Monday, November 5, 2018

HFF announces $13.1 million sale of unanchored retail strip center in Boca Raton, FL

Rendering of Winfield Plaza, Boca Raton, FL
Eric Williams

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $13.1 million sale of Winfield Plaza, a 30,683-square-foot retail strip center located in the affluent South Florida community of Boca Raton.

The HFF team marketed the property on behalf of a private seller.  A private investor purchased the asset.

Situated on 2.82 acres at 471-515 Northeast 20th Street and 2001, 2151 and 2181-2201 North Federal Highway, Winfield Plaza is exposed to more than 45,000 vehicles per day. 

\The center is less than a mile from downtown Boca Raton, which is experiencing an urban renaissance with a surge in high-density development, and in an affluent area with almost 32,000 residents within a three-mile radius with an average annual household income of more than $105,000. 

Manny de Zarraga
Winfield Plaza comprises a strip center and three outparcels that are home to a variety of well-known tenants within the Boca Raton community, including Osha Thai Restaurant, Sweet Deals Chocolates, Subway, Sr Burrito, Cannoli Kitchen, Children’s Dental, Artful Dodger Bar & Grill, Keter Bakery and Cove Shoe Repair.

The HFF investment advisory team that represented the seller included directors Eric Williams, executive managing director Manny de Zárraga, senior managing director Danny Finkle and managing director Luis Castillo.

“Winfield Plaza represented a rare opportunity to acquire a well-located retail center in eastern Boca Raton,” Williams said.

 “Winfield Plaza, like many other properties in East Boca, has been owned by the same landlord for decades, and investors respond vigorously to the opportunity to acquire similar assets given their scarcity.”

Danny Finkle
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. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

 HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

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


Luis Castillo
FL Lic. #SL3179736
HFF Director
(305) 448-1333

FL Lic. #BK382434
HFF Executive Managing Director
(305) 448-1333

FL Lic. #SL3043501
HFF Senior Managing Director
(305) 448-1333

FL Lic. #SL3203377
HFF Managing Director
(305) 448-1333

HFF Digital Content/Public Relations Specialist
(713) 852-3420

Chatham Lodging Trust Announces Third Quarter 2018 Results

Dennis Craven

WEST PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 136 hotels wholly or through joint ventures, announced results for the third quarter ended September 30, 2018.

The company also provided updated guidance for 2018.

Third Quarter 2018 Key Metrics:

Portfolio Revenue per Available Room (RevPAR) – Increased 1.1 percent to $147, compared to the 2017 third quarter, for Chatham’s 40, comparable wholly owned hotels (excludes the Residence Inn Charleston Summerville which opened in August 2018). 

Average daily rate (ADR) declined 1.0 percent to $171, while occupancy rose 2.3 percent to 86 percent.

Net Income - Improved $0.2 million to $14.7 million. Net income per diluted share was $0.31 versus $0.36 in the 2017 third quarter.

Adjusted EBITDA – Advanced $1.4 million to $38.6 million, within guidance and compared to $37.2 million in the 2017 third quarter.

Adjusted FFO – Rose $1.3 million, to $28.4 million, versus $27.0 million in the 2017 third quarter. Adjusted FFO per diluted share was $0.61, compared to guidance of $0.58-$0.62 per share.

Operating Margins – Experienced a 90-basis point decline to 48.1 percent in comparable gross operating profit margins.  Comparable Hotel EBITDA margins were off 110 basis points to 41.3 percent, within guidance range of 41 to 42 percent.

Acquisition – Acquired the 96-room Residence Inn by Marriott Charleston Summerville, S.C., for $20.8 million, or approximately $217,000 per room.


Dennis Craven (Company) 
Chief Operating Officer 
 (561) 227-1386  

 Chris Daly (Media)
Daly Gray, Inc.
(703) 435-6293

BBX Capital Real Estate Enters into An Agreement to Acquire A 50% Membership Interest in The Altman Companies

Joel Altman
FORT LAUDERDALE, FL and BOCA RATON, FL – BBX Capital Real Estate, a division of BBX Capital Corporation (NYSE: BBX, OTCQX: BBXTB) (“BBX” or the “Company”), and The Altman Companies, jointly announced they have entered into an agreement pursuant to which BBX Capital Real Estate has agreed, subject to the satisfaction or waiver of the conditions to closing, to acquire a fifty percent (50%) membership interest in The Altman Companies, LLC (“Altman Companies”), which includes membership interests in Altman Development Company, Altman-Glenewinkel Construction and Altman Management Company and interests in the manager of eight multi-family real estate developments (the “Developments”) for $22.7 million. 

“We are extremely excited about BBX Capital Real Estate’s investment in The Altman Companies.  Our team has been partners with BBX Capital Real Estate in apartment developments for many years and have enjoyed a terrific working relationship and many successes together,” said Joel Altman, CEO of the Altman Companies. 

 “We believe our long affiliation with BBX and BBX Capital Real Estate allows for a virtually seamless integration and is a ‘win-win’ for our companies, our associates and our partners.”

“The Altman Companies, with its 50-year successful track record, a fantastic team of professionals and a robust pipeline of opportunities, will continue to be led by Joel and the current management team.

Seth Wise

"This transaction formalizes the parties’ relationship, while offering BBX Capital Real Estate a complete platform in an asset class we believe, over the long term, to be an excellent place to deploy capital where BBX has the opportunity to earn significant returns on its capital and generate earnings from the operating platform over time,” said Seth Wise, President of BBX Capital Real Estate.
For more complete and detailed information regarding the above described transaction between BBX Capital Real Estate and The Altman Companies, including the related Developments and terms and conditions, please see BBX Capital Real Estate’s Report on Form 8-K, which is available on the SEC's website,, and on BBX Capital’s website,


BBX Capital Contact:
Investor Relations: Leo Hinkley, Managing Director, 954- 940-5300

BBX Capital Real Estate & Altman Companies Media Contact:
Kip Hunter Marketing, 954-765-1329, Nicole Lewis /Aimee Adler