White Lodging Closes On Property for Hyatt Place Nashville

MERRILLVILLE, IN /PRNewswire/ -- The downtown Nashville skyline will have a new look in 2013 thanks to the addition of the Hyatt Place Nashville (top left photo).

This month White Lodging, one of the hospitality industry's fastest growing independent development, ownership and management companies, closed on the property for the new hotel, the first and only Hyatt property in the downtown.

The hotel, located at 301 3rd Ave. South in downtown Nashville, will be constructed on the former site of Rock City Machine Co, and will be developed and managed by White Lodging. Construction is scheduled to begin in May with the 255-suite hotel opening in December 2013.

"The recent growth in downtown Nashville has been well planned and we believe this will serve as a catalyst for even greater growth in the coming years," said Deno Yiankes (middle right photo), president and CEO investments and development division for White Lodging. "We are thrilled to be bringing a Hyatt Place hotel to the heart of downtown's expanding convention and entertainment district."

All 255 suites are 20 percent larger than the average hotel room, and decorated in Hyatt's signature, upscale decor. Guests can relax in separate sitting and sleeping areas equipped with a wet bar and mini fridge after spending time at one of the countless live music venues just two blocks away on Broadway, the street where many of today's top musical artists got their start.

The hotel, White Lodging's second in Nashville, will complement the construction of the Music City Center (lower left rendering).

Nashville's new convention center scheduled to open in 2013 on 19 acres in Nashville's downtown and only a block away from the hotel site.

 Along with the convention center, Hyatt Place Nashville guests will be a block away from the newly expanded Country Music Hall of Fame and Museum, and a short walk from the city's business district.

For Hyatt Place information or to make a reservation, call 1-888-HYATT-HP (888-492-8847) or visit www.HyattPlace.com

For more information about White Lodging, please visit www.whitelodging.com.

Contact: Kathleen Quilligan, +1-219-472-2861, Fax +1-219-472-2273

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

Seagis Property Group Acquires 340,000-SF Class A Industrial Building in Miami, FL

  

CONSHOHOCKEN, PA  /PRNewswire/ -- Seagis Property Group announced today that it has acquired a 340,000 square foot warehouse/distribution facility in the Doral submarket of Miami Florida.

 The building, which is located at 10000 NW 25th Street (top left photo) features  32' clear ceiling height,  ESFR sprinkler systems, secured cross-dock loading (50 dock high and 4 drive-ins), 56,000 sf of finished two-story office space, 6400 sf of refrigerated storage area, T-5 Lighting, diesel powered back-up generator, and 331 auto parking spaces.  Access is provided off of 25th and 21st Streets.

The building will be available in its entirety for lease in June 2012.

Seagis Property Group LP owns 8.5 million square feet of industrial buildings primarily in Greater Miami/Ft. Lauderdale, Central and Northern New Jersey, and the JFK Airport area. 

Seagis is headquartered in suburban Philadelphia, with offices at One Tower Bridge, 100 Front Street, Suite 350, Conshohocken, PA 19428.  

Contact:

Charles C. Lee, Jr.,

 Principal,

Seagis Property Group LP,

 +1-484-530-9135,

 clee@seagisproperty.com, or

Investment Contact,

John B. Begier,

Principal,

Seagis Property Group LP,

+1-484-530-9134,

jbegier@seagisproperty.com

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

New Contract for Peak Campus Management Increases Managed Portfolio Value Above $1 Billion

ATLANTA, GA  /PRNewswire/ -- Peak Campus Management announced today that it has executed a new management contract for Bayside Village (top left photo), a 402-bed student housing community serving the students of the University of Southern Maine (lower right photo), in Portland, Maine. 

This contract is a significant milestone for Peak Campus Management, as it pushes their managed portfolio asset value to over $1 billion.

 

Bob Clark (middle right photo), President of Peak Campus Management said, "Being purpose-built with a great location to campus and amenity package, Bayside Village is a wonderful addition to our portfolio. 

“This addition has enabled Peak Campus to pass yet another milestone by increasing our managed portfolio value to over $1 billion.  We are excited that our proven platform focused on people, marketing and leasing, and world class operations is successful, and is being well received by our partners and owners."

Built in 2008, Bayside Village offers a unique living experience for students by offering 2 bedroom, 2 bath and 4 bedroom, 2 bath fully-furnished floor plans with community amenities that include study lounges, a tanning bed and laundry center. 

Capital upgrades planned cover the build out of a club room with activity space, a leasing center, computer lab and a large conference/group study room. 

Peak Campus Management is one of the country's largest and most successful management companies in the country with over 19,800 beds of student housing in 17 states nationwide.

Peak Campus managed communities are consistently recognized by their college or university as the top off-campus housing choice for the market.

Contact:

Jessica H. Nix

Vice President of Marketing

404-920-5351

jnix@peakcampus.com

Regency Centers Announces 260,000-SF Ground-up Development in Houston, TX

 HOUSTON, TX--(BUSINESS WIRE)-- Regency Centers (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction of Southpark at Cinco Ranch, a 260,000-square-foot neighborhood center anchored by market-dominant grocer Kroger, in Fort Bend County.

The neighborhood center is strategically located at the intersection of two main arterial roads, Westpark Tollway (FM1093), the east/west connection to downtown Houston, and Spring Green Boulevard (FM 723), which will connect Westpark Tollway to Interstate 10.

In partnership with Excel Commercial Real Estate LLC, Regency Centers began construction of the center’s first phase on February 20th with anchor openings scheduled for the fourth quarter of 2012.

Located 32 miles west of downtown Houston, Southpark at Cinco Ranch is the first anchored retail development, located west of Grand Parkway, within Cinco Ranch, one of the nation’s fastest growing master planned communities.

The project’s first phase will include a 101,497-square-foot Kroger and fuel center, which will create 275 new jobs, a 71,680-square-foot Houston-based sporting goods retailer, 29,920 square feet of small shops and seven outparcels.

“We couldn’t be more pleased to announce the groundbreaking of Southpark at Cinco Ranch. The shopping center will benefit from limited retail competition and the area’s affluent population which is growing three times faster than the surrounding market,” said Abe Pacetti (top right photo), senior manager of investments for Regency Centers.

“Southpark at Cinco Ranch has all the key attributes that define a Regency center – market-dominant anchors, a prime location, high barriers to entry and excellent demographics.

"We’re excited about becoming a long-term citizen of such a fabulous master planned community and continuing to expand our presence in Houston through the development of quality shopping centers.”

Southpark at Cinco Ranch is 72 percent preleased and will add an additional 57,000 square feet in the second phase. To lease space in Phases I and II, contact Leasing Agent Ben Brown at 713.599.3517.

Regency Centers owns and/or manages 12 properties in Houston totaling 1.7 million square feet.

  

Contact:

Regency Centers Corporation

Abe Pacetti, 713-599-3502

Senior Manager Investments

abepacetti@regencycenters.com

or

The Hoffman Agency Regency Centers

Bonnie Hayflick, 904-398-9663

Stirling Sotheby’s International Realty Named Exclusive Agents for Five Acre Artist’s Estate in Lake County, FL

ORLANDO, FL. --- Stirling Sotheby’s International Realty was recently appointed exclusive sales and marketing representatives for a unique five acre estate property on Lake Griffin in Leesburg that includes a 1,800 square foot artist’s studio (top left photo).

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the artist-inspired lakefront estate located at 7952 Treasure Island Rd. includes a 3,788 square foot luxury home with private guest quarters, two floor-to-ceiling gas fireplaces, private covered and screened bedroom balcony in addition to a screened lanai for outdoor entertaining, bamboo floors and a private dock.

The home’s spacious master suite opens onto the private balcony with spa tub.

Stirling Sotheby’s International Luxury Home Specialist Lynn Edwards (lower right photo) is representing the property which is listed at $593,600.   

To view a video of the property go to

http://tours.vht.com/Viewer/Video.aspx?ListingID=50690502&Style=SIR

For more information, please contact:

 Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty,

 407-588-1260;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

Commercial Lenders Saddled With Ample Cash, Real Estate Capital Institute Reports

CHICAGO, IL – The Real Estate Capital Institute notes that as the second quarter approaches,  real estate capital markets are nearly back to conditions that are more "normal.”

Lenders are saddled with ample cash and many have cleaned their balance sheets, no looking for fresh new funding opportunities.  General mortgage market conditions are outlined as follows:

 

Mortgage rates:  3.85% (for very low leverage) to 4.75% for up to 65% leverage is a typical range for 10-year loans offered by life companies.  5% is a rough benchmark for where CMBS and higher-leverage life companies are actively competing.  9-12% mezzanine and preferred equity funds available for funding debt above standard levels.

Loan Amounts & Leverage:  $8 million or more is a starting loan amount for
capturing the most competitive funds.  Smaller loans offered at pricing premiums of 25 basis points or more.  75% leverage is available from multiple sources for the highest quality retail and industrial properties, 65% to 70% is a benchmark for office properties. 

80% is the maximum leverage for apartments based on CMBS and agency execution.  With mezzanine financing, leverage levels approaching 90% are available for projects with ample cash flow.

Underwriting:  An overall debt yield of 9% to 11% applies for securitized
loans, although the trend is to use Rating Agency LTV as a new benchmark.

 

Observations:  Lenders' biggest concerns remain for finding projects that
have sufficient cash flow.  *Again, rates are the lowest in modern history
with 6% approaching "high risk" pricing. A couple years ago, such rate would
have been available to the highest quality projects. 

The Real Estate Capital Institute's Jeanne Peck (top right photo) notes, "Nearly every property sector is gradually recovering.  For example, office buildings are now financeable with lower overall occupancy levels of 70 to 80% being more acceptable. In contrast, 90% was a benchmark for much the past decade."

 

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

 Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

Contact:

Jeanne Peck, Research Director

director@reci.com

http://www.reci.com/

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624

Agencies are the most effective at lowest pricing with highest leverage. Life insurance companies are the price leaders, particularly for low-leverage and flexible documentation.  CMBS players returned, mostly picking off commercial properties in secondary markets or with projects seeking higher leverage.