Monday, March 16, 2015

HFF arranges $40 million financing for Miami Beach’s famed Park Central Hotel on Ocean Drive

Park Central Hotel, 620--650 Ocean Drive, South End, Miami Beach, FL

Jim Dockerty
MIAMI, FL – HFF announced today that it has secured $40 million in construction financing for the redevelopment of the historic Park Central Hotel, a 1939 Art Deco hotel in Miami Beach, Florida.

HFF worked on behalf of the borrower, Park Central Partners LLC, an entity of Optimum Asset Management, to secure the three-year, floating-rate, senior real estate construction loan through BB&T Real Estate Funding. 

The loan will be used to take three existing Art Deco buildings – the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments – and a .15-acre development site and turn them into the new Park Central Hotel.

                The new 135-key Park Central Hotel will be a luxury boutique hotel that will retain the historic charm of the original hotel. 

The completed project will feature three new restaurants totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with ocean views from the deck, 24 suites, 1,380 square feet of meeting space and unobstructed views of the Atlantic Ocean.

Scott Wadler
 The hotel, which will be completed in early 2017, will be located at 620-650 Ocean Drive.  

The property is directly across from Lummus Park and one block from the fashion district along Collins Avenue.

The HFF team was led by managing director Jim Dockerty, associate director Scott Wadler, and analyst Marc Roth.

“When completed, the Park Central Hotel will re-establish Ocean Drive as a luxury boutique hotel and fine-dining destination,” Dockerty said.

“We are excited to be one of the major leading players in the ‘renaissance’ Ocean Drive is currently experiencing,” added Ricardo Tabet, CEO of Optimum Asset Management.  “We believe our renovation of the iconic Park Central Hotel will not only promote the glory of its heyday, but will also bring back a sense of tropical class and elegance to the area.”

Marc Roth
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.

Optimum Asset Management (Optimum) is a global, multi-billion dollar equity firm with offices in London, Luxembourg, Berlin and Miami led by Alberto Matta, Rodolfo Misitano and Tabet.

 In the past two years, Optimum has successfully acquired a number of strategically located properties in the Miami area.     

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 recapitalization of 499-space parking garage in Brooklyn, NY

Underground Parking Garage,
within Edge mixed-use project
Williamsburg Neighborhood,
 Brooklyn, NY

NEW YORK, NY – HFF announced it has closed the recapitalization of a 499-space underground parking garage located within the Edge mixed-use project in the Williamsburg neighborhood of Brooklyn, New York.

Andrew Scandalios
HFF marketed the property on behalf of Douglaston Development.

 In 2014, HFF worked on behalf of the seller to close the recapitalization of 1.19 acres of land entitled for the development of 2 North 6th Place now underway and the sale the existing 64,000-square-foot retail portion of the property.

The 499-space parking garage is part of The Edge mixed-use project, a master planned development featuring 565 constructed residential condominiums, 347 moderate-income units and 554 to-be-built residential units that will be located in a second phase tower. 

The Edge also includes nine street-level retail spaces leased to tenants such as CVS and Brooklyn Harvest Market.  The complex is situated along Kent Avenue and North 6th Street in Williamsburg, Brooklyn.

The HFF team representing Douglaston was led by senior managing director Andrew Scandalios, managing director Rob Rizzi, senior managing director Eric Anton and associate director Colin Oberg.

Rob Rizzi
“Douglaston was one of the pioneers along the Williamsburg waterfront and their continued investment within The Edge is indicative of the significant upside remaining in the area,” said Rizzi.

Douglaston Development, Levine Builders and Clinton Management coordinate cohesively to acquire property, develop it to its full potential, and manage it creatively to assure that its investments achieve and maintain maximum value and profitability.

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 |

C&W Assists Tire Center in Leasing New West Palm Beach, FL Location

Christopher Thomson

WEST PALM BEACH, FL– Cushman & Wakefield today announced that it has assisted Tire Centers, LLC (TCi) in securing a new 15,200-square-foot warehouse lease at 230 Truck & Trailer Way.

Senior Director Christopher Thomson, Associate Director Matthew McAllister, Executive Director Chris Metzger, Executive Director Rick Etner, and Senior Vice President Brian Young represented TCi in the transaction.

CBRE and Cornerstone Realty represented the landlord, EFN Jupiter Property, LLC.

TCi Tire Centers, is a subsidiary of Michelin North American. It is comprised of over 65 commercial locations, eight state-of-the-art retreading plants, and more than 75 wholesale distribution centers.

TCi Tire Centers specializes in commercial truck tire sales and service solutions, the manufacture of custom-mold and pre-mold truck retreads to the quality and process standards established by Michelin Retread Technologies, and the distribution of passenger and light truck tires to independent tire retailers.

Matthew McAllister

230 Truck & Trailer Way is a 39,588-square-foot, one-story warehouse built in 2004 offering 17 drive-in, grade-level doors, 10,000 square feet of office/showroom space, 20’ ceiling clear heights, and a ±90,000-square-foot paved lot.

 It is zoned Light Industrial. The site offers immediate access to Florida’s Turnpike at Exit 97.

Securing a tenant-friendly deal in the Palm Beach market has become more difficult in light of fewer availabilities and increased demand.

“While vacancy continues to tighten, new speculative construction or redevelopment will be on the horizon,” reports Cushman & Wakefield’s Q4 2014 Palm Beach Industrial Marketbeat.

 “Until supplemental buildings are delivered to the market, landlords are expected to dominate lease transactions, asking for higher rental rates.”

Cushman & Wakefield was able to work around this market dynamic by finding an off-market lease opportunity benefitting both TCi and the landlord.

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

Christopher Thomson, SIOR
Senior Director
(561) 227-2020

PKF-HR Forecasts A Shift In the Drivers of RevPAR Growth as Hotel Occupancy Expected to Hit Record High in 2015

R. Mark Woodworth
Atlanta, GA,  March 16, 2015 – The U.S. lodging industry will continue to achieve very strong growth in rooms revenue per available room (RevPAR) during both 2015 and 2016 according to the recently released March 2015 edition of PKF Hospitality Research’s (PKF-HR) Hotel Horizons® (PKF-HR is a CBRE company). 

The report further predicts that the composition of the factors driving the RevPAR is starting to shift with record-setting occupancy yielding ground to growing average daily rates (ADR).

 “In 2015, RevPAR growth will be achieved by healthy increases in both occupancy and ADR, similar to the pattern we have seen since 2011,” said R. Mark Woodworth, senior managing director of PKF-HR.  

“However, beginning in 2016, we are forecasting that ADR gains will be the dominant, if not sole, driver of RevPAR growth through 2019.”

 For 2015, PKF-HR is forecasting a 1.9 percent increase in occupancy, combined with a 5.3 percent rise in ADR, for a 7.3 percent boost to RevPAR.  In 2016, the increase in occupancy is projected to slow down to just 0.6 percent, but the pace of ADR growth is forecast to improve to 6.3 percent.  The net result will be a 6.5 percent gain in RevPAR next year.

 “The 65.6 percent occupancy level we are forecasting for 2015 is an all-time record for the 27 years STR, Inc. has been reporting U.S. lodging industry performance.  At such lofty levels, it is natural that the pace of occupancy growth will slow down, and we will start to see prices take off,” said Woodworth.

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

R. Mark Woodworth                                                 Chris Daly
PKF Hospitality Research, a CBRE Company         Daly Gray Public Relations
Tel: 404 842 1150, ext. 222                                      Tel: 703 435 6293
Email:                          Email:                                                 

Franklin Street Sells Fort Lauderdale, FL Retail Plaza for $5.78 Million

Greg Matus
Fort Lauderdale, FL (March 16, 2015) — Just days after announcing the sale of two Fort Lauderdale retail properties,  Franklin Street has completed the sale of another neighborhood shopping center for  $5.783 million in  the city.

Franklin Street Managing Partner, Greg Matus, and Investment Associate, Peter Crane, represented the buyer of the 40,409-square-foot Pinecrest Square located at 901 Cypress Creek Road.

 The buyer is Pinecrest AP, a private real estate investor from the Northeast U.S. The seller is MPI/Pine Crest Square, Inc., an affiliate of Milestone Properties, which was represented by Marcus & Millichap.

 The new owner has plans to make significant capital improvements to the property which is nearly 75 percent occupied. It has a mix of local and national tenants which include Subway, Jiffy Lube and 7-Eleven.

 “By spending some money on improvements, this investor has an extraordinary opportunity to retain and attract higher paying tenants, and transform the property into a more valuable asset,” said Matus. “Rising rents and low interest rates are creating significant investor demand in shopping centers like Pinecrest Square.”

 Last week, Franklin Street announced it had arranged the sale of two retail centers on Federal Highway between Oakland Park Blvd. and Commercial Blvd. for a combined price of $12.4 million.

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

Todd Templin or Ashley Fierman, BoardroomPR


NAI Realvest negotiates Two New Leases for Class A office space at Primera Court II in Lake Mary, FL

Mary Frances West
Lake Mary, FL – NAI Realvest recently completed two new lease agreements for a total of  5,290 rentable square feet at Primera Court II, located  at 725 Primera Blvd. in Lake Mary.

 Senior Broker Associate Mary Frances West, CCIM negotiated the transactions representing the class A office building Landlord, RREF Interchange–FL, Primera II, LLC. 

 Advanced Communication Solutions, Inc. is the new tenant that leased suites 105, 110, and 115 with 3,882 square feet and Central Florida Title, LLC leased suite 210 with 1,408 square feet in Primera Court II.

 Nicholas Fouraker of Bishop Beale represented Advanced Communication Solutions and Jennifer Dollar of Realty Executives represented Central Florida Title. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780

Hospitality Veteran William Blackham Joins Supertel Hospitality as CEO

William Blackham
            NORFOLK, NE —Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that hospitality and finance veteran William Blackham has joined the company as chief executive officer.

  Previously, Mr. Blackham was president and CEO of Eagle Hospitality, a hotel REIT which traded on the NYSE and has been active for several decades in entities actively involved in real estate and hospitality development, acquisition and advisory services.

He replaces Kelly Walters, who will remain on Supertel’s board of directors.  Mr. Blackham also was appointed to the Supertel board of directors.

            “Bill Blackham brings more than 30 years of deep and broad hospitality and investment experience to Supertel,” said Jim Friend, Supertel’s chairman of the board.

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

 Ms. Krista Arkfeld
Director of Corporate Communications
(402) 371-2520

Chris Daly
Phone:  (703) 435-6293

The Hilton Orrington/Evanston Hotel Completes Multi-Million Dollar Renovation in Evanston, IL

Murray L. Dow II
EVANSTON, IL March 16, 2015—Officials of The Dow Hotel Company (DHC), a leading hotel owner/investor and operator, today announced that it has completed the $8.6 million renovation of the 269-room, AAA Four Diamond-rated Hilton Orrington/Evanston.

 The hotel is owned by a joint venture comprised of DHC and The Carlyle Group’s (NASDAQ: CG) Carlyle Realty Partners VI and is operated by DHC.

“The Hilton Orrington/Evanston has been a part of the fabric of Evanston for decades, hosting countless business meetings, proms, receptions and parties celebrating all of life's milestones,” said Murray L. Dow II, DHC founder and president.

 “The concept behind the renovation of this historic hotel was to incorporate details of its illustrious past with the current needs and desires of today’s business and leisure travelers. 

The hotel is well positioned to maintain its place as a cherished member of the community while appealing to new travelers to the area.”

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

  Chris Daly
Phone:  (703) 435-6293

New Castle Promotes Andrew Hobbs to General Manager oHampton Inn & Suites Jekyll Island Ga.

Hampton Inn & Suites Jekyll Island, GA
 SHELTON, CT (March 16, 2015)—Officials of New Castle Hotels & Resorts, a leading hotel owner, operator and developer, today announced that Andrew Hobbs has been named general manager of the 138-room Hampton Inn & Suites Jekyll Island.

 Previously, Hobbs was the assistant general manager/sales manager for the hotel.  Trevor Stratton, the hotel's former general manager, was promoted to assistant general manager for New Castle's soon-to-open Westin Jekyll Island.

“Andrew has been preparing for this new challenge for two years and has clearly demonstrated his readiness to lead this award-winning hotel," said Gerry Chase, president and COO of New Castle. 

 "I'm particularly pleased that our company continues to have growth opportunities for talented hoteliers like Andrew and his predecessor, Trevor.  I have every confidence that Andrew will carry forward the hotel's well-deserved reputation for service excellence."
For a complete copy of the company’s news release, please contact:

Lauralee Dobbins
Daly Gray, Inc.

American Realty Advisors Sells Award-Winning Office Building in Denver, CO

Wynkoop Street Building, Lower Downtown, Denver, CO

Stanley lezman
DENVER, CO – American Realty Advisors, an institutional real estate investment manager with approximately $6.7 billion in assets under management, has sold an eight-story, 306,791 square-foot office building in Denver’s Lower Downtown neighborhood to an institutional investor.  The sale price is undisclosed.

The property, which is 100 percent leased, is a Class AA, LEED-Gold certified building on Wynkoop Street, adjacent to Denver’s recently redeveloped Union Station.

“The sale of this property was timed to allow us to take advantage of record high investor demand prior to the anticipated delivery of new office construction in the market over the next 24 to 36 months,” said Stanley Iezman, Chairman and CEO of American Realty Advisors.

“Similarly, our timing on our 2011 acquisition of the property enabled us to leverage emerging trends in tenant demand, including a growing migration to Lower Downtown based on the area’s expanding amenity base; its significant growth of residential units; and the $500 million Union Station redevelopment, which was in its early stages when American acquired the property,” Iezman added.

Kevin Shannon
During its ownership of the asset, American Realty Advisors was successful in executing new leases that brought the building to 100 percent occupancy.  

Current tenants range in size up to 75,000 square feet, and include significant companies such as Maximus, Black Hills Corporation, and Polsinelli, among others.

“By attracting high-level, long-term tenants, we were also able to increase rental rates, setting a new high-water mark for the asset, and strengthening yields for our investors,” says Iezman.

American Realty Advisors’ strategic and active asset management earned the firm multiple awards for the property, including the 2013 BOMA TOBY for Building of the Year in Denver; the 2013 Most Efficient Building in Denver award; the 2011 Xcel Energy Efficiency Partner award, and an Energy Star rating of 95.

The property is located at 1515 Wynkoop Street in Denver, Colorado.

American Realty Advisors was represented by Geoff Baukol and Kevin Shannon of CBRE in the sale transaction.

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

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