Tuesday, June 10, 2014

Charles Dunn Company to Market Historic Mixed-Use Tower in Downtown Los Angeles

National City Tower, Los Angeles, CA
LOS ANGELES, CA, June 10, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been selected to market National City Tower, a historic adaptive reuse development that includes 93 residential lofts, as well as ground floor and basement retail space.

  Built in 1924 and redeveloped in 2008, the 12-story, 118,162-square-foot property was the former branch of National City Bank. The property is being offered at $45 million and has a projected initial capitalization rate of 4.7 percent. 

Janet Neman and Bryan Glenn of Charles Dunn Company are the exclusive brokers to market the property on behalf of the private ownership, Los Angeles-based National City Towers, LLC.

“The timing for this property to hit the market couldn’t be better,” stated Neman. “The ground floor and basement retail space is now occupied by three restaurant tenants who are doing very well, drawing a strong base of residential and business customers.

Janet Neman
“Additionally, with the revitalization and regentrification of the market and high occupancy of the residential portion, a buyer will have the rare opportunity to own a stabilized, institutional grade, historic property in Downtown LA.”

Over the past 12 months, the retail portion of the asset has become fully leased. Terroni, a successful gourmet Italian restaurant chain opened its doors on the ground floor of the property.

Terroni consists of approximately 6,000 square feet of space and boasts floor-to-ceiling windows, dramatic French columns and an ornate ceiling. 

The basement space totaling nearly 4,200 square feet of space which is accessible from the street, is also fully occupied.

Tenants include Peking Tavern, a restaurant and bar that serves Northern Chinese cuisine and a unique cocktail menu, and Crane’s Downtown Bar, which is located in the original vault of National City Bank and utilizes the vault door as it entry.

“With pent up demand and capital seeking trophy assets in core markets, we have already been garnering a significant amount of interest from a wide range of potential buyers including those in 1031 Exchanges, foreign investors and institutions,” commented Glenn. “National City Tower also offers the opportunity to add value as the rents are currently below market rates.”

Bryan Glenn
Located in the heart of the Historic Financial District at 810 South Spring Street, the tower was designed in the Beaux Arts style. In 2008, it was redeveloped and elegantly transformed into one of Downtown’s finest in luxury living loft developments. 

National City Tower’s 93 residential units include 12 studios, 61 one-bedroom units, 16 two-bedroom units, two, two-bedroom penthouses and two three-bedroom penthouses. Unit sizes range from approximately 617 square feet to the largest two-story, penthouse unit of approximately 1,884 square feet.

The open floor plans offer maximum flexibility in design and arrangement to the resident. Units are characterized by their high ceilings, gourmet kitchens, dramatic views, polished concrete floors, and elegant, modern finishes.

Abundant windows create unparalleled light throughout the units and give way to exquisite unobstructed views of the Downtown Los Angeles skyline. The property features attractive amenities that include a rooftop garden, spa and barbeque surrounded by city views, as well as a fitness and media room.

Adding to the attractiveness of the investment, National City Tower is a property that benefits from The Mills Act Historical Property Contract Program allowing qualifying owners to receive a potential property tax reduction and use the savings to help rehabilitate, restore and maintain the building.

Terroni Restaurant, Downtown Los Angeles, CA
According to a 2013 Annual Report by the Los Angeles Downtown Center Business Improvement District, of the $17.3 billion dollars invested in Downtown between 1999 and 2013, the largest percentage of that – more than $6 billion – was represented in residential building, followed by $5.2 million in mixed-use building as the area’s population has grown from 18,700 residents in 1999 to 53,320 residents in 2013.

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

Darcie Giacchetto
D.G. Communications, Inc.

FrontDoor Communities Hires Kelly Scibona as Director of Architecture

Kelly Scibona
ATLANTA, GA (June 10, 2014) – FrontDoor Communities announced today it has brought on Kelly Scibona as Director of Architecture. In this role, Scibona will develop and manage the firm’s architectural portfolio, manage architectural resources and uphold architectural integrity of all FrontDoor designs.

“As FrontDoor Communities continues to grow its presence in Georgia, we are seeking out the best in the industry to grow our team,” said Terry Russell, chief executive officer of FrontDoor. “Kelly Scibona’s proven leadership abilities make her the perfect person to take on the role of Director of Architecture.”

Scibona started her own firm in 2009 where she focused on sensitive renovations and additions to historic homes. She previously held project management positions with Pak Heydt and Associates in Atlanta and A Classical Studio for Residential Architecture in Norcross, Ga.

“Scibona’s commitment to quality design mirrors that of FrontDoor’s,” Russell said. “Her talent and industry knowledge will be a tremendous asset to our firm.”

Terry Russell
Scibona earned a bachelor’s degree in architecture from the University of Notre Dame. During a year-long program in Rome, she traveled extensively through Europe studying classical architecture.

Scibona will be based at FrontDoor’s headquarters in Atlanta. FrontDoor has communities in metro Atlanta; Orlando; Naples, Fla., and Charleston, S.C.

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

M.C. Rhodes • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0274  • M: 678-983-5867

New Castle Hotels and Resorts Outlines Continued Growth Plan

Gerry Chase

SHELTON, CT,  June 10, 2014—New Castle Hotels and Resorts (NCHR), a leading developer, owner and operator of upper upscale hotels and resorts, today announced the second wave of an ambitious, year-long growth trajectory that included launching one brand in Canada, debuting another brand in a new state and setting the stage for additional growth along the entire North American eastern seaboard.  

            "Over the past six months, we introduced the Westin brand to Maine with the renovation of the Eastland Park hotel and the unveiling of Rockbridge's Westin Portland Harborview,” said Gerry Chase, president and COO.

“We followed that up with the re-opening of the Algonquin in New Brunswick, which marked the debut of the Autograph Collection in Canada.

“Additionally, working with Rockbridge, we recently added management of The Cliff House, another of Maine's historic landmark hotels, to our portfolio. Rockbridge has made a significant commitment to iconic Maine hotels and we're very proud to be developing these landmark hotels with them.”

            "We're now adjusting our sights southward to further diversify our portfolio," Chase added.  "These upcoming projects represent a cross section of our development and operational strengths, emphasizing our resort area expertise and leveraging our management bench strength and deep brand knowledge."

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

Lauralee Dobbins
Daly Gray, Inc.

Southern Lodging Summit to Host 12th Annual Conference Aug. 19-20 in Memphis, TN

Chuck Pinkowski
MEMPHIS, TN, June 10, 2014—Officials of the Southern Lodging Summit, an annual gathering of hoteliers specializing in development and operations in the southern United States, today announced it will host its 12th annual conference August 19-20 in Memphis, Tennessee. 

The day-and-a-half conference will kick off with the organization’s signature luncheon at the world famous Rendezvous BBQ Restaurant that provides conference-goers with an opportunity to network and interact with the roster of industry notables scheduled as speakers.

“Virtually all sources, from industry proponents to Wall Street, agree that the hospitality industry is enjoying pre-Recession levels of success, from increased occupancy to growing room rates,” said Chuck Pinkowski, owner of Pinkowski & Company and conference co-founder.

 “The Southern Lodging Summit allows those interested in the hospitality industry the opportunity to gather and share best practices while simultaneously networking with some of the most respected names in the business.”

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

Chris Daly, media
(703) 435-6293

Franklin Street sells Tuffy Auto Center, Dairy Queen for $2.3 Million in Wesley Chapel, FL

Rafael Wright
TAMPA, FL (June 10, 2014) —Franklin Street announces the sale of a Tuffy Auto Center and Dairy Queen for $2,350,000 at $449 per square foot. This sale represents the second half of a 1031 exchange.

 Rafeal Wright, CCIM and Jonathan Graber, CCIM represented the Seller, J&J Wesley Chapel LLC, an Illinois limited liability company. Franklin Street also procured the buyer, a Kentucky Corporation with an office in Bowling Green, Ky.

 “There was a great amount of interest created in a very small window of time – going under contract in only two weeks,” Wright said. “Many investors are chasing the safest deals with solid underlying real estate. Many of the buyers we are seeing are exchanging into more passive-style investments with little-to-no owner responsibility.”

 Graber mentioned the seller achieved their full asking price, even with the quick closing.

 “The sale was a win-win for both parties,” Graber said. “As part of the last deal in a 1031 exchange, the buyer found a great opportunity in an income tax-free state that included attractive rental increases every five years including options.”

Jonathan Graber
 Built in 2001 and 2002, the retail center is located along State Road 54, half a mile west of Interstate 75 at 27329 Wesley Chapel Boulevard in Wesley Chapel, Fla.

 The property is near major retailers Best Buy, Dick’s Sporting Good, Cobb Theaters, Winn-Dixie, and Publix Supermarkets. 

Major fast-food concepts are in proximity as well including Outback Steakhouse, McDonalds, Applebee’s, Cracker Barrel, Dunkin Donuts and Wendy’s. This area of Pasco County is also near such attractions as the Grove, Wiregrass Mall and Simon’s Future Outlet Mall. 

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

Kelsy Pazur
813-839-7300, ext. 337