Friday, August 31, 2018

Shaner Hotels Announces Opening of 123-Room Fairfield Inn & Suites Harrisburg


Fairfield Inn & Suites Harrisburg, Pennsylvania

Harrisburg, PA Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, announced the opening of the 123-room Fairfield Inn & Suites Harrisburg.  Owned and operated by Shaner Hotels, the hotel is located on land leased from the Susquehanna Area Regional Airport Authority (SARAA), a joint-municipal authority that operates four regional airports.

Timothy Edwards
                “With the opening of the Fairfield Inn & Suites Harrisburg, arriving and departing Harrisburg International Airport (HIA) travelers now have convenient, brand new accommodations adjacent to the gates,” said Timothy Edwards, HIA executive director. 

 “No longer will visitors have to travel nearly ten miles for a place to stay.  Not only does this make life more convenient for travelers, but it also improves the practicality of the airport itself.”

“Our portfolio now includes four hotels in Central Pa., and we maintain an active pipeline with additional projects in the area, including a project in Mechanicsburg that we plan to break ground on shortly,” added Lance Shaner, chairman and CEO.

Lance Shaner
 “Beyond sharing best practices and economies of scale, the Fairfield Inn & Suites Harrisburg will benefit from its proximity to the airport, literally connected to the airport terminals via walkway, as well as the fact that it is the first Marriott-branded hotel near the airport.”

                Situated just steps from HersheyPark, Hershey’s Chocolate World, the PSU Hershey Medical Center, downtown Harrisburg and Pen State Harrisburg Campus, the four-story hotel is located adjacent to the Harrisburg International Airport (HIA). 

 Hotel amenities include on-site laundry, fitness room, business center and 1,600 square feet of meeting space. 

As with all Fairfield Inn & Suites, guests are invited to enjoy a daily, complimentary breakfast, as well as a lobby lounge and full-service bar that offers a wide array of drinks and small bites food menu. 
                
“We continue to have an aggressive, yet measured, appetite to grow our international portfolio of select- and full-service hotels located in key markets with strong demand generators and high barriers to entry,” said Plato Ghinos, Shaner president. 

Plato Ghinos
 “The Fairfield Inn & Suites Harrisburg is a prime example of the type of location we seek:  a regional airport that serves nearly 1.2 million people annually with nearby business, leisure and educational outlets.  

"We are confident the hotel quickly will become the market leader for Harrisburg-area visitors.” 

HIA serves central Pennsylvania, making it the state’s third busiest airport.  All major airlines have hub locations at the airport, including non-stop international flights to Toronto, Ontario, Canada. 

Additionally, FedEx and UPS have extensive facilities at the airport, which also serves as a take-off/landing practice runway for Air Force One.

 CONTACT:

PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289


or

Chris Daly, media
(703) 435-6293



Hanley Investment Group Arranges Sale of 127,000-SF Leasehold Shopping Center in Lake Forest, Orange County, CA


Hunter Court, Lake Forest, Orange County, CA

LAKE FOREST, CA - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, has arranged the sale of the leasehold interest in Hunter Court, a 127,360-square-foot community shopping center anchored by CVS/pharmacy, Ross Dress For Less in Orange County, California.

Jeremy McChesney
The property is located just off Interstate 5 at 23812---24442 Rockfield Boulevard in Lake Forest. The sale price could not be disclosed.

Hanley Investment Group Executive Vice President Jeremy McChesney represented the seller, Bershon Realty Company of Los Angeles. The buyer, Merlone Geier Partners of San Diego, represented itself.

Built in 1969 on 9.27 acres, the 98-percent occupied shopping center is situated at the signalized intersection of El Toro Road and Rockfield Boulevard with an average daily car count estimated at 75,000.

 National credit tenants CVS/pharmacy, Ross Dress For Less, Payless ShoeSource, Jack in the Box, Café Rio, Sally Beauty Supply, OneMain Financial and HearUSA at Hunter Court account for 66 percent of the total occupied space with an average occupancy of 25 years, according to McChesney.  

The property has excellent exposure and identity along both El Toro Road and Rockfield Boulevard, McChesney noted.



Numerous capital improvements have been made in the recent years. Hunter Court’s parking lot was repaved and striped in 2016. New storefronts and canopies were added in 2015.

McChesney added, “In 2013, Jack in the Box rebuilt its entire restaurant to its latest concept demonstrating a long-term commitment to the site.”

The property also benefits from the dense, affluent demographics. According to McChesney, “The five-mile trade area consists of over 280,000 people with household incomes in excess of $107,000.”

McChesney continues, “The Orange County retail investment market is still very strong. Properties along the coast with good real estate fundamentals and internet-resistant tenants will continue to command the highest prices in the market.”

CONTACT:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com 
830.997.0963



Procaccianti Hotel REIT, Inc. Acquires Hotel Indigo in Traverse City, MI


Hotel Indigo, 263 West Grandview Parkway, Traverse City, MI

Cranston, RI -- Procaccianti Hotel REIT, Inc., announced  it acquired the Hotel Indigo located at 263 West Grandview Parkway in Traverse City, Michigan on August 15, 2018. The hotel property is managed by TPG Hotels & Resorts, Inc.

Gregory Vickowski
The 107-room, boutique style, select-service hotel opened in May 2016 and overlooks Lake Michigan’s West Grand Traverse Bay. Located in the Downtown Warehouse District, the hotel features include underground valet parking, approximately 3,000 square feet of meeting space, a fitness center, business center, restaurant and a rooftop bar overlooking West Grand Traverse Bay.

“We believe that the Hotel Indigo Traverse City is an exceptional, new vintage property with multiple built-in demand drivers – its rooftop bar, extraordinary design features, and other amenities make this premium-branded, select-service hotel a strong addition to our portfolio,” said Gregory Vickowski, Chief Financial Officer of Procaccianti Hotel REIT, Inc.

Michael Moore
The hotel is expected to continue to benefit from the area’s strong leisure and corporate demand stemming from the major attractions and employers in immediate proximity. 

With a wealth of restaurants and wineries, Traverse City is becoming a popular destination for food and wine enthusiasts.

 The area’s many historic buildings have been renovated and now house modern shops, art galleries, restaurants and craft breweries. 

 Traverse City is also home to several major events, including the National Cherry Festival and Traverse City Film Festival, founded by film director Michael Moore.


CONTACT:

PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289


or

Ralph Izzi, media
(401) 946-4600


Veteran Real Estate Lender Russ Holland Joins Trez Forman as Managing Director of Atlanta Office



Russ Holland

Palm Beach, FL and Atlanta, GA , Aug. 31, 2018 — Trez Forman Capital Group has hired veteran banker and real estate lender Russ Holland as a Managing Director. 

He will be opening an Atlanta office and be responsible for creating new business relationships for the private commercial real estate lending firm headquartered in Palm Beach, Fla.

 “I have known Russ Holland for many years; he and I did business when he was a banker,” said Brett Forman, president/CEO of Trez Forman.  “I am impressed with his candor, transparency and creativity which are attributes not just important, but critical to our company.

"Combining that, with his deep roots in the Atlanta market and industry, will make him successful in establishing Trez Forman in Atlanta and beyond.”

Brett Forman
“I am excited to be a part of the Trez Forman team as we solidify our commitment to the Atlanta market, expanding our shared commitment to integrity, creativity and reliability,” said Holland. 

”I look forward to introducing the firm to serve the needs of borrowers and brokers with the highest level of respect and transparency.”

Holland has held senior level executive positions at numerous banks in the Southeast U.S. and New York over the past three decades, leading the origination of more than $6 billion in commercial loan transactions. 


CONTACT:

BoardroomPR
Todd Templin, ttemplin@boardroompr.com
954-370-8999



Thursday, August 30, 2018

HFF announces joint venture equity for Logan’s Crossing Apartments in Chicago


Rendering of planned Logan's Crossing Apartments, side view,
Logan Square Neighborhood, Chicago, IL

 CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces joint venture equity financing for the development of Logan’s Crossing, a 220-unit, luxury mid-rise apartment building in Chicago’s Logan Square neighborhood.

Front view, rendering, Logan's Crossing Apartments, Chicago, IL
The HFF team arranged the joint venture equity partnership between the developer, Fifield Companies, and an institutional investor.  The land seller, Terraco Real Estate, remains in the deal as a co-developer.

Mary Dooley
Logan’s Crossing is being developed on the site of the former Megamall at the southwest corner of North Milwaukee and North Sacramento Avenues. 

Danny A. Kaufman
 Due for completion in the fourth quarter of 2019, the property will total five and six stories of combined residential and retail space. 

The residential component will be situated above approximately 62,000 square feet of retail space anchored by a Neighborhood Target store. 

Residential units will average 770 square feet and will feature luxury finishes, including granite countertops, stainless steel appliances, plank flooring and high-end bathrooms. 

Community amenities will include an outdoor sundeck with soaking pool and grilling areas, indoor resident lounge with large screen TV, party room with demonstration kitchen, fitness center and business center with conference room.

The HFF equity placement team representing Fifield Companies included managing director Danny Kaufman and analyst Mary Dooley.

Founded in 1977 by Steven Fifield, the Fifield Companies (Fifield) is a Chicago-based real estate development firm focused on luxury urban high-rise residences and office towers.  The Fifield team has developed 70 buildings comprising more than 15 million square feet. 

Steve Fifield
In its history, Fifield has earned a reputation for creating exciting living environments in some of the country’s most renowned locations, in addition to garnering multiple architectural and design awards, including Developer of the Year for Midwest and Chicago.


CONTACTS:

DANNY A. KAUFMAN
HFF Managing Director
(312) 528-3650

OLIVIA N. HENNESSEY
HFF Public Relations Specialist
(713) 852-3500

Lincoln Property Broker Closes On $3 Million Sale of Majority of Professional Office Condos North of Orlando, FL



Professional Office Condos, 587 East State Road 434,
 Longwood, FL
ORLANDO, FL – Lincoln Property Company recently closed on the $3,000,000 sale of the majority of a 75,720 square foot, three-story building comprised of professional office condos at 587 E. SR 434 in Longwood.  

 Sean DuPree, CCIM, broker at Lincoln Property Company, listed the property totaling 62,600 square feet or over 80 percent of the building, and negotiated the transaction representing the seller, Fort Lauderdale-based LongwoodOffice Park, LLC.    

Sean Dupree
Orlando investors 434 Longwood Medical LLC purchased 62,600 square feet which covers five vacant units on the first floor and the entire second and third vacant floors each measuring 25,000 square feet. 

 The building was constructed in 1984 just east of Ronald Reagan Blvd. (CR 427) and less than half a mile from South Seminole Hospital, north of Orlando.  

 Two other owners that occupy offices on the first floor are West Orange Neprology in 2,476 square feet and Orlando Health Family Medicine in 4,880 square feet.

Lincoln Property Company is a full service commercial real estate firm offering a comprehensive suite of value-added services for clients. 

With a substantial local presence and history in the Southeast region, the company is ideally situated to provide superior service, which comes from striving to understand the goals and challenges of tenants, investors, lenders and owners of commercial real estate. 

 CONTACTS:

Sean DuPree, CCIM, Broker, Lincoln Property Company
407-872-3500 sdupree@lpc.com

Beth Payan, Larry Vershel Communications Inc. Lvershelco@aol.com
407-644-4142

HFF announces sale of newly constructed Class A office asset in Charlotte, NC


500 East Morehead Apartments, Charlotte, NC
Ryan Clutter

 CHARLOTTE, NC –– HFF announces the sale of 500 East Morehead, a 178,336-square-foot, newly constructed, Class A office building in Charlotte, North Carolina.

The HFF team represented the seller, Beacon Partners, and procured the buyer, a member company of Zurich North America (“Zurich”), advised by Zurich Alternative Asset Management, LLC (“ZAAM”), its alternative investment adviser.

Completed in 2017, 500 East Morehead is one of Charlotte’s premier office assets featuring high-quality new construction, best-in-class tenant buildouts, sweeping views of Uptown Charlotte and an attached four-level parking deck. 

Scott Humphrey



The seven-story property also features a market-leading amenity package highlighted by a state-of-the-art fitness center with locker rooms and showers, a shared executive conference room, three shared outdoor terraces, a 900-square-foot rooftop terrace and three popular restaurants on the ground floor.

  Tenants at the fully leased trophy asset include Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood, Hargett & Associates. 

The three dining concepts are: The Packhouse, Joe and Nosh and Capishe.  500 East Morehead is situated in the Morehead Corridor, Charlotte’s fastest growing area, and has easy access to Uptown, Midtown, South End and Dilworth.

Chris Lingerfelt
  The transit-oriented property is just two blocks from the Carson Boulevard light rail station and the Charlotte Rail Trail, and has regional connectivity via Interstates 277, 77 and 85, the region’s three primary transportation arteries.

The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, senior director Scot Humphrey, director Chris Lingerfelt and director Zack Drozda. 

The ZAAM team was led by Roy Rosenbaum, director of Acquisitions, and Sean Bannon, managing director and head of U.S. Real Estate.

“The sale of 500 East Morehead Street represents a noteworthy inflection point for the Carolinas market and Charlotte in particular,” Clutter commented. 

Zack Drozda



 “This sale demonstrates that Charlotte is now pricing in line with other sought-after U.S. markets such as Austin and Denver.  We believe pricing will continue to reset to new levels throughout the Carolinas as more and more institutional capital sources continue to target the region.”

“500 East Morehead was heavily pursued by a multitude of capital sources,” Lingerfelt added.  “This amenity-rich asset boasts one of the best locations in the city and will be an exceptional investment for years to come.”

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

Roy Rosenbaum
Beacon Partners is a Charlotte-based commercial real estate firm specializing in the development, acquisition, leasing and management of industrial and office properties.  

Beacon Partners leases and manages over 9.5 million square feet of space throughout the Carolinas.

  For more information on Beacon Partners, please visit beacondevelopment.com or call (704) 597-7757.





ZAAM is the alternative investment adviser to Zurich and its affiliates that is responsible for Zurich’s hedge fund, private equity and U.S. real estate investments.


Sean Bannon

 ZAAM runs a national core and core-plus acquisition program out of New York which targets office, retail, industrial and multi-family assets valued between $15 million and $100 million throughout 20 major markets in the United States. 

ZAAM currently manages approximately $2.3 billion of commercial real estate exposure in the Unites States for its various affiliated balance sheets.

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACT:

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


HFF announces $16.7 million sale of Grand Rapids, MI power center


Grandville Marketplace, Grandville, MI

CHICAGO, IL –– HFF announces the $16.7 million sale of Grandville Marketplace, a 224,479-square-foot power center in the Grand Rapids suburb of Grandville, Michigan.
Amy Sands

The HFF team marketed the property on behalf of the seller, Retail Value Inc. (RVI).  RCG - Grandville, LLC purchased the property.

Constructed in 2001, the 80.4-percent-occupied power center is home to 15 tenants, including Hobby Lobby, Office Max, PetSmart, Cost Plus World Market, Logan’s Roadhouse, Party City, Dollar Tree, Five Below and America’s Best Contacts and Eyeglasses. 

Clinton Mitchell

Additionally, the center is shadow anchored by Lowe’s and has several outparcel pads, which are leased to Discount Tire, Famous Dave’s, Wendy’s and Flagstar Bank.

  Situated on 32.64 acres at 4485 Canal Avenue SW, Grandville Marketplace is at the northwest corner of Rivertown Parkway and Canal Avenue in Grandville, which is one of Grand Rapids’ oldest suburbs and is positioned about 10 miles southwest of downtown. 

More than 20,500 households earning an average annual household income of $77,000, which is 15 percent above the Midwest average, are within a three-mile radius of the center.

The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell along with managing director Matthew Schoenfeldt.

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

Matthew Schoenfeldt
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange.  RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of DDR Corp.  RVI focuses on realizing value in its business through operations and sales of its assets.  

Additional information about RVI is available at www.retailvalueinc.com.

RCG Ventures LLC (RCG) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States.  The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. 

Visit http://rcgventures.com for more information.

CONTACT:

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


HFF announces sale of 120-suite Residence Inn Boston Downtown Seaport


 Residence Inn Boston Downtown Seaport, Fort Point Neighborhood,
Seaport District, Boston, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the 120-suite Residence Inn Boston Downtown Seaport located in the Fort Point neighborhood of Boston, Massachusetts.

Denny Meikleham
The HFF team represented the seller, Norwich Partners, LLC, and procured the buyer, Claremont Companies.

The HFF investment advisory team representing the seller consisted of managing director Denny Meikleham, senior director Alan Suzuki and director Matthew Enright.

Originally built as The Stillings Building in 1901 by the Boston Wharf Company, the unique brick, post and beam property was redeveloped into the Residence Inn Boston Downtown Seaport in 2013. 

The adaptive re-use project created an award-winning, one-of-a-kind hotel asset rich with history, distinctive architectural detail and modern décor. 

Alan Suzuki
 Honored as the “Best Custom Project” in 2014 by Marriott International, the hotel is widely considered one of the best designed and highest quality Residence Inns in the entire system and one of the best room products in Boston. 

The 120 loft-style suites feature 12-foot-high ceilings, exposed brick walls, wooden beams, oversized windows and fully equipped kitchens.

  The hotel’s public space is situated around a six-story, interior atrium topped with a glass skylight providing natural light to all floors.  Hotel amenities include meeting space, a sundry shop, business center, fitness center and two restaurant offerings: Caffe Nero and sweetgreen. 

 Located in the Fort Point neighborhood of Boston’s Seaport District, the property is easily accessible to the Financial District, South Station, Back Bay, Cambridge and Logan International Airport. 

Additionally, the area immediately surrounding the property has transformed into a 24-hour, live-work-play environment with a robust amenity base of restaurants, office space, museums, art galleries and loft-style apartments.

Patrick Carney
Norwich Partners is a New England and Florida-based developer of and investor in commercial real estate, primarily hotels in the northeastern U.S. and Florida.  

Founded and capitalized in 2003, the company formalized a long-standing business relationship between the three founding members. 

 Headquartered at Lakeshore Center in Bridgewater, Massachusetts, Claremont Companies is a privately owned and closely held real estate investment, development and asset management firm.

  The company was started in 1968 when Patrick Carney, Claremont’s current chairman and CEO, began investing in and developing residential multi-family properties in Southeastern Massachusetts. 

Throughout the 1970s and 1980s, the company established its core real estate holdings by developing large scale apartment complexes throughout New England. 

 In the late 1980s and 1990s, the company expanded its real estate development and ownership into different asset classes such as hotels, retail centers and office buildings. 

 In 2003, with over 10,000 apartment and hotel units across the United States, Claremont began a disposition strategy in order to capitalize on the overall appreciation of the national real estate market. 

CONTACT:

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



Camille Renshaw named to Rutgers University Big Data Advisory Board

Camille Renshaw


 NEW YORK, NY, Aug. 30, 2018 – Camille Renshaw, CEO and co-founder of B+E, the first tech-driven brokerage and trading platform for net lease real estate, will serve as a board member on the Rutgers Big Data Advisory Board, part of the Rutgers University Center for Innovation Education.

“I am honored to serve on the board and look forward to working with Rutgers in equipping future leaders to make significant business contributions through data and its analytics,” said Renshaw.

Membership on the board is invitation-only and is based upon professional accomplishments. The board consists of diverse and innovative top-level executives from Salesforce, Prudential Life, Verizon, Merck, TIG, Johnson & Johnson and Morgan Stanley.

With offices in New York, Tampa and San Francisco, B+E sets the modern standard for net lease real estate brokerage services and performance.  

The B+E trading platform consists of user-friendly dashboards, real-time predictive pricing and an AI-driven exchange -- all leveraging the largest data set in the industry.

Buyers and sellers can conduct entire NNN transactions online, reviewing real-time credit, news and tenant data while they trade, much like online stock trading platforms.  The mission of B+E is to help virtually anyone confidently trade net lease. 

For more information, please go to www.benetlease.com.

CONTACT:

Press Release Contact:
John Vita
John Steven Vita Communications
847/853-8283