HFF secures $60 million financing for Phase Five of Southlake Town Square in Southlake, TX

  

IRVINE, CA - HFF announced today that it has secured a $60 million financing for phase five of Southlake Town Square (top centered photo), a Class A entertainment and lifestyle center in Southlake, Texas.

Working on behalf of the borrower, Retail Properties of America, Inc., HFF placed the fixed-rate loan through MetLife Real Estate Investments.  The loan has an approximate five-year term and is coterminous and cross-collateralized with the $90 million loan placed on phases one, two, three and seven of the asset in April 2010, which HFF worked to arrange as well. 

Southlake Town Square is a mixed-use development that was completed within the last 10 years.  The financing is for phase five, which totals 310,711 square feet out of the total 840,288 square feet of the entire Southlake Town Square shopping center. 

The master development contains more than 150 tenants including: Harkins Theatre, Cheesecake Factory, The Container Store, Banana Republic, Gap, Victoria’s Secret, Brooks Brothers and a variety of other well-known national brands and restaurants. 

Southlake Town Square is situated between Texas Highway 114 and Southlake Boulevard close to the Dallas/Fort Worth International Airport (lower right photo) in Southlake.

The HFF team representing the borrower was led by senior managing director Kevin MacKenzie (top right photo) and associate director Jim Curtin (middle left photo).

Retail Properties of America, Inc. is a fully integrated, self-administered and self-managed real estate company that owns and operates high quality, strategically located shopping centers across 35 states.

The company is one of the largest owners and operators of shopping centers in the United States.

Contacts:                         

 KEVIN C. MACKENZIE                       

 HFF Senior Managing Director                

 (858) 253-8800                                         

kmackenzie@hfflp.com                           

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Prognosis Positive: Atlanta Commercial Real Estate Show Experts Bullish on Healthcare Real Estate

 ATLANTA, GA (May 7, 2012) – While some commercial real estate property sectors are struggling to recover from the Great Recession, the market for medical office buildings has and will continue to remain healthy.

 That was the opinion of host Michael Bull (top right photo) and his guests on the latest episode of “America’s Commercial Real Estate Show.” The episode provided an in-depth look at the healthcare real estate market.

“[The medical office sector] is still considered a safe haven,” said Paul Zeman (top left photo), a partner with Bull Realty’s Healthcare Real Estate Services. “In my opinion, it’s one of the strongest sectors in commercial real estate.”

 Investment interest in medical offices is almost as strong as ever, said Dan Fasulo (middle right photo), managing director of Real Capital Analytics. “We did more than $3 billion worth of transaction activity in 2011, and while that’s not peak-level activity, which we recorded in 2006 and 2007, we’re not too far off,” he said.

 “It tells me there’s tremendous demand for [medical office buildings],” Fasulo added. “All you’ve got to do is look at the demographic charts to get excited about the potential for medical office and the related facilities. We have a lot of the population heading toward the part of their lives when they need the service providersthat are going to be in these types of buildings.”

 Cap rates have compressed significantly during the past two years, and the nationwide average is just above 7 percent, according to Fasulo, who quickly noted the rates can vary widely depending on the area and property type.

Also, even though the fate of the sweeping federal healthcare law is unclear, medical tenants are not letting the uncertainty keep them from pulling the trigger on long-term leases, observed Shane Seitz (lower left photo), vice president of investments for Ventas REIT, which owns or manages 21 million square feet of medical office properties.

 “Within the last few months, we’ve seen a [leasing] uptick where physicians are finally saying, ‘We need to lock up our space. We need to know that we’ve got a good space to practice for the long term. Whatever happens, happens … Let’s just get our space taken care of and move forward,’” Setiz said.

 In more good news, Michael Bull, also the founder and president of Bull Realty, noted the lack of new construction could set the stage for a big jump in the value of existing medical office properties.

“I think in this and in a lot of sectors, five years down the road, we could be surprised at what could happen to values,” he said. “At least I’m hoping – I want to be doing the ‘Snoopy dance’ in about five years.’”

 The next “Commercial Real Estate Show” will be available May 10 and will look at the market for single-tenant net-leased properties.

Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

http://www.wnspr.com/

Berger Commercial Realty Corp. Broker Keith Grave Closes $1 Million Deal For Wells Fargo Bank in West Palm Beach, FL

  

FORT LAUDERDALE, FL– (May 7, 2012) Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Keith Graves (top right photo) closed a $1 million deal for Wells Fargo Bank.

 Graves handled the sale of a two-story office / flex building, located at 1711 Worthington Road in West Palm Beach, to Bearcash, LLC for $1,010,000. The bank-owned property was being managed by Berger Special Assets, the receivership division of Berger Commercial Realty Corp.

 “The property management expertise of Berger Special Assets certainly contributed to the building's value," Graves said. "We were able to market it effectively to qualified buyers and secure a fair selling price for the bank."

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Stirling Sotheby’s International Realty Appoints Lilliam Rodriguez International Luxury Home Specialist at Orlando--Dr. Phillips Marketing Center

 ORLANDO, FL. --- Stirling Sotheby’s International Realty has appointed Lilliam Rodriguez (top right photo) an International Luxury Home Specialist working out of its Orlando marketing center at Dr. Phillips. 

 Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Rodriguez, who is focused on the southwest Orlando market including Celebration in Osceola County is a veteran Realtor, fluent in Spanish with more than 13 years of experience in Central Florida. 

“Lilliam Rodriguez has been focusing on home sales in the Celebration community because international market demand for Celebration is strong and projected to grow over the next 12 months,” Soderstrom said.

 Rodriguez said 132 homes at Celebration sold in the last 12 months compared to 124 in the previous 12 month period.

 “The number of sales may trend down at Celebration because fewer properties are being put on the market. Home prices will likely rise over the next 12 months,” she said.

  For more information, contact

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty, 407-588-1260;

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

Cuhaci & Peterson Architects Completes Design Work for Shula Bar & Grill at Miami International Airport

  

ORLANDO, FL. --- Cuhaci & Peterson Architects based in Orlando’s Baldwin Park recently completed design work for the Shula Bar & Grill American Steak House at Miami International Airport.

Lonnie Peterson, chairman of Cuhaci & Peterson Architects, said the facility totals 2,000 square feet of space.

 For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

Elderly Housing Development and Operations Corp. Completes $9 million Rehabilitation of Mildred and Claude Pepper Towers Senior Housing Community in Liberty City, FL

  

  

Miami, FL  – Elderly Housing Development & Operations Corporation (EHDOC), a national leader in providing quality affordable housing for senior citizens, held the grand opening of the Mildred and Claude Pepper Towers Senior Housing Community (top centered photo) on Tuesday, May 8, 2012 at 11 am.

 Located at 2359 N.W. 54 Street in Miami, the $9 million rehabilitation consists of 150 one-bedroom units for low and very-low income elderly residents.

 Over a 15 month period, the Pepper Towers rehabilitation created approximately 100 union construction jobs as well as support jobs (administration, support, etc.)

“Pepper Towers is a unique example of a successful rehabilitation utilizing a combination of public and private financing sources,” said Steve Protulis (top right photo), EHDOC’s Executive Director.

 “We are grateful to all the parties involved who worked toward a common goal of keeping these seniors in their homes during the rehabilitation in a safe environment with minimal disruption.”

The ‘tenant in place’ rehabilitation team took great care to facilitate the process for each elderly tenant. In a single day, a construction company packed up the resident’s belongings, tore out and replaced their kitchen and bathroom, and returned them to their unit by the end of the day.

Named in honor of former Florida US Senator and Congressman Claude Pepper, a well-known advocate for the elderly, Pepper Towers operates under a 100% project based Section 8 HAP contract. 

Built in 1978, the property has maintained 100% occupancy with a substantial waiting list of more than 800 people. Residents on average pay $150/month for each one-bedroom unit and the remainder of their rent is subsidized by HUD.

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

Brittany Nguyen

Becker Public Relations

2506 Ponce De Leon Blvd.

Coral Gables, FL 33134

Telephone 305/444-2181 x221

Email: bnguyen@beckerpublicrelations.com

www.beckerpublicrelations.com

witter: @BeckerPRFirm and @JeanneBecker

Facebook: Becker Public Relations and Jeanne Becker

Jeanne A. Becker

Becker Public Relations

 2506 Ponce de Leon Blvd.

Coral Gables, FL 33134

Telephone 305/444-2181 X 222

Email: jbecker@beckerpublicrelations.com

www.edhoc.org.

50 Sunny Isles Beach, FL Condo Units Head To Court-Ordered Auction

MIAMI, FL -- More than 50 condo units in Sunny Isles Beach located in a variety of well-recognized towers including the oceanfront Pinnacle, Ocean 4, La Perla, M Resort Residences, and Oceanview projects are headed to court-ordered foreclosure auctions in the next 60 days, according to a new report from CondoVultures.com.

The 53 units in Sunny Isles Beach are slated to be auctioned off in an attempt to resolve more than $17.5 million in final judgments of foreclosure against the individual borrowers and debtors, according to Miami-Dade County records.

A combination of banks and condo associations initiated the process for the foreclosure auctions, according to the records.

 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.

Mary Jane Olhasso, Economic Development Administrator for the County of San Bernardino, Awarded IAMC Fellow Designation

 San Bernardino, Calif., May 4, 2012 – The Industrial Asset Management Council (IAMC) has awarded Mary Jane Olhasso (top right photo) Economic Development Administrator with the County of San Bernardino, the designation IAMC Fellow. 

IAMC Fellows have completed the Leadership Development Program, participating in five leadership seminars in four learning categories: individual, team, emotional intelligence and general leadership.

 The Leadership Development Program provides high-quality training that enhances personal and professional leadership skills.  Past seminar speakers and topics include:

Gary Kunath (top left photo)the Founder and former CEO of the Summit Group: “Leading Across Generations for Improved Retention and Performance”

 Randy Pennington (middle right photo), the resource for leaders who expect results: “Make Change Work: Deliver Results and Add Value”

Patricia Fripp (middle left photo), award-winning speaker, executive speech coach and author: “The Four Steps to Leadership: Doer, Developer, Role Model, Inspirer”

 “IAMC Fellows are leaders not only in IAMC, but also in the industry at large,” said Ron Starner, executive director of IAMC. “Mary Jane is a great asset to IAMC. We are very pleased to welcome her to this prestigious group of IAMC Fellows.”

 As the Economic Development Agency Administrator for the County of San Bernardino, Olhasso is responsible for the economic growth and strategic future development for the largest county in the United States. Olhasso oversees key County departments encompassing more than 200 employees.

 “I am honored to have the status of an IAMC Fellow. IAMC shares the same values that the County of San Bernardino does when it comes to leveraging collaboration and innovation in serving the needs of the corporate user,” said Olhasso.

“Looking ahead, we plan to employ our skills to expanding our County’s diverse industrial product for industries such as plastics, food processing, technology, furniture manufacturing and others.”

For more information on San Bernardino County, please visit  www.SBCountyAdvantage.

For more information on IAMC, call (770) 325-3461 or visit www.iamc.org or  http://www.iamc.org/events/leadership.cfm.

 Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Charles Dunn Co. Completes $2.35 Million Sale of Seven-Unit Multi-Family Property in West Hollywood, CA

  

LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2.35 million sale of a seven-unit apartment property located at 144 North Wetherly Drive (top left photo) in West Hollywood near the major cross street of Beverly Blvd. 

Hamid Soroudi of Charles Dunn Company represented the seller, a Los Angeles-based private investor. The buyer, Los Angeles-based KLB Holding Company was represented by Rachel Neuwirth (lower left photo) of Nelson Shelton & Associates.  The property sold at a cap rate of 4.4 percent.

Built in 1963, the property totals 10,830 square feet and was 100 percent occupied at the close of escrow.  The building includes controlled access and an elevator.

 The units include air conditioning, fireplaces and dishwashers. The property also features a 3,300 square foot 3-bedroom/3.5-bathroom penthouse with three fireplaces, large den, balcony, family room and dining room. The other six units include two, 2-bedroom/1-bathroom units, and four 2-bedroom/2-bathroom units ranging from 800 square feet to 1,200 square feet.

Soroudi leads Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

 Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

HFF arranges $16 million refinancing for San Diego, CA area shopping center

SAN DIEGO, CA – HFF announced today that it has arranged a $16 million refinancing on behalf of CT Retail Properties Finance III, LLC, an affiliate of  Kimco Realty Corporation (Kimco), for Fire Mountain Center (top left photo), a 92,000-square-foot, Class A neighborhood shopping center in Oceanside, California.

HFF worked exclusively for the borrower to refinance existing debt on the retail center and to secure a five-year fixed-rate, on-book loan at a substantially lower interest rate through PNC Bank, N.A.

Fire Mountain Center is located at 2434-2598 Vista Way north of Highway 78 in the northern San Diego County community of Oceanside. 

The property is 98 percent leased to tenants including Trader Joe’s, Beverages & More, Aaron Brothers, AT&T Wireless, FedEx Kinkos, Jack in the Box and Weight Watchers.  Kimco operates the center, which is owned by the CT Retail Properties Finance III, LLC joint venture partnership.

The HFF team representing Kimco was led by associate director Zach Koucos (middle right photo) and managing director Robert Delitsky (middle left photo).

For further information on Kimco, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

Contacts:

               

 ZACHARY KOUCOS                                      

 HFF Associate Director                               

 (858) 812-2351                                                

zkoucos@hfflp.com                                                             

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF marketing for sale The Communities of Ascot Glen in Willowbrook, IL

  

CHICAGO, IL – HFF announced it has been named to market for sale The Communities of Ascot Glen (top centered photo), a two-property multi-housing community in Willowbrook, Illinois.

HFF is marketing the properties on behalf of the seller.  The two adjacent communities can be purchased as one investment or individually. 

The Communities of Ascot Glen are located at 6060 Laurel Lane on Highway 83, 20 miles southwest of downtown Chicago. 

The property consists of two phases, the 488-unit Ascot Glen at Willowbrook and the 224-unit Oaks at Ascot Glen.  The two-story, 76-building properties were partially renovated in 2010 and have one- and two-bedroom units averaging 847 square feet each. 

Community amenities include two fitness centers, two clubhouses, three outdoor swimming pools, three tennis courts, a sand volleyball court, game room, business center and dog run. 

The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton (top right photo) and managing directors Marty O’Connell (middle left photo) and Sean Fogarty (middle right photo)

“The communities are very well-positioned for a new owner to complete future apartment renovations providing an excellent opportunity for an investor to further drive their investment returns,” said Lawton.  “This is the largest offering to hit the marketplace for some time in suburban Chicago.”

Contacts:                

                            

MATTHEW D. LAWTON                      

HFF Executive Managing Director         

(312) 528-3650                                          

mlawton@hfflp.com                                 

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Lincoln Property Co. Receives 388,367-SF Portfolio Management, Leasing and Sale Assignment in Orlando, FL from GE Capital Real Estate

ORLANDO, FL– Lincoln Property Company Southeast has received an assignment from GE Capital Real Estate to manage, lease and sell a 388,367-square-footportfolio of office/flex properties in Orlando, Fla.

GE Capital Real Estate foreclosed on this portfolio of properties in 2010 and recently decided to change real estate service providers. The portfolio encompasses three properties:

• Airport Business Center. (top left photo) This six-building, 176,894 square foot property is located onlyfive minutes from the Orlando International Airport.

 • Longwood Business Center (middle right photo). This seven-building, 130,868-square-foot complex is located directly adjacent to the South Seminole Hospital and is near downtown Orlando and the airport. It features multiple entry points from W SR434.

• North Lake Business Center (middle left photo). This 80,605-square-foot property offers rear-loading in many of the units and features 14-foot to 16-foot clear heights. With buildings featuring block and metal construction, the business center also has more than two parking slots for every 1,000 square feet of space.

 “We are honored and thrilled that GE Capital Real Estate has entrusted us with this fantastic portfolio,” said Joe Rossi (lower right photo), Senior Vice President of Investment Services, who will handle the disposition assignment for Lincoln Property Company Southeast.

“These properties feature convenient access to many of the major points in the Orlando market and offer many amenities to tenants,” added Scott Stahley, Senior Vice President of Lincoln Property Southeast.

“With our expertise and the appeal of the properties, we are confident we will bring tremendous value to our client.”

 For more information on the Southeast Region of Lincoln Property Company, please visit www.lpcsoutheast.com. To check out the blog, go to http://blog.lpcsoutheast.com.

 Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

http://www.wnspr.com/

Marcus & Millichap National Golf Group Expands

 Tampa, FL– After selling 24 golf courses during the last 17 months, with six more currently under contract and 12 exclusively listed golf courses for sale, Marcus & Millichap’s National Golf and Resort Properties Group has once again decided to expand their operation, promoting Terence Vanek (top right photo) to Associate Broker/Sr. Financial Analyst.

Vanek, a 2004 graduate of Duke University, originally joined the National Golf and Resort Properties Group after receiving his Master in Business Administration from the University of Florida’s Hough Graduate School of Business.

Mr. Vanek has a background of over ten years in the real estate consulting and investment services arena. He brings an investment banking approach to the National Golf and Resort Properties Group team, providing financial expertise and a proven track record in underwriting client strategy solutions.

Since joining the team, Vanek has been involved in over $45,000,000 in golf course transactions, and has personally underwritten, advised and consulted on over $250,000,000 worth of golf course assets.

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

Steven Ekovich

National Golf Group

(813) 387-4700

Mercedes House in New York City to Use Evolution Ventures’ 3D Sales and Leasing Software

  

MIAMI, FL,  May 7, 2012 – Evolution Ventures’ (Evolution) mobile and 3D visualization software product, Residential Sage, was selected by Two Trees Management to be used as a sales tool for their New York City mixed-use development project,

Mercedes House (www.mercedeshouseny.com). Evolution’s iPad and web-based presentation platforms will provide Mercedes House’s real estate agents a unique, interactive and impressive way to present available units to prospective tenants and buyers.

 The application has been customized to fit the needs of the property with unique features including a 3D searchable model of the building and amenities.

This feature was developed using Evolution’s patent-pending 3D spatial search technology platform. The innovative software also provides features including information on the surrounding neighborhood, a picture gallery of amenities, and the ability to save and send unit selections via email.

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

 Jessica Wade Pfeffer /

Jessica Wade Inc.

Jessica@jessicawadeinc.com

305.804.8424

NAI Realvest Negotiates $240,408 Sale of Office Condo at Windermere Business Center in Southwest Orlando

ORLANDO, FL -- NAI Realvest recently negotiated the purchase of a 2,226 square foot office condo in Windermere Business Center, 6735 Conroy Rd. at the northeast corner of Conroy and Turkey Lake Roads in Southwest Orlando.   

 Senior broker associate Sean DuPree (lower right photo) CCIM at NAI Realvest negotiated the transaction representing the buyer, Clearwater-based Windermere Business Center Ltd. who paid $240,408 for the property which includes units 214 and 216 at the retail/office center.

The seller, Sand Lake Realty Holding LLC, was represented by Tim Spencer of Coldwell Banker.

 For press information, contact:

Sean DuPree, CCIM, NAI Realvest 407-875-9989; sdupree@realvest.com;

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

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