HFF represents The Klein Group in the sale of retail condo in Manhattan’s Upper West Side

200 West End Avenue, Upper West Side, Manhattan, NY

Andrew
Scandalios

NEW YORK, NY –HFF announced today the sale of 200 West End Avenue, a 25,452-square-foot retail condominium in Manhattan’s Upper West Side.

                HFF represented The Klein Group in the sale of the asset.  David Beare of CORE and Scott Heller of the Heller Organization represented the buyer.

Jose Cruz

200 West End Avenue is a ground-floor and lower-level retail condominium located at the southeast corner of West End Avenue and 70th Street on the Upper West Side.  Built in 2009, the property is fully leased to four tenants including CVS Pharmacy. 

Jeff Julien

                The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing directors Jeff Julien and Kevin O’Hearn.

The Klein Group is a leading real estate firm that specializes in the acquisition, development and management of prime retail properties in the Tri-State area with a large concentration in New Jersey. 

Known for creating exceptional shopping centers, The Klein Group continues to expand in desirable locations across the Northeast from its headquarters in Florham Park, New Jersey.

Kevin O'Hearn

CORE is the leading, full-service, boutique real estate brokerage specializing in the marketing of premiere residential properties. 

CORE offers comprehensive real estate solutions for buyers, sellers, landlords, investors and developers. 

Within the past six years, CORE has introduced more than 25 new development properties to the New York City real estate market, selling more than $1 billion in real estate.

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.twitter.com/hff.   

Loews Hotels & Resorts Names Mary Reid Executive Director of National Sales, Midwest

Mary Reid

NEW YORK, NY  – Loews Hotels & Resorts announced the appointment of Mary Reid as executive director of national accounts for the Midwestern region.  In her new role, she will focus on building long-term relationships with Midwest corporate and association accounts for the brand’s entire portfolio.

"Loews Hotels is strengthening our Midwestern presence with the addition of the Loews Chicago, scheduled for opening in the first quarter of 2015, and it is crucial we continue to have seasoned sales leadership in this pivotal marketplace,” said David Wiener, senior vice president of sales, Loews Hotels & Resorts. 

“With her exceptional hospitality sales background in the Midwest, Mary was the obvious choice to help Loews as it expands its footprint nationwide.”

David Wiener

 Prior to joining Loews Hotels, Reid was the director of regional sales, Midwest, for KSL Resorts. 

An experienced hospitality veteran, she has represented a number of notable properties and brands, including the Ritz-Carlton Company, Hyatt Hotels and Resorts, Sonesta and Swissotel Hotels & Resorts.

 She is an active member of such industry organizations as the Professional Conference Management Association, (PCMA), Meeting Planners International (MPI), and Financial & Insurance Conference Planners (FICP).

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

Loews Hotels & Resorts                                                              

Sarah Murov                                                                           

(212) 521-2495                                                                                 

smurov@loewshotels.com

Daly Gray                                 

Chris Daly 

(703) 435-6293

chris@dalygray.com  

www.loewshotels.com

                                                

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Follow Loews Hotels & Resorts on Twitter: www.twitter.com/loews_hotels

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Lodging Construction Pipeline Growth Continues at Modest Pace

PORTSMOUTH, NH – Lodging Econometrics’ current Real Estate Trends report shows growth in the pipeline remains sluggish and is likely to continue that way at least thru early 2014 as ongoing political and economic uncertainty continue to affect developer sentiment.

As of Q3 2013 the Total Construction Pipeline stands at 2,819 Projects/ 358,691 Rooms, a year-over-year (YOY) increase of just 2% by projects and 5% by rooms. Hotels Under Construction have uptrended for nine quarters and are now at 710 Projects/ 92,065 Rooms, a YOY increase of 27% for Projects and 30% for Rooms.

Totals for Hotels Scheduled to Start in the Next 12 Months have increased off the bottom established in Q2 2012 and stand at 1,008 Projects/ 122,905 Rooms, a YOY increase of 17% and 22% respectively.

Projects in Early Planning have been in steady decline since their peak in Q4 2010, and show a YOY decrease of 19% for Projects and 15% for Rooms.

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

Jennifer McLynch

Marketing Communications Manager

Lodging Econometrics

jmclynch@lodgingeconometrics.com

P: +1 603.431.8740, ext. 16

F: +1 603.431.4418

www.lodgingeconometrics.com

HFF closes sale/leaseback transaction involving two grocery-anchored retail centers located in New Jersey and suburban Philadelphia

Pathmark grocery, 140 North MacDade Boulevard in Glenolden, Pennsylvania.

 

Jose Cruz

FLORHAM PARK, NJ – HFF announced today that it has closed the sale/leaseback transaction involving two grocery-anchored retail centers totaling 220,431 square feet in New Jersey and suburban Philadelphia.

                HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Company (A&P) and its affiliates. 

MCB Real Estate, LLC, in conjunction with Alex Brown Realty, Inc., purchased the two properties free and clear of existing debt. 

50 Race Track Road, East Brunswick, NJ

A&P continues to operate Pathmark grocery stores at each of the sites.  HFF closed the sale/leaseback of four freestanding Pathmark stores from this portfolio earlier this year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years.

                This most recent portfolio is comprised of 50 Race Track Road in East Brunswick, New Jersey and 140 North MacDade Boulevard in Glenolden, Pennsylvania.

Andrew
Scandalios

                The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien as well as associate Marc Duval.

According to Cruz, “The buyer had a thorough understanding of the neighborhoods and performed exceptionally well in the transaction.”

MCB Real Estate is a privately-held, institutionally capitalized commercial real estate investment firm.

Kevin O'Hearn

 Through deep experience in all phases of the real estate cycle, MCB successfully employs multiple strategies to achieve strong risk-adjusted returns in retail, industrial and office assets.  More information on MCB is available at www.mcbrealestate.com.   

Jeffrey Julien

Alex Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland.  ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States.  More information on ABR is available at www.abrealty.com

Founded in 1859, A&P is one of the nation's first supermarket chains. The company operates more than 300 stores in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.

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 arranges $54.2 million bridge loan for RiverCenter Mall redevelopment in San Antonio, TX

                        Former Joske's Department Store, 1910 painting, San Antonio, TX

RiverCenter Mall, Downtown San Antonio, TX

DALLAS, TX – HFF announced today that it has arranged a $54.2 million construction loan for the redevelopment of the historic Joske’s Building at the RiverCenter Mall, a tourist-oriented retail mall along San Antonio’s River Walk.

HFF worked exclusively on behalf of the borrower, Ashkenazy Acquisitions Corporation, to secure the bridge facility through Cornerstone Real Estate Advisers, on behalf of a Cornerstone managed fund.  

Loan proceeds will be used for the redevelopment of the historic building.

Trey Morsbach

Built in 1887 as the original location of Joske’s Department Store, the property is situated at the corner of Alamo and Commerce Streets overlooking the historic Alamo Plaza in San Antonio’s central business district. 

Joske’s occupied the space until 1987 at which time Dillard’s moved into the space until its departure in 2008.  The mall redevelopment will include a variety of retail, restaurant and entertainment tenancy.

The HFF team representing Ashkenazy Acquisitions Corporation was led by senior managing director Trey Morsbach, executive managing director John Pelusi and associate director Cullen Aderhold.

John Pelusi

Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets. Ashkenazy Acquisition has acquired over 13 million square feet of retail, office and residential properties, located throughout the United States and Canada.

With a portfolio containing more than 100 buildings valued at approximately $5 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets.

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.cornerstoneadvisers.com

HFF closes $38.1 million sale of Pinnacle Corporate Park I and II in Fort Lauderdale, FL

Hermen Rodriguez

MIAMI, FL – HFF announced it has closed the sale of Pinnacle Corporate Park I and II, two Class A suburban office buildings totaling 262,434 square feet in Fort Lauderdale, Florida.

HFF marketed the property on behalf of Northwestern Mutual.  A joint venture between Banyan Street Capital and DRA Advisors purchased the offering for $38.1 million free and clear of existing debt.

Pinnacle Corporate Park is situated just off Interstate 95 at 500 and 550 West Cypress Creek Road adjacent to the Cypress Creek Tri-Rail station.

  

Ike Ojala

The properties are 85 percent leased overall to a diverse tenant roster including University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae.  

The HFF team representing the seller was led by managing director Hermen Rodriguez, director Ike Ojala and senior real estate analyst Jorge Portela.

“Pinnacle Corporate Park has an exceptional office location thanks to its proximity to Fort Lauderdale’s central business district, Interstate 95 and the Tri-Rail, and the property is in exceptional physical condition,” said Rodriguez.

“The offering received strong interest from a wide variety of investors, driven by the property’s physical attributes and strong rent-roll,” added Ojala.

                HFF’s investment sales team closed more than $2.8 billion in office building sales nationally in the first half of 2013.  HFF closed more than $48 million in office transactions across all capital markets platforms in the state of Florida during this time.

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

Cohen Commercial Realty Brokers Two New Leases in South Florida

Flagler Square, Forest Hill Boulevard and Florida Mango, West Palm Beach, FL

Bryan S. Cohen

Palm Beach Gardens, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Orangetheory Fitness, to lease a 2,880-square-foot unit at Mirasol Walk Shopping Center located on the northeast corner of PGA Boulevard and Mirasol Drive, just west of the Florida Turnpike.

Cohen Commercial Realty, Inc., represents the landlord, Sansone Group, in this transaction. They join Publix Supermarket, Walgreens Pharmacy, Bank of America and Starbucks.

Allan Carlisle

West Palm Beach, FL — Bryan S. Cohen and Jason Guralnick of Cohen Commercial Realty, Inc., announced the signing of Repairs On Us, to lease a 865-square-foot office at Flagler Square located on the southeast corner of Forest Hill Boulevard and Florida Mango.

 Cohen Commercial Realty, Inc., represents the landlord Storm Abramson Properties in this transaction.

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

Jamie Crocker

jamiecrocker@cohencommercial.com

561.471.0212 phone

561.471.5905 fax

Lincoln Brokers Lonza America’s 93,963-Square-Foot Renewal and Expansion in Alpharetta, GA

  

1200 Bluegrass Lakes Parkway, Alpharetta, GA

Michael Howell

 ATLANTA, GA– Lincoln Property Company Southeast (Lincoln) has brokered Lonza America’s 93,963-square-foot lease renewal and expansion at 1200 Bluegrass Lakes Parkway in the Atlanta suburb of Alpharetta, Ga. The firm now occupies the entire building.

 Michael Howell and Hunter Henritze, vice presidents of office leasing for Lincoln, and Jeff Henson, a senior associate in the firm’s Office Leasing Group, represented the landlord, OA Development, in the transaction.

Christopher Olsen, Bert Sanders and Dave Kilborn of Newmark Grubb Knight Frank represented Lonza America, which is a direct subsidiary of Lonza Group AG, a $4 billion global biochemical company.

Hunter Henritze

 Lonza America’s renewed and expanded lease runs for more than 11 years. 1200 Bluegrass Lakes Parkway serves as an Innovation Center for Lonza and houses the R&D, production and distribution divisions for specific product lines.

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Essex Realty Group Brokers Sale Of Walk-Up Apartment Building in Chicago, IL

  

2702 - 08 West Ainslie Street, Lincoln Square neighborhood, Chicago, IL

CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 2702-08 W. Ainslie St. a 21-unit gut-rehabbed walk-up apartment building located in Chicago’s Lincoln Square neighborhood.

Matt Welke

 The property is situated on the northwest corner of Ainslie Street and Washtenaw Avenue, two blocks from the CTA bus stop at Lawrence and Washtenaw, and within walking distance of the Rockwell CTA Brown Line Station.  In addition, the building is in close proximity to the restaurants and shops located in the heart of Lincoln Square.

 The building was gut renovated between 2008 and 2009 with interior apartment finishes including granite countertops, stainless steel appliances, and new cabinets in kitchens/pedestal sinks, wall-mounted medicine cabinets, mosaic tile floors, and ceramic tile tub surrounds in bathrooms; hardwood floors and crown molding throughout bedrooms and living rooms. 

The mechanical systems have also been updated, including new electric, new copper plumbing, new in-unit HVAC and hot water tanks, and new windows.

Jason Fishleder

The Subject Property consists of a unit mix of 1 Bd/1 Ba up to 2 Bd/2 Ba + Den, with square footage starting at 846 SF per unit up to 1,390 SF.

 Matt Welke and Jason Fishleder represented the seller and Doug Fisher of Essex represented the purchaser.  The price was approximately $3,900,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

  

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com