$192 million sale of 2000 L Street in Washington, D.C. closed by HFF

2000 L Street NW, Washington, DC

Jim Meisel

WASHINGTON, D.C. – HFF announced today that it has closed the sale of 2000 L Street, NW, an  office building located in the heart of Washington, D.C.’s Central Business District (“CBD”).

               HFF marketed the property exclusively on behalf of the seller, Brookfield Office Properties.  Rockrose Development Corporation purchased the asset for $192 million.

               Spanning a full city block from 20th to 21st Streets NW, 2000 L Street is an eight-story freestanding asset with four sides of extensive window lines.  

Dek Potts

Currently 96 percent leased to 31 tenants, the property is situated in the CBD’s amenity-rich Golden Triangle and proximate to four Metro Stations serving the Red, Orange and Blue Lines.

The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir, executive managing director Stephen Conley and senior real estate analyst Matt Nicholson.

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

www.brookfieldofficeproperties.com.

HFF arranges $47 million financing for Class A multi-housing community in Austin, TX

Regency Park Apartments, 401 Little Texas Lane, Austin, TX

Douglas Opalka

AUSTIN, TX – HFF announced today that it has arranged $47 million in financing for Regency Park Apartments, a 528-unit, Class A, garden-style multi-housing community in Austin, Texas.

               HFF worked exclusively on behalf of the borrower, Suburban Homes, Inc., to arrange the fixed-rate loan through JP Morgan Chase Bank N.A.

Regency Park Apartments is located at 401 Little Texas Lane between South Congress Avenue and Interstate 35 in South Austin.  Completed in 2003, the property is currently 98 percent leased and has averaged 97 percent occupancy throughout the past decade. 

Robert Wooten

Community amenities include a fitness center, two resort-style swimming pools, spa, sand volleyball, picnic and barbecue areas, dog park, business center, clubroom and billiard room.

               The HFF team representing the borrower was led by senior managing director Douglas Opalka and associate director Robert Wooten.

“The ownership’s focus on community and taking care of its tenants has created a very friendly atmosphere, earning rave reviews from the residents who reward the management with long term loyalty.  This made the asset all the more attractive to lenders,” commented Opalka.

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 sale of League City, TX retail shopping center

League City Town Center, League City, TX

HOUSTON, TX – HFF announced today that it has closed the sale of League City Towne Center, a 194,736-square-foot, Class A shopping center in League City, Texas.

Ryan West

               HFF marketed the property on behalf of the seller, Property Commerce.  Excel Trust, Inc. purchased League City Towne Center for an undisclosed amount.

               Situated at the intersection of the Gulf Freeway (Interstate 45) and F.M. 646, League City Towne Center is about 20 miles southeast of Houston.  The property was completed in 2008 and is fully leased to tenants including Ross Dress for Less, TJ Maxx, Michaels and PetSmart.  Shadow anchors (not included in the sale) include Super Target and Home Depot.

               The HFF investment sales team representing the seller was led by managing director Ryan West and senior managing director Rusty Tamlyn.

Rusty Tamlyn

               Property Commerce, established in 1976, has built a strong, continually evolving management, brokerage and leasing organization, which complements its development and investment activities.  The present management portfolio includes multi-family, office and retail projects.

               Excel Trust, Inc. is a retail-focused REIT that primarily targets community and power centers, grocery-anchored neighborhood centers and freestanding retail properties.  Excel Trust trades publicly on the NYSE under the symbol "EXL".  For more information on Excel Trust, Inc., please visit www.exceltrust.com.

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

Davidson Hotels & Resorts to Manage Hyatt Regency Denver Tech Center

Hyatt Regency Denver Tech Center Hotel, 7800 East Tufts Avenue, Denver, CO

DENVER, CO and ATLANTA, GA, Sept. 23, 2013—Davidson Hotels & Resorts (Davidson), one of the nation’s largest hotel management companies, today announced that it has taken over management of the 451-room Hyatt Regency Denver Tech Center in Colorado.   

Steve Margol

This is the second hotel that Davidson manages on behalf of the hotel’s owner, JMI Realty, a real estate investment and development company specializing in lodging and urban redevelopment.

“Davidson has amassed one of the highest-quality full-service portfolios in the industry and ranks as the largest independent operator of full-service Hyatt’s in the nation ,” said Steve Margol, Davidson’s chief investment officer.

 “Our in-depth experience operating Hyatt hotels, combined with  JMI Realty’s  planned renovation of the  meeting space will allow us to solidify the Hyatt’s position as a leading property in the marketplace.”

Greg Clay

“Davidson’s reputation as a top-of-class operator speaks for itself. Their unique expertise managing many full-service Hyatt branded hotels made them a logical choice for us in Denver.   We look forward to expanding our relationship with this premier asset,” said Greg Clay, JMI Realty’s chief investment officer.

Located at 7800 East Tufts Avenue, the 11-story hotel is ideally situated at the corner of I-25 and 225 Highways, convenient to  downtown Denver,  the Denver International Airport and minutes  from the Belleview light rail station. 

The seller was advised exclusively on the transaction by HREC Investment Advisors, the brokerage side of Hospitality Real Estate Counselors, headquartered in Greenwood Village, Colo.

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

Cyndi Norwood                                                                                                                                        Davidson Hotels & Resorts 

(678) 349 0909                                                                                                                                                                      

ccarl@davidsonhotels.com

Chris Daly (media)

Daly Gray Public Relations

 (703) 435-6293

chris@dalygray.com

Cuhaci & Peterson Architects completes design of new East Coast Wings & Grill on Alafaya Trail in east Orlando, FL

ORLANDO, FL. --- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park recently completed design work on a new East Coast Wings & Grill on Alafaya Trail near the intersection of Curry Ford Road in east Orlando. 

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the restaurant will offer 4,000 square feet of space and seat approximately 150 including the patio.   

This is the first East Coast Wings & Grill franchise in Florida, Peterson said.

  

Cuhaci & Peterson Architects awarded contract to design new Fresh Market in Winter Springs, FL

ORLANDO, FL--- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park, was recently awarded the contract to design a new Fresh Market store in Winter Springs at Red Willow Plaza.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the store will offer 21,000 square feet of supermarket space when completed and opens in early 2014

Lonnie Peterson

Cuhaci & Petersen Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

NAI Realvest negotiates $750,000 Sale of professional office condominium to medical group for ambulatory care at Savannah Park in Sanford, FL

Paul Partyka

SANFORD, FL  -- NAI Realvest recently negotiated the $750,000 sale of the entire first floor at 3739 Byron Anthony Place a professional office building in Savannah Park located off International Parkway and SR 46 in Sanford.

   

Sanjay Kumar

Paul P. Partyka, principal and managing partner at NAI Realvest, who represented the seller Pinnacle Bank of Orange City, said the condominium totals 9,883 square feet and was purchased by Long Island International LLC of Longwood, a doctor investment group who will open an ambulatory care facility.

Sanjay Kumar of Florida Residential Commercial & Investment represented the buyers in the transaction.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Taylor & Mathis Brings Phillips Point in West Palm Beach, FL to 95% Occupancy with Over 100,000 Square Feet of Leasing

Phillips Point, West Palm Beach, FL

Mark Pateman

West Palm Beach, FL, Sept 23, 2013 -   Within weeks of signing their largest new lease to date at West Palm Beach’s Phillips Point, Taylor & Mathis has secured 43,000 square feet of renewals at the office property.

Morgan Stanley, one of the building’s longest term tenants, signed a 30,000 square foot renewal.  The 12-year, $20 million dollar deal was co-brokered by Chris Constant and Mark Pateman of Cushman & Wakefield. 

That deal was quickly followed by a 10-year, 13,000 square foot renewal of Northern Trust Bank.  Early last year, Gunster, one of West Palm Beach’s oldest law firms, signed a long term renewal for over 50,000 square feet at the property. With over 100,000 square feet of leases signed this year, Phillips Point is now at 95% occupancy. 

Brian Gale

 “Both of these tenants conducted extensive due diligence during their search for office space before signing leases at Phillips Point,” stated Taylor & Mathis’ Principal, Brian Gale.  “Phillips Point, with its timeless finishes and views unlike any other office building in the market, beat out the shiny new office building being proposed – Related’s Gateway Tower.” 

 Within the last month Taylor & Mathis secured a 40,000 square foot new lease with Akerman Senterfitt.  In July Taylor & Mathis announced the signing of two firms to 25,516 square feet of leases.  Global Capital Econometrix, LLC leased the building’s entire 18th floor of 14,516 square feet and BMO Harris Bank, a tenant at the building since 1997, signed a 10,000 square foot renewal. 

 The location provides seamless access to Palm Beach Island, directly across from the entrance to the Royal Palm Bridge, with Ocean and Intracoastal Waterway views from all sides.

Chris Constant

The building is home to internationally recognized tenants including, Gunster, Squire Sanders, Goldman Sachs and Greenberg Taurig.  Among the complex’s amenities are banking, valet parking, concierge, Morton’s Steakhouse, The Phillips Point Club (a penthouse level dining club), café and sundry shop, 24-hour manned security and on-site dining.

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

Brian Gale

bgale@taylormathis.com

(305)476-8880

www.TaylorMathis.com

www.taylormathisflorida.com

CBRE Markets Greystone Business Park Sale in Jacksonville, FL

Greystone Business Park in Jacksonville, Florida's I-95-9A Corridor

St. John's Town Center Mall

JACKSONVILLE, FL -- CBRE, as exclusive agent, is pleased to offer the Greystone Business Park for sale in Jacksonville’s I-95/9A Corridor located south of the central business district.

This is an exceptional 24 acre, ±212,240 SF, master planned corporate business park. The Property’s combination of upside potential, credit tenancy, predictable cash flow and the fact that it is unencumbered with debt provides an exceptional opportunity in today’s limited deal flow environment. 

Above-market parking and surging leasing activity have contributed in stabilizing the Property while still providing significant upside potential.

University of North Florida
Student Union Building

Its strategic location near the area’s largest employers (St. John’s Town Center Mall, Blue Cross Blue Shield, Deutsche Bank, University of North Florida) with excellent access to Interstates 295 and 95 via Butler Boulevard, provides consistent tenant demand from some of the area’s most credit-worthy tenants

With Jacksonville’s job market recovering ahead of schedule, the Greystone Business Park is an ideal investment opportunity.

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

Ron Rogg

ron.rogg@cbre.com

Related Group To Add 4 New Condo Towers To Proposed ICON Palm Beach

ICON Palm Beach twin-tower condos  rendering,
 Flagler Drive, North of Downtown West Palm Beach, FL

MIAMI, FL -- As the South Florida condo market rebounds from the devastating crash of 2007, the Related Group - the tri-county region's largest vertical condo developer - plans to add four new condo towers with more than 660 additional units to its previously proposed ICON Palm Beach twin-tower project on Flagler Drive north of Downtown West Palm Beach, according to a new report from CondoVultures.com. 

Under the revised plan, the four newly proposed condo towers would be developed in partnership with neighboring landowner RSBC Real Estate Co. that controls a 13.9-acre waterfront site and marina in the 4200 block of Flagler Drive, immediately south of the proposed ICON Palm Beach project that was slated to be built on a 5.1-acre site in the 4400 block of Flagler Drive, according to city of West Palm Beach records.

With the Related Group's revised plans, at least 10 new condo towers with more than 1,800 units have been proposed in the Downtown West Palm Beach area as of September 22, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

West Palm Beach, FL skyline

Prior to the revised ICON Palm Beach plans, at least eight development sites with the potential for hundreds of residential - either rental or condominium - units were already being contemplated in the North Flagler Drive corridor just north of Downtown West Palm Beach, according to a CondoVultures.com report.

Overall in the tri-county South Florida region, developers are now proposing nearly 22,500 units for coastal Miami-Dade, Broward, and Palm Beach counties as of September 22, 2013, according to the Preconstruction Condo Projects Database™.

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

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

800-750-0517.

Charles Dunn Co. Completes Record-Breaking $3.4 Million Sale of Multifamily Property in Los Angeles

1451 Hi Point Street Apartments, Faircrest Heights Neighborhood, Los Angeles, CA

LOS ANGELES, CA, Sept.  23, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the sale of a fully occupied eight-unit multifamily property located within the Faircrest Heights neighborhood near Fairfax and Pico Boulevards at 1451 Hi Point Street in Los Angeles.

Albert Shilton

 The Faircrest Heights submarket was recently rated as the number three ‘up and coming’ neighborhood by a prominent listing website. The property closed at the highest price per unit and price per square foot in the neighborhood this year at over $420,000 and over $320 respectively according to CoStar records.

Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, a private investor from Los Angeles. The buyer was LA Glo, Inc. and was represented by Coldwell Banker.

Built in 2012, the property was originally designed to sell as condominiums, but the original developer lost the property in foreclosure. The seller finished construction, and stabilized the asset shortly before listing the property.

Blake Rogers

The building offers upscale finishes with a unit mix comprised of six, two-bedroom/two-and-a-half bathroom units and two, three-bedroom/two-and-a-half bathroom units.

“Not only should the buyer do well with the building as a rental property due to healthy rent growth and low vacancy in the submarket, but the property is also well positioned for condo conversion in the future,” commented Shilton.

Shilton and Rogers specialize in the sale of multifamily properties and land for development within Los Angeles and Orange Counties. Over the past 12 months, they closed on transactions totaling approximately $77,000,000.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Marcus & Millichap Arranges Sale of 66-Unit Apartment Building in Miami, FL for $6.45 Million

                                                   

Virginia Gardens Apartments, Miami, FL

  

Paul D. Nudelman

MIAMI, FL, Sept. 23, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Virginia Gardens Apartments, a 66-unit apartment property located in Miami, FL. The asset sold for $6,450,000.

Paul D. Nudelman, a Senior Associate in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami, FL.

Arthur D. Porosoff

 The buyer, a developer from Coral Gables, FL was secured and represented by Arthur D. Porosoff, a Vice President Investments, and Jorge Ruiz, an Associate, in Marcus & Millichap’s Miami office. 

“The buyer will benefit from Virginia Garden Apartments’ location in Coconut Grove, one of the most sought after rental markets in Miami.  The property also has an annual government HAP contract which pays for the majority (currently 77 percent) of the tenant's monthly rent. In the rare event that a tenant leaves, applicants line up for a chance to rent,” says Porosoff.

Jorge Ruiz

Virginia Gardens Apartments is a seven-story multi-family building consisting of 22 efficiencies, 27 one-bedroom/one-bath units, 16 two-bedroom/two-bath units and one detached efficiency.  The property is located in the Coconut Grove area at 2890 Virginia Street in Miami, FL. 

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

Kirk A. Felici

First Vice President/Regional Manager, Miami

(786) 522-7000