Hendricks & Partners Negotiates Sale of Highland Ridge Apartments in Birmingham, AL for $2,075,000

 BIRMINGHAM, AL --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Highland Ridge Apartments, a 66-unit apartment community located in Birmingham, for $2.075 million.

David Oakley (top right photo), senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing both the seller, Cedar Tree Properties, LLC, based in Birmingham, as well as the buyer, Highland Ridge I, LLC, also based in Birmingham.

The buyer has already begun extensive renovations after renaming the community, Element 26.  Upgrades include all new appliances, counter tops, flooring, hardware, and fixtures.   Renovation estimates total nearly $800,000.

Highland Ridge, built in 1970, has a total of 21,218 square feet of rentable living space.

For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785, doakley@hpapts.com. 

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

Hendricks & Partners Negotiates $6.26 million sale of Silver Pines Apartments in Pine Hills, FL

ORLANDO, FL--- Hendricks & Partners, one of the nation’s largest and most active multi-family investment banking and research companies, recently negotiated the sale of the 240-unit Silver Pines Apartments at 5402 Pine Chase Drive in Orlando for $6.26 million.

Cole Whitaker (lower right photo), partner and director of the Southeast Division of Hendricks & Partners, negotiated the sale with associate partner Hal Warren (lower left photo) in Orlando and senior investment advisor Jason Stanton in the firm’s Tampa office.

Hendricks & Partners represented a Dallas based Special Servicer.   The buyer was not disclosed.

Built in 1995 Silver Pines features two and three bedroom garden style apartments with an average monthly rent of $704 and an average of 1,134 square feet of living space.

For more information, contact:

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@hpapts.com; 

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@hpapts.com; 

Jason T. Stanton CCIM, Senior Investment Advisor, Hendricks & Partners, 727-674-4097; jstanton@hpapts.com

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

DoubleTree by Hilton Introduces Newly-Renovated Landmark Hotel in New York City

 McLean, Va., (July 31, 2012) – DoubleTree by Hilton proudly announces a fresh chapter in the life of the DoubleTree by Hilton Metropolitan New York City (top left photo).  

The historic, upscale full-service hotel in New York, New York, features all-new guestrooms and 12,000 square feet of newly-renovated meeting space.

This iconic, 764-room property, perfectly located at the corner of Lexington Avenue and 51st Street in Midtown’s fashionable East Side, is an original design by American architecture maverick, Morris Lapidus.

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

Maggie Giddens

DoubleTree by Hilton

(703) 883-5346 

Maggie.Giddens@hilton.com

South Florida Local Economy To Get Boost From Proposed Lauderdale Lakes Aquatic & Entertainment Center Project

MIAMI, FL /PRNewswire/ -- Real estate developer Paul Anton has secured 25 acres of land in Lauderdale Lakes, FL where he plans to build a state-of-the-art sports aquatic and entertainment complex, thus creating hundreds of new jobs while helping an area that is still struggling from the economic downturn.

 This project will bring in revenue from locals and tourists alike. The stadium, which is in a prime location off of Commercial Boulevard and Route 441, will host a variety of events including national aquatic meets and various entertainment and concert events.

Chad Carroll (lower right photo), a top producer with New York and Miami luxury real estate powerhouse Douglas Elliman, is exclusively representing Mr. Anton on this and other exciting projects.

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

Ashley Murphy, Prudential Douglas Elliman, +1-212-702-4063, amurphy@elliman.com ; or Barbara Wagner, +1-212-843-8035, bwagner@rubenstein.com, or Nancy Raia, +1-212-843-9331, nraia@rubenstien.com, Rubenstein Associates

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

Marcus & Millichap Capital Corp. Arranges $8 Million CMBS Loan in Houston, TX

 HOUSTON, July 30, 2012 – Marcus & Millichap Capital Corporation (MMCC) has arranged an $8 million CMBS loan for a 47,511-square foot retail space in Houston.

Peter Dunn (top right photo), a senior director in MMCC’s Houston office, arranged the loan.

“CMBS 2.0 is back in business in Houston’s retail sector,” says Dunn. “Lenders are willing to finance unanchored retail centers, at full leverage, on a nonrecourse basis.”

“MMCC’s experience with Wall Street and CMBS lenders gave the client confidence that the transaction would close at the desired loan dollars and rate,” adds Dunn.

The loan was structured with a 10-year term and amortizes over 30 years with an interest rate of 4.9 percent. The LTV is 75 percent.

Press Contact:

Stacey Corso

Marcus & Millichap Capital Corporation

(925) 953-1716

HFF arranges $20 million financing for Newton Wellesley Executive Office Park in Boston suburb

BOSTON, MA – HFF announced it has arranged financing for Newton Wellesley Executive Office Park (top left photo), a four-building, suburban office park totaling 130,000 square feet in Wellesley, Massachusetts.

HFF worked exclusively on behalf of Newton Wellesley Executive Office Park LLC, an affiliate of The Nelson Companies, to secure the 10-year, fixed-rate loan through Principal Global Investors. 

Newton Wellesley Executive Office Park is 100 percent leased overall to 25 tenants in the high technology, legal, financial, professional and personnel service industries. 

The properties are located in Wellesley at 40, 60, 62 and 70 Walnut Street near the intersection of Route 16 and Route 128/Interstate 95 approximately 13 miles west of downtown Boston.

The HFF team representing the borrower was led by director Lauren O’Neil (lower right photo) and senior real estate analyst Robyn King.

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

LAUREN O’NEIL                                                             

HFF Director                                                                        

(617) 338-0990                                                                   

loneil@hfflp.com                                                                                                

                                     

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF arranges $58.7 million financing for The Forum at Olympia Parkway in suburb of San Antonio, TX

BOSTON, MA – HFF it has arranged a $58.7 million financing for a portion of The Forum at Olympia Parkway (top left photo) a 1.2 million-square-foot power retail center in Selma, Texas.

HFF worked exclusively on behalf of the borrower, an affiliate of AVR Realty Company, LLC, to secure the long-term fixed-rate loan through Northwestern Mutual. 

The Forum at Olympia Parkway is located at the intersection of Interstate 35 and Loop 1604 approximately 17 miles northeast of downtown San Antonio.  Built in 2000, the property included in this transaction totals 510,092 square feet and is currently 99 percent leased. 

Tenants include Bed Bath & Beyond, Ross Dress for Less, Best Buy, PetSmart, Office Max, Old Navy, TJ Maxx and Toys “R” Us.  The center is shadow-anchored by the separately owned retail component with tenants including Target, Home Depot, Kohl’s and Hobby Lobby.

The HFF team representing the borrower was led by director Greg LaBine (lower right photo), managing director Andy Scott and associate director Campbell Roche.

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

GREGORY F. LABINE                                  

 HFF Director                                                    

 (617) 338-0990                                                    

 glabine@hfflp.com  

                                    

MYRA F. MOREN

HFF Director, Marketing

mmoren@hfflp.com

(713) 852-3500

HFF arranges construction financing and joint venture equity for mixed-use development of 500 Madison in Old Town, Alexandria, VA

WASHINGTON D.C.  – HFF announced it has arranged construction financing and joint venture equity for the development of 500 Madison, a core mixed-use development in Old Town, Alexandria, Virginia.

HFF worked on behalf of Alexandria Old Town North, LLC (“AOTN”) to secure joint venture equity through Principal Real Estate Investors for its Principal Green Property Fund and a construction loan from Wells Fargo Bank.  AOTN was a venture comprised of The Pinkard Group, Buchanan Partners, Buvermo Properties and Theo Androus.

The 500 Madison site, located at the southeast corner of the intersection of Madison Street and North St. Asaph Street, represents the assemblage and re-zoning of five properties from four separate owners throughout the last several years. 

Due for completion in 2014,  the community will include the Kingsley, a 175-unit Class A apartment community, along with 52,000 square feet of street-level retail space that is 100 percent leased to Harris Teeter.  The Kingsley will feature studio, one- and two-bedroom units with an average size of 794 square feet.

The debt, equity and multi-housing teams in HFF’s Washington, D.C. office represented AOTN.

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

                                    

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

 mmoren@hfflp.com

HFF closes sale of Class A office building in El Segundo, CA

  

LOS ANGELES, CA – HFF announced  that it has closed the sale of 2401 East El Segundo Boulevard (top left photo) a 106,597-square-foot, Class A office building in El Segundo, California.

HFF marketed the property exclusively on behalf of the seller.  Peregrine Realty Partners purchased the property for an undisclosed amount.

2401 East El Segundo is located across the street from the Los Angeles Air Force Base near the Interstate 105/405 interchange and is minutes from the Los Angeles International Airport. 

The property is fully leased to tenants such as Aerospace Corporation, Lockheed Martin, Orbital Sciences Corporation, SPARTA Inc. and Honeywell.  The six-story property was most recently renovated in 2005 and features underground parking and a common area conference room and break room that is open to all tenants.

The HFF investment sales team representing the seller was led by senior managing directors Michael Ross (middle right photo) and Richard Plummer (lower left photo) along with director Andrew Harper and real estate analyst Jeff Sause.

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

MICHAEL C. ROSS                                      

 HFF Senior Managing Director                         

Ca. Lic. #00782053                                        

 (310) 407-2100                                                        

mross@hfflp.com          

                                        

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

 mmoren@hfflp.com