Friday, May 18, 2018

120-Room Courtyard by Marriott Hershey Chocolate Avenue Awarded 2017 Marriott Opening Hotel of the Year

Courtyard by Marriott Hershey Chocolate Avenue Hotel, Hershey, PA

HERSHEY, PA Officials of Bears Creek Hershey Hotel, LLC, a joint development between Shaner Hotels, an award winning, international hotel owner, operator and developer, and Chafia Capital Partners, a real estate investment and private equity firm, announced the 120-room Courtyard by Marriott Hershey Chocolate Avenue was named the 2017 Marriott Opening Hotel of the Year.   The Pa. hotel is managed by Shaner Hotel Holdings, LP.
Plato Ghinos
  “While it is wonderful to receive praise from our guests for our day-to-day operations during their visits, it is immensely gratifying to be recognized by industry leaders for our earliest ramp-up efforts,” said Plato Ghinos, president, Shaner. 
               “The real winners here are the hotel associates who have done a tremendous job driving the stay experience at the property to the next level.  Hershey visitors looking for top-quality, select-service lodging options can sleep confidently knowing that they are in a truly ‘award winning’ setting.”
                Located in historic Hershey, Pa., at 515 E. Chocolate Avenue, the four-story hotel is situated downtown between Hershey Chocolate World, Hersheypark and the Hershey Medical Center.  Other nearby sites of interest include Indian Echo Caverns, Hollywood Casino at Penn National Race Course and ZooAmerica North American Wildlife Park.

Jim Kwon
                “Since the doors first opened, the Courtyard by Marriott Hershey Chocolate Avenue has performed well beyond our expectations,” said Jim Kwon, founder of Chafia Capital Partners.  “We could not have achieved this great honor without the hard work and dedication of all involved, including the entire team at Shaner Hotels.”
The hotel offers guest laundry services, a fitness room, indoor pool and full-service business center.  The hotel features the brand’s new Courtyard Refreshing Business lobby, which provides breakfast, coffee and cocktails at the C-Bar. 

Elias Thompson
Also located in the lobby are flexible seating options, ranging from a communal table to more private media booths with high-definition televisions to a more intimate and a semi-enclosed lounge area.  Guest rooms have free Wi-Fi, plush bedding and an internet TV equipped with Netflix, YouTube, Hulu and 40 HD channels.
“Having a successful hotel opening, it is always key to have the right staff in place,” said Elias Thompson, general manager.  “I could say that we achieved that goal more in this hotel as we had some phenomenal leaders and hourly associates that work tirelessly at achieving an outstanding opening.”

For more information, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289


Chris Daly, media
 (703) 435-6293

KW Property Management & Consulting Secures High-Profile Development Consulting Assignments in Downtown Miami, Coral Gables and Miami Beach

Robert White, left and Paul Kaplan

MIAMI, FL, May 18, 2018 – Developers of some of the most prominent and transformative projects in Miami-Dade County are turning to KW Property Management & Consulting to help bring their vision to life.
 The premier residential property management company has obtained development consulting assignments for the newly announced Okan Tower in downtown Miami, the mixed-use The Plaza Coral Gables development in Coral Gables and the redevelopment of the former Marlborough House property in Miami Beach.

Okan Tower, Miami, FL

In another example of KWPMC distinguishing itself from industry peers, the Miami-based company is frequently hired by developers of high-end, large-scale projects to provide consulting services long before a shovel hits the dirt.

KWPMC’s experts are brought in to analyze the overall project plan, services and amenities, coordinate efforts with the development, sales and legal teams and leverage the company’s accounting roots to craft a budget that maximizes the project’s efficiency and profitability.

Bekir Okan
Announced earlier this month, Okan Tower is a 70-story hotel and condo tower that is the first U.S. project for renowned Turkish developer Bekir Okan.

 Plans for the 555 North Miami Avenue development include a 294-room Hilton-branded hotel, 236 condo-hotel units, 153 condos, 64,000 square feet of Class A office space and a restaurant on the 67th floor.

Amenities include a 70th floor sky pool, Hammam spa, health and fitness center, outdoor lounge, playroom, gourmet kitchen, movie theater, wine cellar and cigar room.

Construction is expected to begin later this year.

The Plaza Coral Gables Rendering
“We are honored to have the opportunity to work with a prestigious developer like Okan Group on its first foray into the U.S. and Miami,” said KWPMC Managing Director and Co-Founder Paul Kaplan.

“As indicated by the announced plans, this pioneering development is multi-faceted with a wide variety of product types, services and amenities. We look forward to working with the project team to ensure everything comes together smoothly and successfully before, during and after construction.”

In Coral Gables, developer Agave Ponce has hired KWPMC to consult on its long-anticipated The Plaza Coral Gables mixed-use project on Ponce Circle. Plans include 136 residential units, 137,000 square feet of retail space, a luxury hotel, office space, restaurants and substantial improvements to Ponce Circle Park.

At the site of the former Marlborough House in Miami Beach, Multiplan Real Estate Asset Management is redeveloping the property at 5775 Collins Avenue. The developer is replacing Marlborough House with a 17-story, 90-unit luxury condo building designed by Arquitectonica.

“These three assignments are signature developments that will have a dramatically positive impact on the neighborhoods they are located in,” said KWPMC Managing Director and Co-Founder Robert White. “It is a testament to our incredible team at KWPMC that we are getting called on by developers of this caliber to play an integral role in the execution of their project plans.”

 For more information, please contact:

Eric Kalis
Account Director, BoardroomPR
Bank of America Plaza | 1776 N Pine Island Road


Hanley Investment Group Arranges Sale of Newly Constructed Multi-Tenant Retail Property in Los Angeles County for $8.3 Million

Multi-Tenant Retail Building, Baldwin Park, CA

Bill Asher

BALDWIN PARK, CA -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of a 6,777-square-foot new construction multi-tenant retail pad building occupied by The Coffee Bean & Tea Leaf (with drive-thru), Chipotle, Jersey Mike’s Subs and WaBa Grill at 13916 Garvey Avenue in Baldwin Park, Calif.

The sale price was $8.3 million, representing $1,225 per square foot and a cap rate of 4.30%.

Hanley Investment Group's Executive Vice President Bill Asher and Vice President Lee Csenar represented the seller, a private developer based in Orange County, Calif. The buyer, a private investor, was represented by Dennis Earls of Secured Properties, both based in Los Angeles, Calif.

Lee Csenar
Built in late 2017, the freeway-adjacent retail building is situated on 1.29 acres on a pad that is shadow-anchored by LA Fitness at the signalized intersection of Garvey Avenue and Vineland Avenue. The property is located at the on/offramp to Interstate 10 freeway with average daily traffic counts of 220,000 cars per day and has an 80-foot freeway pylon sign.

Asher said, “There was no shortage of interest in the property due to its outstanding Los Angeles County location, quality of tenants and new long-term leases.”

Dennis Earls Jr.
The property is 100% leased to national and regional quick-service food tenants. Three of the four tenants featured triple-net corporate guaranteed leases including Chipotle (2,000 sq. ft.), The Coffee Bean & Tea Leaf with Drive-Thru (1,825 sq. ft.), and WaBa Grill (1,500 sq. ft.). 

The lease for Jersey Mike's Subs (1,425 sq. ft.), a chain with more than 1,500 locations nationwide, is guaranteed by an experienced multi-unit franchisee operator.

“We generated multiple qualified offers and selected an experienced 1031 exchange buyer based in Southern California who had owned other similar assets in his portfolio in the past,” Asher noted. “We secured premium pricing that was 30-60 basis points better regarding cap rate than most of the other offers.”

Csenar added, “We marketed the property and opened escrow before the tenants opened for business. We achieved record pricing due to the internet-resistant, food-based tenancy that has continued to attract retail investors as the market continues to transition due to the impact of internet retailing.”

Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved.

 For more information, please contact:

Anne Monaghan

Blue Heron Asset Management Closes Construction Loan for Foster on the Park in Durham, NC

Benjamin Grinnell
DURHAM, NC -- Blue Heron Asset Management, a leading private equity real
estate investment and development firm based in Raleigh, has closed a construction loan with
First National Bank, the largest subsidiary of F.N.B. Corporation (NYSE: FNB), for Foster on the
a boutique multifamily and retail project adjacent to Central Park in Durham, North Carolina.

Foster on the Park will be a 164-unit boutique apartment community with ground floor
retail/restaurant space overlooking Central Park - the city's main urban park which hosts a twice weekly

Farmers Market, food truck rodeos, and community and social events. The development
is also adjacent to the 1.7 million square foot Durham Innovation District as well as the Historic
Durham Athletic Park.

Chris Moore
“We’re extremely excited to close our financing with FNB, begin the construction of Foster on the
Park and see our collective vision head towards reality." said Benjamin Grinnell, project lead and partner at Blue Heron Asset Management.

"Our entire team has worked diligently over the last few years to collaborate with the City of Durham, Durham Central Park, Downtown Durham Inc., and other local stakeholders.

"Our focus has been on thoughtful place-making and trying to create a vibrant community with great walkability and access to downtown Durham’s growing job base, renowned dining, and its many lifestyle, recreation and entertainment amenities. Foster on the Park represents the types of infill re-development opportunities that we hope to continue to pursue and invest in,”

Chris Moore, President of FNB’s Raleigh-Durham Region, added, “We are pleased to provide the financing for Foster on the Park under the experienced leadership of Lewis Bass, our Regional Manager of Investment Real Estate Banking. Contributing to our communities is part of our mission at FNB, and it is a privilege to partner in a project that builds on downtown Durham’s momentum as a thriving destination for residents, businesses and visitors alike.”
Roger Edwards

The financing was arranged by the HFF team of Roger Edwards, Justin Good, and Henry Sisson.

“Blue Heron secured one of the best sites in downtown Durham and have created an amazing
project that we expect will be hugely successful. We are excited to be a part of the team and
contribute to making this great project a reality,” said Roger Edwards.

In addition to Blue Heron Asset Management, FNB, and HFF other team members include
Resolute Building Company as the general contractor, Cline Design Associates as the architect,
Coulter Jewell Thames as the civil engineer, JLL as the owner’s representative and Bell Partners
as the property manager.

The project, located at 545 Foster Street, is slated for completion in the first quarter of 2020.

Blue Heron Asset Management, LLC, based in Raleigh, North Carolina, is a private equity real
estate investment management firm. 

The firm seeks to achieve superior risk-adjusted returns within well-balanced and actively-managed investment funds. Founded in 2011, Blue Heron’s track record demonstrates a firm that is disciplined, focused, and committed to sound real estate fundamentals. 

The firm manages discretionary, opportunistic co-mingled funds with a primary focus on multifamily and mixed-use real estate assets in high-growth southeastern markets. Blue Heron strives to be a trusted and reliable real estate investment manager, a mindful steward of the real estate and communities in which it invests, and a long term partner that measures success in decades, not years.

For more information, please contact:

HFF Public Relations Specialist
(713) 852-3500


Melissa Coleman
Blue Heron Asset Management
1111 Haynes Street, Suite 203
Raleigh, NC 27608

HFF announces $54 Million sale and $25 Million financing of 1100 G Street in Washington, D.C.

1100 G Street Rendering, Washington, DC

Stephen Conley
WASHINGTON, D.C., May 18, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $54 million sale of and the $25 million financing of 1100 G Street, an approximately 110,000-square-foot office building in the East End submarket of Washington, D.C.

The HFF team marketed the property on behalf of the seller, an investor account advised by UBS Asset Management, and procured the buyer, a joint venture between Meritage Properties and a Japanese private investor advised and represented by Tokyo Trust Capital Ltd. 

 Additionally, the HFF team placed a five-year, floating-rate acquisition loan on behalf of the buyer.

Jim Meisel
1100 G Street is situated at the corner of 11th and G Streets in the East End, Washington, D.C.’s largest and strongest performing submarket. 

The institutional-quality office building is within walking distance of four Metrorail stations – Metro Center, Gallery Place-Chinatown, Federal Triangle and McPherson Square. The building also has direct vehicular access via 11th Street to major thoroughfares, including New York and Pennsylvania Avenues; K Street; Interstates 66, 395 and 695 and the George Washington Parkway. 

 Additionally, 1100 G Street is surrounded by more than three million square feet of retail amenities at Gallery Place, Chinatown, Penn Quarter, CityCenterDC and more.

Andrew Weir
The HFF investment advisory team representing the seller included Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker.

HFF’s debt placement team representing the borrower consisted of Dan McIntyre and Jay Graham.

“1100 G Street falls squarely within our strategy of acquiring well-located urban office properties that can benefit from the kind of hands-on renovation and repositioning that has become the hallmark of the Meritage brand,” said Meritage CEO Andy Nathan. 

“Having focused many of our efforts over the past several years in the greater Boston market, we are pleased to be joining with Tokyo Trust and its investor client on this exciting new opportunity in D.C.”

For more information, please contact:

HFF Director, Public Relations
(617) 338-0990