ARA Announces 297-Unit Portfolio Sale in Delray Beach, FL

Boca Raton, FL (Jan. 30, 2012) — The Boca Raton office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the The Fountains at Delray Beach (top left photo) (149 units) and Water’s Edge (top right photo) (148 units). Each asset was 94.6% occupied at the time of sale.

 The Boca Raton-based sales team of Principal, Avery Klann (middle left photo), Senior Vice President Hampton Beebe (lower right photo), and Principal Marc deBaptiste  represented Archon Group in the sale.š Acumen Real Estate purchased the property.šš

  “The Fountains at Delray Beach and Water’s Edge are situated in an ideal location in the Delray Beach rental submarket,” noted Avery Klann, lead broker on the deal.š “These highly desirable communities are proximate to several dynamic employment centers including Boca Raton, downtown West Palm Beach, and Fort Lauderdale.”

 The Fountains at Delray Beach offers resort-style amenities including a swimming pool, sundeck, hot tub, clubhouse, fitness center, club room, tot lot, tennis court, picnic gazebos with barbecue grills, storage spaces and attached and detached garages.š

 The oversized units feature full size washer/dryers, large covered balconies/patios, ceramic tile kitchens and baths, walk-in closets, dishwashers/disposals, track lighting in dining/kitchen areas, vaulted ceilings in top floor units and available intrusion alarms.š

Water’s Edge features a low density design at only eight units per acre.š Its amenity package includes a pool with a sundeck, walking trail around the lake, clubhouse, fitness center, picnic area with grills, tennis court, sand volleyball court and children’s playground.š

The functional floor plans feature full size washer/dryers, ceramic tile kitchens and baths, patio/balconies, walk-in closets, vaulted ceilings in top floor units and dishwashers/disposals.šššššš

 “The properties are only a five-minute drive from the bustling Downtown Delray Beach entertainment district,” noted Hampton Beebe.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.šš

Nicholas Matt rejoins HFF Pittsburgh as managing director

PITTSBURGH, PA – HFF announced today that Nicholas Matt (top right photo) has rejoined the firm as a managing director in its Pittsburgh office. 

Mr. Matt will focus on debt and investment sales transactions for all property types with a specialized focus on multi-housing throughout the northeastern United States.

 He worked at HFF for more than 10 years as an analyst and later a managing director before spending two years as a senior vice president in CBRE’s debt and equity finance department.

 Prior to working for HFF, he spent nearly 10 years employed with “Big Four” accounting firms where he advanced to become a tax manager in the Pittsburgh office of PricewaterhouseCoopers. 

Mr. Matt has a Bachelor of Science degree from Saint Vincent College, an MBA in Finance from the University of Pittsburgh and a Masters in Taxation from Robert Morris College. 

 He is a Certified Public Accountant and a member of the Apartment Association of Pittsburgh, the Western Pennsylvania Apartment Association, the Institute of Real Estate Management, Urban Land Institute, National Association of Office and Industrial Properties and the Pennsylvania Institute of CPAs.  

“Nick is one of the top producers in the Pittsburgh market and HFF is fortunate to have him back with the firm,” said Mark Popovich (lower left photo), a senior managing director in HFF”s Pittsburgh office.

Contacts:                         

                    

MARK POPOVICH                             KRISTEN MURPHY

HFF Senior Managing Director        HFF Associate Director, Marketing

 (412) 281-8714                                 (713) 852-3500

mpopovich@hfflp.com                      krmurphy@hfflp.com

LAX Central Utility Plant Project Tops Out

 LOS ANGELES, CA,  Jan. 30, 2012 – The new Central Utility Plant (CUP) at Los Angeles International Airport (LAX) reached a major construction milestone when construction workers placed the final structural steel beam atop the building’s frame on January 24, 2012.

Currently on schedule for construction completion in summer 2014, the $438 million (development cost) design-build project is being built by Clark/McCarthy, A Joint Venture.

In just four weeks, construction workers from Schuff Steel used a Manitowoc 999 Lattice-boom crawler crane with a reach of 140 feet to erect 1,400 tons of structural steel, creating the frame for the new CUP.

 An audience of approximately 300 project stakeholders and construction workers celebrated the ‘topping out’ during a ceremony held near the construction site.

As a part of the event, attendees signed the final I-beam adorned with an American flag and an evergreen tree. The beam was then lifted 75 feet high and attached to the top of the structure.

The new CUP is being built to replace the existing 50-year old facility with a modern; state-of-the-art, computer managed utility plant providing enhanced passenger comfort and reliability of utility service and safety within the newly renovated modernized terminals at LAX.

 The existing CUP will service the airport throughout construction. Upon project completion, the replacement will be brought on-line and the old CUP will be decommissioned and demolished.

Clark/McCarthy, A Joint Venture is a joint venture between Clark Construction Group and McCarthy Building Companies.

Additional project partners include: Gruen Associates, Los Angeles, architect; Arup, Los Angeles, mechanical, electrical, plumbing, structural, and commissioning engineer; Capital Engineering Consultants, Rancho Cordova, Calif., mechanical consultant; Greenform, Los Angeles, sustainability consultant; and PID Engineering, San Diego, cogeneration consultant.

For more information about the project and project teams, please visit:

http://www.clarkmccarthylaxcup.com/; http://www.la-next.com/; www.clarkconstruction.com; and www.mccarthy.com

Media Contacts:

Laura Mickelson, McCarthy Building Companies

(949) 453-0851

16 Technology Drive, Suite 125

Irvine, CA  92618

(949) 453-0851

(949) 453-8420 fax

lauramickelson@cox.net

Follow me on Twitter @LauraMickelson

Eric Fulton, Clark Construction, eric.fulton@clarkconstruction.com

(301) 272-8437

Albert Rodriguez, Los Angeles World Airports, arodriguez@lawa.org

(424) 646-5260

The Lodging Unlimited Group of Companies Appointed Receiver for Country Hearth Inns & Suites Hotel in Indiana

CHICAGO, IL and NEW YORK, NY, Jan. 30, 201--The Lodging Unlimited Group of Companies (LUIGC), a  hotel investment and services organization, today announced that it has been appointed receiver by a Midwestern savings bank for the Country Hearth Inns & Suites hotel (top left photo) in Madison, Ind.

 The hotel will be operated by LUIGC’s Chicago-based hotel management division, Lodging Unlimited, Inc., which has a 50-plus-year proven track record of operating and turning around troubled hotels.  It is the eighth hotel currently owned or operated by the company.

“Many hotels were unable to survive the severe economic downturn and credit crunch and require a significant infusion of re-energized management, updated marketing strategy and creative financing,” said Morris Lasky (middle right photo), chief executive and founder of the management company. 

 “We have a significant number of relationships with lending institutions and expect to increase our work as a receiver over the next 24 months. 

“Our role for this property is to dramatically improve top-line revenues, rebuild margins and enhance employee morale.  That combination will help us quickly re-establish the hotel in its market, return it to profitability and significantly improve its value.”

 

Lasky noted that the company is building its hotel management portfolio by taking on troubled and profitable asset assignments, both individual hotels and portfolios, and through acquisitions through its sister company, The Lodging Opportunities Group LLC (LOG).

LOG is a recently formed opportunistic investment company formed to acquire troubled assets that require significant hands-on turnaround and repositioning expertise.  Headquartered in New York City, the company currently has a significant pipeline of both single assets and portfolios. 

“We organized our group to respond to the opportunities that are emerging from the latest down-turn,” said Marty Schiffman (middle left photo), president of LOG.  “Combined, our executive team brings more than 150 years of hotel and real estate investment experience, including ownership, third-party management, asset management and consulting on hotel assets valued at more than $8 billion in the aggregate, comprising more than 300 hotels.” 

The organization historically has been an active participant in the troubled segment of the hotel industry, and along with management, provides litigation support, development consulting and crisis consulting. 

The Lodging Unlimited Group of Companies includes  Lodging Unlimited Inc., a diversified company providing all aspects of distress services; Lodging Unlimited West, the group’s Scottsdale, Ariz.-based hotel management division; and LOG. 

Additional information about the company may be found at www.lodgingunlimited.com, or by calling Morris Lasky at (312) 595-1390, Marty Schiffman at (212) 909-8420, or John Cauvin at (480) 443-0909 x100.

 Media contact:

Jerry Daly, Patrick Daly

Daly Gray, Inc.

703 435 6293

jerry@dalygray.com

 Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Access Point Financial Secures Credit Facility with Wells Fargo Capital Finance in Response to Growing Demand for CapEx Financing

 ATLANTA, GA, Jan. 30, 2012—Officials with Access Point Financial, Inc., a full-service lending and advisory company focused on the hospitality industry, today announced that they have closed on a senior secured credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). 

The facility, combined with a substantial equity investment in Access Point by Stone Point Capital, LLC, puts the company on track to place $1 billion in loans for hotel improvement/bridge financing by 2015, in line with its initial projections. 

“We are pleased to have established a relationship with Access Point Financial,” said Andrea Petro (top right photo), division manager of the Lender Finance division of Wells Fargo Capital Finance.   “We look forward to supporting Jon Wright and his company’s senior management team in its plans for the successful growth of their business.”

“We are in the early stages of seeing meaningful debt funding return to the hotel industry,” said Jon S. Wright (top left photo), president and CEO of Access Point.

 “At this stage of the rebound, only the most experienced lenders and hoteliers are active, and we applaud Wells Fargo for its continued leadership in the hotel industry. 

“This infusion from  Wells Fargo Capital Finance, along with continued improvements in the hotel economy, will help us accelerate and facilitate the much needed flow of capital to the hotel industry. 

“This credit facility will allow us to further execute our growth plans and achieve our initial target of placing $1 billion in loans in our first three years.” 

Access Point is a direct lender providing loans starting from $200,000 for CapEx up to $40 million for brand sponsored construction programs.  Hotels that are executing renovation programs also can combine low-leveraged first mortgages with Access Point’s capital expenditure financing.  

In addition to sourcing new funding, Access Point recently was awarded Platinum status by the IHG Owners Association, and was appointed as an Associate Member of the Association of Starwood Franchisees and Owners North America (ASFONA) with Jon Wright serving as an Honorary Board Member.  

For more information on the companies above, please visit wellsfargocapitalfinance.com; www.owners.org  or contact 770-604-5555;

www.asfona.com; www.stonepoint.com and www.accesspointfinancial.com.

Contact:

Jerry Daly, Chris Daly

(703) 435-6293

jerry@dalygray.com

 Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Kevin Johnson Joins Invest Atlanta; Veteran Economic Developer to Help Fill Project Pipeline

ATLANTA, GA (Jan. 30, 2012) – Invest Atlanta said today Kevin Johnson (top right photo), a 25-year veteran of the economic development industry, has joined the organization as a senior advisor for economic development.

Working closely with Bill Cronin (top left photo) , vice president of economic development, Johnson will help fill Invest Atlanta’s project pipeline.

Johnson has more than 25 years of experience in economic development, most recently as vice president of economic development at St. Joe Co., Florida’s largest real estate developer.

He also has held positions as vice president of business development for the Research Triangle Foundation and vice president of business development for the Greater Phoenix Economic Council. No stranger to Georgia, Johnson also served as president of the Athens Area Chamber of Commerce. 

“Kevin’s extensive experience and large professional network adds a key dimension to our team,” Cronin said. “ A track record of success in cities such as Raleigh-Durham and Phoenix brings a fresh perspective to help attract new development and jobs to Atlanta.”

A certified economic developer, Johnson is actively involved in economic development education, mentoring and has served on the board of directors of the International Economic Development Council.

“Atlanta has an incredible story to tell on several fronts,” Johnson said. “I look forward to telling the story and helping attract investment in Atlanta and new jobs to our city.”

Johnson, originally from Myrtle Beach, S.C. received his degree from South Carolina State University. He now resides in Atlanta with his wife and two children.

 Invest Atlanta (formerly Atlanta Development Authority) is the official economic development authority for the City of Atlanta. Its purpose is to increase opportunity and prosperity for the people of Atlanta by strengthening its economy and global competitiveness. 

(Atlanta Fashion Mall, lower left photo)

Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship.

To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.

 For more information on how Invest Atlanta can provide solutions for you or your business, contact us at: 404-880-4100, or visit us at: www.InvestAtlanta.com.

To get the latest updates, follow us on Twitter@InvestAtlanta, and Like us on Facebook.

Contact:

Tony Wilbert,

 twilbert@wnspr.com

Commercial Asset Partners closes $294K medical sale to dentist in Trinity, FL

Trinity, FL (Jan. 30, 2012) – In an indication of the demand for medical office space in the Trinity area of Pasco County, Commercial Asset Partners (CAP) Realty closed the sale of a 3,280-square-foot office condo in Trinity Professional Center (top left photo) to a pediatric dentist.

The space, sold for $294,350, is located at 8804 Hawbuck Street in Trinity.

Carol Kinnard (top right photo) of CAP represented the seller, RKL Investments, LLC. Diane Weldon (middle left photo) of Coldwell Banker Action Realty represented the buyer, pediatric dentist Dr. Christopher Eric Chuong.

Dr. Chuong, new to the Trinity area, purchased half of the 6,560-square-foot building, making it 100 percent occupied. The office condo unit was a gray shell requiring a build-out analysis and interior construction for the buyer.

In an area that was previously vacant ranch land, the demand for medical office space has been increasing, tied to the construction of the Medical Center of Trinity, a hospital owned by HCA Healthcare. The hospital, slated to open in February, is moving from its previous location in New Port Richey, Fla.

“Since the Medical Center of Trinity announced that it is entering the area, we’ve seen an increase in commercial activity,” said Kinnard. “We’re seeing an especially large interest in medical office sales and leasing.”

Kinnard, who holds the Associated Medical Office Expert (AMO) certification, specializes in the sales and leasing of medical office space and is well-versed on the unique requirements for certain specialty practices.

CAP also recently completed the following office lease transactions in the Tampa Bay area:

·            Apollidon Learning, a provider of marketing and student recruitment for distance education masters degrees, expanded their space at Bay Arbor Place at 3689 Tampa Road in Oldsmar, Fla. Heidi Tuttle-Beisner, Broker-Owner at CAP Realty, worked as a transactional broker and facilitated the deal.

Stillpoint Capital, a financial management and advisory company, leased 2,000 square feet in the 3,500-square-foot professional building at 13051 W. Linebaugh Avenue in Tampa. Theresa Margaris (middle right photo) of CAP Realty worked as transactional broker and facilitated the deal. The entire transaction was completed in less than 45 days.

·            CSDVRS, LLC, a national company providing video conferencing services for the deaf community, leased 3,000 square feet at 1038 E. Brandon Blvd. in Brandon. The tenant was represented by Paula Clair Smith, CCIM, of CAP Realty and the landlord, NextGen Realty, LLC was represented by Bruce Demers of Doyle & McGrath Real Estate out of Lutz.

Sunfield Homes, Inc. leased 2,600 square feet in a 31,000-square-foot office park at 8139 State Road 54 in Trinity. Heidi Tuttle-Beisner (lower left photo) worked as a transactional broker and facilitated the deal.

One of the top mid-sized commercial real estate companies in the Tampa Bay area, CAP Realty handles leasing and sales of retail, office and industrial properties, along with helping clients with real estate investment sales and land transactions.

Based in Trinity, Fla., Broker-Owner Heidi Tuttle-Beisner and her team have built a company that has the experience and resources to handle a wide range of assignments, while offering a high level of personal service for each client.

For more information, see the company’s website at www.cap-realty.com.

Contact:

Leah Saunders

Account Executive

25 Second Street North | Suite 220 | St Pete, FL 33701

Leah@BayviewPR.com | www.BayviewPR.com

o 727.895.5030 x104 | c 813.924.0367