HFF secures $26 million in financing for two regional malls in North Carolina

WASHINGTON, D.C. – HFF announced today that it has arranged $26 million in financing for Monroe Crossing (top left photo) and University Mall (middle right photo), regional malls in Monroe and Chapel Hill, North Carolina. 

HFF worked exclusively on behalf of Madison Marquette Retail Enhancement Fund to arrange the loans.

 A $10 million, five-year, floating-rate loan was placed with BB&T for Monroe Crossing and a $16 million, three-year, floating-rate loan was placed with PCCP, LLC for University Mall.  Proceeds were used to facilitate refinancings for both properties.

Monroe Crossing is located at 2115 West Roosevelt Boulevard about 20 miles southeast of Charlotte.  The 350,000-square-foot regional mall was most recently renovated in 2010 and is anchored by Sears, JC Penney and Belk.  Occupancy is 83 percent.

University Mall is located at 201 South Estes Drive close to the University of North Carolina at Chapel Hill.  The 90 percent leased mall has 366,000 square feet of space and is anchored by Harris Teeter, Dillards and Southern Season. 

The HFF team representing Madison Marquette Retail Enhancement Fund was led by managing director Mark Remington (middle left photo)

“In a sometimes challenging financing environment for non-fortress malls, the outcomes here represent a big win for our client, allowing it to finish the repositioning processes on these properties that was started when they were acquired,” Remington said.

Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and mixed-use real estate throughout the United States. 

The company specializes in creating unique retail destinations that respond best to consumer preferences.  With regional offices in Los Angeles, Philadelphia, New York, Charlotte, San Francisco, Boca Rotan, Seattle and San Diego, Madison Marquette seeks investment opportunities in growing markets. 

The company maintains a sophisticated in-house operating capability and oversees 18 million square feet of retail real estate.  This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners.

 For more information about the company, please visit http://www.madisonmarquette.com.

Contacts:

 MARK T. REMINGTON, HFF Managing Director, (202) 533-2500 mremington@hfflp.com   

 KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500   

krmurphy@hfflp.com         

                                   

Essex Realty Group Brokers Sale of Residential Condominium Building in Chicago, IL

 CHICAGO, IL, Jan. 19, 2012 – Essex Realty Group, Inc. is pleased to announce the sale of 22 S. Western Avenue (top left photo). 

The offering consists of nine bank-owned condominium units (of 12 total residential units) within a new-construction mixed-use building located in Chicago’s Near West Side neighborhood. 

The property has 9 units which each have access to additional storage and a rooftop deck.

Each unit has 2 bedrooms/2 bathrooms and with a total of five rooms they are each 1,250 square feet.  There are nine garage parking spaces allocated to the subject units.

 Doug Fisher (middle right photo) and Matt Welke (lower left photo) of Essex were the brokers in the transaction.  The price was approximately $800,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Contact:

Douglas S. Imber

Essex Realty Group, Inc.

773.305.4902

dougimber@essexrealtygroup.com

www.essexrealtygroup.com

Essex Realty Group, Inc.

2211 N. Elston Avenue, Suite 302

Chicago, Illinois 60614

773.305.4900

Meehan’s to Open Atlantic Station Location and Will Participate in St. Paddy’s Day Party in Atlanta

 ATLANTA, GA – Meehan’s Public House (top left photo) a locally owned Irish pub, will open at Atlantic Station (top right photo) this spring, the first of several planned restaurant openings as the mixed-use center improves its tenant roster.

Meehan’s is known for it classic Irish dishes elevated to a gourmet level. It already has three successful Atlanta-area locations — downtown, Vinings and Smyrna — and will open at Atlantic Station is early May between Cafe Nineteen and Z Gallerie.

 Around the same time, Yard House will open its first Atlanta location. Yard House is an upscale casual eatery known for great food, classic rock music and hundreds of taps of imported, craft and specialty ales and lagers.

“Meehan’s is Chapter One in what will be the story of Atlantic Station’s restaurant re-tenanting,” said Mark Toro (middle left photo), Managing Partner, North American Properties.

“When North American Properties took over Atlantic Station just over a year ago, we asked the people of Midtown what they wanted to see.

“Meehan’s represents well what they said they wanted — a welcoming, locally owned concept with great food and a great atmosphere. We are thrilled to welcome Meehan’s to Atlantic Station and to offer our guests a great new dining option.”

While the newest Meehan’s won’t officially be open for St. Patrick’s Day, the restaurant is partnering with Atlantic Station to present the first-ever Shamrock Station celebration March 17.

The St. Patrick’s Day celebration, sure to be a new tradition for Atlanta, will include Irish music and family activities during the day, as well as a big music headliner (stay tuned for an announcement) and plenty of beer as the day goes on. Meehan’s plans to feature beer trucks and barbecue stations.

Meehan’s, which has three locations in the Atlanta area (downtown, Vinings and Sandy Springs), is the perfect place to gather for a quick lunch, after work gathering, dinner with friends and late-night fun. 

This brand proudly carries forward the message, “Irish Customs, Neighborhood Charm” and the menu features interesting and satisfying twists on Irish and Southern cuisine.

Meehan’s is part of 101 Concepts, a privately owned restaurant group with more than 20 years experience in developing and operating successful restaurant concepts in the Atlanta area. Other restaurants include Food101 in Sandy Springs, Soho in Vinings, Cibo e Beve in Sandy Springs and Coastal Kitchen on St. Simon’s Island.

Visit Atlantic Station on Twitter at twitter.com/atlanticstation or on Facebook at www.facebook.com/AtlanticStation

For More Information, Contact:

Caroline Wilbert

Wilbert News Strategies

404-965-5021 (O) 404-405-6479 (C)

twilbert@wnspr.com

Marcus & Millichap Sells Medical Office Building in Lewisville, TX

LEWISVILLE, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Baylor Surgicare (top left photo) at Lewisville, a 19,896 square-foot single-tenant net-leased property located in Lewisville, according to Jonathan W. Dwoskin (lower right photo), regional manager of the firm’s Detroit office. Terms of the transaction were not disclosed.

Chris Gomes and Ashish Vakhariya, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listing to market the property on behalf of the seller, a partnership.

The buyer, a limited liability company, was secured and represented by Vakhariya, an investment specialist in Marcus & Millichap’s Detroit office. Tim Speck, a first vice president in Marcus & Millichap’s Dallas office, assisted in closing this transaction.

Baylor Surgicare at Lewisville is located at 1854 Lakepointe Drive.

Press Contact: Jonathan W. Dwoskin, Regional Manager, Detroit

(248) 415-2600

Rockbridge Announces Major Capital Investment in The Wynfrey Hotel in Birmingham, AL

BIRMINGHAM, AL, Jan. 19, 2012—RockBridge announced a preferred equity investment to recapitalize and reposition the 329-room, full-service Wynfrey Hotel (top left photo) in Birmingham, Ala. (the “Wynfrey” or the “Hotel”).

 The Hotel will undergo a comprehensive multi-million dollar renovation, after which it will be reflagged as The Hyatt Regency Birmingham - The Wynfrey Hotel. 

The developer of the hotel and the adjoining Riverchase Galleria and Galleria Tower, Jim Wilson & Associates, LLC, retains an ownership interest in the project. 

Davidson Hotels & Resorts has managed the landmark property since 2009 and facilitated the transaction and branding on behalf of ownership.  James T. Merkel, (middle left photo)  president and CEO of RockBridge, made the announcement.

The renovation will commence in the fall of 2012 and be completed by March 2013.  The Hotel will receive substantial upgrades including an enhanced exterior facade, renovation of all public areas, fitness center, outdoor swimming pool and meeting space.  The guest rooms will be fully refurbished with upgraded bedding and a comprehensive soft and case goods package.

“We fully expect the strength of the Hyatt brand and the multi-million dollar renovation to cement this property’s leadership position as one of the region’s top destinations for area business and leisure travelers,” said Patrick Lupsha (top right photo), Davidson’s chief operating officer.  “We plan to aggressively market the new Hyatt Regency as Birmingham’s leading upper upscale property.”

The Hotel is conveniently located immediately off of I-459 and Highway 31 and is attached to the Riverchase Galleria, (lower right photo)  the largest enclosed mall in Alabama, with more than 1.5 million square feet of retail space. 

The Chancellor’s Club level lodging, accessible only with a private key, offers two floors of deluxe accommodations with exclusive in-room amenities, complimentary continental breakfast and evening reception.  Additional hotel amenities include high-speed Internet access, fitness center, business center, 32,000 square feet of meeting space, and multiple dining options, including Shula’s Steak House.

 “Consistent with our proven investment strategy, this preferred equity investment represents an opportunity to reposition, renovate, and rebrand a quality asset at an attractive basis with considerable upside potential,” said Mr. Merkel.

For additional information, please visit www.davidsonhotels.com,  www.jwamalls.com and www.rockbridgecapital.com.

Contact:

  

 Paul Kesman                                       

 RockBridge                                                         

 (248) 321-2035

                                              

Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

EagleBridge Capital Arranges Mortgage for Bank of America Branch in West Warwick, Rhode Island

Boston, MA, Jan. 19, 2011 --  EagleBridge Capital has arranged acquisition/permanent mortgage financing totaling $746,000 for a Bank of America branch located in West Warwick, Rhode Island. 

The mortgage financing was arranged by EagleBridge principals Brian D. Sheehan (middle right photo) and Ted M. Sidel (lower left photo) who stated that the loan was provided by a regional financial institution.

The Bank of America branch is located at 5 Washington Street (Route 33) at the intersection of Main Street in downtown West Warwick.  The branch contains 3400 square feet of space and is situated on a .45 acre lot with parking for 20 vehicles. A bank has been located on this site since 1924.

Previously in 2011 Eagle Bridge Capital has arranged financing for a number of other  net leased retail buildings including those lease to  Advance Auto Parts in Windham, Connecticut; AT&T and Great Harvest Bread Company located in North Kingston, Rhode Island; Goodwill Industries located in North Attleboro, Massachusetts; and Dollar Tree, Auto Zone, and Optima Bank  located in North Hampton, New Hampshire.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, condominiums, apartments, office, industrial, r & d buildings, hotels and mixed use properties as well as special purpose buildings.

Contact:

Ted Sidel, (617) 292-7177, EXT. 10                

33 BROAD STREET   BOSTON, MA 02109    TEL: 617.292.7177   FAX: 617.292.7575

www.eaglebridgecapital.com