Done Deals: Aug 22, 2013

Thursday, August 22, 2013

Recent Office Trends in Tampa Bay Point to Bright Future

TAMPA BAY, FL -- Trends in the Tampa Bay office market are providing clear evidence of a gradual recovery in the near term and offer prospects for more robust property performance beyond 2013, according to new research from Marcus & Millichap.

Year to date, the availability rate, which measures all space marketed for lease, declined.

Positive net absorption signals that move-ins and expansions are outnumbering tenant departures and down-sizings.

Construction also remains restrained and does not pose an impediment to the recovery’s progress. The office sector’s demand-driven recovery is being fueled by steady and broad-based job creation.

Within the primary office-using segments of the job market, all of the professional and business services jobs lost during the recession have been restored. Less than 60 percent of financial services positions, however, have been recovered.

Financial services employment was at its highest when the housing market peaked, and many of those residential brokerage and mortgage positions have yet to return.

The recent recovery in home building and home sales is gaining traction, signaling a potential for additional hiring in residential real estate positions.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

(925) 953-1700 ext. 1716

(510) 999-1284 mobile

(925) 953-1710 fax

gina.relva@marcusmillichap.com

Cuhaci & Peterson Architects complete remodeling projects on two Winn Dixie Supermarkets in South Florida

Winn-Dixie store at Boca Raton, FL

ORLANDO, FL. --- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park recently completed the design for remodeling of two Winn Dixie supermarkets.

Lonnie Peterson

Lonnie Peterson, chairman of Cuhaci & Peterson, said the two 35,000 square foot Winn Dixie stores are located in Boca Raton and Fort Lauderdale.

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

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

Cohen Commercial Realty Signs Firehouse Subs in New Lease Transaction at Boynton West Shopping Center in Boynton Beach, FL

Bealls department store at Boynton West Shopping Center, Boynton Beach, FL

Bryan S. Cohen

Boynton Beach, FL -- Bryan S. Cohen, Allan Carlisle, and Travis Langhorst announced the signing of Firehouse Subs, to lease a 1,852-square-foot unit at Boynton West Shopping Center located on the northwest corner of Military Trail and Boynton Beach Boulevard.

Cohen Commercial Realty represents the landlord, Kimco Realty Corporation and Randy O’ Donnell from Prakas Group represents the tenant. There they join Burlington Coat Factory, Bealls, SunTrust Bank, Boston Market, and Pizza Hut.

Ocean Dragon Sushi Leases 6,400 SF at Lake Point Centre in West Palm Beach, FL

West Palm Beach, FL — Bryan S. Cohen and Travis Langhorst announced the signing of Ocean Dragon Sushi, to lease a 6,400-square-foot unit at Lake Point Centre located on the northeast corner of Okeechobee Boulevard and Jog Road.

This very experienced restaurant operator has numerous restaurants and an existing conveyor belt sushi restaurant in the Sawgrass Mills mall.

Travis Langhorst

Cohen Commercial Realty represents the landlord, Linpro Investments, and Chloe Poon from Partnership Realty represents the tenant. They join Wal-Mart Neighborhood Market, Walgreens, and Burger King.

Tri County Technical Services Takes 700-SF at Boynton West Plaza in Boynton Beach, FL

Allan Carlisle

Boynton Beach, FL -- Bryan S. Cohen, Allan Carlisle, and Travis Langhorst announced the signing of Tri County Technical Services, to lease a 700-square-foot unit at Boynton West Plaza located on the northwest corner of Military Trail and Boynton Beach Boulevard.

Cohen Commercial Realty represents the landlord, Kimco Realty Corporation. There they join Burlington Coat Factory, Bealls, SunTrust Bank, Boston Market, and Pizza Hut.

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

Jamie Crocker 561-471-0212

Cohen Commercial Realty, Inc.

P.O. Box 223244

West Palm Beach, FL 33422

www.cohencommercial.com

Broward County, FL Recovery Slows; Promising Near-Term Prospects Persist

Fort Lauderdale, FL skyline

FORT LAUDERDALE, FL -- Although the Broward County office sector posted mixed results in the first half of 2013, a modest increase in demand and nominal construction will trim vacancy over the final two quarters of the year.

The county’s current construction cycle is notable not only for its nearly empty pipeline, but also for its duration.

Construction is not likely to increase significantly anytime soon and, when it does occur, will likely be limited to build-to-suits and small multi-tenant assets where full occupancy thresholds are low.

The pause in building will support the absorption of space in existing properties. Thus far in the recovery, the emergence of new tenants and expanded space requirements has been slow to materialize, but the recovery of the local housing market holds promise for the office sector.

The office sector’s most recent upswing coincides with the pre-recession housing boom, when residential agents and mortgage firms emerged as a vigorous source of space demand.

Although a return to the pre-recession period of home building and home sales is unlikely, the recent climb in both indicators from recession lows are supporting a steady pace of economic growth in the county.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

(925) 953-1700 ext. 1716

(510) 999-1284 mobile

(925) 953-1710 fax

gina.relva@marcusmillichap.com

Orlando’s Office Market Continues Steady Climb from Bottom

ORLANDO, FL -- Vacancy dipped in the first half of 2013 and steady local economic growth, fueled by a recovering housing market, will sustain a solid recovery in the Orlando office sector this year, according to a first-half research report from Marcus & Millichap.

Employers in most private-employment sectors added workers in the first half of the year, and no single sector dominated. Such widespread hiring, and the clear absence of a bubble developing in any industry, will keep the office sector on an upward trajectory in the quarters ahead and mitigate the possibility of a downturn.

Office construction will increase in 2013, but to only half the average annual level of completions in the metro over the past several years.

With the current pace of moderate economic growth, the only office projects likely to proceed from planning to groundbreaking are build-to-suits or small multi-tenant properties, where the threshold to reach stabilized occupancy is low.

In fact, the sole building delivered in the first half came online fully leased, and four buildings measuring less than 60,000 square feet are slated to come online in the final two quarters of 2013.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

(925) 953-1700 ext. 1716

(510) 999-1284 mobile

(925) 953-1710 fax

gina.relva@marcusmillichap.com

Solid First Half Keeps Miami-Dade Recovery on Course

MIAMI, FL – Marcus & Millichap’s new research shows office vacancy slipped in Miami-Dade in the first half of 2013, offering additional evidence of the market’s slow but steady progress toward a full recovery.

Vacancy will also decline in the second half of the year, and property owners will make modest headway in raising rents. Under-utilized space remains a key issue here, as it does in nearly all metros.

Medical office campuses are growing

The pace of hiring moderated recently, but jobs that have been created over the past three years have been insufficient to generate widespread and significant new space requirements.

Financial services employment, in particular, still has considerable ground to cover to replenish the jobs lost during the recession, but residential real estate finance payrolls could receive a lift from a recovering housing market.

Medical fields also continue to emerge as a force for growth, as exemplified in the steady rate of tenants moving into the University of Miami Life Science & Technology Park.

Overall, progress in lowering vacancy will not be impeded by construction, which remains minimal. In many instances and locations, residential building is the most feasible use of developable land.

University of Miami Life, Science and Technology Park

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

Gina Relva

Public Relations Manager

Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

(925) 953-1700 ext. 1716

(510) 999-1284 mobile

(925) 953-1710 fax

gina.relva@marcusmillichap.com

Cuhaci & Peterson Architects completes design of Publix and Walgreens redevelopment in Tampa, FL

Publix Supermarket's existing store on South Dale Mabry Highway, Tampa, FL

ORLANDO, FL--- Cuhaci & Peterson Architects, based in Orlando’s Baldwin Park, recently completed design to redevelop a Publix supermarket and Walgreens drug store at South Village on Dale Mabry in Tampa.

Walgreens existing store
South Dale Mabry Highway, Tampa, FL

The Publix, according to Chairman Lonnie Peterson of Cuhaci & Peterson Architects is 47,000 square feet and the Walgreens totals 13,000 square feet.

Construction on both stores will be completed this fall. Regency Centers of Jacksonville is the developer of South Village.

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

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

HFF secures acquisition and pre-development financing for Midtown East site in Manhattan

PITTSBURGH, PA – HFF announced today that it has secured acquisition and pre-development financing for 138 East 50th Street in Manhattan’s Midtown East neighborhood.

Jay Marshall

HFF worked on behalf of the borrower, 50 Lex Development, LLC, a joint venture of Ceruzzi Holdings LLC of New York and Immovate North America, Inc., a subsidiary of Immovate Projektentwicklungs GMBH of Graz, Austria, in arranging the two-year, floating-rate, non-recourse loan with a major U.S. investment bank.

138 East 50th Street is located between Third and Lexington Avenues four blocks from Rockefeller Center and close to Times Square in Midtown East. The property is currently improved with a parking garage.

“No immediate development plans have been announced,” commented Robert Skolnick of Ceruzzi Holdings.

The HFF team representing the borrower was led by senior managing directors Dave Nackoul and Jay Marshall.

David A. Nackoul

Ceruzzi Holdings is a New York-based real estate company which develops, acquires and operates a diversified portfolio of primarily real estate properties. Ceruzzi Holdings has successfully completed more than 15,000,000 square feet of transactions and developed relationships with many nationally known tenants.

Immovate is a real estate developer whose core competence lies in the revitalization and expansion of real estate assets in downtown locations. Based in Graz, Austria, Immovate realizes exclusive projects, the total volume of which makes it one of Austria’s leading developers.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $23.8 million sale of Fairhaven Commons in Fairhaven, MA

Fairhaven Commons, 2-42 Fairhaven Commons Way, Fairhaven, MA

BOSTON, MA – HFF announced today that it has closed the sale of Fairhaven Commons, a 212,393-square-foot shopping center in Fairhaven, Massachusetts, for $23.8 million.

James Koury

HFF exclusively marketed the property on behalf of the seller, Heyman Properties.

Fairhaven Commons is strategically located at 2-42 Fairhaven Commons Way in close proximity to major local and regional thoroughfares, including State Routes 6 and 240, and Interstate 195.

At the time of sale, the property, which was completed in 1989, was 93 percent leased, to primarily national retailers including anchor tenants Walmart and Marshalls. Additional tenants include Sears Hardware, Ocean State Job Lot, GNC and Wendy’s.

Benjamin E. Sayles

The HFF team representing the buyer was led by senior managing director James Koury and director Ben Sayles.

“This center will provide the buyer with a secure, long-term cash flow generated by Walmart and Marshalls,” said Koury. “Necessity retail has been at the top of investors’ acquisition criteria for a while and Fairhaven Commons fits the bill perfectly.”

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

PM Hospitality Strategies Takes on Management of Four Hotels

180-Room Westin Wilmington, Wilmington, DE

WASHINGTON, DC, Aug. 22, 2013—PM Hospitality Strategies (PMHS), a hotel management company, today announced that it has signed management contracts to provide technical and pre-opening services for two hotels in Manhattan and two hotels in Delaware. The company will operate the hotels upon their opening in 2014.

Chase Convention Center, Wilmington, DE

“We are seeing increased interest in development in the current phase of the hotel economic cycle which matches up well with one of our areas of management strength—new hotels.” said Joseph Bojanowski, PMHS president.

“PHMS has been involved in the development of more than 20 successful hotels over the past decade, all of which have produced excellent returns. We have a full range of development expertise, including assisting with site and brand selection, financing, construction oversight and pre-opening.”

Details about the New York properties, which will be upscale, have yet to be announced.

The Delaware properties include the 180-room, four-star Westin Wilmington, which will be connected to the Chase Convention Center on the Riverfront, with a planned opening in the first quarter of 2014.

Hampton Inn & Suites Christiana, Newark, DE

“The Riverfront District is undertaking one of the nation’s most dynamic make-overs to create an entirely new urban environment. The Westin will play a key role in further enhancing this resurging area,” he said.

In nearby Newark, Del., PMHS is providing pre-opening services for the 136-room Hampton Inn & Suites Christiana, which is under construction, and will operate the hotel following its expected opening in the second quarter of 2014.

“Our long-standing and strong relationship with Hilton Worldwide helped secure the Hampton Inn brand,” Bojanowski noted. “We have developed proprietary systems that help us accelerate the ramp-up period and move properties into the black quickly. We know the East Coast markets well and believe both of these properties will be well received.”

Joseph Bojanowski

Founded in 1995, PMHS is a third-party hotel management company. It offers a full range of hotel operating services ranging from accounting to human resources, sales and marketing to information technology.

PMHS also has expertise in development, construction and pre-opening services. The award-winning company currently operates or is in the pre-opening stage of 26 hotels, comprising approximately 4,100 rooms under the Hilton, Marriott, Starwood and Choice Hotels brands.

PMHS is headquartered in Washington, D.C.

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

Chris Daly, Jerry Daly media

(703) 435-6293

chris@dalygray.com

www.pmhs.com

W Guangzhou teams up with Private Flight to provide gourmet, five-star meals for guests arriving and departing on private jets

W Guangzhou hotel, Guangzhou, China

Guangzhou, CHINA (Aug. 22, 2013) – Mainland China’s first W Hotel, W Guangzhou, is pleased to announce a partnership with Private Flight to provide the hotel’s five-star cuisine for guests flying in and out of Guangzhou.

Garth Welsh

Already a favorite destination in Guangzhou since opening this past Spring, with exclusive in-flight cuisine for its jet-setting guests, W Guangzhou is literally elevating the guest experience to new heights.

“I am delighted to offer a little bit of W up in the air to our guests traveling by private jet,” said Garth Welsh, W’s Director of Kitchens.

“Our partnership with Private Flight offers our well-heeled and jet-setting guests a fantastic opportunity to enrich their experience with the creative five-star cuisine we offer at W Guangzhou. This special in-flight service will enhance their flight and make each trip even more enjoyable and memorable.”

Guangzhou, China skyline

Following its spectacular grand opening in June, W Guangzhou has quickly established itself as a dynamic hub redefining the scene for this rapidly evolving city.

With destination venues and restaurants and signature Happenings that fuse together innovations in fashion, design and cuisine, W Guangzhou is Guangzhou’s new hotspot for style connoisseurs and hipsters.

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

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Marcus & Millichap Sells State-of-the-Art Refrigerated Food Distribution Building in Logan Township, NJ

Albert's Organics/United Natural Food Inc. leases this 70,000-SF refrigerated food storage and distribution building in Logan Township, NJ

LOGAN TOWNSHIP, NJ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a brand new 70,000-square-foot refrigerated food storage and distribution building.

John Glass

The facility is triple-net leased to Albert’s Organics/United Natural Food Inc. (UNFI), the largest wholesale distributor of natural, organic and specialty foods in the United States and Canada.

The property is situated in a 1,100-acre master-planned business park in Logan Township, N.J., which is part of the Philadelphia MSA. The terms of the sale were not released.

John Glass, a senior vice president investments, and Scott Pertel, an associate, both in Marcus & Millichap’s San Francisco office, represented the seller. The buyer is a publically traded REIT out of New York. Marcus & Millichap vice president Michael Fasano also provided representation.

Scott Pertel

“The buyer pool we sourced for this asset produced 12 offers,” says Glass, “The building’s quality location in a top-rated industrial market and the competitive bidding environment we created drove the selling price well above the initial asking price.”

“The lease, guaranteed by UNFI, has an initial 15-year term, with two five-year renewal options,” adds Pertel. “The tenant can expand up to an additional 25,000 square feet, adding potential upside for the new owner.”

Michael Fasano

Completed in 2013, the build-to-suit facility is located within the LogistiCenter business park at 1155 Commence Blvd. in Logan Township, N.J., 12 miles south of Philadelphia. The location offers direct access to Interstate 295, the New Jersey Turnpike, Route 120, Interstate 95 and rail service, making it an ideal place from which to service markets from Washington, D.C. to New York City.

The one-story warehouse features a mezzanine office and ample parking. The foundation is concrete, the framing is tilt up steel and the exterior is concrete and steel siding.

United Natural Foods Inc. supplies 60,000-plus items to 23,000 customers, including independently owned retailers, supernatural chain Whole Foods, and traditional supermarkets. The company offers groceries, supplements, produce, frozen foods and ethnic and kosher food products.

“Demand for refrigerated warehouse space, particularly freezer space, is projected to continue as the growing frozen food industry keeps refrigerated warehouse facilities at or near full capacity,” concludes Glass.

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

please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

RealtyTrac and Local Market Monitor Team up for Analysis that Incorporates 10 Health-Related Criteria, Job Prospects, Future Price Appreciation and Foreclosure Discount

IRVINE, CA, Aug. 22, 2013 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, and Local Market Monitor (www.localmarketmonitor.com), the premier real estate forecasting solution, today released a special report that shows the top housing markets for good health and building real estate wealth are in Texas, North and South Dakota, Utah, North Carolina, California, Tennessee, Montana, Wyoming, Iowa and Arkansas.

Daren Blomquist

“While families have many good options across the country in terms of places where healthy living is evident and the prospect of appreciating home prices is solid, there are some markets that clearly stand head and shoulders above the rest,” said Daren Blomquist, vice president at RealtyTrac.

“The markets considered for the Health and Wealth list all have strong appreciation potential.

Some are healthier than others. This report not only features those top markets for appreciation but also highlights important health- and wealth-related factors for families to research in any market before they make the decision to buy a home.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Data and Report Licensing:

800.462.5193

datasales@realtytrac.com