DoubleTree by Hilton Opens Fourth Hotel in Houston, TX

DoubleTree by Hilton Houston Hobby Airport

  McLean, VA – DoubleTree by Hilton announced the opening of the 303-room DoubleTree by Hilton Houston Hobby Airport, located less than half a mile from Houston’s William P. Hobby Airport and just 30 minutes from the Houston Intercontinental Airport. 

Formerly a Hilton, the hotel will continue to be owned and operated by 1859 Historic Hotels of Galveston, Texas, and guests will continue to earn and be able to redeem HHonors points at the hotel.

Helen Bonsall

As part of its transformation, the DoubleTree by Hilton Hotel Houston Hobby Airport is undergoing a comprehensive renovation, to include a new executive lounge on the ninth floor for Hilton Honors members, a private wine room for special occasions in the Boardwalk Dining Room, an airline crew lounge and all public spaces, including the front desk and exterior entrance area.  

A complete makeover of the guest rooms and baths will begin in January 2013. 

Hotel General Manager Helen Bonsall said of the transformation, “Our hotel’s dedication to a superior guest experience aligns perfectly with the DoubleTree by Hilton brand promise to provide the special comforts and acts of kindness that make the traveler feel human again.”

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

Maggie Giddens

Director, Global Brand Public Relations

DoubleTree by Hilton

+1 703 883 5346

Maggie.Giddens@Hilton.com

 Lauralee Dobbins

Daly Gray Public Relations

+1 703 435 6293

 Lauralee@dalygray.com

Admiral Capital Real Estate Fund Makes First Multifamily Investment in Joint Venture with Wood Partners in San Antonio, TX

The Brookhaven Apartments, San Antonio, TX

SAN ANTONIO, TX /PRNewswire/ -- San Antonio-based Admiral Capital Real Estate Fund and Wood Partners of Atlanta have acquired 209 apartments within The Brookhaven, a Class A urban high-rise located on the northern perimeter of Atlanta's prestigious Buckhead neighborhood.

"We are very excited to make our second Admiral investment in Atlanta and our first in the multifamily sector. We have been fortunate to build a diversified portfolio of value-add properties and capitalize on opportunities in the market to acquire high quality assets at a significant discount to replacement cost," Admiral Capital Group founder David Robinson said.

David Robinson

"This is consistent with our overall fund approach to identify assets that need capital and repositioning and partner with best-in-class operators like Wood Partners to execute that strategy."

The Brookhaven, built in 1985, is located at 3833 Peachtree Road, less than two blocks from Buckhead's center, and three blocks from a MARTA rapid transit station. Interiors were modernized in 2008 to feature hardwood floors, custom cabinetry and enclosed sunrooms.

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

 Dan Bassichis of Admiral Capital,

+1-646-405-4808,

dbassichis@admiralcg.com; or

Genevieve Anton of Wood Partners,

 +1-714-544-6503,

ganton@antonpr.com; or

Sharon Ballenger of USAA Real Estate Company,

+1-210-641-8410,

sharon.ballenger@usrealco.com

Voit Real Estate Services Completes 125,000-SF Industrial Acquisition for Cosmetics Distributor in Phoenix, AZ

  

Mike Kasulaitis

 Phoenix, AZ– Mike Kasulaitis of Voit Real Estate Services’ Phoenix office has successfully directed the acquisition of a 125,000 square-foot industrial building in Phoenix, Ariz. on behalf of the buyer, Buckeye 59th Ave, LLC.

The buyer, an East Coast-based manufacturer and distributor of make-up, costumes and accessories, will use this property as its distribution facility in Phoenix, according to Kasulaitis, Vice President in Voit’s Phoenix office.

“As the Phoenix industrial market continues its recovery, we are seeing an increase in activity from larger national companies who are seeking to secure distribution space to fulfill their operational needs,” said Kasulaitis. 

According to Kasulaitis, Buckeye 59th Ave, LLC was seeking a property in close proximity to its current manufacturing facility in Phoenix with good freeway accessibility.

“Voit’s keen knowledge of the market enabled us to secure a property that met our client’s distribution requirements in their desired location,” explained Kasulaitis.

The seller, Conair Corporation, was represented by Greg White of CBRE.

 The property is located at 2 north 59th Ave in Phoenix, Ariz.

Contact: 

Jenn Quader/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Howard Fuerst Returns to Marcus & Millichap as a Senior Associate

Howard Fuerst

HOUSTON, TX– Howard “Howdy” Fuerst, an investment specialist at Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has returned as a senior associate in the Houston office.

Most recently, Fuerst was a national sales advisor to Trammell S. Crow’s Earth Day Dallas, the largest sustainability event in the nation.

“It’s with great pleasure that we welcome Howdy back to Marcus & Millichap,” says David Luther, vice president and regional manager of the Houston office. “A veteran agent with extensive experience in the retail and office sectors, he has worked with some of the area’s largest property owners to build their portfolios, and will undoubtedly provide the same superior level of service to his Marcus & Millichap clients.” 

David Luther

Fuerst began his career in 2002 as a retail investment specialist in the firm’s Dallas office. During his initial seven years, he earned a National Achievement Award, four plaques and two Gold Achievement Awards.  

Fuerst joined the Dallas office of Transwestern in 2009, and left that company after two years. He began advising for Trammell Crow in 2011. He has also has provided advisory services to Ross Perot Sr. and Jr., as well as the Caroline R. Hunt Trust.

            “I returned to Marcus & Millichap because the platform far exceeds that of any other brokerage firm,” says Fuerst. “Moving from Dallas to Houston was also a strategic move: There are tremendous opportunities for commercial real estate investments in the Houston MSA. With attractive interest rates and plenty of capital from private and institutional Texas investors, we expect strong growth in the local CRE market over the long term.”

            A Certified Commercial Investment Manager (CCIM), Fuerst received his bachelor’s degree from Southern Methodist University and his master’s degree in business administration from the University of Miami.

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

Stacy Corson,

Public Relations Manager,

 (925) 953-1716

IPA Sells 344-Unit Luxury Complex in Austin, TX

The Remington, Austin, TX

AUSTIN, TX – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Remington, a 344-unit gated, resort-style multifamily community along the north side of State Highway 45 in Austin. Terms of the sale were not disclosed.

Will Balthrope, an executive director, Drew Kile an associate director, and director Scott Lamontagne, advised the seller, Koontz McCombs. The buyer is a private investor from the Pacific Northwest who was involved in a 1031 exchange.

Will Balthrope

“In spite of the recent construction spike, the Austin apartment market is still tight,” says Balthrope. “With strengthening job creation and other demographic trends working in the buyer’s favor, rents are set to rise, giving this exceedingly stable investment superior upside potential.”

The property is situated on 17.4 acres with easy access to Interstate 35 and State Highway 183, and is convenient to Austin-Round Rock employers Dell, Apple, IBM and Samsung. A major mall, restaurants and retailers including Walmart and Best Buy are also nearby.

The Remington was constructed in 2007 and has achieved above-average occupancy every year. The average unit size is 1,012 square feet.

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

Stacy Corson,

Public Relations Manager,

 (925) 953-1716

$10.75 Million in Drugstore Property Sales Arranged by Marcus & Millichap

CVS Pharmacy, Lebanon, PA

PHILADELPHIA, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two separate net-leased drugstores located in Pennsylvania and Maryland.

 In Lebanon, Pa., a 13,225-square foot CVS/pharmacy commanded a sales price of $5,946,000 and a cap rate of 6.45 percent. A 15,120-square foot Walgreens in Baltimore traded for $4,811,000 at a cap rate of 7.71 percent. 

Matthew Gorman

Michael Shover and Matt Gorman, both senior associates in Marcus & Millichap’s Philadelphia office, represented the seller of the CVS/pharmacy, a developer. Marcus & Millichap also represented the Walgreens’ seller, a private investor.

           “Because of our marketing efforts, we created significant demand from a number of qualified investors for the CVS property,” says Shover. “Ultimately, a 1031 exchange buyer was selected.”

Michael Shover

The investor, a limited liability company, was secured and represented by Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office. 

The CVS/pharmacy is located at 2200 West Cumberland St. in Lebanon, Pa. The property was built in 2008 and relocated from the Lebanon Valley Mall across the street. There are 22 years remaining on the lease.

Brandon Michaels

 “The Walgreens transaction is an excellent example of our firm’s platform and national reach,” Shover continues. “The California-based 1031 exchange buyer was specifically focused on acquiring a Walgreens drugstore, and in this case, the asset was located on the other side of the country.”

The investor, a personal trust, was secured and represented by Brandon Michaels, a vice president investments in Marcus & Millichap’s Encino, Calif., office. Also providing representation was Peyton Banks, an associate vice president in the firm’s Washington, D.C. office, is Marcus & Millichap’s broker of record in the District of Columbia.

Located on 2.16 acres, the Walgreens drugstore is situated on a signalized intersection at 2310 W Patapsco Ave. in Baltimore. At the time of the sale there were just less than 10 years remaining on the initial base term of the lease. 

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

Stacey Corso

Public Relations Manager

(925) 953-1716

$67 Million Student Housing Sale Brokered by IPA in Tucson, AZ

  

The District on 5th Avenue, Tucson, AZ

 TUCSON, AZ – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The District on 5th Avenue, a new 208-unit, student housing community located approximately one-half mile from the University of Arizona.

The 764-bed complex commanded a sales price of $67 million or $322,115 per unit and $268 per square foot.

            Peter Katz, an executive director, advised the seller, Residential Housing. The buyer was Education Realty Trust (EdR).

Peter Katz

 “The District on 5th Avenue is a core, Class A pedestrian-to-campus, purpose-built student housing community that ideally fits the institutional investor’s property profile of an urban infill, close-to-campus asset,” says Katz.

“Institutional investors, in an effort to place allocated capital, have become more aggressive in their pricing. This has resulted in compressed cap rates and lowered unleveraged yields, especially for properties at tier-one universities with residents from strong socio-economic backgrounds,” adds Katz.

University of Arizona, Tucson, AZ

Located at 550 North Fifth Ave. between North Herbert and North Arizona avenues, The District on 5th Avenue is a high-end student community with 12 two-bedroom/two-bath units, four three-bedroom/two-bath units, 40 three-bedroom/three-bath units, 45 four-bedroom/two-bath units and 107 four-bedroom/four-bath units, with an average weighted unit size of approximately 1,203 square feet. All units are leased by the bed.

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

Stacey Corso

Public Relations Manager

(925) 953-1716