Invest Atlanta Chooses Consultants for Strategic Planning for Westside Tax Allocation District

 ATLANTA, GA  – Invest Atlanta, the city of Atlanta’s economic development agency announced that APD Urban Planning and Management (APD) — in association with Cooper Carry, Kimley-Horn and Associates (KHA) and Planners for Environmental Quality (PEQ) — has been selected as consultants for the provision of comprehensive, strategic and implementation planning services for the Westside Tax Allocation District (TAD) Neighborhood Area.

The Westside TAD Neighborhood Area lies south of Jefferson Street, east of Joseph E. Lowery Boulevard, north of Martin Luther King Jr. Drive and west of the railroad tracks. It includes the VineCity and English Avenue communities.

The purpose of the project is to create a comprehensive implementation plan for the Westside TAD Neighborhood Area to create jobs and enhance the quality-of-life for the area’s residents.

“Finding a viable redevelopment strategy for this part of the city is critical to ensure its long term economic stability,” said Mayor Kasim Reed (top right photo), chairman of Invest Atlanta. “With the many challenges facing this area, it's time we invest in the Westside so the residents can benefit from the creation of jobs and an improved quality of life.”

“These historic communities can once again be a treasure and a point of pride for Atlanta,” said Brian P. McGowan (lower right photo), president and CEO of Invest Atlanta. “What we intend to do is create a consolidated implementation strategy to improve quality of life, create jobs and sustainable economic growth.  We know this work will be tough but the people and families that live in these communities deserve this.  The market timing is right to get it done.”

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

Elizabeth Hagin

O: 404-965-5023

C: 678-642-4301

@elizabethhagin

Los Angeles County Shopping Center Fetches $15.7 Million

  

 SAN DIMAS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of San Dimas Station (top left photo), a 148,958-square foot shopping center in the eastern San Gabriel Valley city of San Dimas. The sales price of $15,750,000 equates to $106 per square foot.

            Alan Krueger (middle right photo), a senior vice president investments, and Richard Longobardo (lower left photo), an associate vice president investments, both in Marcus & Millichap’s Ontario, Calif. office, represented the Northern California-based seller. Krueger and Longobardo also represented the buyer, a local private investor.

“The property attracted strong interest from a wide variety of investors,” says Krueger. “Buyers have been tracking the Los Angeles area’s continuing retail recovery and keeping an eye out for well-located retail centers.”

“The San Dimas Center’s location in a trade area that is highly developed with little land available for new development and high barriers to entry make it especially attractive,” adds Longobardo.

The property is located at 515 West Arrow Highway with excellent visibility from California State Route 57, the Orange Freeway, and is easily accessible from an Arrow Highway off ramp. The shopping center has two sections, an 88,205-square foot north section and a 60,753-square foot southern section, which make the property easily accessible from both north and south.

San Dimas Station was constructed on 16 acres between 1986 and 1987. The architectural style of the center reflects the area’s equestrian character.

Major tenants of the property include 99¢ Only, Baskin Robbins, Furniture Depot and Zendejas Mexican Restaurant.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Vestar and UBS Global Asset Management Acquire Riverside Plaza in Riverside, CA for $84.84 Million

 RIVERSIDE, CA– Vestar, in a joint venture with a fund advised by UBS Global Asset Management, announced today that it has acquired Riverside Plaza (top left photo), a 475,211-square-foot retail center located on 35 acres in Riverside, Calif., for $84,844,000 in an all cash transaction.

 The acquisition marks one of the largest investment sales transactions in Southern California's Inland Empire region in the past 10 years.  Vestar currently manages more than 22 million square feet of retail properties in the West.

“Riverside Plaza provides us with a value-added investment opportunity in a premier region of Southern California ,” said Rick Kuhle (middle right photo), President of Vestar.  “Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers."

                Kuhle continued by saying that we are very bullish about these types of value-added investment opportunities and are aggressively seeking more properties like it throughout the West.

  "Riverside Plaza is one of the premier retail centers in Southern California and we are excited to be adding it our portfolio ," said Jeff Axtell (middle left photo) Vestar Director of Acquisitions and Development.  "The property provides Vestar with stable cash flow with a strong demographic mix."

                Located adjacent to the heavily traveled I-91 Freeway, Riverside Plaza is 92 percent leased and  anchored by Vons Supermarket, Trader Joes, CVS Pharmacy and Regal Cinemas Stadium 16.

 The premier retail center also features other nationally-recognized tenants including Forever 21, Chico’s, JoS. A. Bank, El Torito, California Pizza Kitchen, Islands Burgers, Chase Bank, Panera Bread, Chipotle, Wendy’s, and El Pollo Loco. 

                The HFF team of Bryan Ley (bottom right photo), Ryan Gallagher, John Crump and CJ Osbrink represented the seller, Westminster Funds, in the transaction.  Vestar represented itself in the transaction.

Contact:

David Ebeling

 Ebeling Communications

 (949) 278-7851

 david@ebelingcomm.com

www.hfflp.com.

www.vestar.com

John Smotryski Joins Colliers as Director of Project Management in Miami, FL

MIAMI, FL - Colliers International South Florida is pleased to announce that John Smotryski (top right photo) has joined the firm as Director of Project Management. Project management services include providing owner representation for managing ground up developments, the rehabilitation of existing assets and tenant improvement projects.

"My mission is to represent and protect the owners' interest in every decision and every issue as if it were my own," says Smotryski.

 Smotryski is a Florida Certified Building Contractor and a LEED Accredited Professional who has more than 20 years of experience in strategic planning and execution of construction operations. He is a specialist at leading design and construction teams, identifying cost savings and accelerating schedules for clients. Smotryski served as senior project manager for a number of South Florida projects, including the Mint Condominium in Downtown Miami, topping out two months ahead of schedule.

"The addition of John and his experience fills a void our clients have been seeking lately as development and rehabilitation work gains momentum," says Stephen Nostrand (lower left photo), Chief Executive Officer of Colliers International South Florida. "Now when we sell land to a developer or lease space to a user, or accept a receivership assignment that requires a property upgrade, it is a seamless transition that delivers additional benefits to the relationship. Many companies in our industry say they deliver a comprehensive service package but this particular niche is often ignored as an in-house capability," he adds.

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

HFF named to market sale of Milwaukee, WI Pick ‘n Save grocery-anchored center

CHICAGO, IL – HFF announced today that it has been named to market the sale of East Pointe Marketplace (top left photo), a 57,888-square-foot, Pick ‘n Save grocery-anchored shopping center in Milwaukee, Wisconsin.

                HFF is marketing the property on behalf of the seller, a joint venture between Milwaukee based Northwestern Mutual and Mandel Group.  The asset is listed without a formal asking price free and clear of existing debt. 

East Pointe Marketplace is located at 605 East Lyon Street in downtown Milwaukee.  The fully leased property is anchored by Pick ‘n Save, which is Milwaukee’s dominant grocer by market share.  Additional tenants at the center include Starbucks, Einstein Bros. Bagels, Noodles & Co. and Five Guys. 

                The HFF investment sales team representing the seller is led by director Daniel Kaufman (middle right photo) and associate director Amy Sands (lower left photo) in the Chicago office, and senior managing directors Jim Batjer and Barry Brown in the firm’s Dallas office.

 “Pick ‘n Save is Milwaukee’s absolute market dominant grocer with more than 45 percent market share,” said Kaufman.  “The center has been institutionally owned and has been downtown Milwaukee’s dominant grocery anchored community center since completion.” 

                “East Pointe will command significant interest from the investor community given the center’s dominant positioning at the center of Milwaukee’s thriving downtown residential, student and daytime office population base,” added Sands.

          

                Mandel Group, Inc. is a national award-winning builder and developer headquartered in Milwaukee.  Founded in 1991, the group has transacted more than $800 million of residential and commercial developments and acquisitions.  It provides integrated real estate services with operations in development, construction and property management, and currently operates approximately 4,000 residential units.  www.mandelgroup.com 

  

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

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF named to market for sale three office property offerings located in Florida and Texas

MIAMI, FL – HFF announced today that it has been named to market the sale of three office/office park properties in Florida and Texas.  The properties are: Pelican Bay Financial Center (top left photo) in Naples, Florida; University Park (middle right photo) in Fort Myers, Florida; and CenterPoint I, II & III (lower left photo) in Arlington, Texas.

                The properties represent the final North American holdings for a family-owned company based in Germany.  The assets may be purchased individually or as a portfolio.

Pelican Bay Financial Center is a 61,145-square-foot, Class A office building that is fully leased to tenants including Morgan Stanley and UBS.  The property is situated at the entrance to the affluent residential community of Pelican Bay, and is close to The Club at Pelican Bay, The Ritz Carlton Naples and The Waldorf Astoria.

                University Park is a four-building, Class A office park totaling 166,391 square feet plus a development site zoned for an additional 144,000 square feet.  The property is 57 percent leased to tenants including Morgan and Morgan P.A., Source Medical, Amerprise Holdings and Investors’s Security Trust Company of Florida.  Located at the intersection of Summerlin Road and College Parkway, University Park is close to the Lee County Campus of Edison State College, the Gulf Coast Medical Center and Interstate 75 in Fort Myers.

CenterPoint I, II and III are situated on 14.19 acres along Interstate 30 within the Arlington Texas Entertainment District that includes the Dallas Cowboys Stadium, Six Flags over Texas and the Rangers Ballpark in Arlington.  The property consists of three office buildings totaling 279,338 square feet that are 94 percent leased to tenants including North Central Texas Council of Governments.    

The HFF investment sales team representing the seller is led by executive managing director Manuel de Zárraga, senior managing director Hermen Rodriguez and director Ike Ojala in HFF Miami and director Elizabeth Malone in HFF Dallas.

Contact:

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF hires James Koury as senior managing director in its Boston office

BOSTON, MA – HFF announced today that James Koury (top right photo) has joined the firm as a senior managing director in its Boston office. 

Mr. Koury has been retained to assist with the growth of the firm’s national retail investment sale platform with a focus on transactions in the northeastern United States. 

He has more than 26 years of experience in the commercial real estate industry and has closed the sale of more than 170 shopping centers totaling more than $3 billion and 16 million square feet. 

Prior to joining HFF, Mr. Koury was an executive vice president and partner at CB Richard Ellis. He is a member of the International Council of Shopping Centers and graduated with a Master of Science degree in Finance from Boston College.

“James has deep rooted relationships with nearly all of the key retail buyers and sellers in the region and is widely recognized as a national expert in the area of shopping center sales,” said John Fowler (lower left photo), executive managing director in the Boston office of HFF. 

 “HFF was ranked as the top intermediary for financing retail property by Real Capital Analytics, and one of the top three for retail investment sales in the United States by Real Estate Alert,” Fowler added.

Contact:

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com 

Lincoln Property Company Southeast Brokers Two Leases Totaling Morethan 24,000 SF in Metro Orlando

  

ORLANDO, FL – Lincoln Property Company Southeast has brokered the leases of more than 24,000 square feet of metro Orlando officespace.

The leases include the following transactions:

• M2 Systems Corp. has signed a long-term lease for 11,988 square feet in 500 Winderley Place (top left photo), a three-story, 101,321-square-foot office building in a park-like setting in Maitland, Fla. The building is near Interstate 4, the RDV Sportsplex Athletic Club, and several banks and hotels.

Jay Dixon (middle right photo), vice president, office, for Lincoln Property Co. Southeast, represented the landlord, Parkway Properties. Lawson Dann (lower left photo) of Morrison Commercial Real Estate represented the tenant.

• Osceola County, Fla., has signed a long-term lease for 12,248 square feet at Celebration Place IV, a Class-A, 125,974-square-foot office building in Celebration, Fla. The five-story building is designed for high-tech users and is near Interstate 4, State Road 417 (known as the Central Florida Greeneway) and Highway 192.

 Dixon represented the landlord, 215 Celebration Place Inc., and was the only broker involved in the transaction.

“The metro Orlando office market continues to improve, and we have seen the market’s vacancy rate drop steadily in recent quarters,” Dixon said. “Orlando’s suburban markets have particularly experienced improvement, and these two leases are great examples of the quickening activity in those areas.”

 Contact:

Stephen Ursery

Wilbert Public Relations

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Michael Terry Joins Bull Realty’s Apartment Group in Atlanta, GA

ATLANTA, GA– Commercial real estate veteran Michael Terry (top right photo) has joined Bull Realty as a vice president in the firm’s Apartment Group. In his position, Terry will advise and represent institutional and private-equity clients in the acquisition and disposition of apartment communities in the southeastern United States.

Terry was previously a director at Bryant Commercial Real Estate Partners (now Lee & Associates) and an associate at CB Richard Ellis (now CBRE Group).

“Mike Terry has established a solid reputation in the community as a very likeable and talented broker, and has more than a decade of experience in helping companies align their business objectives with their real estate goals,” said Michael Bull (lower left photo), founder and president of Bull Realty. “We are excited about further strengthening our Apartment Group with the addition of his industry experience.”

“I could not be more pleased about the chance to join Bull Realty’s Apartment Group,” Terry said. “The apartment sector is an exciting market to be in right now, and I am excited about the chance to use our firm’s top-notch marketing platform to serve our clients.”

 Contact:

Stephen Ursery

Wilbert Public Relations

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

New Beginnings Signs 5,209-SFLease in Downtown Atlanta

 ATLANTA, GA – Lincoln Property Company Southeast has brokered New Beginnings Life Changing Network’s new six-year lease of 5,209 square feet at the Woodruff Volunteer Center (lower left photo) in downtown Atlanta.

Sabrina Altenbach (top right photo), an office-leasing associate for Lincoln, represented the tenant. Brooke Dewey of Jones Lang LaSalle represented the landlord, United Way of Metropolitan Atlanta.

New Beginnings is a non-profit social services organization that specializes in the placement of children in foster care. The 18-story Woodruff Volunteer Center features 310,986 square feet and was built in 1963.

“New Beginnings is a vital component of the Atlanta social services community, and the work the organization performs contributes tremendously to the well-being of Georgia’s children,” Altenbach said. “It is an honor to help this agency find the right space to carry out its mission.”

Contact:

Stephen Ursery

Wilbert Public Relations

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Corecon Technologies Releases New Updates for Corecon V7 Construction Software

 Huntington Beach, CA– Corecon Technologies unveils updates to Corecon V7—a web-based estimating and project management software suite. The new enhancements provide Corecon V7 subscribers with even more on-the-go accessibility options and efficiency tools to effectively manage the construction process.

Corecon V7 is a complete construction software solution for general contractors, builders, developers, engineering and professional service firms. This project-based solution provides complete visibility into every facet of a firm’s operations with modules for business development, estimating, bid management, contract administration, procurement, time tracking, document control, correspondence and scheduling.

For more information about Corecon Technologies and Corecon V7, visit www.corecon.com or call toll free at 1-866-258-6698.

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

Laura Mickelson,

 LM Communications

949-453-0851;

lauramickelson@cox.net

Beech Street Capital Closes $21.7 Million Freddie Mac Loan to Acquire Boynton Beach, FL Apartments

 BETHESDA, MD – Beech Street Capital, LLC, announced it closed a $21.7 million Freddie Mac Capital Markets Execution loan used to acquire Ashley Lake Park (top left photo), a 300-unit apartment complex in Boynton Beach, Florida.

Mitch Sinberg (lower right photo) and Michael Wallace, senior vice presidents in Beech Street’s Fort Lauderdale and Orlando offices, originated the transaction.

Located in the Palm Beach MSA, Ashley Lake Park is approximately 10 minutes from the beach and less than one-half mile from Boynton Beach Boulevard, which provides direct access to Interstate 95.  Beach Regional Mall is just two miles away.  Built in 1987, the property offers a series of upscale amenities including a 24-hour fitness center, basketball court, two resort style pools, Jacuzzi, laundry facility, playground, tennis court, and clubhouse with Wi-Fi.

 The fixed-rate loan has a seven-year term with two years interest-only.

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

Courtney Lewis at 240-507-1948 or Jenifer Bernardi at 240-507-1946.