Tuesday, December 17, 2013

HFF closes sale of Preston Center Pavilion and Square in Dallas, TX

Rendering of Preston Center Pavilion and Square,
Park Cities Neighborhood, Dallas, TX
Barry Brown
DALLAS, TX – HFF announced today that it has closed the sale of Preston Center Pavilion and Square, a 230,842-square-foot urban infill shopping center in Dallas, Texas.

                HFF represented the seller, US Commercial, LLC (“USC”), on behalf of 35 tenant-in-common owners and procured the buyer, a private real estate fund advised by Crow Holdings Capital Partners, L.L.C.  The transaction involved the assumption of the existing CMBS mortgage. 

Jim Batjer
Redeveloped in 2000, Preston Center Pavilion and Square is anchored by national tenants including DSW Shoe Warehouse, Marshalls, Gold’s Gym, CVS Pharmacy, Office Depot, Pei Wei, Chipotle and Salata. 

The property is situated in Dallas’ affluent Park Cities neighborhood at the intersection of Northwest Highway, Preston Road and the Dallas North Tollway.

The HFF investment sales team representing the seller was led by senior managing directors Barry Brown, Jim Batjer and Doug Hazelbaker and managing director Ryan Shore.

Doug Hazelbaker
US Commercial, LLC is a full-service real estate advisory firm based in Ladera Ranch, California that has sponsored numerous tenant-in-common real estate investment programs.   

Crow Holdings Capital Partners, L.L.C. (“CHCP”) is the investment manager to a series of real estate private equity funds designed to generate current income and benefit from the capital appreciation of portfolio investments. 

Ryan Shore
The six funds have had total equity commitments from partners of approximately $4.1 billion, approximately $675 million of which was committed by Crow Family Holdings.

 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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

Trico Investments Purchases Estimated 500-Unit Self Storage Property in Homestead, FL

Self-Storage facility at 701 South Homestead Boulevard, Homestead, FL

IRVINE, CA (Dec. 17, 2013) -- Trico Investments, a real estate investment company specializing in value add self storage properties, has added another facility to its portfolio.

  The firm completed the purchase of an approximately 500-unit, two-story self storage property located at 701 S. Homestead Blvd. in Homestead, Florida.  The three-acre property was built in 1986.

Trico completed the all-cash purchase from Homestead US 1 Self Storage LLC for an undisclosed amount.  Trico plans to reposition the asset through its focused management and proprietary business plan.

According to Trico executives, the self storage industry is a strong sector, poised for continued growth due to solid tenant demand and the opportunity for rising rents. 

Looking ahead to 2014, the firm will continue to target self storage assets for acquisition and repositioning located within California, Florida and Texas, as these are strong population centers.

Based in Irvine, CA, Trico Investments has developed and acquired approximately 100 self storage facilities.  The firm targets infill properties within populated areas that have high barriers to entry.

For more information contact Kirt Boultinghouse at Trico Investments at (949) 313-6176 or kirt@tricoinvestments.com

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

Darcie Giacchetto
Spaulding Thompson & Associates

HC Real Estate Capital Arranges $5,362,500 in Acquisition Financing for Terrace at Florida Mall In Orlando, FL

The Terrace at Florida Mall, 730 West Sand Lake Road, Orlando, FL

Orlando, FL – Dec. 17, 2013 -- Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,362,500 in acquisition financing for The Terrace at Florida Mall (“TAFM”) located at 730 West Sand Lake Road Orlando, FL.

Florida Mall
 HC Real Estate Capital worked exclusively with the borrower to secure fixed rate financing through a commercial bank. 

TAFM is a 146,764 square foot retail center leased to a roster of national, regional and local tenants.  Built in 1989 on a 27.31-acre parcel, the shopping center is dually anchored by Marshall’s and Bed Bath & Beyond. 

The property sits adjacent to the Florida Mall, one of the largest single-story malls in the nation at 1.9 million square feet and a 120,000 SF Target shadow. 

Chris Caveglia, Principal at HC Real Estate Capital states, “The borrower and lender worked well together. Both sides of the transaction stayed focused on successfully completing the financing.” Caveglia went on to say, “This property is well located and there is upside potential through lease up.”

Marshall's Department Store
HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  

The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks. 

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

Bull Realty Brokers $5.8 Million Sale of 38,000-Square-Foot Medical Office Building in Morrow, Ga.

Atlanta Medical Center, 1000 Corporate Center Drive, Morrow, GA

 ATLANTA, GA (Dec. 17, 2013) – Bull Realty brokered the $5.8 million sale of 1000 Corporate Center Drive, a 38,000-square-foot medical office building in Morrow, Ga., approximately 15 miles south of downtown Atlanta.

Paul Zeman
Paul Zeman, President of Bull Realty’s National Healthcare Capital Markets Group and a Partner at the firm, represented the seller. Skokie, IL-based Stage Equity Partners purchased the property.

The building, which was built in 1991, is fully occupied. Its tenants include Tenet Healthcare’s Atlanta Medical Center Family Practice and the Clayton Eye Center. 

“Medical office buildings have proven their resiliency, delivering solid net operating incomes in both good times and bad,” Zeman said.

 “We have seen intense investor interest in MOBs for a while and we expect that to continue as buyers seek assets that offer consistent performance in all types of economic conditions.”

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

Stephen Ursery •The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-549-7150  • M: 404-405-2354

PM Hospitality Strategies Names Daniel Zwim General Manager of the Westin Wilmington in Delaware

Rendering of 180-Room Westin Wilmington Hotel, Wilmington, DE
            WILMINGTON, Del./WASHINGTON, D.C., December 17, 2013—PM Hospitality Strategies (PMHS), a hotel management company, today announced that it has named Daniel Zwim general manager of the soon-to-open, 180-room Westin Wilmington in Delaware. 

Daniel Zwim
Scheduled to open in spring of 2014, the hotel is owned in a joint venture comprised of Buccini/Pollin Group and Westport Capital.  PMHS is overseeing construction, providing pre-opening services and will operate the hotel upon opening.

“David’s longstanding familiarity with the Westin brand, coupled with his regional expertise in the mid-Atlantic area, made him an ideal selection to lead this hotel to become the market leader,” said Joseph Bojanowski, PMHS president. 

“His leadership style of building energetic, motivated teams that in turn strive to provide the finest service to guests undoubtedly will help make this hotel the destination for business and leisure travelers to this waterfront district.”

A 30-year hospitality veteran, Zwim began his career in food & beverages, holding a number of increasingly important positions within Marriott Corporation that culminated in becoming the company’s executive chef.

 From there, he moved into operations, holding such positions as room service manager of the Four Seasons Resort Aviara, rooms division manager of the Westin William Penn Hotel and director of operations at the Westin Convention Center Pittsburgh.

Joseph Bojanowski
“I look forward to introducing the Westin brand and all it can provide both guests and the community to Wilmington,” said Zwim. 

 “Having worked exclusively with the Westin brand for the past 15 years, I believe I have a unique perspective on what this hotel is capable of becoming, and along with my team, we will work towards making that vision a reality.”

Connected to the Chase Convention Center on the Riverfront, the four-star hotel is located at 815 Justison Street, near such local attractions as Frawley Stadium, Delaware Theater Company, Delaware Children’s Museum, Delaware Center for the Contemporary Arts and a 15-screen IMAX theater.  The hotel will offer 100,000 square feet of state-of-the-art meeting space, as well as a legal center, full-service restaurant, Westin WORKOUT® Gym, indoor pool and 24-hour business center.

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

Chris Daly, Jerry Daly media
(703) 435-6293


Metrocenter Mall Food Court in Phoenix, AZ Reaches 100% Occupancy

All American Burger at Metrocenter Mall, Phoenix, AZ

PHOENIX, AZ— Holiday shoppers at Phoenix’s Metrocenter Mall can eat, drink and be merry with the addition of several new food court tenants. The new concepts add variety to the mall’s dining environment and bring the food court to 100 percent occupancy.

Deb Jacupke
These new Metrocenter Mall food court tenants include:

All American Burger – A regional tenant opening its second Arizona location, All American Burger occupies 1,043 square feet and offers American favorites such as burgers, chilidogs and homemade fries.

Finny’s Fish Bar – A locally based tenant expanding its Jade Express restaurant concept, Finny’s Fish Bar occupies 2,024 square feet and offers a new take on seafood with seafood platters, fish tacones, fish-n-chips and unique side dishes.

Pita Paradise Grill – A locally based tenant opening its second Phoenix location, Pita Paradise Grill is leasing 1,010 square feet and offers Mediterranean and Greek cuisine ranging from kabob and gyro plates to Mediterranean sandwiches and wraps, salads, soups and desserts.

Food court tenant Maya, which also operates restaurants in other nearby malls, will expand its menu at Metrocenter Mall as well, adding authentic Mexican food to an existing line up of natural fruits and specialty ice cream, yogurt, shaved ice, smoothies and milkshakes.

Anita Blackford
These companies join current Metrocenter Mall food court and specialty food tenants including #1 Sushi, Auntie Anne’s, Charley’s Grilled Subs, Cinnabon, Dairy Queen/Orange Julius, Hickory Farms, Hot Dog on a Stick, Jade Express, Lombardo’s Gelato, Subway, Villa Pizza and Wetzel’s Pretzels.

“This makes for a really dynamic combination of national, regional and local entities,” said Metrocenter Mall Senior Vice President of Leasing Anita Blackford.

“It’s a great mix. Our national tenants provide the draw and stability of a known brand. Our local concepts infuse that with very unique menus that make a trip to our mall something different—an experience that shoppers can’t get anywhere else.”

“From the moment the enclosed shopping center came into being, food has been the strongest central element,” added Metrocenter Mall Director of Marketing Deb Jacupke.

“During exit surveys, shoppers consistently rank food as the number one purchased item. It is critical. It rounds out the shopping experience and gives communities a place to gather and enjoy a meal together.”

Jessica Theberge
Metrocenter’s new food court concepts add to a full line-up of holiday events at the mall, ranging from concerts, carolers and children’s shows to cookie decorating, arts and crafts with Mrs. Claus and Metrocenter Holiday Movies Powered by Radio Disney. For a full list of events, visit www.metrocentermall.com/events.

The momentum in the mall’s food court also continues a steady leasing plan by Blackford and Specialty Leasing Manager Jessica Theberge that in the last six months has closed more than 50,000 square feet of new leases at the property. 

Some of the mall’s newest tenants include Ashley Furniture, Denali Contemporary Furniture, Pop Shots Photo, Rainbow and the Scottsdale International Auto Museum.

New York-based Carlyle Development Group (CDG) purchased Metrocenter in January 2012, following the mall spending three years in various stages of foreclosure and receivership. Since that time, CDG has established a new on-site leasing and management team that is actively marketing the 1.3 million-square-foot Phoenix retail landmark to new vendors and uses. The goal: to re-establish Metrocenter as a safe, fun, dynamic family destination for shopping, dining and entertainment.

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

42 Upper Manhattan Units Trade Hands for $9.3 Million

515 West 139th Street, Upper Manhattan, NY

Marco Lala
NEW YORK, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 515 West 139th St. and 526 West 139th St., two five-story, 21-unit, walk-up apartment buildings Upper Manhattan. The $9,300,000 total sales price equates to $216,000 per unit.

            Marco Lala in Marcus & Millichap’s Manhattan office represented the seller and the buyer, two local area multi-generational real estate families.

            “The rental housing market continues to be extremely healthy during this time of solid economic growth in New York,” says Lala. “A steady renter pool for these two assets is provided by The City College of New York, which is just steps away.”          

            “Half of the units in each property have been renovated,” adds Lala.

            Both properties are located on West 139th St. less than one block east of Amsterdam Avenue in Upper Manhattan.

            Built in 1910 and altered 1988, 515 West 139th Street features hardwood floors, French doors and original architectural details such as iron fencing, a wood and glass exterior door, a marble lobby and a marble and steel staircase.

526 West 139th Street, Upper Manhattan, NY
The electrical system has been upgraded and the building has two new gas boilers with separate systems for heat and hot water.

            Also constructed in 1910 and featuring period details, 526 West 139th St. has a new roof, recent spot brick pointing, a new water meter, a heat computer with four sensors and a fully encased 3,000-gallon above-ground oil tank.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Faris Lee Investments Enhances its Retail Advisory Team by Naming Chris DePierro as Managing Director

Chris DePierro

 IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has named Chris DePierro as Managing Director.

DePierro comes to the firm with more than 21 years of experience across a number of commercial real estate disciplines, most recently as a principal.

Before joining Faris Lee, DePierro was a partner with Dana Point-based DePierro Realty Advisors, a family-owned business focused on retail property development, brokerage, and consulting.

 “Faris Lee has always sought to bring the highest level of transactional and financial knowledge to its work with each client and property,” said Richard Chichester, president and CEO of Faris Lee Investments.

“Chris is an important addition to the firm as his knowledge incorporates both the broker and principal sides of the business, with hands-on experience in retail property ownership, development and management.

Richard Chichester
“Chris’ diverse, well-rounded background perfectly complements the deep pool of talent we have on our team of investment advisors,”

 DePierro spent 13 years at DePierro Realty Advisors, where he was involved in the development of single-tenant and multi-tenant properties, lease negotiations, asset management, construction and project management, and financing. Prior to that, he served as a successful retail property broker with firms including Grubb & Ellis and Pentz & Partners.

 DePierro earned a Bachelor of Arts from University of Arizona and is a Member of International Council of Shopping Centers (ICSC).

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

Darcie Giacchetto
Spaulding Thompson & Associates

R. Todd Dantzler, CCIM Elected Chairman of Polk County Board of County Commissioners

R. Todd Dantzler
LAKELAND, FL -- R. Todd Dantzler, CCIM, managing partner of Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC in Lakeland, FL and principle with Real Estate Central Group, LLC in Winter Haven, FL, was recently elected Chairman of the Polk County Board of County Commissioners.

His term is one year. Dantzler has served on the board since 2010 and will work on a number of committees that will be assigned in the near future.

Dantzler is a well-known authority on commercial properties and land use in the Lakeland-Winter Haven metro and surrounding areas. He specializes in commercial properties, investment properties, and commercial leasing.

Also a principle with Real Estate Central Group, LLC, a residential real estate brokerage in Winter Haven, Dantzler has been active in East Polk County real estate for over 28 years. Read full press release…

Gary M. Ralston, CCIM Earns ICSC CDP Designation

Gary Ralston
Gary Ralston, CCIM, managing partner of Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC in Lakeland, FL recently received the ICSC Certified Development, Design, and Construction Professional (CDP) designation.

 The ICSC (International Council of Shopping Centers, Inc.) certification programs focus on raising the industry's professional standards globally.

 There are 6,000 ICSC designees in 55 countries -- representing fewer than 10% of the commercial real estate professionals in the shopping center industry. Of this elite group, only 500 designees have achieved CDP status. 

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

Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC
114 North Tennessee Avenue, 3rd Floor
Lakeland, Florida 33801