HFF closes sale of 3-property multi-housing portfolio near Texas Medical Center in central Houston

Texas Medical Center Portfolio, central Houston, TX

Todd Stewart

HOUSTON, TX – HFF announced it has closed the sale of The Texas Medical Center Portfolio, which is comprised of El Mundo Park, Plaza Del Oro and San Marin, three Class A multi-housing communities near the Texas Medical Center in central Houston.

               HFF marketed the portfolio on behalf of the seller, LeCesse Development Corp.  Entities owned by JMG Realty Inc. purchased all three properties for an undisclosed amount. 

               The portfolio totals 470 units, is 96 percent leased overall, and is within two miles of the Texas Medical Center within Loop 610 in central Houston.

  El Mundo Park is located at 8300 El Mundo Street and has 192 units.  Plaza Del Oro is a 66-unit property at 2700 Holly Hall Street.  San Marin has 212 units and is located at 8181 El Mundo Street.

Todd Marix

               The HFF investment sales team representing the seller was led by senior managing directors Todd Stewart and Todd Marix and directors Chris Curry and Tre Banks.

               Since 1970, LeCesse Development Corporation and its affiliates have developed and built real estate income properties with a value of more than 1.5 billion dollars.

Although LeCesse's primary focus has been multifamily residential development, the company's portfolio has also included Class A office space, health care, senior housing, and a variety of industrial, institutional and commercial enterprises.

               For over two decades JMG Realty has flourished as a fully disciplined real estate company, focusing on management, redevelopment, financial, and investment services for multi-family real estate properties, servicing both private and institutional owners.

Chris Curry

 With headquarters in Atlanta, Georgia, JMG Realty continues to acquire properties throughout the Southeast and Southwest and to expand its national presence with regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest.

 

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 West Park Village in Tampa, FL

  

West Park Village, Tampa, FL

Matt Mitchell

TAMPA, FL – HFF announced it has closed the sale of West Park Village, a mixed-use community featuring 617 residential units and 40,860 square feet of retail in Tampa, Florida.

               HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management. 

AIMS Real Estate, a business unit within Goldman Sachs Asset Management, and joint venture partner, Carroll Organization, purchased the asset free and clear of existing financing.

               West Park Village is located near the intersection of Montague Street and West Linebaugh Avenue within the Westchase master-planned community, approximately 20 minutes from downtown Tampa. 

  Completed between 2002 and 2004, the property consists of 40 two- and three-story residential buildings that are 95.8 percent leased and include one-, two- and three-bedroom flats and townhomes averaging 1,230 square feet each.  

Manny de Zarraga

The retail component includes tenants such as Starbuck’s, Irish 31, Catch Twenty Three and a YMCA location.  Residential amenities include a resort-style swimming pool, 24-hour poolside fitness center, barbecue/picnic areas, business center and conference room and attached/detached garages.

               The HFF investment sales team representing the seller was led by director Matt Mitchell along with executive managing directors Manny de Zárraga and Matthew Lawton with support from real estate analyst Zach Nolan.

“West Park Village represents one of the best pieces of real estate in the Tampa market.  It’s a rare and highly successful mixed-use project where the residential and retail components are synergistic, helping support and add value to each other,” said Mitchell.

In the Tampa Bay market, HFF has handled many of the market’s largest transactions during the past year such as the Element, Varela, Hyde Park Village and the downtown Tampa Hilton.

Matthew Lawton

J.P. Morgan Asset Management – Global Real Assets has more than $73 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of March 31, 2014.  

With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.

Carroll Organization is headquartered in Atlanta, Georgia, and maintains regional offices in Houston, Orlando, and Miami.  

The firm was founded in 2004 by Patrick Carroll.  It is a privately held owner and operator of high-quality multifamily real estate focused on private equity real estate investment, asset management, investment/fund management, and property management. 

Zach Nolan

The firm’s current portfolio of owned properties is approximately 12,000 units.

  Its fully integrated platform includes a property management division which has responsibility for approximately 14,000 units, an asset management group which oversees assets valued in excess of $1.3 billion and a fund management group which has raised more than $400 million in equity.

AIMS Real Estate is the business unit within Goldman Sachs Asset Management which executes several real estate investment strategies through both fund and separate account vehicles.  

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $1.04 trillion as of December 31, 2013. 

 

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

Will Loughran Named President of Richfield Hospitality

Will Loughran

 ENVER, CO — Richfield Hospitality, a leading hotel management company, announced that Will Loughran, the company's senior vice president of sales and revenue strategy, has been named president.

“Will has been a consistent source of innovation and leadership during his tenure with Richfield," said Sherman Kwek, CEO of City e-Solutions Limited, Richfield's parent company.

 "Over the course of his career, he has proven himself in the various disciplines that he has undertaken and his background comprises a strong blend of operational and sales experience, not to mention his exceptional teamwork abilities.

I am confident that his passion for the hospitality business will enable him to deliver outstanding results for both Richfield and the owners of the properties we manage."

Loughran began his career with Marriott International and over the course of 17 years in increasingly more responsible positions, earned recognition for driving market share and exceeding operational standards.  Prior to joining Richfield in 2011, Loughran led the revenue management discipline at Sage Hospitality where he was known for fostering alignment with owners, developing strong teams and strategic planning.

Sherman Kwek

 "We recently redefined the needs of our organization and hired carefully chosen executives who have already proven to be a tremendous complement to our existing leadership team of dedicated hospitality and technology professionals.” said Loughran. 

“We are poised for expansion and this combination of agility and experience will enable us to take our companies, Richfield Hospitality and Sceptre Hospitality Resources, on a journey of rapid growth and industry-leading innovation."

Loughran holds an MBA from Tulane University and an undergraduate degree from Colorado State University. He has earned numerous industry certifications and has served on boards such as The Society for Collegiate Travel Management, HSMAI, the American Red Cross and Minoru Yasui.

  

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

Lauralee Dobbins or Chris Daly

Daly Gray Public Relations

(703) 435-6293

Lauralee@dalygray.com

Berger Commercial Realty Brokers Close Lease for 7,000 Square Feet of Flex Space at Eastport Center in Fort Lauderdale, FL

Judy Dolan

FORT LAUDERDALE, FL  - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new lease transaction from brokers Judy Dolan and St. George Guardabassi.

The brokerage team represented landlord Eastport Center Joint Venture in leasing more than 7,125 square feet of flex space in bay 101 to new tenant Tri-Northern Distribution, Inc., North America's largest independent distributor of electronic security products.

Tri-Northern Distribution, Inc. was represented by Julie Miller of Cushman Wakefield in the transaction.

 Located at 1881 W. State Road 84 in Fort Lauderdale, the 108,500-square-foot Eastport Center offers state-of-the-art flex, warehouse and showroom space featuring high ceilings, all-glass store front facades, dock and street-level loading, and customized improvements to meet tenants' needs.

Julie Miller

The complex is strategically located in the tri-county area near Fort Lauderdale International Airport and Port Everglades with easy access to highways and major roadways, including I-95, I-595, the Florida Turnpike, State Road 7 and Federal Highway.

 For more information on available space and custom build-outs at the Eastport Center, contact Berger Commercial Realty at 954-358-0900.

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

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Greenway Town Center’s Whole Foods Market Redevelopment Nears Completion in Tigard, OR

Whole Foods Market anchors renovated Greenway Town Center, Tigard, OR

PORTLAND, OR--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored community shopping centers, announces the renovation completion of Greenway Town Center in Tigard, Oregon and the grand opening of its new anchor, Whole Foods Market on Wednesday, May 21st.

Craig Ramey

 Since September of 2013, Regency has invested a total of $6 million into revitalizing the center, which included modernizing the exterior façade, upgrading the facility’s parking lot, adding new outdoor plazas, and creating more walkable pedestrian areas. 

The new Whole Foods Market store is a focal point of these enhancements.

“We’re thrilled to partner with Whole Foods Market at Greenway Town Center in Tigard,” said Craig Ramey, Senior Vice President and Senior Market Officer, Regency Centers.

 “This is a community whose finger is constantly on the pulse of emerging food trends and awareness. We want to provide them with not only one of the top-tier grocers in the country, but also one that sources many products locally.

“With the addition of outdoor patios, expanded walkways and lush landscaping, Greenway Town Center now provides customers with a place to relax, shop, and connect with their community.”

For leasing or more information about Greenway Town Center, contact leasing agent Kalin Berger at 501-603-4700 or kalingberger@regencycenters.com.

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

Regency Centers Corporation

Eric Davidson, 904-598-7829

Communication Manager

ericdavidson@regencycenters.com

or

Craig Ramey, 503-603-4700

Senior Vice President

craigramey@regencycenters.com

Griffin-American Healthcare REIT II Reports First Quarter 2014 Results

 

Jeff Hanson

IRVINE, CA – Griffin-American Healthcare REIT II, Inc. announced operating results for the company’s first quarter ended March 31, 2014. 

 “During the first quarter, Griffin-American Healthcare REIT II built on the tremendous success it enjoyed in 2013, during which we concluded our capital formation with more than $2.8 billion in total equity raised and expanded our nearly $3 billion portfolio (based on aggregate acquisition price) internationally with the acquisition of a premier portfolio of senior housing in the United Kingdom,” said Jeff Hanson, chairman and chief executive officer.

 “We completed acquisitions totaling nearly $105 million during the quarter, and enjoyed strong growth among several key financial metrics: funds from operations grew 115 percent, modified funds from operations grew 94 percent and net operating income grew 88 percent compared to the first quarter 2013.”

 President and chief operating officer Dan Prosky added, “We continue to enjoy accretive growth and to add significant value to Griffin-American Healthcare REIT II.

Dan Prosky

“We have matured to become one of the largest healthcare REITs in the country and continue to perform exceptionally well, with occupancy in excess of 95 percent*, average remaining lease term of more than nine years* and exceptionally low debt of just 15.7 percent (as a percentage of aggregate portfolio purchase price).”

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

Damon Elder

SVP, Marketing & Communications

American Healthcare Investors

18191 Von Karman Avenue

Suite 300

Irvine, CA 92612

(949) 270-9207 direct

(714) 356-1460 cell

delder@ahinvestors.com

www.AmericanHealthcareInvestors