Single-Tenant Prices Continue to Rise in 4th Quarter

CORPUS CHRISTI, TX, DEC., 30, 2012--The recent sale of a new Dollar General in Corpus Christi, TX demonstrates that demand for single tenant properties continued until the very end of 2012.

The property located at 2701 Waldron Road in Corpus, Christi, TX sold for $1,215,187 which amounts to an 8% cap rate. The seller was Corpus Waldron DG, LLC based in Birmingham, AL.

The buyer was a private real estate fund based out of California.

David Wells of the Wells Net Lease Group of Sperry Van Ness represented the buyer.

"For credit rated tenants with ten or more years of term demand has continued throughout the year and we have seen more all cash buyers bidding on assets" says Wells, Managing Director of the Wells Net Lease Group of Sperry Van Ness based in Miami.

David Wells

 "We're now seeing shorter time frames to close and sellers are demanding more up front from prospective purchasers ."

The property is a corporate leased Dollar General built in 2009. The property has an initial 15-year lease in place with 11 years remaining and has a rental increase in 2019 with 4 five year options. Dollar General corporate is rated S&P BBB- Investment grade credit.

David Wells of the Wells Net Lease Group of Sperry Van Ness is one of the nation’s top net lease brokers and has been involved in over 30 dollar store transactions in 2012. He exclusively represents some of the nation's top developers and institutional buyers.

For more information, please contact:

David Wells

Wells Net Lease Group

 of Sperry Van Ness

david.wells@svn.com

305-498-6095

4 Proposed Condo Towers Prepare To Launch Construction In South Florida

  

Sunny Isles East and Sunny Isles West Condo rendering
Sunny Isles, FL

MIAMI, FL -- With 15 condo towers currently under construction or recently completed in South Florida, the developers of four other proposed towers - 400 Sunny Isles East, 400 Sunny Isles West, ICON Bay, and the Porsche Design Tower - have each taken a key step in preparation of launching construction, according to a new report from CondoVultures.com.

In the last 90 days, the developers of the four respective towers formally recorded their Declaration of Condominium documents in the county where the projects are slated to be built, according to Miami-Dade County records.

The Porsche Design Tower (declaration recorded on Dec. 13, 2012) and the 400 Sunny Isles East and West towers (declarations recorded on Oct. 12, 2012 and Nov. 13, 2012, respectively) are proposed for Sunny Isles Beach and the ICON Bay project (declaration recorded on Nov. 6, 2012) is proposed for Greater Downtown Miami, according to government records.

In the early stages of this newest South Florida condo building boom, an increasing number of developers are recording their condominium declarations documents in the county where the projects are to be located just prior to launching construction.

Contrast this with the last condo boom - and subsequent bust - where developers typically recorded their condominium declaration packages in the county where the projects are to be located only when the construction was nearly complete and the presale contracts were ready to be transacted, industry watchers said.

Peter Zalewski

"South Florida's preconstruction condo market is evolving to meet the demands of cash buyers," said Peter Zalewski, a principal with the Greater Downtown Miami real estate consultancy Condo Vultures® LLC.

"Given the challenges that have existed for condo construction financing to date, many developers have had to tinker with their approaches in order to ultimately build their proposed towers. The recording of condo declarations with the county prior to construction is just one of the variations that has emerged with this newest wave of condo construction."

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Arne Sorenson, President and CEO of Marriott International, Calls on Leaders of Both Parties to Return to Negotiations to "Do No Harm."

Arne Sorenson

BETHESDA, MD /PRNewswire/ -- The following is a statement from Arne Sorenson, President and CEO of Marriott International:

"We've made good progress in 2012 in the hotel industry and in the general economy creating new jobs, re-building the real estate market and boosting consumer confidence. The last thing we need is another crisis of confidence in our political system and the economy like we experienced in August 2011.

The fiscal cliff we face now was created by politicians of both parties the last time they were unable to reach a comprehensive agreement to deal with our runaway federal deficits. 

President Barack Obama

“Our political leaders need to reach a balanced deal now, before we go off the fiscal cliff at year end and without creating a new set of future conditions that create a new fiscal cliff in the future.  We are proving today that deferral of the tough issues for future resolution is not a recipe for success.

“If there was one message in the election, it's that Americans want our leaders to govern and to do so in a balanced fashion. Revenue increases need to be part of the deal.

White House, Washington, DC

“At $1.2 trillion over ten years, the revenue piece seems fair, provided the spending cuts, including through entitlement reforms, match that level.  With $2.4 trillion from revenue increases and spending cuts, not counting interest or war savings, we can get our federal fiscal situation back on track towards a sustainable set of policies.

“There are many different ways to fill in the details of such a plan. I and many others urge our political leaders to get back to the table today and work out a deal by December 31st.  The President and Congress can do no harm only if they act. Act now, decisively, and comprehensively."

Contact:

Global Communications,

+1-301-380-7770

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

First Green Foundation awards two new solar energy grants

MOUNT DORA, FL. --- The First Green Foundation, a 501(c)3 charitable organization established to promote the environmental mission of First Green Bank in Mount Dora, recently awarded grants worth $1,000 each to Dinesh V. Shah of Eustis and Randy VanBuskirk of Longwood for their projects installing residential solar energy equipment.

Kenneth LaRoe, chairman of the First Green Foundation, said Shah is installing a 10 KW solar panel system at his home. VanBuskirk is installing a 7.5 KW solar panel system, also at his home.

The grants to Shah and VanBuskirk are the second and third solar energy grants the Foundation has awarded.  LaRoe said the Foundation has budgeted $20,000 for alternative energy grants. Shah and VanBuskirk are First Green Bank depositors, LaRoe said.

The First Green Foundation awards grants of up to $1,000 for residential solar energy systems and higher amounts for commercial systems, LaRoe explained.

Grant applications are available online at FirstGreenBank.com.

 Contacts:

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com

Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   

NAI Realvest Negotiates $14 Million+ sale of former Hertz property North of Orlando International Airport on SR 436

Kevin O'Connor

 Orlando, FL. --- NAI Realvest recently negotiated the sale of the former Hertz rental facility which includes 19.44 acres of land for development at 5601 Butler National Drive off Semoran Blvd. (S.R. 436) north of Orlando International Airport.

 NAI Realvest principals Kevin O’Connor and Matt Cichocki negotiated the transaction representing the seller, The Hertz Corporation of Park Ridge, N.J. who closed the operation to move it onto airport grounds.

Matt Cichocki

 Los Angeles based L&R Investment Company purchased the property for $14,250,000 and intends to obtain a master plan for mixed use development including retail outparcels that front on Semoran Blvd. and an off-airport parking facility in the rear.

For more information, contact

 Kevin O’Connor and Matt Cichocki, NAI Realvest 407-857-9989 koconnor@realvest.com or mcichocki@realvest.com.

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com;

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

Ashford Hospitality Trust Completes $112.6 Million Financing On Renaissance Nashville And Westin Princeton

Renaissance Hotel, Nashville, TN

DALLAS, FL /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT)  announced that the Company, along with its joint venture partner, has closed a $112.6 million loan secured by the Renaissance Hotel in Nashville, Tennessee and the Westin Hotel in Princeton, New Jersey. 

These hotels are part of the Company's Highland Hospitality Portfolio of which Ashford has a 71.74% ownership interest.  Terms described in this press release refer to 100% of the loan indebtedness unless otherwise indicated.

The new financing, which has a five-year term and bears interest at a fixed interest rate of 4.44%, replaces two existing loans with a combined balance of $76.8 million and a weighted average interest rate of 6.05%.

Westin Hotel, Princeton, NJ

At closing, $30 million of the excess loan proceeds were deposited into reserve accounts to be used predominantly for future capital expenditures and $3.8 million were used to pay down the mezzanine debt balance on the overall Highland Hospitality Portfolio.

"This transaction completes the refinancing of the three CIGNA loans in our Highland Hospitality Portfolio," said Monty J. Bennett, Chief Executive Officer of Ashford Hospitality Trust. 

Monty J. Bennett

"With this financing, and the recently announced financing on the Hilton Boston Back Bay, we have increased the weighted average maturity of our debt, lowered our interest expense, paid down more expensive debt with some of the excess proceeds, and reserved funds for future capital expenditures.  

"We continue to actively pursue other early refinancing opportunities in our portfolio to capitalize on the current attractive debt capital markets."

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

David Kimichik,

Chief Financial Officer,

 +1-972-490-9600

Elise Chittick,

 Investor Relations,

+1-972-778-9487

Scott Eckstein,

Financial Relations Board,

+1-212-827-3766

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

NAI Realvest negotiates $3.9 Million sale of property to be developed as restaurant complex to include Bahama Breeze and Olive Garden brands

Paul P. Partyka

MAITLAND, FL--- NAI Realvest negotiated a $3.9 million price in the sale of the 127-room former Ramada Inn hotel at 1798 International Speedway Blvd. in Daytona Beach.

Paul P. Partyka, managing partner at NAI Realvest, negotiated the sale representing seller Consolidated Inns of Daytona Beach, Inc.

Development Options Center, LLC of Chattanooga, Tenn. acquired the 4.1-acre property to develop as a three-restaurant complex that will include a Bahama Breeze restaurant and an Olive Garden restaurant, Partyka said.

Former Ramada Inn, Daytona Beach, FL

“We were able to negotiate successfully on the property due to its prime location and the development plan with very popular Darden Restaurant brands is just perfect for the site,” said Partyka. “This has been a win-win-win transaction all around,” he said.

The site is located directly across International Speedway Blvd. from Daytona International Speedway.

For more information, please contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, ppartyka@realvest.com

Patrick Mahoney, President, NAI Realvest, 407-875-9989, pmahoney@realvest.com

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

‘Sustainable’ is the Standard for New Breed of Community Banks, Says First Green Bank Chairman Ken LaRoe

Kenneth M. LaRoe

Mount Dora, FL --- “Sustainable” is the standard for a new generation of bankers who aim to make a difference along with a profit in the market that’s emerged since the collapse of too-big-to-fail Lehman Brothers four years ago.

Kenneth M. LaRoe, chairman of First Green Bank in Mount Dora, said sustainable banking practices will steer the industry back to its original course---stable and solid financial returns and resiliency through strong capital positions---and restore the world economy.

A critical industry analysis issued last month by the Global Alliance for Banking on Values---a worldwide network of proponents of sustainable banking practices---proves LaRoe’s point.

First Green Bank Headquarters, Mount Dora, FL

“Sustainable banks allocate almost twice as much of their balance sheet to lending to the real economy than the too-big to-fail banks,” LaRoe said. 

“Dominant big banks lend less, attract fewer deposits and have a weaker capital base than sustainable banks, and financial results over the last 10 years show sustainable banks are resilient, support the real economy, and provide stable returns,” he said.

LaRoe, whose First Green Bank opened its award-winning headquarters facility in Mount Dora last year and a branch facility in bustling downtown Orlando recently, said sustainable banking practices form the core of First Green’s expanding business model.  First Green Bank also has locations in Ormond Beach, Clermont and a planned branch in Winter Park sometime next year.

.

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

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com

Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com  

DoubleTree by Hilton Enters China’s Fujian Province With The Opening Of DoubleTree by Hilton Putian

  

DoubleTree by Hilton Putian

 MCLEAN, VA– Hilton Worldwide announced the opening of its first hotel in Fujian province.

DoubleTree by Hilton Putian, the 12th DoubleTree by Hilton property in China, offers 337 contemporary guestrooms; including 23 suites, three restaurants, a lobby lounge and a well-equipped fitness center with a 25-meter heated indoor swimming pool and a spa. It is the first internationally branded hotel in Putian.

 “The opening of DoubleTree by Hilton Putian marks Hilton Worldwide’s entry into Fujian Province and is another milestone in our ongoing expansion in China, where we have more than 110 properties in the pipeline," said Martin Rinck, president, Hilton Worldwide, Asia Pacific.

"We plan to continue to accelerate our growth and bring world class brands like DoubleTree by Hilton to more cities across China.” 

Martin Rinck

Situated in the central Chenxiang diplomatic and commercial district, DoubleTree by Hilton Putian is located across the street from the new government center. It is convenient to the Putian railway station, where high speed trains can whisk passengers to the nearby cities of Fuzhou Xiamen in less than an hour.

The hotel also offers business and leisure travelers easy access to many local attractions such as Meizhou Island, the hometown of Mazu and the origin of Mazu Culture, Putian South Shaolin Temple and Jiulong Valley National Forest Park.

“Putian is the latest in a long list of growth markets in China for DoubleTree by Hilton,” said John Greenleaf, global head, DoubleTree by Hilton. “We are delighted to introduce our world class, yet locally resonant brand of warm hospitality to the city. Business and leisure travellers will experience our warm, caring service culture and understand why guests of our DoubleTree by Hilton hotels become loyal, repeat customers.”

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

Maggie Giddens

DoubleTree by Hilton

+1 703 883 5346

Maggie.Giddens@hilton.com

 Suki Pan

Hilton Worldwide

+86(21)2321 6819       

Suki.Pan@hilton.com

Commercial Real Estate Show Examines How LinkedIn Can Benefit Businesses and the Network’s New Features

ATLANTA, GA (Dec. 27, 2012) – LinkedIn: It’s not just for job-seeking anymore. In fact, the social-media network’s biggest strength may be the ability it affords firms to grow their business-to-business relationships and sales.

 Those were some of the major points made by a renowned social-consultant on the newest episode of the “Commercial Real Estate Show” radio program hosted by Michael Bull. The episode also provided a detailed overview of some of the social-media network’s newest features, such as “endorsements.”

 “If you talk to most people, they would say LinkedIn is the place to find a job or to find new candidates to work at a company … ,” said Eve Mayer, CEO of the Social Media Delivered consulting firm. “But I believe LinkedIn may be the most underestimated business-to-business sales tool ever. This tool has really changed the way business-to-business organizations are able to prospect and to build relationships.”

Mayer has been ranked by Forbes as the fifth-most influential woman in social media, and Klout has named her the second-most influential authority on LinkedIn, behind only the network itself. Mayer does not work for LinkedIn or have a financial interest in the organization.

 LinkedIn recently provided users with the ability to “endorse” the skills of other users. As Mayer described it, endorsements are quick-and-easy versions of the network’s “recommendation” feature.

 “[Endorsements] are basically the Stove Top stuffing version of recommendations – they’re quick, easy and pre-made for you,” she said. “You just click a button, and it’s pretty much done. It’s the lazy-man’s recommendation.”

The entire episode on LinkedIn tips and strategies is available for download at www.CREshow.com.

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

 Contact:

Stephen Ursery

The Wilbert Group

404.965.5026

sursery@thewilbertgroup.com

Wall Street Comes to Main Street as Chicago’s MACK Companies Sells 196 Single-Family Rentals to American Residential Properties, Inc.

18700 Chestnut, Country Club Hills

CHICAGO, IL – MACK Companies, the largest owner of single-family investment properties in Chicago, and American Residential Properties, Inc., a real estate investment trust, have announced that MACK recently sold 196 investment properties to American Residential Properties for $28 million.

 According to James McClelland, president and CEO of Tinley Park, Ill.-based MACK Companies, the bulk sale to American Residential Properties marks the largest performing single-family asset deal in the U.S. this year, and perhaps ever.

Jim McClelland

  “With good reason there’s been a significant increase in interest from institutional investors wanting to enter the single-family market this year, but the only deals the industry has seen close so far have been bulk foreclosure buys on homes that still need to be redeveloped and leased. There certainly hasn’t been anything on the level of this deal when it comes to performing single-family rentals,” said McClelland.

 MACK and ARP have also reached an agreement in principal that would supply ARP with up to 30-50 properties each month during the next 24-36 months. The transactions would mean another 1,000 properties purchased from MACK, said McClelland

Stephen G. Schmitz

 “What American Residential Properties smartly realizes is that not only is there a shorter return time on their investment by purchasing performing single-family assets, but they’re also buying properties from a firm with proven experience in managing hundreds of single-family rentals. 

"We’ve been at this a long time, we’re not just figuring this out as we go along because single-family rentals happen to be the hottest asset class around,” McClelland continued.

Eric Workman

“We’ve been looking at entering the Chicago market for a while given its high foreclosure volume and robust demand for single-family rentals, but we didn’t want to partner with a firm just because it had a large amount of inventory – it had to be the right inventory,” said Steve Schmitz, CEO of Scottsdale, Ariz.-based American Residential Properties, which until now had invested in single-family properties in the Southwestern and Southeastern United States.

 “MACK doesn’t just grab a random portfolio of distressed properties – it cherry picks its properties. We liked that they were very discerning in their buys, because we’re discerning in ours.”

 “Over the past two years we have had a number of institutional investors offer various partnership models, but they just didn’t fit our business philosophy”, said Eric Workman, vice president of Sales for MACK.

  “What we found with ARP was a true alignment of company cultures and beliefs related to this asset class. Each company believes very strongly in a tenant-focused approach and in a long-term ownership strategy. Those values, along with ARP’s capital structure and commitment to this industry make us confident that this is the right deal for all parties involved.”

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

Mark Thomton

 (312) 267-4523

 mthomton@taylorjohnson.com

www.MACKcompanies.us

www.MACKestates.com

.

Taylor & Mathis of Florida Successful in Leasing Up 1101 Brickell in Miami, FL

1101 Brickell, Miami, FL

MIAMI, FL –When Taylor & Mathis of Florida was selected to assume leasing responsibilities at the iconic 1101 Brickell in January of 2010 the project was 30% occupied.

 Since taking over the leasing assignment, commercial brokerage team Taylor & Mathis has completed over 30 deals totaling 140,000 square feet with a total value of over $50 million.

 These deals have taken building occupancy from 30% to 84% with proposals out on the majority of vacant spaces. The leasing team includes:  Brian Gale, Ryan Holtzman, Andrew Trench and Jeannette Mendoza.

Brian Gale

The two iconic office towers totaling 251,000 square feet are located at the heart of Miami’s signature Brickell Avenue. 

“We have seen a flurry of leasing activity within the past year,” said Taylor & Mathis broker Brian Gale.  “Not many buildings on Brickell Avenue have seen this much positive absorption in such a short period of time.”

The new ownership group, Florida East Coast Realty (FECR), is finalizing a $12 million, top-to-bottom renovation.

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

Brian Gale,

 Principal

Taylor & Mathis of Florida

bgale@taylormathis.com

South Florida's 1st Website Dedicated Exclusively To Pre-construction Condos

Jenny Huertas

MIAMI, FL -- As South Florida prepares to surpass the 100-proposed-condo-towers threshold sometime early next year, the tricounty region's first new website - CraneSpotters.com - and newsletter - CraneSpotters.com Bulletin - dedicated exclusively to pre-construction condo projects in Miami-Dade, Broward, and Palm Beach counties is scheduled to debut in January 2013 some five years after the local real estate crash began in 2007.

Powered by the licensed Florida brokerage CVR Realty™, the soon-to-be-launched CraneSpotters.com website will be dedicated exclusively to the tri-county region's burgeoning pre-construction condo market east of Interstate 95 from Coral Gables to Jupiter.

CVR Realty™ -  the market intelligence source behind CraneSpotters.com - will continue to operate a 2,000-page website and full-service boutique brokerage dedicated exclusively to South Florida's condo market.

"The South Florida pre-construction condo market is proving to be confusing and overwhelming for prospective buyers who are trying to understand and evaluate the rapidly changing market," said licensed real estate broker Jenny Huertas, who manages CVR Realty™ and formerly ran the international division of Condo Vultures® Realty LLC.

"With CraneSpotters.com, we intend to provide pre-construction buyers with a definitive source on the growing list of newly proposed condo projects - and the respective developers - proceeding forward in South Florida. The goal is to reinforce our position as South Florida's condo experts for existing and proposed projects."

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

HFF closes sale of two Publix-anchored retail centers in South Florida

Plantation Towne Square, Plantation, FL

MIAMI, FL – HFF announced it has closed the sale of Plantation Towne Square, a 108,111-square-foot retail center in Plantation, Florida, and Colonial Shopping Center, a 67,351-square-foot shopping center in Miami, Florida.

HFF marketed the properties on behalf of the seller, Plaza Development Realty, Inc (“Plaza Development Realty”).  Entities affiliated with Publix Super Markets, Inc. purchased both properties subject to existing financing.

Colonial Shopping Center, Miami, FL

Plantation Towne Square was developed in 2001 and is 98.6 percent leased to tenants including Publix, Publix Liquors, Starbucks, Verizon, Bank United, Gamestop, Hair Cuttery and Allstate. 

 The property is situated on a 10.6-acre site at 6905-6989 West Broward Boulevard in the city of Plantation just west of the Fort Lauderdale CBD.

                Colonial Shopping Center is located on a six acre site at 9510 - 9698 SW 160th Street adjacent to South Dixie Highway (US-1) in Miami.  

Luis Castillo

Developed in 1997 and expanded in 2007, the property is 95.8 percent leased to tenants including Publix, Family Dollar, FootLocker, MetroPCS, RadioShack, Gamestop and Space Coast Credit Union.

The HFF team representing the seller was led by director Luis Castillo, senior managing director Daniel Finkle and senior analyst Robert Saracco.  With these transactions, HFF has closed 22 retail centers sale transactions totaling over $429.6 million in Florida in 2012.

Daniel Finkle

“Plantation Towne Square and Colonial Shopping Center are among the most successful and highest volume grocery-anchored shopping centers in South Florida,” said Castillo.  “There was an incredible level of demand for this core, grocery-anchored retail and we expect this trend to continue well into next year.”

For over 30 years, Plaza Development Realty has offered exceptional space for rent throughout Miami, Miami Beach and Plantation through leasing, management and construction of successful shopping centers in Miami-Dade and Broward County, Florida.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

www.draadvisors.com.

HFF closes sale and arranges acquisition financing for 17000 Katy Freeway in Houston, TX

17000 Katy Freeway in Park Ten Office Park,
Houston, TX

HOUSTON, TX – HFF announced  it has closed the sale and arranged acquisition financing for 17000 Katy Freeway, a 174,521-square-foot office building in Houston’s Energy Corridor.

                HFF marketed the property on behalf of the seller, Black Forest Ventures.  DRA Advisors, LLC purchased the asset for an undisclosed amount.  

Rusty Tamlyn

HFF also worked on behalf of the buyer to secure a five-year acquisition loan through Wells Fargo.

                17000 Katy Freeway is fully leased to Mustang Engineering and the John Wood Group.  The property was completed in 2007 and is situated on the north side of Interstate 10 within the Park Ten Office Park in Houston’s Energy Corridor.

The HFF investment sales team representing Black Forest Ventures was led by associate director Trent Agnew and senior managing directors Rusty Tamlyn and Dan Miller.

Trent Agnew

HFF’s debt placement team representing the buyer was led by senior managing director Wallace Reid, managing director Matt Kafka and director Colby Mueck.

“DRA Advisors has been aggressively looking to expand its holdings in Houston and recognized the opportunity to acquire a Class A asset with tremendous upside due to its tenancy and location within one of the country’s hottest submarkets, the Energy Corridor,” said Agnew.

Black Forest Ventures is a privately-owned asset management company based in The Woodlands, TX, which controls holding in the real estate, aviation, hospitality and technology fields.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

www.draadvisors.com.

HFF closes sale of Hyatt Regency in Tampa, FL

Hyatt Regency Hotel, Tampa, FL

MIAMI, FL – HFF announced  it has closed the sale of the Hyatt Regency, a 521-room hotel in Tampa, Florida.

                HFF marketed the Hyatt on behalf of the seller, AREA Property Partners.  Driftwood Hospitality Management, LLC purchased the property.

                The Hyatt Regency is located at 211 North Tampa Street in downtown Tampa.  The hotel features a restaurant and bar, 30,000 square feet of meeting space, heated outdoor pool, rooftop sundeck, fitness center and gift shop.  Following a renovation, the hotel will be converted to the Hilton-brand.

Paul Hsu

The HFF investment sales team representing the seller was led by senior managing director Daniel Peek, associate directors Paul Hsu and Max Comess and senior real estate analyst Cyrus Vazifdar.

                “The Hyatt Regency Tampa is really a wonderful investment opportunity, and we were pleased to represent the AREA team in this important transaction,” Peek noted.  “The property was a key component of the redevelopment of downtown Tampa and now sits in the center a dynamic and expanding central business district.”   

Max Comess

AREA Property Partners is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high-net-worth individuals. 

  Since the firm’s founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $14 billion in equity commitments for investments in the United States, Europe and Asia.

Its funds have collectively invested in more than 600 transactions with an aggregated value in excess of $65 billion.  Headquartered in New York, the firm has offices in Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai.  

AREA’s funds target a broad range of opportunistic, value-added and debt investments in real estate assets and portfolios throughout North America, Europe and India.  For more information, visit the firm’s website at www.areapropertypartners.com.

                Driftwood Hospitality Management, LLC is a hotel management company that operates and develops hotels in the U.S., and affiliates of the company operate in the Caribbean and Latin America. 

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

NAI Realvest Negotiates Expansion Lease with Tenant for over 15,400 SF at The Citadel in East Orlando, FL

 

Citadel III, Orlando, FL

 ORLANDO, FL – NAI Realvest recently completed a lease agreement for 4,393 square feet of office space at Citadel III, 5950 Hazeltine National Drive in southeast Orlando.

The NAI Realvest leasing team of Senior Associate Mary Frances West, CCIM, Matt Cichocki and Kevin O’Connor principals at NAI Realvest, negotiated the transaction representing the landlord, Citadel Partners, LTD based in Groveland, Fla.  

Mary Frances West

Local tenant Pentaho Corporation, already leasing 11,034 square feet at The Citadel III, will expand into two more suites which will increase its occupancy to 15,427 square feet by Jan. 1.

NAI Realvest is the leasing and management representative of Citadel III.

For more information, contact:

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com;

 Kevin O’Connor or Matt Cichocki, Principals NAI Realvest, 407-875-9989, koconnor@realvest.com or mcichocki@realvest.com

 Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com

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