HFF marketing for sale Lincoln at Ovaltine Court in greater Chicago area

Lincoln at Ovaltine Court, Villa Park, IL

CHICAGO, IL – HFF announced today that it has been selected to market the sale of Lincoln at Ovaltine Court, a 350-unit multi-housing community in Villa Park, Illinois.

HFF is marketing the property on behalf of the seller, a joint venture between Lincoln Property Company and the AFL-CIO Building Investment Trust, for an undisclosed amount free and clear of debt.

Matthew Lawton

Lincoln at Ovaltine Court is close to the Interstate 294 and Interstate 88 intersection in eastern DuPage County in Villa Park.  Built within the former headquarters of the popular cocoa drink, Ovaltine, the building consists of 344 apartment homes and six retail spaces on a 14-acre site bordered on one side by the historic Prairie Path. 

The residential component of the property is 96 percent leased and includes a mixture of garden- and loft-style units ranging in size from 783 to 1,318 square feet.  Community amenities include a state-of-the-art fitness center, business center, clubroom, outdoor swimming pool and sundeck.

Sean Fogarty

The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.

“The historic design and unique layout of this asset provides an opportunity to investors not found anywhere else in the booming Oak Brook submarket.  

Marty O'Connell

The development of this unique property differentiates it from competitors and capitalizes on the core group of renters that desire the downtown loft lifestyle but want to remain in the suburbs as well as appealing to more traditional suburban renters,” said Lawton.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $23.5 million sale of Greenspoint Office Park in suburban Chicago

Greenspoint Office Park, Hoffman Estates, IL

CHICAGO, IL – HFF announced today that it has closed the sale of Greenspoint Office Park, a three-building, Class A office portfolio totaling 498,635 square feet in Hoffman Estates, a northwest suburb of Chicago.

                HFF marketed the portfolio on behalf of the seller, Multi-Employer Property Trust (“MEPT”).  

Bentall Kennedy acted as advisor to the seller.  LPC Realty Advisors, on behalf of a pension fund client, purchased the assets for $23.5 million free and clear of existing debt.

Jeff Bramson

                Greenspoint Office Park is comprised of Barrington Pointe (148,385 square feet), Greenspoint I (202,838 square feet) and Greenspoint III (147,412 square feet).  53 percent leased overall, notable tenants include Vistex, Inc., Siemens, Arcadis, U.S., Inc. and Kimberly-Clark. 

Jaime Fink

The properties are located at 2300 North Barrington Road, 2800 West Higgins Road and 2895 Greenspoint Parkway at the interchange of Interstate 90 and Barrington Road in the northwest suburban market. 

                The HFF investment sales team representing MEPT was led by senior managing directors Jeff Bramson and Jaime Fink and director Mark Katz.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

www.bentallkennedy.com

www.mept.com.

Marshall Hotels & Resorts Adds Three Management Contracts

Hilton Garden Inn, Manhattan, NY

  

Michael Marshall

SALISBURY, Md., March 13, 2013—Officials at Marshall Hotels & Resorts, Inc., a leading hotel management and services company that operates properties nationwide, today announced that it has added three management contracts.  The properties include two in Manhattan and one in Mt. Laurel, N.J.

“We are seeing increased hotel management opportunities as more hotels change hands and investors seek higher returns on their investments,” said Mike Marshall, president and CEO.   “The two new Manhattan additions bring to five the number of properties we operate or are in pre-opening in the greater New York City area.”

Grand Union Hotel,
Manhattan, NY

The hotels include:

Grand Union Hotel—The 88-room boutique property is located at in Midtown Manhattan at 34 E. 32 Street, two blocks from the Empire State Building and nearby to Madison Square Garden and Macy’s Herald Square.

Hilton Garden Inn—The 232-room, under-construction property is located in Midtown Manhattan.  It is Marshall’s second Hilton Garden Inn in the New York metro area.  Marshall will be responsible for pre-opening activities, as well as management upon the property’s opening, which is scheduled for the second quarter of 2014.

Comfort Inns & Suites—The 90-room Comfort Inn and Suites is located in Mt. Laurel, N.J.  “We have a long history operating hotels in the greater Philadelphia market and look forward to adding value to this property,” Marshall said.  “We just completed overseeing a major renovation of the hotel and it already is gaining market share.”

Comfort Inn & Suites, Mt. Laurel, NJ

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

Pat Daly, Jerry Daly, media

Daly Gray Public Relations

(703) 435-6293

 jerry@dalygray.com

www.marshallhotels.com

Charles Dunn Company Completes $2.22 Million Sale of 12-Unit Property in Los Angeles, CA

Michel Hibbert

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.22 million sale of a fully occupied 12-unit multifamily property located at 11292 Brookhaven Ave. in Los Angeles between Pico and National Blvd.

Michel Hibbert of Charles Dunn Company represented the Los Angeles-based seller, KWP Investments, LLC. The buyer was 11296 Brookhaven Investors, LLC from Los Angeles and was represented by Michael Irvine of Bulldog Realtors. The transaction closed at a cap rate of 5.2 percent. 

The property includes four studio units, four one-bedroom units, and four one-bedroom units and is situated close to the 405 and 10 freeways.

“The asset had been completely renovated which was attractive to the buyer,” said Hibbert.  “I advised the seller to bring rental rates up to market prices prior to putting the property on the market. Because of its stability, the seller was able to garner 100 percent of the asking price. “

Michael Irvine

Hibbert added that at $371 per square foot, the pricing on the asset is one of the highest for a comparable property in West Los Angeles.

Michel Hibbert has completed more than $500 million in transactions over his career and has been one of Charles Dunn Company’s top multifamily brokers year-over-year for the firm.

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

Darcie Giacchetto,

949.278.6224

D.G. Communications, Inc.

www.charlesdunn.com

Faris Lee Investments Completes $4 Million Sale of Restaurant Property in Bristol, VA

  

Patrick Luther

 RVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the nearly $4 million sale of a 7,936-square-foot free-standing restaurant property occupied by Logan’s Roadhouse.

Situated on approximately three acres, the property is located on the Tennessee/Virginia border and sits on “restaurant row” directly off of Interstate 81 at 3174 Linden Drive in Bristol, VA.

Kevin Fulton

Patrick Luther of Faris Lee Investments represented the all-cash buyer, Cole Real Estate Investments, a private, non-traded real estate investment trust. The seller, a private investor based in Tennessee, was represented by Kevin Fulton of Market Retail Partners. The property closed at an 8.35 percent cap rate.

According to Luther, the buyer viewed this as an investment offering a compelling cap rate compared to other Logan’s Roadhouse restaurants which recently sold. Cole owns other properties leased to Logan’s in its existing portfolio and is comfortable with the tenant credit.

Logan's Roadhouse

“Faris Lee sourced this property off-market for Cole Real Estate Investments, which will allow the company to achieve an above-market yield compared to similar credits and alternatives,” said Luther. “Cole acquired an asset that was not widely marketed and the seller benefitted from working with a qualified all cash buyer offering a quick close of escrow.”

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

www.farislee.com

.

Taylor & Mathis Secures 32,000 SF of Renewals at Espirito Santo Plaza in Downtown Miami, FL

Espirito Santo Plaza, Miami, FL

MIAMI, FL -- Taylor & Mathis has finalized two deals comprising 32,000 square feet of lease renewals at Espirito Santo Plaza. The renewals place the sculptural glass tower on Brickell Avenue at 95 percent leased.

 International law firm, Weil, Gotshal & Manges LLP, the second-largest tenant in the building, renewed its lease for 24,381 square feet in a seven-year deal.

 The Taylor & Mathis’ Miami leasing team of Brian Gale, Andrew Trench and Ryan Holtzman, exclusive leasing agents for Espirito Santo Plaza handled the lease, working directly with Weil. The New York-based law firm has been a tenant at Espirito Santo Plaza since 2001.

Brian Gale

“As one of the original tenants of the building and one of the most recognizable names in the legal industry, it was only natural for us to work with them to extend their lease term at Espirito Santo Plaza, “said Taylor & Mathis’ Andrew Trench.

“Espirito Santo Plaza is a magnificent property recognized both as a signature among the Miami skyline and as the Miami headquarters of such a prominent law firm.”

Ryan Holtzman

Legg Mason Global Asset Management renewed their lease of 7,780 square feet for an additional five years. The lease was co-brokered by Alan Kleber and Matt Cheezem of CRESA. 

 Legg Mason is one of the largest asset management firms in the world, serving institutional and individual investors on six continents. For more information, visit http://www.leggmason.com. 

Andrew
Trench

 Less than 5 percent of the office space remains available at the mixed-use property that also includes the Conrad Miami hotel and 10 floors of luxury condominiums.

Alan Kleber

Espirito Santo Plaza is a 36-story mixed-use glass tower with an attached 12-story parking garage and 260,000 square feet of Class A office space. 

The Conrad Miami — Hilton Hotel’s luxury brand — features 203 guest rooms, a ballroom and meeting facilities and specialty retail/restaurant space. The top floors of the property consist of a fully equipped health club and 116 luxury condominium residences overlooking the soaring 11 story atrium.

Matthew Cheezem

Located on a full city block fronting at 1395 Brickell Avenue, in the heart of Miami’s international financial market, Espirito Santo Plaza’s main tower designed by KPF welcomes visitors with a dramatic 36 story concave figural arc symbolizing the gateway to Latin America. 

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

Andrew Trench

Leasing Director

TAYLOR & MATHIS

(305) 476-8880

atrench@taylormathis.com

http://www.weil.com/miami/.

www.TaylorMathis.com

http://espiritosantoplaza.com/

www.TaylorMathis.com

MBA Calls on Congress to Increase FHA Multifamily and Healthcare Commitment Authority

Debra W. Still

 WASHINGTON, D.C. (March 12, 2013) – Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs:

 “Recently, the FHA notified Congress that it is on pace to exhaust its commitment authority for multifamily and healthcare program loans for fiscal year 2013 and will require additional authority to insure these loans. Failure to provide the additional commitment authority has the potential to cause significant disruptions to financing for apartments and healthcare facilities throughout the country.

White House, 1600 Pennsylvania Avenue NW
Washington, DC

 “MBA is calling on Congress, as it considers its continuing resolutions to fund government programs for the remainder of fiscal year 2013, to add a provision granting FHA an additional $5 billion in commitment authority for multifamily and healthcare loans.

 “The additional commitment authority is critical at a time when rental housing is playing a historically larger role in the overall housing market and the number of Americans in rental housing is at the highest level in decades. Not funding these programs would disrupt financing for rental housing and healthcare properties. 

Congress should take this into consideration and add $5 billion in FHA multifamily and healthcare commitment authority, a provision that requires no direct appropriation of funds.”

Contact:

Matt Robinson,

(202) 557-2727

Emerson International negotiates new office leases totaling close to 20,000 SF in Central Florida

Kenneth Koch

Altamonte Springs, FL--- Emerson International recently leased close to 20,000 square feet of space at its prime locations in Orlando, Altamonte Springs, Maitland and Winter Park.

Kenneth Koch, commercial portfolio director at Emerson International, negotiated a new lease for 6,205 square feet of office space at 2600 Maitland Center Parkway with Canon Business Solutions.  Koch also negotiated a new lease for 8,165 square feet with Braishfield Associates, Inc. at 5750 Major Blvd. in Orlando.

Zac Starkey

Zac Starkey, commercial associate with Emerson International negotiated two leases – one with Fast Forward Academy, LLC for 1,203 square feet of office space at Altamonte Lakeside Park on Cranes Roost Blvd. in Altamonte Springs, and an expansion lease with Blue Horizon Eating Disorder Services, LLC for an additional 1,089 square feet bringing their total occupied space to 3,704 square feet at Louisiana Office Park on Louisiana Avenue in Winter Park.

Contacts:

 Kenneth Koch, Commercial Portfolio Director, Emerson International, Inc., 407-834-9560 kkoch@emerson-us.com;

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

NAI Realvest Negotiates New Lease for Stand-Alone Office Building on East Colonial Drive, Orlando, FL

Jack W. Lynch

ORLANDO, FL– NAI Realvest recently negotiated a new lease agreement for the 3,905 square foot office building located at 2206 E. Colonial Drive, at the Corner of Hillside Drive in Orlando.

 Jack W. Lynch, senior broker associate at NAI Realvest negotiated the transaction representing the local landlord, Nguyet Thi Thu Nguyen LLC Nghia Xuong Tran LLC.   

 The new tenant is Orlando-based Coltan Healthcare Management Inc. 

Contacts:

Jack W. Lynch, NAI Realvest 407-875-9989 or jlynch@realvest.com

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com  

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

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

NAI Realvest Negotiates Renewal Lease of 6,360 SF of Retail Space in Orlando

Michael Heidrich Jr.

MAITLAND, FL. – NAI Realvest recently negotiated a renewal lease for 6,360 square feet of retail space at 2001 Murdock Blvd. in Orlando.

 NAI Realvest Associate Michael Heidrich, Jr. brokered the transaction representing the tenant Sanford-based Uni Select USA, d/b/a Parts Depot, Inc.

 John and Carlene Piloian of Longwood are the landlords.

Contacts:

Michael Heidrich, Jr. Associate, NAI Realvest 407-875-9989 mheidrichjr@realvest.com

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com  

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

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