Hendricks & Partners Negotiates Sale of Highland Ridge Apartments in Birmingham, AL for $2,075,000

 BIRMINGHAM, AL --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Highland Ridge Apartments, a 66-unit apartment community located in Birmingham, for $2.075 million.

David Oakley (top right photo), senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing both the seller, Cedar Tree Properties, LLC, based in Birmingham, as well as the buyer, Highland Ridge I, LLC, also based in Birmingham.

The buyer has already begun extensive renovations after renaming the community, Element 26.  Upgrades include all new appliances, counter tops, flooring, hardware, and fixtures.   Renovation estimates total nearly $800,000.

Highland Ridge, built in 1970, has a total of 21,218 square feet of rentable living space.

For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785, doakley@hpapts.com. 

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

Hendricks & Partners Negotiates $6.26 million sale of Silver Pines Apartments in Pine Hills, FL

ORLANDO, FL--- Hendricks & Partners, one of the nation’s largest and most active multi-family investment banking and research companies, recently negotiated the sale of the 240-unit Silver Pines Apartments at 5402 Pine Chase Drive in Orlando for $6.26 million.

Cole Whitaker (lower right photo), partner and director of the Southeast Division of Hendricks & Partners, negotiated the sale with associate partner Hal Warren (lower left photo) in Orlando and senior investment advisor Jason Stanton in the firm’s Tampa office.

Hendricks & Partners represented a Dallas based Special Servicer.   The buyer was not disclosed.

Built in 1995 Silver Pines features two and three bedroom garden style apartments with an average monthly rent of $704 and an average of 1,134 square feet of living space.

For more information, contact:

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@hpapts.com; 

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@hpapts.com; 

Jason T. Stanton CCIM, Senior Investment Advisor, Hendricks & Partners, 727-674-4097; jstanton@hpapts.com

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

DoubleTree by Hilton Introduces Newly-Renovated Landmark Hotel in New York City

 McLean, Va., (July 31, 2012) – DoubleTree by Hilton proudly announces a fresh chapter in the life of the DoubleTree by Hilton Metropolitan New York City (top left photo).  

The historic, upscale full-service hotel in New York, New York, features all-new guestrooms and 12,000 square feet of newly-renovated meeting space.

This iconic, 764-room property, perfectly located at the corner of Lexington Avenue and 51st Street in Midtown’s fashionable East Side, is an original design by American architecture maverick, Morris Lapidus.

For a complete copy of the company’s news release, please contact:

Maggie Giddens

DoubleTree by Hilton

(703) 883-5346 

Maggie.Giddens@hilton.com

South Florida Local Economy To Get Boost From Proposed Lauderdale Lakes Aquatic & Entertainment Center Project

MIAMI, FL /PRNewswire/ -- Real estate developer Paul Anton has secured 25 acres of land in Lauderdale Lakes, FL where he plans to build a state-of-the-art sports aquatic and entertainment complex, thus creating hundreds of new jobs while helping an area that is still struggling from the economic downturn.

 This project will bring in revenue from locals and tourists alike. The stadium, which is in a prime location off of Commercial Boulevard and Route 441, will host a variety of events including national aquatic meets and various entertainment and concert events.

Chad Carroll (lower right photo), a top producer with New York and Miami luxury real estate powerhouse Douglas Elliman, is exclusively representing Mr. Anton on this and other exciting projects.

For a complete copy of the company’s news release, please contact:

Ashley Murphy, Prudential Douglas Elliman, +1-212-702-4063, amurphy@elliman.com ; or Barbara Wagner, +1-212-843-8035, bwagner@rubenstein.com, or Nancy Raia, +1-212-843-9331, nraia@rubenstien.com, Rubenstein Associates

Web Site: http://www.elliman.com

Marcus & Millichap Capital Corp. Arranges $8 Million CMBS Loan in Houston, TX

 HOUSTON, July 30, 2012 – Marcus & Millichap Capital Corporation (MMCC) has arranged an $8 million CMBS loan for a 47,511-square foot retail space in Houston.

Peter Dunn (top right photo), a senior director in MMCC’s Houston office, arranged the loan.

“CMBS 2.0 is back in business in Houston’s retail sector,” says Dunn. “Lenders are willing to finance unanchored retail centers, at full leverage, on a nonrecourse basis.”

“MMCC’s experience with Wall Street and CMBS lenders gave the client confidence that the transaction would close at the desired loan dollars and rate,” adds Dunn.

The loan was structured with a 10-year term and amortizes over 30 years with an interest rate of 4.9 percent. The LTV is 75 percent.

Press Contact:

Stacey Corso

Marcus & Millichap Capital Corporation

(925) 953-1716

HFF arranges $20 million financing for Newton Wellesley Executive Office Park in Boston suburb

BOSTON, MA – HFF announced it has arranged financing for Newton Wellesley Executive Office Park (top left photo), a four-building, suburban office park totaling 130,000 square feet in Wellesley, Massachusetts.

HFF worked exclusively on behalf of Newton Wellesley Executive Office Park LLC, an affiliate of The Nelson Companies, to secure the 10-year, fixed-rate loan through Principal Global Investors. 

Newton Wellesley Executive Office Park is 100 percent leased overall to 25 tenants in the high technology, legal, financial, professional and personnel service industries. 

The properties are located in Wellesley at 40, 60, 62 and 70 Walnut Street near the intersection of Route 16 and Route 128/Interstate 95 approximately 13 miles west of downtown Boston.

The HFF team representing the borrower was led by director Lauren O’Neil (lower right photo) and senior real estate analyst Robyn King.

For a complete copy of the company’s news release, please contact:

LAUREN O’NEIL                                                             

HFF Director                                                                        

(617) 338-0990                                                                   

loneil@hfflp.com                                                                                                

                                     

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF arranges $58.7 million financing for The Forum at Olympia Parkway in suburb of San Antonio, TX

BOSTON, MA – HFF it has arranged a $58.7 million financing for a portion of The Forum at Olympia Parkway (top left photo) a 1.2 million-square-foot power retail center in Selma, Texas.

HFF worked exclusively on behalf of the borrower, an affiliate of AVR Realty Company, LLC, to secure the long-term fixed-rate loan through Northwestern Mutual. 

The Forum at Olympia Parkway is located at the intersection of Interstate 35 and Loop 1604 approximately 17 miles northeast of downtown San Antonio.  Built in 2000, the property included in this transaction totals 510,092 square feet and is currently 99 percent leased. 

Tenants include Bed Bath & Beyond, Ross Dress for Less, Best Buy, PetSmart, Office Max, Old Navy, TJ Maxx and Toys “R” Us.  The center is shadow-anchored by the separately owned retail component with tenants including Target, Home Depot, Kohl’s and Hobby Lobby.

The HFF team representing the borrower was led by director Greg LaBine (lower right photo), managing director Andy Scott and associate director Campbell Roche.

For a complete copy of the company’s news release, please contact:

GREGORY F. LABINE                                  

 HFF Director                                                    

 (617) 338-0990                                                    

 glabine@hfflp.com  

                                    

MYRA F. MOREN

HFF Director, Marketing

mmoren@hfflp.com

(713) 852-3500

HFF arranges construction financing and joint venture equity for mixed-use development of 500 Madison in Old Town, Alexandria, VA

WASHINGTON D.C.  – HFF announced it has arranged construction financing and joint venture equity for the development of 500 Madison, a core mixed-use development in Old Town, Alexandria, Virginia.

HFF worked on behalf of Alexandria Old Town North, LLC (“AOTN”) to secure joint venture equity through Principal Real Estate Investors for its Principal Green Property Fund and a construction loan from Wells Fargo Bank.  AOTN was a venture comprised of The Pinkard Group, Buchanan Partners, Buvermo Properties and Theo Androus.

The 500 Madison site, located at the southeast corner of the intersection of Madison Street and North St. Asaph Street, represents the assemblage and re-zoning of five properties from four separate owners throughout the last several years. 

Due for completion in 2014,  the community will include the Kingsley, a 175-unit Class A apartment community, along with 52,000 square feet of street-level retail space that is 100 percent leased to Harris Teeter.  The Kingsley will feature studio, one- and two-bedroom units with an average size of 794 square feet.

The debt, equity and multi-housing teams in HFF’s Washington, D.C. office represented AOTN.

For a complete copy of the company’s news release, please contact:

                                    

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

 mmoren@hfflp.com

HFF closes sale of Class A office building in El Segundo, CA

  

LOS ANGELES, CA – HFF announced  that it has closed the sale of 2401 East El Segundo Boulevard (top left photo) a 106,597-square-foot, Class A office building in El Segundo, California.

HFF marketed the property exclusively on behalf of the seller.  Peregrine Realty Partners purchased the property for an undisclosed amount.

2401 East El Segundo is located across the street from the Los Angeles Air Force Base near the Interstate 105/405 interchange and is minutes from the Los Angeles International Airport. 

The property is fully leased to tenants such as Aerospace Corporation, Lockheed Martin, Orbital Sciences Corporation, SPARTA Inc. and Honeywell.  The six-story property was most recently renovated in 2005 and features underground parking and a common area conference room and break room that is open to all tenants.

The HFF investment sales team representing the seller was led by senior managing directors Michael Ross (middle right photo) and Richard Plummer (lower left photo) along with director Andrew Harper and real estate analyst Jeff Sause.

For a complete copy of the company’s news release, please contact:

MICHAEL C. ROSS                                      

 HFF Senior Managing Director                         

Ca. Lic. #00782053                                        

 (310) 407-2100                                                        

mross@hfflp.com          

                                        

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

 mmoren@hfflp.com

Voit Real Estate Services Directs Three Transactions in Phoenix, AZ Totaling $5.85 Million

  Phoenix, AZ (July 30, 2012) – Voit Real Estate Services’ Phoenix office has directed three transactions encompassing 17 acres and 35,283 square feet in the Phoenix market for a total consideration of $5.85 million.

“We are beginning to see a gradual increase in pricing for both office and retail properties in the Phoenix market,” said Darren Tappen (top right photo), a Senior Vice President in Voit’s Phoenix office. “This trend is driving buyers to act quickly to make deals, which is good news for property owners who are ready to dispose of assets.”

 For a complete copy of the oompany’s news release and full details of the transactions, please contact:

Judith Brower/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Post Properties Announces Second Quarter 2012 Earnings

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $20.2 million, or $0.37 per diluted share, for the second quarter of 2012, compared to net income of $8.8 million, or $0.17 per diluted share, for the second quarter of 2011.

Net income available to common shareholders for the six months ended June 30, 2012, was $41.0 million, or $0.76 per diluted share, compared to net income of $8.4 million, or $0.17 per diluted share, for the six months ended June 30, 2011.

For a complete copy of the company’s news release and statistics, please contact:

Post Properties, Inc.

Chris Papa (top right photo)

404-846-5028

Atlanta Property Group Acquires 1190 West Druid Hills

  

 ATLANTA, GA (July 30, 2012) – Atlanta Property Group, a locally based real estate investment firm, said today it has closed on its acquisition of 1190 West Druid Hills Drive (top left photo), an office building in the Druid Chase Office Park.

The four-story building at 1190 West Druid Hills Drive at I-85 and North Druid Hills Road comprises 80,249 square feet. The property is adjacent the office building at 2801 Buford Highway, which Atlanta Property Group acquired in 2011.

APG’s newest asset, 1190 West Druid Hills Drive offers great access to I-85 and is proximate to Buckhead and Midtown.

Over the next year, Atlanta Property Group will invest $125,000 to renovate the building’s common areas and attract new tenants.

 APG will compete aggressively for tenants and has ample capital available for tenant improvements and leasing commissions.

Atlanta Property Group acquired 1190 West Druid Hills Drive from Duke Realty. Terms of the transaction were not disclosed.

APG has tapped Austin Chase and Kirven Brantley of Lavista Associates to market and lease 1190 West Druid Hills Drive. They can be reached at 770-448-6400.

For a complete copy of the company’s news release, please contact:

Tony Wilbert                                          

Wilbert News Strategies

404-965-5022 (O)

 404-405-3656 (C)

twilbert@wnspr.com

PCCP Provides $30 Million Senior Loan to Refinance 14-Story Class A Office Building in Atlanta, GA

  

 New York, NY,  July 30, 2012 - PCCP, LLC announced today it has provided a $30 million senior loan to refinance a 93 percent leased, Class A, 272,650-square-foot office building located at 5660 New Northside (top left photo) in Atlanta’s Cumberland / Galleria submarket.

 PCCP’s loan is being utilized by an equity consortium led by Banyan Street Capital to refinance existing debt on the asset. 

“The property was initially purchased by the equity consortium as part of a southeastern U.S. office portfolio acquisition,” said John Randall (middle right photo), senior vice president with PCCP, LLC.

“At that time the property was 67 percent occupied. The ownership leased up the building to nearly full occupancy today, showing its strength and experience in the local market despite challenging economic conditions.”

Built in 1989, the property is a 14-story Class A office building situated on a 6.22-acre site. In addition to surface parking, the property is serviced by a four‐level parking deck, adjacent to the building with capacity for 929 vehicles.

“The ownership plans to evaluate several opportunities to extend and renew some leases as well as work with several tenants who have expressed a desire to potentially expand their space,” said Barrie Bloom (lower left photo), vice president with PCCP, LLC.

 “The potential to add more value to the property by strengthening the rent roll is great as the combination of an ideal location, quality of the building, and its management are all in place for short- and long-term success for the office tower.”

The property is located alongside I‐285, where over 200,000 vehicles see it on a daily basis.  Additionally, the property’s location on I‐285 / New Northside Drive provides outstanding access to I‐285, I‐75, GA 400 and the surrounding surface streets, which all offer visibility of the building.

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

 www.pccpllc.com.

Berger Commercial Realty Announces New Sale in Riviera Beach, FL

FORT LAUDERDALE, Fla. (July 30, 2012) – Commercial real estate broker Judy Dolan of Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, closed the sale of a multi-tenant industrial building located in Riviera Beach, Fla.

Located at 4910 Dyer Blvd.  (top left photo), the 22,634 square-foot property sold for $785,000 to Real Expo LLC. Dolan represented the seller Dawn-G, LLC/Bayview Loan Servicing.

 Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Carter and Chance Partners Announce $39 Million Student Housing Project at University of Mississippi

  

 ATLANTA, GA (July 30, 2012) – Carter, a leading development, investment and advisory services firm, and Chance Partners, a fully integrated, award-winning real estate firm, today announce plans to develop The Highlands, a $39-million student housing community at the University of Mississippi in Oxford, Miss.

Carter will serve as master developer of the new mixed-use development, which will provide approximately 750 beds for Ole Miss students by July 2013. This is the first joint-venture project between the two Atlanta-based development companies.

Carter Senior Vice President, Andy Feinour (lower right photo), believes Oxford is an ideal market forthis new prototype.

  “Based on current and projected record-setting enrollment numbers at Ole Miss, existing market demand, aging inventory, and Oxford’s strong rental and occupancy rates, now is the perfect time -- and Oxford is the perfect market to introduce this unique student housing concept,” Feinour says.

 “Students in Oxford and many other university markets across the country want a high-quality, amenity-rich place to live, and we’ll deliver that better than it’s ever been done before.”

For a complete copy of the company’s news release, please contact:

Tony Wilbert

Wilbert News Strategies

404-965-5022/ 404-405-3656

twilbert@wnspr.com

Interstate Hotels & Resorts and Waramaug Hospitality LLC Complete Major Renovation and Conversion of Tampa, FL Hotel

 ARLINGTON, VA and TAMPA, FL, July 30, 2012 – Interstate Hotels & Resorts, the largest U.S.-based global hotel management company, today announced the completion of a $9 million comprehensive renovation of the former Crowne Plaza hotel and conversion to the Sheraton Tampa East Hotel (banquet room top left photo).

 The hotel was acquired last fall by a joint venture between Interstate Hotels & Resorts, Waramaug Hospitality LLC, and a private investment group.

 Interstate operates the Sheraton Tampa East Hotel under a long-term management agreement.  Waramaug Hospitality Asset Management LLC provided project and asset management for the renovation and conversion to the Sheraton brand.

“We have a great team that was able to renovate all areas of the hotel in a very short period of time,” said Jay Litt (lower right photo), asset manager for Waramaug Hospitality Asset Management LLC.

 “We wanted the conversion to be completed in time for the Republican National Convention this summer, and our team was able to finish the work with time to spare.” 

For hotel reservations, please visit www.sheratontampaeast.com or call (813) 623-6363.

For more information, visit www.interstatehotels.com.

Connect with Interstate at www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com.

For a complete copy of the company’s news release, please contact:

Chris Daly, Jerry Daly

Daly Gray, Inc.

703-435-6293

Chris@Dalygray.com

Jones Lang LaSalle Increases Prominence in Orange County, CA with 360 Commercial Partners Merger

IRVINE, CA — Jones Lang LaSalle (NYSE: JLL)  announced it has merged operations with 360 Commercial Partners, one of Orange County, California’s leading real estate services firms.

The combined firm will have a commanding presence in Orange County, with greatly enhanced strength and depth of service that will enable the firm to more fully deliver strategic, integrated services and solutions for real estate owners, occupiers and investors.   

The merger of Jones Lang LaSalle and 360 Commercial Partners was driven by client demand for broader and deeper services, as well as the anticipated growth of Orange County,” said Peter Belisle (top right photo), Southwest Market Director, Jones Lang LaSalle.

 “This is a mutually beneficial merger for 360 Commercial Partners and Jones Lang LaSalle, as well as for our clients, who will now have access to a broader platform and local market expertise from a firm that is the clear leader in capturing real value from real estate.”

For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page. 

 http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx.

For a complete copy of the company’s news release, please contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.joneslanglasalle.com.

Colliers International Completes $2.2 Million Sale of 21,700-SF Industrial Building in Simi Valley, CA

Simi Valley, CA – Colliers International, the third largest global real estate services organization, has completed the sale of a 21,700-square-foot industrial property located at 2255 Agate Court (top left photo)in Simi Valley.  The transaction is valued at approximately $2.1 million.

John DeGrinis (middle right photo), SIOR, senior executive vice president, Patrick DuRoss (lower left photo), associate vice president, and Jeff Abraham, senior associate all based in Colliers International’s Encino office represented the buyer, California Lasers, Inc.  Grant Harris, John Ochoa and Grant Fulkerson of Lee & Associates represented the seller.

California Lasers provides sub-contract laser welding, cutting, drilling, electron beam welding and leak testing services to the rapidly growing medical, aerospace and semiconductor industries. 

“California Laser is increasing its footprint significantly,” DuRoss explained. “ We are pleased to see a manufacturer doing so well and growing within the same region they’ve flourished in for many years.”

The building was constructed in 1985.  The property offers building features including 22-foot minimum clearance, 1000 amps of power, HVAC throughout the building and a fenced yard area.   

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Voit Real Estate Services Directs $7 Million Orange County, CA Industrial Acquisition for Aerospace Company

 Orange County, CA – Mitch Zehner (top right photo) and  Seth Davenport (middle left photo) of Voit Real Estate Services’ Anaheim office have successfully directed the $7.25 million acquisition of an 82,544 square-foot industrial building situated on 4.56 acres in Anaheim, Calif. on behalf of the buyer.

 The building, previously occupied by a hardwood distribution company, will be fully occupied by the buyer, a North Orange County-based Aerospace Shop, according to Zehner, an Executive Vice President in Voit’s Anaheim office.

Zehner and Davenport represented BT La Palma as the buyer in the transaction. This is a relocation for BT La Palma, as the firm is moving its business from a neighboring city in North Orange County, according to Zehner.

“Our client was seeking a large industrial building in Anaheim with ample yard space to accommodate its aerospace business,” explained Zehner. “As industrial inventory continues to tighten in Anaheim, properties with these specifications are becoming rare commodities.”

Zehner noted that because the Voit team is constantly tracking the OC industrial market, they were able to quickly identify and secure this facility, which met their client’s operational and location needs.

The seller, Dunham & Gilliland LLC, was represented by Clyde Stauff of Colliers International.

 This free-standing building is located at 4890 E. La Palma Avenue (bottom right photo) in Anaheim, Calif. with major street visibility on La Palma Avenue, according to Zehner.

Contact:

Jenn Quader/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

RCG Ventures Sells South Georgia Shopping Center for $4.4 Million

 ATLANTA, GA-- Cassidy Turley, a leading commercial real estate services provider in the U.S., has brokered RCG Ventures’ $4.4 million sale of Cordele Corners (top left photo), a 120,868-square-foot shopping center in Cordele, Ga.  The buyer was a Florida-based private equity group.

 Mark Joines (lower right photo) and Drew Fleming, both vice presidents in the Brokerage Services division of Cassidy Turley’s Atlanta office, represented RCG Ventures in the transaction, while the buyer represented itself.

Built in 1986, Cordele Corners is a former Walmart located near I-75whose anchor tenants include Tractor Supply, Bealls and Dollar Tree. Its occupancy rate is currently 70 percent.

 “Cordele Corners is a strong asset with outstanding anchor tenants and plenty of upside potential,” Joines said. “This transaction was a good one for both buyer and seller and one in which Cassidy Turley was able to deliver significant value to our client.”

 Public Relations Contact

 Tony Wilbert

Wilbert News Strategies

404-965-5022

twilbert@wnspr.com