Sunday, December 31, 2017

OLIVE HILL GROUP AQUIRES HIGH PROFILE, AWARD-WINNING 113,000 SQUARE-FOOT TROPHY SANTA MONICA OFFICE BUILDING FOR $117 MILLION


Michael Cho
LOS ANGELES, CA – Olive Hill Group, LLC, a Los Angeles-based private investor, operator and developer of commercial real estate, is acquiring 520 Broadway - a rare Class A office building encompassing 112,987 square feet in Downtown Santa Monica - for $117 million, according to Michael Cho, President of Olive Hill Group. 
The property has been named BOMA of Greater LA’s “Outstanding Building of the Year” in both 2014 and 2017.
“This is a unique investment opportunity in a very supply constrained region of Silicon Beach,” says Cho. “520 Broadway is the only building of this size in the Downtown area not held by long-term ownership. Future acquisition opportunities in Santa Monica will be rare, which strategically positions this property to perform well over time.”
Cho explains that stringent development limits imposed by the City of Santa Monica in the 1980s have stifled office development in the market. As a result, there are currently no proposed new office developments within the Downtown region.

Tim Lee
“Lack of supply will drive long-term demand for 520 Broadway, which also benefits from the tremendous growth of Silicon Beach, which continues to emerge as a hub for the technology, entertainment, and digital information industries,” says Cho who notes that the submarket is home to tech giants such as Google, Facebook, Snapchat, SpaceX, Amazon, and Microsoft.
In fact, tech funding in Los Angeles has expanded for the fifth year in a row, according to Tim Lee, Vice President of Corporate Development and Legal Affairs for Olive Hill Group.
“Last year, the tech sector in LA raised $4.2 billion, which was a 38 percent increase from 2015,” says Lee. “We expect this number to continue to climb, attracting more and more tech startups and companies to the region.”
According to Lee, “Santa Monica is a top performing gateway market that is poised for long-term growth. Average asking rental rates in Santa Monica have reached new peaks, finishing the third quarter of 2017 at $6.04/per square-foot, per month, according to Transwestern’s most recent quarterly report.”
Constructed in 1981, the 520 Broadway office building underwent $13.2 million in renovations in 2013.  At the time of Olive Hill’s acquisition, the asset was 82 percent occupied.
The property is located at 520 Broadway in Santa Monica, California. Eastdil Secured represented Olive Hill in this transaction.
Steven Edwards & Grace Winters of Manatt, Phelps & Phillips, LLP represented the buyer as legal counsel in this transaction.
 For more information on this news release, please contact:

Katie Clendening / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Saturday, December 30, 2017

Shaner Hotels Announces Grand Opening of 105-Room Fairfield Inn & Suites Daytona Beach Speedway/Airport

    


Fairfield Inn & Suites Dayona Beach Speedway/Airport, Daytona Beach, FL


Daytona Beach, FL The Shaner Hotel Group, one of the hospitality industry’s leading owner-operators of fulland select-service hotels, announced the grand opening of the 105-room Fairfield Inn & Suites Daytona Beach Speedway/Airport.  The hotel is owned by a joint venture comprised of Prime Hospitality Group, the International Speedway Corporation (ISC) and Shaner.  Shaner also will operate the property.

“With its prime location across the street from Daytona International Speedway and its premier selection of dining, entertainment and shopping options, ONE DAYTONA has become the destination of choice for race fans and area visitors,” said Lance Shaner, chief executive officer, The Shaner Hotel Group.

Lance Shaner
  “The Fairfield Inn & Suites Daytona Beach Speedway/Airport caters to everyone from business travelers seeking the latest amenities to families who prefer the added space our suites provide. 

"This marks our 13th Fairfield hotel, and we are confident our familiarity with the brand will allow us to ramp up quickly as the hotel takes its rightful place as the destination of choice for Daytona Beach’s midscale travelers.”

Located at 1820 Checkered Flag Blvd., the four-story property is one of two hotels to anchor ONE DAYTONA, a premier mixed-use destination located across from Daytona International Speedway. 

 The Fairfield is convenient to the Richard Petty Race Experience, Daytona Beach, Embry Riddle Aeronautical University, and Boardwalk Amusement Center.  

The hotel features Fairfield’s signature expanded lobby with spaces designed for entertainment, socializing and working.  The hotel also offers 2,000 square feet of meeting space, as well as a 24/7 market, indoor pool, fitness center, business center and flexible work spaces.  All guest rooms are furnished with high-speed Wi-Fi internet access, mini-refrigerators and microwaves.  Suites provide separate living and working spaces.

ONE DAYTONA leasing efforts are managed by Legacy Development, a firm intensely focused on creating innovative destination retail and mixed-use projects. With a national footprint and asset management expertise, Legacy is the ideal consultant to represent this unique address. 

For leasing inquiries, please contact Kristen Tremonti at ktremonti@legacydevelopment.com or 816-777-3500.

 For more information on this news release, please contact:


Chris Daly, Shaner Hotels  
Mike Oates, Bellefield Development Partners
  (703) 435-6293   

                                                     
chris@dalygray.com          

www.bellefieldhydepark.com/.             

HFF announces sale of 2400 Augusta Place in Houston’s West Loop/Galleria submarket


2400 Augusta Place, West Loop/Galleria Submarket, Houston, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 2400 Augusta Place, a 124,543-square-foot office building in Houston’s West Loop/Galleria submarket.

The HFF team represented the seller, Interra Capital Group, and procured the buyer.

2400 Augusta Place is located near the intersection of Augusta and Westheimer, minutes from the prestigious neighborhoods of Tanglewood and the Memorial Villages and just one mile west of the Houston Galleria.

Marty Hogan
 The 4.184-acre site is convenient to many of the city’s major thoroughfares, including Loop 610, U.S. Highway 59, Interstate 10, Westheimer, San Felipe and Woodway, and has a Walk Score® of 78, being situated near many shopping, dining, recreation and entertainment venues.

 Currently 84.8 percent leased, the four-story property has a well-diversified tenant base across a broad range of industries, including engineering, legal, healthcare, communications, energy and consulting.

The HFF investment advisory team representing the seller included senior director Marty Hogan.

Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.

For more information on this transaction, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990


JLL arranges $115 million sale of Las Vegas multifamily portfolio


 
John Cunningham
LAS VEGAS, NV --JLL’s Capital Markets experts  announced the company arranged the sale of two multifamily communities in Las Vegas on behalf of a partnership between AEW Capital Management, on behalf of one of its separate account clients, and Alliance Residential Company.

 LivCor purchased the portfolio, which includes Broadstone Talavera and Broadstone Flamingo West, for $115 million.

Executive Vice Presidents John Cunningham and Charles Steele led the JLL team on the transaction.

“The portfolio offered investors well-maintained, ideally located assets with value-add potential,” said Cunningham. “This transaction demonstrates further institutional investment into the Las Vegas Metro market fueled by economic and employment growth.”

Broadstone Talavera includes 350 units, a fitness center, two pools and a spa. It is located near a number of restaurants and retail outlets and is less than eight miles from the Las Vegas Strip. 

Broadstone Flamingo West features 324 units, a fitness center, two pools and a dog park area. The community is located near some of the largest employers in the area and less than seven miles from the Las Vegas Strip.

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. 

Charles Steele
JLL is also one of the nation’s largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more content, including videos and research resources on JLL, please visit the firm’s U.S. media center web page: http://bit.ly/18P2tkv.

For more information on this transaction, please contact:

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
www.focusaz.com

Friday, December 29, 2017

HFF announces sale of 2-building Class A industrial project near the Port of Houston


Trent Agnew
HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Bayport Distribution Center II, a two-building, Class A, fully leased industrial warehouse project totaling 772,500 square feet in the southeastern Houston suburb of Pasadena near the Port of Houston. 

The HFF team represented the seller, Mountain West Industrial Properties and their institutional partner.  Duke Realty Corporation purchased the property for an undisclosed price. 

Bayport Distribution Center II was constructed in 2008 and comprises one 600,000-square-foot building and one 172,500-square-foot building that are occupied by three tenants.  

The building features clear heights ranging from 24 to 30 feet and a total of 157 dock-high doors and eight drive-in ramps.  Situated on 41.71 acres at 4331 and 4033 Underwood Road in Pasadena, the property is located in the Southeast industrial submarket and near the Port of Houston, which is the nation’s leading breakbulk port and ranked No. 1 in the U.S. in foreign waterborne tonnage, No. 1 in the U.S. in imports and No. 2 in the U.S. in total tonnage.  

Rusty Tamlyn
Additionally, Bayport Distribution Center II is near Sam Houston Tollway (Beltway 8), which allows access to two critical Houston thoroughfares, Interstate 45 and Highway 225. 

HFF’s investment advisory team included senior director Trent Agnew and senior managing director Rusty Tamlyn as well as analyst Dane Petersen. 

Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.
  
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990




JLL brokers $40 Million sale of Arizona and Colorado industrial portfolio


  
Mark Detmer
 PHOENIX, AZ – JLL’s Capital Markets experts announced the company completed the sale of the Western U.S. Industrial Multi-Tenant Portfolio. JLL represented the seller, BPP Pacific. Artis REIT purchased the nine-building portfolio for $40 million.

The portfolio totals 379,487 square feet and includes three industrial parks: Rocky Mountain Business Center located in Aurora, Colorado, and Roosevelt Commons and Superstition Springs in Mesa and Tempe, Arizona, respectively.

Managing Directors Mark Detmer, Bo Mills and Vice President Ryan Sitov led the JLL team on the sale with local market support from Executive Vice Presidents Pat Harlan and Steve Sayre in Phoenix, and Managing Director Mitch Zatz and Vice President Carm Hicks in Denver.

“This was an excellent opportunity to purchase institutional quality assets that are well-located throughout the Western United States,” said Detmer.

“The sale of this portfolio reinforces the strength of these markets, especially in Denver where high-level investor interest was piqued by exceptional fundamentals and a choice asset,” said Hicks. “Our clients had solid buyer choices, which was evident in the amount of tours and requests for market intel.”

Bo Mills
The portfolio is currently 92 percent leased to 17 different tenants across a diverse range of industries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

For more information on this news release, please contact:

Stacey Hershauer                
Phone: +1 480-600-0195


Thursday, December 28, 2017

Bull Realty Brokers $5.8 Million Medical Portfolio in Atlanta MSA


Emory Medical Office Center

 ATLANTA (December 28, 2017) —Paul Zeman, President of Healthcare Real Estate Services at Bull Realty, brokered the sale of a portfolio comprised of two medical office buildings located in the Atlanta MSA. The sale closed on December 19th for $5,825,000.

The properties, which together total approximately 17,000 SF, are both occupied by Emory Healthcare.

“This portfolio represents a model of health systems away from the hospital campus. By reaching out into the suburbs, Emory is providing an incredible value to the community.  In this case, they provide Primary Care and Outpatient Diagnostic Imaging services,” said Zeman.


Paul Zeman
Paul Zeman was chosen to market the property exclusively by the seller. The buyer was Med Management, LLC.

Healthcare Real Estate Services () are specialty brokers with Bull Realty, Inc. (www.BullRealty.com), a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services.

The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show (www.CREshow.com). The popular weekly show is broadcast on radio stations nationwide, iTunes, YouTube and CREshow.com.

For more information on this news release, please contact:

Melissa Henry
Communications Manager
Bull Realty, Inc.
404-876-1640 x 110


Draper and Kramer Opens The Flats at EVO Apartments in Suburban St. Louis

 .
The Flats at EVO, 46 Townhome-Inspired Rental Apartments, Richmond Heights, MO
                                                                                                         
CHICAGO, IL – Draper and Kramer, Incorporated, a full-service national real estate firm, announces it has opened The Flats at EVO, a collection of 46 townhome-inspired rental apartments in the popular St. Louis suburb of Richmond Heights, Mo.

The new-construction community is the second phase of EVO, a multi-phase rental development that also includes an adjacent four-story, 281-unit apartment complex that opened in 2016.


Julie Johnson

Located at 9015 Eager Road, The Flats at EVO comprises four two- and three-story buildings, each with approximately 12 single-level residences. The 46 units include one-, two- and three-bedroom plans ranging from 764 to 1,465 square feet.

Each has a private entrance and an attached one- or two-car garage. Leasing and first move-ins are underway, with rents ranging from $1,375 to $2,570; currently renters will receive one month free on a 13-month lease.

“The Flats at EVO are the only rental option of their kind in this area, giving residents the feel and privacy of townhome living yet with access to the full suite of amenities that are part of the larger EVO community,” said Julie Johnson, senior vice president and director of management services for Chicago-based Draper and Kramer.

“There’s been a lot of anticipation for The Flats since we started construction on them last fall, and we’ve seen strong interest from renters since we officially opened our doors, with a number of residents already moved in.”




The Flats at EVO is less than 10 miles from downtown St. Louis and also neighbors the popular suburb of Clayton. The surrounding neighborhood features multiple bike trails and outdoor spaces; nearby grocery options including Whole Foods and Trader Joe’s; shopping at the Galleria Mall and the Promenade at Brentwood; and a variety of restaurants such as Bonefish Grill, P.F. Chang’s, Weber Grill and Mai Lee.

For leasing information, visit www.evoliving.com
 or call (314) 627-1070.
                                                               
For more information on this news release, please contact:

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528


“Sunbeam Polar Express” Collects Hundreds of Toys for Miramar, FL Children

  

From left: Alicia Bell, Adrianna Carretero and Donna Gonzalez as Santa’s elves with dreidel Seth Bortunk deliver toys to the Miramar Police Department in the “Sunbeam Polar Express”
                                                                                                   (photos by Lexi Robinson)

MIRAMAR, FL – Each year, employees from Sunbeam Properties & Development celebrate the season of giving with a toy drive like no other. Dressed as Santa, Mrs. Claus, reindeers, elves, Cindy Lou Who and the Grinch, the team assembles the “Sunbeam Polar Express” to collect toy donations from tenants in the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

The “Sunbeam Polar Express,” a procession of vehicles decked in holiday d├ęcor to resemble reindeer and Santa’s sleigh, rolled into the station at the Miramar Police Department with a full police escort consisting of multiple squad cards and a fully armored truck. Dozens of officers stood by for the arrival of the toys, which were later gifted to local underserved children by the department’s Operation Blue Squad just in time for Christmas.


From left: Gina Jaramillo, Officer Brittany Parker, Major Shalida Smith, 

Sorangel Jorge, Officer Lashay Singletary, Sergeant F. Derac,
 Officer Yessenia Diaz, Officer Jasper Sejour, Officer Joseph Drew, 
Senior Chaplain Mark Hattabaugh
and  Code Compliance Officer D. Francois

“We received hundreds of toy donations from 78 tenants in the Park, the most ever collected by our ‘Sunbeam Polar Express,’” said Sunbeam Properties Vice President Maridee Bell, who was dressed as Mrs. Claus during the toy pickup and delivery. “Giving back to the community is paramount for all of us at Sunbeam, particularly during this time of year. It brings us such joy knowing how these toys will transform the holidays for underprivileged children in Miramar. We’re glad we can do our part.”

On the heels of the “Sunbeam Polar Express,” the company further celebrated the season of giving by making its ninth annual contribution to the Miramar Police Athletic League’s “Hangin’ with
 5-0,” a free, six-week summer camp and life-changing program for at-risk youth in Miramar. The program was almost eliminated by budget cuts in 2008, but was kept alive thanks to Sunbeam Properties’ continued support, which enables more than 80 students ages nine to 14 to participate in the summer camp each year and helps bridge the gap between police officers and local youth.




                               From left: Alicia Bell; Sunbeam Properties Vice President Maridee Bell 
                                              and Miramar Chief of Police Dexter Williams

In addition to the “Sunbeam Polar Express” and “Hangin’ with 5-0,” Sunbeam Properties & Development supports the City of Miramar through other nonprofit organizations, having donated resources for the Ansin Sports Complex and the Ansin Family Gallery in the Miramar Cultural Center.

 The Miramar Park of Commerce has also been the site for supply drives for America’s Moms for Soldiers, a toy drive for Miramar children in need, and a food drive for the United Way of Broward County.

For more information on this news release, please contact:

Lexi Robinson
954-776-1999, ext. 255

Monday, December 25, 2017

Proper Title Continues Growth With Four New Title Insurance Hires

                                                                          
Kathy Kwak
CHICAGO, IL– Proper Title, LLC, the Palatine, Ill.-based title insurance agency serving the residential and commercial real estate industries, has added four new hires in key areas at two of its seven closing locations.

Steve Connors

“In just five years of business, we’ve become the second-largest title company in Illinois and attracted some of the best and brightest professionals in the industry,” said David Garside, executive vice president of title and escrow operations at Proper Title.

 “These four new hires further confirm that our founding principal of providing exceptional service is appreciated not only by clients, but also by top talent.”

Based in the downtown Chicago office, Kathy Kwak has joined Proper Title as director of title, bringing more than a decade of legal and real estate experience to the role.

Laura Bendikas
 The Palatine office expands with the addition of Steve Connors as director of business development, a top-generating sales manager and founding agent from @properties; Laura Bendikas as closing director, with 20 years of experience in title and technology; and Joseph Allegretti as attorney business development manager, overseeing growth of the firm’s attorney client network.

“Each of these new hires comes to Proper Title with extensive experience in different aspects of the real estate transaction, including agent relations, legal counsel, attorney relations and technology,” said Garside.

 “Their contributions and expertise will support our service-oriented approach and strengthen our commitment to bringing clients peace of mind in every transaction we handle.”

Launched with just 27 employees in 2013, Proper Title has doubled its size and increased its transaction volume every year to become a major player in the title insurance business.

Joseph Allegretti
 It recently earned the 2016 Award for Excellence from Fidelity National Title Group, Inc., a member of the Fidelity National Financial (NYSE: FNF) family of companies and the nation’s largest group of title companies and title insurance underwriters. 

The award is given for meeting and exceeding specific title underwriting and settlement services criteria.


For more information on this news release, please contact:

Traci Failla, tfailla@taylorjohnson.com, (312) 267-4516
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527




Ackerman & Co. Bolsters Retail Division with Addition of Jonathan DiGiovanni and Roosevelt Brown


Jonathan DiGiovanni
ATLANTA, GA – Ackerman Retail, the retail division of Ackerman & Co., announced it has  hired Jonathan DiGiovanni as vice president of retail services and Roosevelt Brown as vice president in the firm’s medical retail practice.

As a tenant representation specialist for Ackerman Retail, DiGiovanni will advise tenants in site selection, lease transaction and strategic growth initiatives. 

He joins Ackerman & Co. from Arby’s Restaurant Group, where he was a real estate asset manager.

 His previous commercial real estate and retail experience also includes brokerage and asset management positions at InvesTrust Properties, Perfumania Inc., Princeton Realty Group and The Shopping Center Group.

Brown, who brings extensive medical industry expertise, will focus on investment sales, site selection and transaction services as he helps expand the firm’s medical retail market capabilities at a time when medical facilities are increasingly being established next to traditional retail stores. 

Brown previously marketed products and services in the pharmaceutical industry, most recently as a senior pharmaceutical account manager at Relay Health (a McKesson Company) and executive national sales manager at DataRx.

Roosevelt Brown
“I’m very pleased with the direction our retail president, Leo Wiener, is leading the group. Ackerman Retail is steadily winning new assignments and expanding its presence in this quickly evolving sector,” said Kris Miller, president of Ackerman & Co.

In other recent additions to its team, Ackerman Retail hired Stephen Lapierre as an associate in the Investment Sales group and Alaina Kiewit as a senior associate of retail marketing.

For more information on this press release, please contact:



Sheraton Framingham Hotel & Conference Center in Suburban Boston Undergoes $2 Million Renovation


Sheraton Framingham Hotel & Conference Center, Framingham, MA


FRAMINGHAM, MA -– Waterton, a U.S. real estate investment and management company, today announced it has completed a $2 million renovation of the Sheraton Framingham Hotel & Conference Center, a 375-key hotel in Framingham, Mass., about 20 miles west of Boston.

The renovation updated guest rooms with new window treatments, furnishings and televisions in addition to common areas and amenity spaces, including the Sheraton Club lounge. The entire wireless network was also enhanced with over 130 new access points and upgraded bandwidth capacities. 


“The upgrades will complement the interior renovations completed a few years ago, helping us maintain our reputation as the area’s premier hotel and conference center,” said Brian Smith, general manager of the Sheraton Framingham.

Waterton has owned and operated the Sheraton Framingham since 2011. 

Earlier improvements to the property, which were completed in 2013, included a renovated lobby, grand ballroom and fitness center. 

The property’s state-of-the-art, 22,000-square-foot conference and meeting facility is one of the few Boston-area conference centers to be certified by the International Association of Conference Centers (IACC).

Established in 1995, Waterton has experience working with some of the leading names in the hospitality industry, including Starwood Hotels & Resorts Worldwide Inc., owner of the Sheraton brand; InterContinental Hotels Group; Hilton Worldwide; Marriott; and Hyatt.

For more information on this news release, please contact:

Allen Johnson, ajohnson@taylorjohnson.com (312) 267-4513
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528


HFF announces sale of new Inland Empire industrial warehouse

Ryan Martin
LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 290 Markham Street, a 475,235-square-foot, newly developed, fully leased, state-of-the-art industrial warehouse in the Inland Empire community of Perris, California.

The HFF team represented the seller, Circle Industrial.  An affiliate of Heitman LLC purchased the asset.

290 Markham Street was developed by the seller in 2017.  The one-building facility is fully leased to TechStyle, an e-commerce fashion company, and features 112 dock doors, 153 trailer stalls, 36-foot clear heights and a low office finish at 1.26 percent of the square footage. 

The property’s location provides easy access to Perris Boulevard, the main arterial serving Perris and Moreno Valley, in addition to Interstate 215 and State Road 60, which provide access to the Ports of Long Beach and Los Angeles, which are 75 and 81 miles from the property. 

290 Markham Street is situated on 24.26 acres in the Inland Empire, one of the most robust markets in the country.

Anthony Brent
The HFF investment advisory team representing the seller included Andrew Briner, Anthony Brent and Ryan Martin.

“This was a true win-win for both the seller and the buyer,” Briner said.  “For Circle Industrial, this was the culmination of the development process, while Heitman secured a premier Class A facility with a long-term lease in place to a rapidly growing e-commerce company that will prove to be a great investment.” 

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

For more information on this news release, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990