature 70 rooms.

“This transaction and development will have a profound economic effect on this North Hollywood neighborhood, bringing new jobs and increased property values to the area,” says Rosano.

“There has been tremendous growth in North Hollywood over the past 24 months, including new attractions slated for Universal Studios.  All of this activity is fueling the need for new hospitality product in the area,” he continues.

Mariela Iamburg, Vice President of Investment Sales and a development specialist at Rosano Partners, represented Dennis Scheer and Thomas Enslin, sellers of one of the properties involved in the transaction, as well as 11135 Burbank Blvd RG, LLC, owner of an additional parcel previously assembled by Rosano Partners as part of the offering. 

The buyer, a Los Angeles-based developer, was represented by Lux Realty.
The property is located at 11135 Burbank Blvd. in North Hollywood, California.

Rosano notes that the existing structures are blighted and in need of extensive repair - a challenge that could have been insurmountable for many buyers.

Sagiv Rosano
“Our team has a unique understanding of urban markets,” he says.  “Based on that specialized knowledge, we were able to recognize the potential for a completely new use for this property, and market it to the right prospective buyers.”

Rosano Partners, a full service brokerage that specializes in providing commercial property services throughout Southern California’s urban markets, is known for having a diverse team of industry experts.  According to Rosano, this trait enables the firm to provide creative solutions for properties that many others would overlook.

“We recognized that a hotel would be a welcome addition to the local landscape, and our team worked to identify the right buyer and coordinate with the local City Council, ultimately negotiating a transaction that benefitted all parties,” Rosano says. 

The planned hotel will break ground in the last quarter of 2015 and will offer a variety of amenities, including a pool area and dedicated rooms to showcase and promote the work of local artists.

For more information, visit

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

Amanda Brenner / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

ConAm Announces Changes in Executive Ranks

Rob Singh
SAN DIEGO, CA - The ConAm Group, (ConAm) a San Diego-based real estate investment, development and services firm, announced that Rob Singh, will be returning to the company as President and Chief Investment Officer.

ConAm also announced that Robert J. Svatos, formerly ConAm’s executive vice president and chief financial officer, has been promoted to the position of President and Chief Operating Officer.

These two appointments put in place a compelling combination of experience and skills to take us to the next level of excellence,” said Dan Epstein, the firm’s founder.
Mr. Singh is a twenty-seven-year industry veteran, who was previously with ConAm for seventeen years.

Epstein said, “Rob had been instrumental in our business development and investment activities including sourcing new capital relationships and securing new property management assignments. 

"He contributed significantly to help us achieve our unmatched track record over the past two decades.”

“Bob’s financial skills and experiences throughout his 26-year career at ConAm make him ideally suited for this role,” Epstein added. 

Chaz Mueller, who had been president of ConAm, will be leaving the company in March to join the Irvine Company.

Robert J. Svatos
 “We thank Chaz for his contributions to ConAm and wish him continued success as he moves to his new position,” Epstein noted.

Epstein went on to say “as we begin our 40th year in business, I am more confident than ever with the makeup of our senior management and our prospects for continued success.

“Rob and Bob have worked together for many years and their combined talents, supported by our very capable senior executives and proven real estate team, will effectively continue our momentum, further enhancing our investment and property management operations, and provide strategic vision for the future.”

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

Lexi Astfalk
Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

HFF closes sale of 339-unit multi-housing community in suburban Omaha, NE

Fontenelle Hills Apartments200 Martin Drive West,  Bellevue, NE

CHICAGO, IL – HFF announced today that it has closed the sale of Fontenelle Hills, a 339-unit, garden-style, multi-housing property located in the suburban Omaha city of Bellevue, Nebraska. 

                HFF marketed the property on behalf of the seller, Haley Real Estate Group.  Monitor Finance purchased the asset.  This transaction follows the sale of a five-property, 894-unit portfolio along the Dodge Road corridor also marketed and transacted by HFF.

Shuttle Operation, Offutt Air Force Base, Omaha, NE
                Fontenelle Hills is composed of 35 two- and three-story buildings that contain 108 one-, 154 two- and 77 three-bedroom units with an average square footage of 1,126. 

The property features a swimming pool, 24-hour fitness center, garages and covered parking.  The community is situated on 34.08 acres at 200 Martin Drive West in Bellevue, a city south of Omaha with more than 50,000 residents.

 With access to Highway 75, a major north-south thoroughfare, the property is less than 10 miles south of downtown Omaha and 6.4 miles from Offutt Air Force Base.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF secures $13.915 million financing for Raytheon Campus in suburban Denver, CO

Raytheon Campus,  16430 and 16470 East Hughes Drive,  Aurora, CO

Josh Simon
DENVER, CO  – HFF announced today that it has secured $13.915 million in acquisition financing for a 175,924-square-foot, two-building office portfolio that is 100 percent leased to Raytheon Corporation in suburban Denver, Colorado.

                HFF worked on behalf of the borrower, Tritower Financial Group, to secure the 7.68-year, 3.80 percent, fixed-rate, non-recourse acquisition loan through a national bank. 

                The property, known as the Raytheon Campus, consists of two buildings located on 15.91 acres at 16430 and 16470 East Hughes Drive in Aurora, Colorado, a suburb 10 miles east of downtown Denver.

 Located adjacent to Buckley Air Force Base, the asset is in the Centretech Business Park, a 1.3 million square foot park 10 miles south of Denver International Airport. 

The campus, which was built-to-suit for Raytheon in 2001, has one three-story office building and one single-story office building with a common plaza area, fitness center and full-service cafeteria. 

                The HFF debt placement team representing Tritower Financial Group was led by managing director Josh Simon and real estate analyst Matt Gangaware.

Buckley Air Force Base, Aurora, CO
                “We were able to secure a loan for Tritower that was very accretive to their business plan with this asset,” Simon said.  “The non-recourse loan provides the borrower a very low fixed rate with lot of structural flexibility.”

                Tritower Financial Group, LLC is a private real estate investment and management firm whose principals have more than 80 years of collective experience in commercial real estate investing throughout the United States.

 Over the past 25 years, the principals have structured more than 75 separate real estate syndications, both public and private, with a value in excess of $3 billion.  Over this time, they have successfully established a broad investor base that includes thousands of high net worth and institutional investors.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF closes sale of and secures financing for Courtyard by Marriott Chapel Hill in Chapel Hill, NC

Courtyard by Marriott Chapel Hill Apartments, Chapel Hill, NC

Daniel Peek
 NEW YORK, NY – HFF announced today that it has closed the sale of and secured financing for Courtyard by Marriott Chapel Hill, a 169-key, select-service hotel near the University of North Carolina Chapel Hill and UNC Health Care in Chapel Hill, North Carolina. 

HFF marketed the property on behalf of the seller.  Noble Investment Group purchased the offering free and clear of debt.  

Additionally, HFF secured the five-year, floating-rate acquisition loan for the buyer through GE Capital. 

                Renovated in 2011, the Courtyard by Marriott Chapel Hill features 132 guestrooms and 37 suites, 1,800 square feet of flexible meeting space, an indoor pool and spa, business center, fitness center, outdoor fire pit, jogging trail and several food and beverage options, including 

The Bistro for breakfast and dinner, a lobby bar, a grab-and-go market and a breakfast buffet. 

Ryan Clutter
Located at 100 Marriott Way at the corner of Marriott Way and Highway 54 in Chapel Hill, the five-story hotel is adjacent to Interstate 40 and one mile from the University of North Carolina and its hospitals.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s Hotel Group Daniel Peek, senior managing director Ryan Clutter, director KC Patel, associate director Cyrus Vazifdar and real estate analyst JoJo Won.

                The HFF debt placement team representing the borrower was led by senior managing director Jay Marshall, associate director Christopher Peck and real estate analyst Sam Nidenberg.

                “The Courtyard by Marriott Chapel Hill transaction provided further evidence of the incredible appeal among investors for quality select-service assets,” Peek said.

  “Properties in this category attract equity and debt capital at a rate substantially higher than in prior cycles, resulting in lower overall cost of capital than previously experienced.” 

Cyrus Vazifdar
In the year ending 2014, HFF’s Hotel Group closed more than $3.5 billion in hotel transactions across all capital markets involving more than 100 hotels and resorts.
Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector. 

Through its private equity real estate funds, Noble has made more than $3 billion of investments throughout the United States in primarily select-service and extended stay hotels, which are affiliated with premium brands by Marriott, Hyatt, Hilton, Intercontinental and Starwood.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF arranges $6.5 million financing for 186-unit multi-housing community in suburban Indianapolis, IN

Wentworth at West Clay Apartments, 12880 University Crescent, Indianapolis, IN

Zachary Roden
INDIANAPOLIS, IN – HFF announced today that it has arranged $6.5 million in financing for Wentworth at West Clay, a 186-unit, Class A multi-housing community located within the Village of West Clay in Carmel, a suburb north of Indianapolis, Indiana. 

HFF worked on behalf of the borrower, Gibralt Capital Corp. (Gibralt), to secure the three-year, floating-rate loan from Bedrock Capital Associates.  Loan proceeds will be used to refinance the existing debt, pay transaction costs and finance property renovations.

                The Wentworth at West Clay has 101 apartments and 85 condominiums.  There are 26 one-, 60 two- and 15 three-bedroom units averaging 1,129 square feet. 

The 95-percent-occupied property was built in 2004 and features a clubhouse, playground, barbeque, picnic area, tennis court, 24-hour fitness center, business center, movie theatre, billiard room, private garages and three swimming pools. 

Robb Rizzi
The community is located at 12880 University Crescent within the Village of West Clay, a master-planned community that replicates a small town and provides more than 16 miles of walking and jogging trails, in addition to more than 20 ponds and lakes in the area. 

                The HFF debt placement team was led by associate director Zachary Roden from HFF’s Indianapolis office and managing director Rob Rizzi with HFF’s New York office.
Gibralt’s investments include private equity, real estate, public market securities and credit-oriented funds.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

Marcus & Millichap arranges sale of candy lane industrial warehouse in palm harbor, fl for $960,000

Matthew Kim
PALM HARBOR, FL,  March 12, 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 Candy Lane Industrial Warehouse, located in Palm Harbor, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $960,000.

  Matthew Kim, an associate in Marcus & Millichap’s Tampa office secured and represented the buyer of the property, a private investor based in Florida.

Candy Lane Industrial Warehouse was built in 1995 and is located at 133 Candy Lane, Palm Harbor, Fla. directly along the popular Pinellas Trail. 

This 21,312-square foot facility is situated on 2.329 acres of land, just west of Alternate 19, and zoned in Pinellas County as M-1. The facility has 3,566 square feet of very nicely appointed office, training or meeting space in the front. 

The remaining 17,726 square feet is open warehouse space. There are two roll-up doors and a three-phase 400 amp service.

“We were pleased to deliver this deal to the buyer before it hit the market,” says Kim.  “Once word spread about this property, several more buyers came to the table ready to do a deal.” 

“Timing is everything in this market, which is why you need to be in at the ground floor,” adds Kim.  

“With market velocity increasing significantly over the past 24 months, deals like these are becoming more difficult to locate.  

In several industrial pockets that have been depressed since 2009, we are finally starting to see major price increases due to an influx of demand and limited inventory,” concludes Kim.

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

 Richard D. Matricaria
Vice President/Regional Manager, Tampa
(813) 387-4700

Ardent Selected to Manage Iconic La Posada de Santa Fe in Santa Fe, NM

La Posada de Santa Fe Resort and Spa, 330 East Palace Avenue, Santa Fe, NM

PHOENIX, AZ, March 12, 2015—Officials of Ardent Hotel Management Company, a nationally recognized hotel management firm, today announced that the company has entered a long-term management contract with  1754 Properties, an institutional hotel investment and ownership company, to operate La Posada de Santa Fe, a Luxury Collection Resort and Spa, in Santa Fe, N.M. 

Joe Smith

The contract comes on the heels of previously announced management agreements for two Manhattan hotels acquired by a premier Middle Eastern investment company.

Known as Santa Fe's art hotel for its long tradition of displaying the work of established American artists, the 157-key La Posada de Santa Fe is a six-acre, urban oasis, just two blocks from the historic city's famous plaza. 

Ardent will utilize its construction management team to assist 1754 in its oversight of the hotel's multi-million dollar renovation to public spaces and guest rooms, including the rebranding of the hotel's award-winning restaurant, Fuego, which currently is underway.

“Ardent has an outstanding reputation for working with resorts of all calibers and improving them on all levels,” said Joe Smith, principal of 1754 Properties.

 “A trophy asset like La Posada, which in many ways is emblematic of the city itself, requires an operator who can interpret the destination by showcasing the hotel and creating a guest experience that is as unique as the property.

Si Sloman
“The decision to engage Ardent was easy as they are really the only management company with the depth to manage a four-diamond restaurant, a luxury spa, a complicated and unique rooms business and a historical renovation, all while managing costs more efficiently and significantly gaining market penetration against competitors.”

            "We are excited to be working with such an iconic property. With its genuine adobe architecture, rich history, wandering outdoor spaces and emphasis on American art, La Posada de Santa Fe defines the Santa Fe experience," said Si Sloman, president of Ardent.

“It's no secret that hotel guests today are looking for more than just a comfortable guest room, and La Posada is the kind of authentic, regionally significant  accommodation that exactly meets those desires. 

“Ardent has a long history of operating one-of-a-kind, destination hotels, and I am confident that La Posada de Santa Fe is a perfect match for our unique operational approach in creating a distinctively different guest experience while delivering improvement in asset value for the owners."

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

Lauralee Dobbins/Chris Daly
Daly Gray, Inc.

Six Commercial Brokers Join Bull Realty in Atlanta, GA

Aven Barbosa
ATLANTA, GA — Six experienced commercial real estate professionals have joined Bull Realty since the beginning of 2015.

The brokers who joined the firm include:

Aven Barbosa - 10 years of commercial real brokerage experience with the past 5 years focused on Senior Housing. She will continue her focus in this sector as V.P. of the National Senior Housing Group.

Michael Brown
Michael Brown - 25 years of experience in the commercial real estate industry in development, leasing and brokerage. He joins Bull Realty as President of the Student Housing Group.

Bryant R. Dromey - 11 years of experience in Atlanta’s Industrial sector. He is now President of the National Industrial Group at Bull Realty where he will continue to focus on the industrial sector.

Danny Glusman - 14 years of commercial real estate experience in retail, multifamily and office properties. As an Associate Broker with Bull Realty he will primarily focus on the multifamily market throughout the Southeast.

Bryant R. Dromey
Oscar Sinisterra - 15 years of experience in retail, specifically with a focus on the Hispanic demographic in the Southeast. His practice is focused on retail investment sales as V.P. of the National Retail Group at Bull Realty.

Danny Glusman
Scott K. Spalding - 24 years of experience in the apartment investment industry. As V.P. of the Apartment Group at Bull Realty he will specialize in acquisition and disposition of 50 to 300 unit multi-family properties.

Bull Realty has recently expanded their corporate office in the Perimeter area of Atlanta.

The “Google-esque” top floor space features a special purpose video conference room, a sound proof game room with pool table and a building fitness center.

Oscar Sinisterra
The firm has added additional broker support personnel and adjusted compensation schedules, all of which are attracting experienced brokers looking to take their business to the next level.

“The firm’s growth with these highly qualified professionals is exciting. They come from diverse backgrounds, have top-level-experience and certainly continue to build upon the depth of Bull Realty’s service platforms,” said Michael Bull, CCIM, CEO Bull Realty, Inc.

Bull Realty, Inc. ( is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services.

Scott K. Spalding
 The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show ( The popular weekly show is broadcast on 40 radio stations nationwide, iTunes, YouTube and

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

Melissa Henry
Communications Associate
Bull Realty, Inc.
50 Glenlake Pkwy, Suite 600
Atlanta, GA  30328
404-876-1640 x 110
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