Trion Properties Expands Portfolio in the Portland, OR Metro

Hallwood Apartments, Beaverton, OR

BEAVERTON, OR – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has acquired Hallwood Apartments, a 76-unit apartment community in the Portland submarket of Beaverton, Oregon.

This acquisition comes on the heels of the firm’s acquisition of Bel Aire Court earlier this year, bringing its total holdings in the region to more than 358 units, according to Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky

“We have been extremely bullish on the Portland Metro for the last few years, especially the Beaverton submarket, based on its exceptionally strong fundamentals and future value potential,” says Sharkansky.

“This is our third acquisition in the city, which is located just a few miles west of Downtown Portland and poised for explosive growth. In fact, Beaverton is in Washington County, which is projected to see a population increase of 42 percent over the next 20 years.”

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment. 

In addition to its close proximity to Portland’s urban core, the asset is located near the Portland area’s “Silicon Forest,” the industrial corridor between Beaverton and Hillsboro which houses tech giants including Yahoo!, Intel, Salesforce, and Oracle.

 The property also offers residents a short commute to Nike’s headquarters in Beaverton, which is currently undergoing a supersized expansion estimated at nearly $1 billion including six new buildings and 3.2 million square-feet of space, notes Sharkansky.

“With many major companies based out of, or expanding into, the region, there is an increased demand for multifamily housing to support employment growth,” says Sharkansky. “Through acquiring well-located properties like Hallwood Apartments, which offers an excellent quality-of-life, convenient mass transits options, and short commutes, we are positioning our portfolio for tremendous upside potential over time.”

Mitch Paskover

At full occupancy, Hallwood Apartments also benefits from immediate positive cash flow, which mitigates any downside risk, according to Sharkansky.

Constructed in 1986, the garden-style community comprised of spacious one- and two-bedroom units has been well-maintained by the seller and features several in-demand amenities including washers and dryers in each unit, a swimming pool, ample covered parking, and an on-site leasing office.

“The asset provides high-quality amenities and features for its vintage, yet there remains a strong opportunity for value creation,” says Sharkansky. “We plan to implement capital renovations to tastefully modernize and upgrade both the exterior and interior of the property to further enhance its appeal for tenants looking for value alternatives to Portland’s urban core.”

According to Sharkansky, Trion Properties now owns a total of six properties throughout the Portland Metro, allowing the firm to reduce operating costs and increase returns by amassing economies of scale.

Hallwood Apartments is located within 1 mile of Bel Aire Court and 2.5 miles from Hidden Villas, which Trion acquired in July 2017 and October 2016, respectively. The location is in-line with Trion’s strategy of acquiring along the 217 freeway, which many residents use to commute to work throughout the Portland metro.

The Hallwood Apartments are located at 7535 SW Hall Boulevard in Beaverton, Oregon.

 The property was acquired from a private seller for $12.25 million. Acquisition financing was arranged by Los Angeles-based mortgage banking firm Continental Partners. 

Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate, Inc. represented both the buyer and the seller in this off-market transaction.

Additional information is available at http://www.trion-properties.com/

  For more information on this news release, please contact:

Katie Clendening / Elisabeth Manville

Brower, Miller & Cole

(949) 955-7940

kclendening@browermillercole.com

 http://www.trion-properties.com/

Bull Realty Celebrates 20 Years in Atlanta

Michael Bull

ATLANTA, GA —You’ve seen their signs, and if you own commercial real estate, you’ve likely talked to them, been on their website, and seen their national show.

Bull Realty is celebrating 20 years serving clients in Atlanta. The real estate company that started in Midtown in 1998 in a small office on Piedmont Road near Fat Matt’s, has become a regional powerhouse over the past 20 years.

Bull Realty is licensed and doing business in nine Southeast states and is still headquartered here in Atlanta.

The firm is best known for its innovative marketing techniques and use of technology. In the late 90’s, the firm’s website www.BullRealty.com was the first commercial brokerage site to provide open access to resources, market information and available properties.

In 2010, the firm started a local radio show in Atlanta which became popular on 60 radio stations across the country. Now, America’s Commercial Real Estate Show is the most highly rated commercial real estate podcast and YouTube show in the nation.

When asked how the firm made it through the 2009 real estate based recession and other hurdles of 20 years, the firm’s founder Michael Bull points to his employee and agents. “It’s all about our people. We started the firm to be known for integrity and providing exceptional service. Our people make that happen. It’s a fun place to work each day when you work with such incredible people.”

The firm’s main services include dispositions, acquisition, leasing and tenant representation. To continue this reliable and respected growth for another 20 years, Bull Realty is always sourcing the next generation of agent candidates that embrace integrity, innovation and client services. 

For more information contact Bull Realty at 404-876-1640 or Info@BullRealty.com.

Bull Realty, Inc. (www.BullRealty.com) is 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 America’s Commercial Real Estate Show (www.CREshow.com).

  For more information on this news release, please contact:

Melissa Henry

Communications Manager

Bull Realty, Inc.

404-876-1640 x 110

Midwest Real Estate Experts Preview 2018 Multifamily Trends

Aaron Galvin

 CHICAGO, IL -- The accelerated growth of the multifamily market over the last several years has some in the industry wondering how long it can last. Yet demand for new apartments is projected to continue into the next decade, according to the National Multifamily Housing Council.

Research indicates a need for 328,000 new units every year through 2030, for a total of nearly 4.6 million, but the industry averaged only 225,000 completions annually from 2011-16.

 Buildings that claim their own space will be the ones to succeed in an increasingly crowded market, according to Aaron Galvin, CEO and co-founder of Luxury Living Chicago, a boutique luxury brokerage firm. “This really starts with developing an authentic brand, identity and design informed by the surrounding neighborhood and target demographic,” said Galvin.

For more information on this preview, please contact:

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Capital Square 1031 Acquires Newly Constructed Medical Office Building Near Bakersfield, CA.

Louis Rogers

BAKERSFIELD, CA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust investments, has acquired a newly-constructed medical office building providing specialty dialysis services near Bakersfield, California.

Located at 711 Valley Blvd. in Tehachapi, California, the property is 100 percent leased on a long-term, absolute net basis with yearly rent escalations to Sanderling Renal Services, a healthcare firm specializing in dialysis and nephrology services. The building is conveniently located near the recently completed Adventist Health Tehachapi Valley hospital.

“Acquisition of the Tehachapi property marks Capital Square’s 20th medical office building under management and aligns well with our investment strategy of acquiring stable, high quality real estate assets,” says Louis Rogers, founder and chief executive officer of Capital Square 1031. 

“The building is poised for long-term stability due to the lack of competition, coupled with the growing demand for healthcare services in the area.”

The property was acquired on an all cash, no debt basis, as part of a Delaware statutory trust offering primarily for investors structuring Section 1031 tax-deferred exchanges. A growing number of high net worth investors are seeking quality Section 1031 replacement property on an all cash basis. This is Capital Square’s 40th DST offering and 60th property acquisition to-date.

Sanderling Renal Services is focused on providing convenient access to high quality dialysis and nephrology services in rural areas. With more than 25 years of combined experience, the executives at Sanderling are focused on providing products and services for people with end stage renal disease while establishing a trusted relationship with local hospitals ensuring the continuity of care for patients.

For more information on this transaction, please contact:

Julie Leber     

Spotlight Marketing Communications 

949.427.5172, ext. 703 

julie@spotlightmarcom.com

HFF announces sale of 1,180-unit multi-housing community in Alexandria, VA

Walter Coker

WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of EOS Twenty-One, a 1,180-unit multi-housing community in Alexandria, Virginia.

 The HFF team marketed the property on behalf of the seller.

 EOS Twenty-One Apartments is located at 140 South Van Dorn Street just off Interstate 395 and adjacent to Landmark Center Mall, which is slated for significant renovations in the near future.

Constructed in two phases in 1968 and 1972, the property was partially renovated in 2004 with additional upgrades implemented in 2012.  EOS Twenty-One’s one- and two-bedroom units average 762 square feet each. 

Community amenities include a large, recently renovated clubhouse with game room, business center, theatre room and fitness facility; two resort-style swimming pools; new grilling and picnic area; four tennis courts; expansive dog park; children’s playground; on-site daycare and convenience store; and shuttle service to the Van Dorn Metro station.

 The HFF team representing the seller included managing director Walter Coker, senior director Brian Crivella, senior managing director Roland Merchant along with executive managing director Matthew Lawton.

For more information on this transaction, please contact:

Kristen Murphy

Director, Public Relations

One Post Office Square Suite 3500

Boston, MA

 02109

T: 617-848-1572

 |  M: 617-543-4873

krmurphy@hfflp.com

LinkedIn/HFF

Twitter/hff

Facebook/HFF

GooglePlus/HFF

Instagram/hff

|@|*

Chatham Lodging Announces Monthly Dividend

Dennis Craven

WEST PALM BEACH, FL, Dec. 8, 2017—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, today announced that its board of trustees has declared a monthly common share dividend of $0.11 for December 2017. 

The common dividend is payable January 26, 2018, to shareholders of record on December 29, 2017.

Chatham Lodging Trust is a self-advised, publicly-traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels.

The company owns interests in 136 hotels totaling 18,661 rooms/suites, comprised of 41 properties it wholly owns with an aggregate of 6,163 rooms/suites in 15 states and the District of Columbia and a minority investment in two joint ventures that own 95 hotels with an aggregate of 12,498 rooms/suites.

 Additional information about Chatham may be found at www.chathamlodgingtrust.com.

For more information on this transaction, please 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

 patrick@dalygray.com

 www.dalygray.com

 or

Dennis Craven

Chatham Lodging Trust

(Company)

dcraven@cl-trust.com

(561) 227-1386 

Cushman & Wakefield Lists 352-Unit Plantation at Walden Lake Garden Apartment Community in Plant City, FL

Plantation at Walden Lake Garden Apartments, Plant City, FL

PLANT CITY, FL  -- Plantation at Walden Lake is a 352-unit, garden apartment community located in Plant City / Tampa MSA, Florida. The property was constructed in phases from 1990-1994, consisting of 23, two-story apartment buildings situated on 43+ acres.

The Property offers a mix of well-appointed one-, two- and three-bedroom apartments along with a comprehensive array of recreational and community amenities.

Plantation at Walden Lake has had the benefit of attentive, professional management and the property is in excellent physical condition.

During the past 3 years, the seller has invested $1.8 million in capital improvements, including community amenity enhancements and interior updates to 43 (12%) of the units. The significant number of un-renovated units positions Plantation at Walden Lake as an exciting value-add investment opportunity. 

For more information on this transaction, please contact:

Cushman & Wakefield | Tampa

One Tampa City Center

Suite 3300

Tampa, FL  33602

Phone:  (813) 223-6300

Lincoln Property Company Negotiates Expansion Lease at Airport Business Center in East Orlando, FL for Professional Accounting Firm

Sean DuPree

ORLANDO, Fla. – Lincoln Property Company Southeast, a full service commercial real estate firm based in Orlando, recently completed a long term lease that facilitated a tenant’s expansion, nearly doubling its previous space at Airport Business Center in east Orlando.

Sean DuPree, CCIM, Broker at Lincoln Property, negotiated the transaction representing the Louisville, Colo.-based Landlord RCS--Orlando Airport 371 LLC.

Tenant Jerez Professional Services, LLC, an accounting firm that specializes in corporate tax returns, is relocating from unit 5840C with 971 square feet to unit 5746 with 1,788 square feet at the center located at 5730-5892 S. Semoran Blvd.  

 

For more information on this transaction, please contact:

 Larry Vershel or Beth Payan, Larry Vershel Communications Inc. Lvershelco@aol.com

 407-644-4142

Hold-Thyssen and Ocala Ranches closed on $825,000 Sale of Horse Farm that produced first Florida-bred Kentucky Derby Winner

Needles Gets a Treat from a Bonnie Heath Farms Admirer in Ocala, FL

REDDICK, Fla. – Hold-Thyssen, a full service real estate firm based in Winter Park, along with Ocala ranches, recently handled the $825,000 sale of Bonnie Heath Farms, a 78-acre horse farm located at 7145 NW125^th Street Rd. in Reddick just north of Ocala in Marion County.

Bob Hold, principal at Hold-Thyssen along with George DeBenedicty of Ocala Ranches who listed the property, brokered the transaction on behalf of the local seller, Land Holding, LLC and the buyer, J. Shondel.  

Bonnie Heath Farms produced “Needles” – the first Florida-bred horse to win the Kentucky Derby in 1984.

 Headquartered in Winter Park, Fla., Hold-Thyssen provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

For more information on this transaction, please contact

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

HFF announces $64M refinancing for Radisson Blu Aqua Hotel, Chicago

                                       
                Radisson Blu Aqua Hotel, Chicago,  221 North Columbus, Downtown Chicago, IL  
                                    

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces a $64 million refinancing for Radisson Blu Aqua Hotel, Chicago, a 334-room, luxury, modern hotel in downtown Chicago.

Daniel Kaufman

The HFF team worked on behalf of the borrower, a partnership comprising Al Rayyan Tourism Investment Company (ARTIC), Magellan Development Group and Carlson Rezidor Hotel Group, to place the 10-year, fixed-rate loan with J.P. Morgan Chase & Company.  HFF will service the securitized loan, proceeds of which were used to refinance the prior first mortgage. 

Completed in 2011, Radisson Blu Aqua Hotel, Chicago occupies floors four through 18 of the Aqua Tower, an 82-story mixed-use building within the award-winning Lake Shore East Development, along Lake Michigan.

 This hotel marked the first U.S. location for the Radisson Blu hotel brand, which is an upscale brand that currently operates in 400 properties now open or in development, in more than 110 countries.

 The Radisson Blu Aqua Hotel, Chicago features a state-of-the-art, 12,000-square-foot ballroom; 28,500 square feet of meeting space; 8,000-square-foot fitness center; dedicated yoga space; a junior Olympic-sized swimming pool; indoor, two-lane lap pool; and Filini’s restaurant. 

The location at 221 North Columbus is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront.

Nicole Aguiar

The HFF debt placement team representing the borrower included managing director Danny Kaufman, senior director Jeff Bucaro and associate Nicole Aguiar.

“It was an honor to work again with the team at ARTIC, Magellan and Carlson to arrange this financing,” Kaufman said.  “Aqua Tower is landmark building in Chicago, and the Radisson Blu is one of Chicago’s trophy hotel properties.”

“Given the property’s excellent location and outsized market performance, there was very strong demand in debt markets to finance the asset,” Bucaro added.

Jeff Bucaro

“We are delighted to have again worked with HFF,” said Tarek M. El Sayed, managing director and CEO of ARTIC.  “This arrangement reflects ARTIC’s commitment to financial efficiency and to finding the optimum financing solutions, so enabling ARTIC to increase the operational efficiency of our portfolio and continue to deliver our expansion strategy. 

“We are proud to have the Radisson Blu within our U.S. investment portfolio; it is an iconic property, and we will provide our full support to ensure it maintains its leading market position. 

“With an investment portfolio across the U.S., Europe and MENA, we will continue to examine significant opportunities for the profitable expansion of ARTIC’s international hospitality and property portfolio.”

For more information on this transaction, please contact:

Kristen Murphy

Director, Public Relations

One Post Office Square Suite 3500

Boston

,

 Massachusetts

 02109

T: 617-848-1572

 |  M: 617-543-4873

krmurphy@hfflp.com

LinkedIn/HFF

Twitter/hff

Facebook/HFF

GooglePlus/HFF

Instagram/hff

|@|*

www.carlsonrezidor.com

 Twitter @carlsonrezidor

www.magellandevelopment.com.

www.facebook.com/ARTICQA.

Caribbean Hotel Profits Suffer In 2016

Scott Smtih

Atlanta, Ga. – CBRE Hotels Americas Research announced that the average Caribbean hotel in its survey sample suffered a 4.7 percent decrease in gross operating profit (GOP) during 2016, according to its newly released twelfth edition of Caribbean Trends® in the Hotel Industry.  

This decline in profitability follows four consecutive years of double-digit increases in GOP.

The decline in the bottom-line starts with the falloff in top line revenue.  During 2016, occupancy for the Trends® sample declined by 2.8 percent, along with a 0.2 percent decrease in average daily rate (ADR).  The net result was a 3.0 percent decline in RevPAR. 

All other revenue generating departments (food & beverage, other operated departments and miscellaneous income) also saw a loss in sales during the year, resulting in a 2.2 percent drop in total hotel operating revenue.

“A multitude of factors caused the decline in revenue for Caribbean hotels in 2016,” said Scott Smith, managing director, CBRE Hotels Consulting.  “These include new supply, currency exchange rates and the Zika virus.”

For more information on this press release, please contact:

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com

www.dalygray.com

Voit Real Estate Services Directs First Sale of Iconic 102-Year-Old San Diego, CA Landmark

Santa Fe Depot Building, 1050 Kettner Boulevard, San Diego, CA

San Diego, CA– Voit Real Estate Services successfully completed the first-ever sale of the historic Santa Fe Depot building in San Diego, California - a local landmark built in 1915 and home to Amtrak’s San Diego Union Station since 1920.

Kipp Gstettenbauer and Ryan King of Voit’s Private Client Group represented the seller, Prologis, Inc. and the buyer, Santa Fe Depot, LLC.

“This building is one of the most historically important assets in all of San Diego,” says Gstettenbauer, a Senior Vice President in Voit’s San Diego office.  “The sale is significant to the San Diego community, and represents the seller’s deep commitment to preserving this landmark asset.”

Ryan King (left) and Kipp  Gstettenbauer  

The seller, Prologis, owned the asset by way of a series of mergers of firms dating back to the original Santa Fe Railway company, Gstettenbauer explained, making this the first actual sale of the property to a new owner.

As a world leader in real estate with more than $72 billion in assets under management, Prologis recognized the need to entrust this sale to a local team with deep relationships in order to find the right buyer for the asset.

The Voit Private Client Group team marketed the Santa Fe Depot property widely and garnered multiple strong offers from around the globe. However, the process of choosing a buyer was extremely selective, according to Gstettenbauer.

More information on Voit’s Private Client Group is available at www.voitpcg.com.

For more information on this press release, please contact:

Katie Clendening/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kclendening@browermillercole.com

www.voitco.com.

 

Rhodes+Brito Architects Nearing Completion of Design Projects for Orange County, FL Public Schools

Ruffin Rhodes

ORLANDO, FL – Rhodes+Brito is nearing completion of the design of two Orange County Public Schools projects that totals more $16 million.

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said his firm was assigned the design of the $14.8 million Comprehensive Project at Dover Shores Elementary School at 1200 Gaston Foster Rd. off of S. Conway and Curry Ford Rds.   

The Dover Shores project is in the early construction stage of a new building and renovation of one existing building.  Construction got underway in June and the elementary school will be ready to accommodate 644 students for the fall 2018 school year. 

Rhodes+Brito are in the process of designing the athletic fields’ replacement and expansion at Jackson Middle which is located at 6000 Stonewall Jackson Rd. off of LaCosta Drive and Semoran Blvd.  Jackson Middle and Engelwood Elementary are located on adjacent properties.

Construction of the middle school’s $2 million athletic fields is scheduled to begin in the summer of 2018 and involves the track/soccer field, volleyball courts and parking area relocated to another area of the school property. The new fields and courts will replace the earlier Engelwood campus currently serving as the “swing school” once Dover Shores is completed.

For more information on this press release, please contact:

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

  

Meridian Buys Medical Office Building in Laguna Hills, CA

  

The Laguna Medical Office Building, Laguna Hills, Orange County, CA

                                                               

SAN RAMON, CA – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the firm has closed escrow on the purchase of The Laguna, a 57,057-square-foot medical office building in Orange County, California.

John Pollock

This acquisition expands Meridian’s footprint in Southern California coming on the heels of last year’s purchase of Cotton Medical Center, a 115,000-square-foot, $49 million medical office complex in Pasadena, California, adjacent to the recently completed Shriners Hospitals for Children and near the Huntington Memorial Hospital.

Located at 24022 Calle de la Plata in Laguna Hills on a .75-acre parcel, The Laguna medical office building is on the campus of and adjacent to Saddleback Memorial Hospital – a 325-bed hospital recently designated by Healthgrades as one of the top 50 hospitals in America.

“This acquisition presented us with a rare opportunity to purchase a medical office asset located on-campus to one of the premier hospitals in Orange County,” said John Pollock, Meridian CEO.

“The South Orange County submarket has exceptional demographics. Approximately 50 percent of the population within a one-mile radius of the property is 65 or older, which accounts for the highest per capita healthcare spending. We’re looking forward to providing the community with a comfortable and inviting medical space that they can get to quickly and easily.”

For more information on this press release, please contact:

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

The Astor Companies Tops Off Construction at Merrick Manor in Coral Gables, FL

Merrick Manor, 301 Altara Avenue, Coral Gables, FL

CORAL GABLES, FL  – Pioneering Miami developer The Astor Companies has topped off construction ahead of schedule at Merrick Manor, a luxury residential project rising in the heart of Coral Gables. Construction of the 10-story, 227-residence project at 301 Altara Avenue was originally scheduled to top off during the first quarter of 2018.

Henry Torres

Astor is set to host their “Top-Off” celebration at the project site on Friday, October 27 from 11 a.m. to 4 p.m. City of Coral Gables commissioners, city officials and other invited guests will be on hand to tour the project, as well as enjoy a catered lunch and live music. Valet parking will also be provided for guests.

The overall project completion date has been moved up from January 2019 to the fourth quarter of 2018.

“We are excited to celebrate this important milestone for our project,” said Henry Torres, President, CEO, and Founder of The Astor Companies. “It is a testament to the incredible team at general contractor Jaxi Builders that we were able to reach this stage so far ahead of schedule – even with the recent interruption from Hurricane Irma. Our buyers will now be able to enjoy the unparalleled lifestyle Merrick Manor offers sooner.”

More than 55 percent of the project is under contract, with prices for remaining units starting in the $500,000’s and ranging up to $2.5 million. Remaining units range from 747 square feet to more than 3,400 square feet.

For more information on this press release, please contact:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123