Sunday, September 25, 2016

New Castle Hotels & Resorts Opens Fairfield Inn & Suites Downtown New Orleans


Cutting a ribbon of Mardi Gras beads to celebrate the official opening of the Fairfield Inn and Suites Downtown New Orleans, are first guest Emily Voros, Gerry Chase, president and COO New Castle Hotels and Resorts, Patricia Coulter, general manager, Adam Valente managing director Rockbridge, Charles Snyder New Castle director acquisitions development, Ted Stimson vice president Rockbridge, Kurt Weigle CEO of New Orleans Downtown Development District.  Rear Ben Johnson, CEO New Orleans Chamber of Commerce

Gerry Chase
NEW ORLEANS, LA —New Castle Hotels and Resorts (NCHR), a leading third-party management company, developer and owner of a diverse, international portfolio of hotels and resorts, celebrated the opening of the 103-suite Fairfield Inn and Suites Downtown New Orleans/French Quarter Area, the company’s first project in this top US convention and leisure market.  Rockbridge Capital provided financing for the project.

The historic hotel, built in 1910 as the Interstate Electric Company, was acquired by New Castle in April of 2015 and under the direction of New Orleans architect John T. Campo Associates, underwent a $10 million transformation utilizing historic tax credits for the preservation of the building’s façade and interior structures.

“New Castle has a long history of rescuing high-potential historic buildings and transforming them into top-performing, modern hotels that reflect their original character,” said Gerry Chase, president and COO of New Castle Hotels & Resorts.

Patricia Coulter
“This Fairfield Inn and Suites, in the center of New Orleans Central Business District, threads the needle of evolving guest expectations by combining the best attributes of this popular Marriott brand, and the destination-specific details and influences that speak to contemporary travelers.”

“New Orleans is a city whose present and future success is founded on a rich and distinguished history, including our musical, architectural, and the less-appreciated industrial heritage,” said Kurt Weigle president and CEO of the New Orleans Downtown Development District.

 “Congratulations to New Castle Hotels & Resorts for recognizing the important role the Interstate Electric Company building played in advancing all three elements of our history and for the beautiful job they did highlighting them.  This new Fairfield Inn & Suites will contribute nicely to writing the next chapter of the New Orleans story.”

Chase cited the 13-foot ceilings in the guest rooms, exposed original brick interior walls and support beams, and the building’s façade as noteworthy examples of the hotel’s historic character.  Jazz-themed lobby decor and a full-service bar, 346Blu, pay homage to the city’s vibrant music scene and elevate the hotel beyond the traditional Fairfield prototype.

“Guests will find that the Fairfield Inn & Suites Downtown New Orleans is in a class by itself when compared to most select service hotels,” noted General Manager Patricia Coulter.  “Top-of-the-line finishes, guest suites with two king beds, and full-service hotel amenities such as 346Blue will provide an upscale experience for an exceptional price.”

Kurt M. Weigle
Located in the Central Business District, and just 15 miles from Louis Armstrong New Orleans International Airport, the Fairfield Inn & Suites New Orleans Downtown/French Quarter Area is within walking distance of the Mercedes-Benz Superdome, the Morial Convention Center and Harrah’s New Orleans Casino as well as the city’s famed French Quarter. 

The hotel also is in close proximity to the Port of New Orleans, Shell Oil, Entergy, New Orleans City Hall and numerous federal government offices. 

“New Orleans is on a 10-year run of record-breaking tourism growth, with nearly 10 million visitors spending more than $7 billion in 2015,” said Chase.  “This city has a tremendous marketing engine and a world-class infrastructure capable of hosting major events like Mardi Gras and the NBA All-Star game simultaneously next year. 

“They also have a need for new, top quality accommodations to host those guests.  We look forward to playing a small role in this city’s tremendous economic trajectory.”
For a complete copy of the company’s news release, please contact:

Lauralee Dobbins
Write Touch PR

Faris Lee Investments Completes $3.51 Million Sale of Single-Tenant Retail Property Occupied by Chicago Fire Pizza in Elk Grove, CA

Retail Center, 7101 Laguna Boulevard, Elk Grove, CA

Jeff Conover
IRVINE, CA  – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $3.51 million sale of a 7,096-square-foot retail property in Elk Grove, Calif. 

The property includes a single-tenant freestanding restaurant building that is NNN-leased to Chicago Fire Pizza, one of the Sacramento region’s top pizza restaurants.

Jeff Conover and Thomas Chichester with Faris Lee Investments represented the seller, EGB Elk Grove, LLC. The buyer, Berkeland Family Revocable Living Trust, was represented by Matthews Retail Advisors. The closing cap rate was 6.5 percent. 

“Faris Lee aggressively marketed this property and received a total of 15 offers with multiple backup offers,” said Chichester. “We identified a strong, all-cash buyer that was in a 1031 exchange and closed escrow in just 16 days.”

Chichester added that the tenant recently signed a new 15-year lease with extension options, providing the buyer with stable income and limited landlord responsibilities.

Built in 2005 and renovated in 2015, the property is situated on 1.47 acres at 7101 Laguna Blvd. and is adjacent to the 442,000-square-foot Laguna Crossroads Center which includes Target, Orchard Supply Hardware, and Steinmart.

The property is also within a strong retail corridor with other retailer brands including The Home Depot, T.J. Maxx, BevMo, PetSmart, and Best Buy. It is within an area with more than 292,000 consumers within a 5-mile radius. 

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

HFF arranges $29.5 million financing for Tampa, FL mixed-use office and retail property


Rendering of Planned TriPointe Plaza Office and Retail, 4488 Boy Scout Boulevard
Westshore District, Tampa, FL

Chris Drew
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $29.5 million in financing for TriPointe Plaza, a 71,721-square-foot, Class A office and retail mixed-use property in Tampa, Florida.

HFF worked on behalf of the borrower, Cardinal Point Management to secure the five-year, fixed-rate loan through a national life insurance company.  

Initial loan proceeds were used to acquire the property with the future proceeds going to fund the construction and interior build-out of a rooftop restaurant/lounge area. 

TriPointe Plaza is located at 4488 Boy Scout Boulevard in the Westshore District of Tampa, just south of International Plaza Mall and Tampa International Airport.  

This location has frontage and visibility along Boy Scout Boulevard, which boasts a traffic count of more than 50,000 vehicles per day. 

Completed in 2008, the property consists of a four-story Class A office building with a 374-space structured parking garage plus 15,005 square feet of in-line retail space on the ground floor and a freestanding 10,008-square-foot Eddie V’s Prime Seafood & Steaks restaurant constructed in 2013.

 The 90-percent-leased office component is anchored by a drive-through Synovus Bank branch, BNY Mellon, TD Ameritrade and Sharp Electronics.

  Additionally, the borrower has plans to construct a 10,500-square-foot rooftop restaurant/bar space on the top level of the parking garage that will boast panoramic views of Tampa Bay, Westshore and Downtown Tampa. 

Upon acquisition, Cardinal Point Management will begin a leasing campaign to identify a restaurant/lounge concept for this space.  

Westshore Business District, Tampa, FL
The HFF debt placement team representing the borrower was led by managing director Chris Drew and associate director Brian Gaswirth.

HFF’s debt placement group recorded $18.031 billion in 604 closed transactions through the first half of 2016, an increase of 2.1 percent from first half 2015.

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

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

HFF secures $7.85 million financing for retail center in New Bern, NC

Rivertowne Square,  3005-3031 U.S. Highway West 17,  New Bern, NC

Travis Anderson
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $7.85 million in acquisition financing for Rivertowne Square, a 75,295-square-foot, fully-occupied retail center in the North Carolina destination community of New Bern.    

HFF worked on behalf of the borrower, Crosland Southeast, to place the floating-rate loan with New Bridge Bank.  Loan proceeds were used to purchase the property.

Rivertowne Square is anchored by PetSmart, Books-A-Million, Shoe Carnival and Wal-Mart Supercenter (shadow anchor) and is home to Panera Bread, Cato, Chipotle, Athlete’s Foot and Game Stop.

 Situated on 12.83 acres at 3005-3031 U.S. Highway W 17, the property is in the retail hub of New Bern, a popular retirement community and tourist destination located at the convergence of the Neuse and Trent Rivers approximately 30 miles from the Atlantic Ocean.

 New Bern is at the gateway to the Outer Banks and has an expansive 45-mile coastal trade area with high historical retail volumes.

  Rivertowne Square is at the “main and main” intersection of Highway 17 and U.S. 70, which has a combined traffic count of approximately 73,000 vehicles per day.

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler. 

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

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

Lincoln Secures Two New Leases Totaling More Than 35,000 Square Feet in Alpharetta, GA

Hunter Henritze
ATLANTA, GA– Lincoln Property Company Southeast (Lincoln) has secured two new leases totaling more than 35,000 square feet with Siemens and Kaplan, Inc. at 800 and 900 North Point Parkway, two Class A office buildings located in Alpharetta, Georgia.

Michael Howell and Hunter Henritze of Lincoln represented the landlord, Equity Office, in the transactions.

 Kaplan, Inc., represented by Gregg Metcalf with JLL, signed a new lease for 23,364 square feet at the 129,644-square-foot 900 North Point Parkway. 

The three-story building features a recently renovated lobby, updated common area corridors, a beautifully landscaped interior courtyard and amenities including an on-site fitness center and a Rising Roll to-go café.

Allison Bittel
Siemens, represented by Travis Jackson and Allison Bittel with Cushman & Wakefield, signed a new lease for 12,000 square feet at the 171,176-square-foot 800 North Point Parkway. The four-story building features a recently renovated lobby, updated common areas, bathrooms and a beautifully landscaped interior courtyard.

“North Fulton’s highly educated workforce, numerous Fortune 500 headquarters and top-ranked schools make it a desirable place to do business,” Howell said.

“With the building renovations, accessibility to GA 400 and a lively surrounding community, 800 and 900 Nor
th Point Parkway continue to attract sought after companies like Kaplan and Siemens.”

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

Savannah Durban
The Wilbert Group