IPA Sells San Francisco Peninsula Multifamily Complex for $83 Million

REDWOOD CITY, CA, June 5, 2014 – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Township, a newly constructed 132-unit apartment complex in downtown Redwood City, Calif. The $83 million sales price equates to approximately $628,800 per unit.

            IPA executive vice president investments Stanford Jones, IPA vice president investments Philip Saglimbeni and IPA vice president investments Salvatore Saglimbeni advised the seller, a joint venture between Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management.

            “Apartment operations remain very healthy in Redwood City and throughout San Mateo County,” says Jones. “Since reaching a cyclical peak in 2009, vacancy has declined at a healthy clip, decreasing 160 basis points. Redwood City currently demonstrates tremendous market fundamentals with approximately 9 percent year-over-year market rent growth and an average occupancy of 96.1 percent reported as of the fourth quarter of 2013.”

Philip Saglimbeni

            “Township is a luxury, pedestrian- and transit-oriented community located in the heart of Redwood City near numerous restaurants, cafes and extensive retail amenities,” adds Philip Saglimbeni. “The property represents the first new delivery of apartment product in over 12 years. The construction quality and attention to detail make this asset one of the premier rental communities on the mid-Peninsula.”

            The property is located at 333 Main St. in Redwood City, which is the geographical midpoint between San Francisco and San Jose, Calif. The community is situated within a quiet neighborhood one block from busy Veteran’s Boulevard, four blocks from downtown and one-half mile from access to U.S. Route 101.

 The Redwood City Caltrain station is 0.70 miles from Township, providing residents with an attractive commuting option to major employment and entertainment centers in San Francisco, the Peninsula and the South Bay. The local employment base includes Oracle Corp., Electronic Arts, Shutterfly, Rocket Fuel, Stanford University, Facebook, Sony Computer Entertainment America LLC, Gilead Sciences and Life Technologies, among others.

Sal Saglimbeni

            Completed in early 2014, Township’s four stories are accentuated with unique details, state-of-the-art amenities and views of the estuary to the east and Emerald Hills to the west. 

The community offers a diverse mix of well-designed and amenitized one-, two- and three-bedroom floor plans averaging 914 square feet. 

Residents enjoy a truly comprehensive amenity package, as the property provides a state-of-the-art fitness center with cardio-theater, heated whirlpool spa, a contemporary lounge with a fully equipped kitchen and a resident business center, as well as an outdoor kitchen barbecue and dining area and courtyard lounge area with TV and Zen fountain.

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF closes sale of two prominent full service hotels in Fort Lauderdale, FL amid heated investment activity across South Florida

Alexandra Lalos

MIAMI, FL - HFF announced it has closed the sale of two full-service hotels in Fort Lauderdale, Florida, The Sheraton Fort Lauderdale Airport, and the DoubleTree Sunrise at Sawgrass Mills.

The HFF Hotel Group team including Daniel C. Peek, Max Comess, Cyrus Vazifdar and Alexandra Lalos in the firm's Miami and Tampa offices arranged the sales.

The Sheraton Fort Lauderdale Airport is a 250-room full-service hotel located at the corner of Interstate 95 and Griffin Road, on the southwest corner of the Fort Lauderdale/Hollywood International Airport.  HFF represented the seller, HEI Hotels & Resorts, in the transaction.  Cohen Brothers Realty, the owner of the adjacent Design Center of the Americas, purchased the property.

Max Comess

“The property was hotly sought with over 20 groups submitting offers for the hotel, which included additional development rights on the prime, six acre site,” said Max Comess, director in HFF’s Hotel Group.  “An attractive attribute of the opportunity was the closure and demolition of the adjacent Hilton Hotel, the Sheraton's primary competitor, to make room for the $2.3 billion expansion of the international airport.”

                "There is unprecedented interest in the Broward County lodging market and many investors believe that Fort Lauderdale is the new Miami," added Comess.  "Several groups that attempted to enter the Miami market previously are now attracted to Broward due to the same trends of rapidly growing demand, international visitation, and major investment in tourism infrastructure that benefited Miami in the last investment cycle."

                The DoubleTree Sunrise at Sawgrass Mills is a 250-room full-service hotel, located at the southern entrance to Sawgrass Mills.  HFF represented the seller, Long Wharf Real Estate Partners, in the transaction.  The property, previously a Crowne Plaza, had recently undergone major renovations following its conversion to Hilton's DoubleTree brand. 

“The hotel benefits from the substantial growth of the western Broward office markets and the global appeal of Sawgrass Mills Mall, the most-visited international tourist attraction in Florida behind Disney World,” said Daniel C. Peek, HFF senior managing director and Hotel Group leader.

                "The market for quality full-service hotels located outside of traditional city centers is back and vibrant," added Peek.  "With business and leisure travel booming and a near generational low in new supply, investors are finding strongly performing hotels and tremendous value in choice locations around office parks, airports, and shopping malls."

                The two sales are the latest in a string of recently-closed South Florida hotel transactions orchestrated by HFF.  Last month, the team announced the sale of the historic Raleigh Hotel in South Beach to Tommy Hilfiger's newly-formed hospitality company, The Raleigh Group.  HFF has also closed the sale of the Holiday Inn Express in Plantation this year, and previously handled the sales of the Ritz-Carlton Fort Lauderdale and the Marriott Harbor Beach ground lease, both on Fort Lauderdale Beach.

Cyrus Vazifdar

                "South Florida's hospitality and commercial real estate markets are attracting investment interest on a global scale," notes Manny de Zarraga, executive managing director and HFF Florida leader. 

  "While valuations for attractive opportunities are reaching all-time highs, South Florida still offers tremendous value and upside potential when compared to other international gateway markets."

  

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) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

Peachtree Hotel Group Executes Seven Hotel Transactions during First Half of 2014

Greg Friedman

            ATLANTA, GA —Officials of Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, announced that it executed seven hotel  transactions in the first half of 2014.

 Through a combination of acquisitions, new development, and mortgage loan originations, the company remains on-track to add 12-14 hotel assets to its portfolio by year’s end.           

“As predicted, 2014 is proving to be a strong year for the hotel industry as a whole and Peachtree has enjoyed the rising tides, with our existing portfolio experiencing robust gains in RevPAR and profitability,” said Greg Friedman, Peachtree CEO.  “Our ability to deploy capital at different levels in the capital stack has allowed us to maintain a healthy pipeline of investment opportunities in this competitive market.” 

“The acquisition market remains active, and we continue to see a number of deals that excite us, both fee simple and debt originations,” said Jatin Desai, Peachtree CIO.   “We remain committed to our targeted growth plan of seeking out select-service and limited-service hotels with well-respected flags that could benefit from a change in management, capital improvements, refinancing or some combination of the three.”

  

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

Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

Avex Homes Debuts in the Orlando Market with 68 Townhomes at Westyn Bay in Ocoee, FL

ORLANDO, FL--- Avex Homes, Central Florida’s premier traditional homebuilder, recently announced its debut in the Orlando market with plans to build 68 townhomes at Westyn Bay, the gated community located on the east side of historic Lake Apopka off Ocoee-Apopka Road and Westyn Bay Boulevard in Ocoee. 

The first building at Townhomes at Westyn Bay is now under construction and is anticipated to open before October 2014, according to Eric Marks, president of Avex Homes

The Avex Homes Westyn Bay sales center is located at 634 Fortanini Drive, Ocoee, FL 34761.  For additional details and directions to the community, visit AvexHomes.com.

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

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

Brookfield Announces Creation of New Brand for $3.5 Billion Global Logistics Property Platform

Richard Clark

NEW YORK, NY – Brookfield, one of the world’s largest owners, operators and investors in best-in-class real estate around the globe, has today announced the creation of a new brand for its $3.5 billion global logistics property platform.

 The companies, to be known as IDI Gazeley, part of Brookfield Logistics Properties, form the consolidated branding of Brookfield’s key logistics assets – Industrial Developments International (“IDI”) and Gazeley – under a single brand identity. 

These are two of the world’s best-known and most successful developers of sustainable logistics warehouses and distribution parks.  All IDI and Gazeley sites globally will be rebranded IDI Gazeley as part of the initiative.

Ric Clark, Chief Executive Officer of the Brookfield Property Group commented: “We are very excited by the tremendous opportunities that the launch of the global IDI Gazeley brand will bring across our industrial portfolios for our investment partners and our customers.

Jay Cornforth

"The collective brand will have scale, experience and the backing of a strong parent. 

"We intend to grow the platform rapidly by leveraging global customer relationships, pursuing attractive opportunities in key markets and developing our premier land bank.”

Jay Cornforth, Global Head of Industrial for the Brookfield Property Group also commented: “This is a natural evolution of our emerging logistics business and will create synergies between these two best-in-class organizations.”

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

Brookfield Property Group

Melissa Coley, VP, Investor Relations and Communications

(212) 417-7215;

Melissa.coley@brookfield.com

UK

IDI Gazeley

Nick Brown, UK Press Office

+44(0)207 9014455 or +44(0)7590 076105; nick.brown@gazeley.com

Smithfield on behalf of Brookfield Property Group

Ged Brumby, Director

+44(0)207 9030674;

gbrumby@smithfieldgroup.com

Lee & Associates Arranges Two Industrial Sales and Two Industrial Leases in Atlanta

T. Richard Bryant Jr.

ATLANTA, GA — Lee & Associates’ Atlanta office recently closed two industrial sales totaling $7.25 million and two industrial leases totaling 157,387 square feet in metro Atlanta.

 “The industrial market in Atlanta continues to heat up, with the sector experiencing improving fundamentals in the first quarter,” said T. Richard Bryant, Jr., CEO of Lee & Associates’ Atlanta office. “Now is a great time for buyers and tenants to make deals, as the market is on the verge of a full recovery.”

Details of the transactions are as follows:

·      Rick Tumlin, CCIM, SIOR, of Lee & Associates and Tom Ellis of Atlanta South Commercial Properties represented Charlotte, North Carolina-based Columbus Nova in its $5.5 million sale of 13-16 Overmeyer Way, a 242,000-square-foot, four-building industrial complex in Forest Park, Ga. Mike Sutter of Lee & Associates represented the buyer, Sealy & Co., and he and Tumlin will market  the property on the new owner’s behalf.

Rick Tumlin

·      Tumlin and Sutter represented Road Tested Parts in its $1.75 million purchase of a 55,000-square-foot warehouse and office building on more than 30 acres at 774 GA Hwy 320 in Cartersville, Ga. Tom Sims of Ackerman & Co. represented the seller.

·      Tumlin, Sutter and Tommy Hiles of Lee & Associates represented landlord Cabot Properties in the lease of 112,000 square feet to Clean Cut Fabricators/Blue Sky Exhibits at a warehouse building at 5901 Bakers Ferry Rd. in Atlanta. Kathryn Kennelly with KPK Commercial and Charles B. Holloway Jr. with Charles B. Holloway LLC represented the tenant.

·      Tumlin and Sutter represented Professional Aviation Associates (PAA) in its lease of 45,387 square feet at an industrial property at 105 Southfield Pkwy. in Forest Park. PAA signed a long-term lease with extensive tenant improvements. Prologis owns the building, which will serve as PAA’s new headquarters. The landlord was self-represented by Ryan Hoyt.

Mike Sutter

 As the local office of a highly respected national firm, the Atlanta team capitalizes on Lee & Associates’ distinguished reputation to build long-term client relationships through customized solutions tailored to each clients’ specific real estate needs. Lee & Associates’ Atlanta office has closed more than 1,700 transactions totaling approximately $1.8 billion.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

404-405-2354 (C)

sursery@thewilbertgroup.com

PKF Forecasts Record Performance for U.S. Hotels

R. Mark Woodworth

Atlanta, GA – According to the recently released June 2014 edition of PKF Hospitality Research, LLC’s (PKF-HR) Hotel Horizons® forecast report, the U.S. lodging industry will achieve an occupancy level of 63.6 percent in 2014, topping the pre-recession peak of 63.1 percent reported by STR, Inc. (STR) in 2006. 

Given this favorable balance between supply and demand, R. Mark Woodworth, president of PKF-HR predicts that hotel owners and operators will begin to see real (inflation adjusted) recoveries in average daily rates (ADR) and net operating income (NOI).

 “The domestic hotel industry is operating at peak performance.  We can stop using the term ‘recovery,’” Woodworth said. 

“The U.S. lodging industry is at a place in the business cycle where a confluence of market and operational factors will lead to impressive performance on both the top- and bottom-line. 

“In 2014 and 2015, our firm is forecasting several all-time highs for some of the most important metrics in the hotel business.”

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

R. Mark Woodworth                                                

PKF Hospitality Research, LLC

Tel: 404 842 1150, ext 222                                     .                          

Email: mark.woodworth@pkfc.com

www.pkfc.com 

Chris Daly

Daly Gray Public Relations

Tel: 703 435 6293

Email: chris@dalygray.com

www.dalygray.com

Essex Realty Group Brokers Sale Of 60-Unit Multi-Family Apartment Building in Niles, IL

  

Matt Welke

 CHICAGO, IL, June 5, 2014 - Essex Realty Group, Inc. is pleased to announce the sale of 7900-20 N. Caldwell Ave., a 60-unit apartment complex located in Niles, Illinois.

The property consists of three (3) 20-unit buildings positioned around a communal grass courtyard with paved walkways leading to each building.

Situated on the west side of Caldwell Avenue just south of Oakton Street, the complex is approximately three (3) miles west of the new CTA Skokie Swift Station (Yellow Line) located at the corner of Skokie Boulevard and Oakton Street.

 In addition, the property is within walking distance of the Golf View Recreational Center to the south and the St. Paul Woods Forest Preserve to the north.

 Built in 1968, the property has been well-maintained under current ownership and includes mostly newer double-pane windows and copper plumbing throughout.

Jason Fishleder

Apartment interiors feature newer white appliances in kitchens, ceramic tile floors and mirrored medicine cabinets in bathrooms, and laminate floors and wall-mounted air conditioning sleeves in living rooms. Individual storage lockers and exterior parking are available on site and included in rent.

 Matt Welke and Jason Fishleder represented the seller and Doug Fisher represented the buyer in the transaction. The sale price was approximately $4,500,000.

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

HFF arranges construction financing for development of Victory Medical Center in Fort Worth, TX

Steven Heldenfels

DALLAS, TX – HFF announced today that it has arranged construction financing for the development of Victory Medical Center, a 104,971-square-foot, surgical hospital in Fort Worth, Texas. 

HFF worked on behalf of the borrower, a joint venture between Harrison Street Real Estate Capital, LLC, Pisula Development Company, Victory Healthcare and a physician-ownership group, to secure the six and a half-year construction loan through Comerica Bank. 

Victory Medical Center is located just south of downtown Fort Worth at the northwest corner of Pennsylvania Avenue and South Main Street proximate to Interstate 30, Interstate 35 and the regional commuter rail. 

The 6.35-acre site is also situated immediately east of Fort Worth’s medical district.  Due for completion in 2015, the facility will be 100 percent occupied by an affiliate of Victory Healthcare. 

The three-story hospital will consist of eight operating rooms, four special procedure rooms, seven state-of-the-art intensive care rooms and 24 inpatient beds.

Jeremy Sain

The HFF team representing the borrower was led by associate director Jeremy Sain and managing director Steven Heldenfels.

Harrison Street Real Estate Capital was founded in 2005 and has approximately $5.8 billion in assets under management.  The firm currently owns approximately $5 billion in real estate assets including more than 30,000 student housing beds, more than 6,800 senior housing/assisted living units, more than 3.6 million square feet of medical office space, and more than 36,000 self-storage units.

Pisula Development Company, LLC, the development division of RRC Medical Real Estate, LLC (“RRC”), has become an expert at providing the most appropriate and qualified team for each development project by creating real estate solutions that enhance the value of our properties and assuring they are functionally and economically viable over the long term.  RRC is a full-service, commercial real estate firm located in The Woodlands, a suburb north of Houston, Texas.

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.victory-healthcare.com or on

Twitter @VictoryCor.

Bull Realty Atlanta Office Headquarters Expansion

  

 ATLANTA, GA – As Bull Realty continues to grow as a major player in the commercial real estate industry, so does it’s hip Atlanta headquarters. 

The commercial real estate sales, leasing and advisory firm has just completed the second expansion in less than two years of its corporate office in city’s leading Central Perimeter submarket.

 The office features a large open coffee shop area with an intriguing view of Studio One, a state-of-the-art radio/video studio where the nationally syndicated “Commercial Real Estate Show” is produced. 

The space also has a new high-tech meeting room, a lounge with a large screen and an impressive executive boardroom.

 The real fun is in the new game room, where a conference table converts to a pool table and a Ping-Pong table. The billiards room also sports a dartboard, Bluetooth sound system and flat-screen televisions.

                                                                 

Michael Bull

                                                                                        “We work hard, but also like to enjoy our business relationships and have a little fun,” said Michael Bull, CEO of Bull Realty and the host of the popular “Commercial Real Estate Show.” “The space is comfortable and a great place to do business.”

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

Savannah Duncan • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0870  • M: 404-901-4433

thewilbertgroup.com

Capital Square Realty Advisors Completes DST Investment Offering in Durham, N.C.

Louis Rogers

DURHAM, N.C. (June 5, 2014) – Capital Square Realty Advisors, LLC announced today its Delaware Statutory Trust investment offering of a 112,340-square-foot flex building in Durham, N.C., has been fully subscribed by investors. The facility is 100 percent net leased to Reichhold Inc., a global chemical manufacturing company.

 “This is a high quality flex building located within Imperial Center, a 465-acre business park with a number of jogging trails, fitness centers, hotels, restaurants and other amenities available to tenants and visitors,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“This is the seventh DST offering we’ve had fully subscribed by investors, and we continue to see growth in demand throughout the country for 1031 exchange opportunities among real estate owners.”

 The Reichhold building is located at 1035 Swabia Court and is equipped with a heavy duty HVAC and electrical infrastructure, supported with a 500-kilowatt emergency generator and multiple roof-mounted exhaust fans able to accommodate biological and chemical lab use.

Yogi Singh

Operating on five continents, Reichhold is the world’s largest supplier of unsaturated polyester resins for composites and a leading supplier of coasting resins used in a wide variety of markets and applications. The property serves as the company’s corporate headquarters and research and development facility.

 “This building is well located within an extremely competitive market for office and laboratory space,” said Yogi Singh, vice president of acquisitions with Capital Square. “Reichhold is joined at Imperial Center office park by a number of other high quality, blue chip tenants and is within three miles of Research Triangle Park.”

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

Robert Sheppard Named Marcus & Millichap’s Top Agent for Fifth Consecutive Year

Robert Sheppard

CALABASAS, CA– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that Robert Sheppard, executive vice president investments and executive director of Tax Credit Group of Marcus & Millichap, ranked as the firm’s top-performing agent out of more than 1,300 investment specialists nationwide in 2013.

This marks the fifth consecutive year in which Sheppard has earned the company’s highest ranking, according to John J. Kerin, president and chief executive officer of Marcus & Millichap.

Armand Tiberio, senior vice president investments, and Spencer Hurst, first vice president investments, both national directors of Tax Credit Group, ranked No. 4 and No. 7 in the firm, respectively.

Spencer Hurst

             Sheppard is also the firm’s top multifamily investment specialist nationwide, a position he has attained for the past six consecutive years.

            “We are proud of Tax Credit Group’s extraordinary achievements and happy to recognize Robert as the firm’s top agent nationwide for the fifth year in a row,” says Kerin. “Tax Credit Group’s dedication to providing clients with superior tax credit property investment services is truly exemplary.”

“Armand and Spencer are also to be commended for leading their team to deliver unsurpassed service and results to our tax credit property investment clients,” continues Kerin. “The firm is proud to recognize Armand and Spencer for ranking among our top investment specialists nationwide in 2013.”

Sheppard joined Marcus & Millichap in December 1993, was promoted to senior vice president investments in January 2008 and became executive vice president investments in August 2012.

Armand Tiberio

As executive director of Tax Credit Group, he oversees all aspects of the division, which focuses on providing advisory, brokerage, research, and capital markets services to the industry’s most influential stakeholders. In 2013, Tax Credit Group closed transactions valued in excess of $1 billion.

Tiberio has been a Tax Credit Group member since its inception in 2001 and is currently a national director. He joined Marcus & Millichap in July 2001, was promoted to vice president investments in July 2008 and to senior vice president investments in August 2012.

Hurst has been a member of Tax Credit Group from the outset and is now a national director. He joined Marcus & Millichap in April 2001, was promoted to vice president investments in July 2008 and to first vice president investments in July 2012.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Honey Bryan Joins Colliers International South Florida's West Palm Beach Office

Meriel 'Honey' Bryan

WEST PALM BEACH, FL, June 5, 2014 - Colliers International South Florida is pleased to announce that Meriel "Honey" Bryan has joined the firm as Senior Vice President in the West Palm Beach office.

Honey specializes in the sale and leasing of investment grade real estate and has been active in the South Florida commercial real estate market, particularly in the leasing of retail space and sale of land, for over 25 years.

 She has worked with developers of properties for national tenants such as Walgreens, CVS, Dollar General, TD Bank, Chevron and Racetrack.

"We are so fortunate to have Honey join our Palm Beach team," says Stephen Nostrand, CEO of Colliers International South Florida. "Her dynamic personality and thorough knowledge compliments her strategic approach to client solutions. Honey has demonstrated that flexibility in a changing market results in accelerating success for clients."

Honey is active in numerous professional organizations such as the National Network of Commercial Real Estate Women (NNCREW), International Council of Shopping Centers (ICSC), and Realtors Commercial Alliance (RCA).

Stephen Nostrand

She currently serves on the Planning and Zoning Appeals Board for the City of Palm Beach Gardens and recently served on the Arts in Public Places Advisory Board for the city of Palm Beach Gardens.

Honey is also on the executive board of the Foundation for Living Arts and has served on the executive boards of Seagull Industries for the Disabled and Give a Life Foundation.

"I am very excited about the many opportunities that my new affiliation with Colliers International South Florida will bring," says Honey. "The commercial real estate market in Palm Beach County has seen significant recovery in the last 18 months and new development is also coming back in a big way.

“ In today's fast paced business environment, Colliers International provides the tools that help to deliver best in class business intelligence and service to clients."

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

Crystal Proenza

Vice President of Marketing and Culture

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com