IStar Residential Brings in the City’s Highest Volume of Sales at The Residences at Mandarin Oriental Atlanta

Karen Rodriguez

 ATLANTA, GA (July 23, 2014) – iStar Residential, a division of iStar Financial Inc. (NYSE: STAR), is pleased to announce nearly $16 million in sales in the first two quarters of 2014, more than any other residence building in Atlanta. 

Three additional residences are under construction and the sales will close this fall.

“The Residences at Mandarin Oriental, Atlanta are surpassing every other luxury residence property in the market in the number and velocity of sales, as well as price per square foot,” said John Kubicko, senior vice president for iStar Financial.

“It’s truly unlike any other luxury residence building in the city. Both local and international buyers are expressing interest in The Residences, and are ultimately choosing to live here.”

 After a period of time with little sales activity, The Residences are now in high demand as a result of the new sales and marketing team Karen Rodriguez, associate broker for Dorsey Alston Realtors, has put in place.

Armed with fresh ideas, new messaging and a new direction for the project, Rodriguez and her team have transformed The Residences into one of the most sought-after luxury residence buildings in the city.

John Kubicko

 “We were confident that once we implemented our strategy the project would be a success,” said Rodriguez, who successfully sold out the $100 million Ritz-Carlton Residences project before joining The Residences at Mandarin Oriental, Atlanta.

 “My team has a proven track record and we were ecstatic to be able to come in and do what we do best, which is sell luxury high condominiums for top dollar in the shortest amount of time possible.”

 The sales figures and renewed interest have also led to The Residences taking back five floors that were intended for hotel use. Plans have been approved and construction is already underway for the 10 additional residences.

 Each floor features a maximum of two residences, offering ultimate privacy and security for homeowners. Residences range from 3,000 square feet to 5,100 square feet for a full floor.

“We are excited at how quickly the Atlanta market reacted to the new direction of the property,” Rodriguez added. “We are selling them almost faster than we can build them, which is a good problem to have.”

Between the fresh contemporary interiors and huge expansive open floor plans designed by Harrison Design, The Residences at Mandarin Oriental, Atlanta have distinguished themselves from the traditional and more typical interiors found in most surrounding buildings. 

The Residences at Mandarin Atlanta

Featuring modern designs, high quality finishes and access to the hotel’s five-star amenities, the luxury property is on track to remain Atlanta’s top selling residence building.

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

Tony Wilbert

The Wilbert Group

Tel: 404-965-5022

E-mail: twilbert@thewilbertgroup.com

www.istarfinancial.com

www.istarresidential.com.

www.moresidencesatlanta.com

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Kiser Group Brokers Six Property Sales of Apartment, Mixed-Use and Condominium Buildings; Recent closings in Evanston, Arlington Heights and Chicago surpass $13 million

  

CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, brokered the sales of six Chicago-area properties in June 2014.

 The suburban closings include two Evanston, Ill., apartment buildings, one with 25 units and the other with 12 units; and an 18-unit mixed-use building in downtown Arlington Heights, Ill.

The three Chicago properties include a four-unit apartment building in Lincoln Park; the bulk sale of seven condominium units in an eight-unit building in West Ridge; and a 14-unit apartment building in Auburn Gresham.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

7,553-SF Net-Leased Property Sale in North Palm Beach, FL Arranged by Marcus & Millichap

  

Ben Tashakorian

NORTH PALM BEACH, FL – Marcus & Millichap (NYSE: MMI), the nation’s largest real estate investment firm, has announced the sale of Ruth Chris Steak House, a 7,553 square-foot net-leased property located in North Palm Beach, FL, according to John Vorsheck, regional manager of the firm’s San Diego office. The asset sold for $4,140,000.

Ben Tashakorian, an investment specialist in Marcus & Millichap’s San Diego office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and represented by Ben Tashakorian. Kirk Felici, Broker, assisted in closing this transaction. The Marcus & Millichap approach facilitated a market which both strengthened the offer and qualified the buyer. This investment is a Pride of Ownership Trophy Property.

Ruth Chris Steak House is located at 661 US Highway 1 in North Palm Beach, FL, across from The Village of North Palm Beach, a residential community with a population of 12,582 and home to a Jack Nicklaus Signature Golf Course.

Kirk Felici

 As a result of the excellent location on this major commercial thoroughfare, the traffic count in the immediate is over 28,700 vehicles per day.

National tenants in the surrounding area include Sun Trust Bank on the southwest corner, National City Bank, Bank Atlantic, Publix, Riverside National Bank, Subway Sandwiches and Salads and The United States Postal Service. 

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

John Vorsheck

Vice President

San Diego, CA

(858) 373-3100

Charles Dunn Company Completes $3.37 Million Sale of 27-Unit Multifamily Property in Los Angeles, CA

  

4305 Gateway Avenue, Silver Lake submarket
Los Angeles, CA

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.37 million sale of a fully occupied 27-unit multifamily property located at 4305 Gateway Ave. in the Silver Lake submarket of Los Angeles, Calif.

Bryan Glenn, senior director with Charles Dunn Company, represented the buyer, 4305 Gateway, LLC from Los Angeles.

The seller, a private investor from Los Angeles, was represented by John Christopher & Esau Tenorio of Coldwell Banker Los Feliz. The closing cap rate was 5.1 percent.

Built in 1971, the property includes 24 one-bedroom units and three studio units. It offers a courtyard, ample parking, and an on-site management office.

Bryan Glenn

“The Silver Lake area is a very hot market for housing as it offers easy access to Hollywood, Echo Park and Downtown Los Angeles,” said Glenn. “The buyer saw value in that as well as the quality of the property and upside in rental rates.”

Glenn added that the buyer plans to implement a capital improvement program to upgrade the building systems, common areas and individual units.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Industry Veterans Ed Watkins, Jerry Daly and Randy Smith to be Honored at 20th Annual Lodging Conference in Phoenix, AZ

  

Jerry Daly

PHOENIX, AZ—Officials of the Lodging Conference, a national hospitality conference targeting hotel owners, operators, developers and investors, announced it will present Randy Smith, chairman and co-founder of STR, Inc., with its annual   "Above and Beyond Award,” a distinction is given to a hotel industry executive who has made a valuable contribution to his or her community and/or to society at large.  

Additionally, the conference will recognize Ed Watkins, editor-at-large for Hotel News Now, and Jerry Daly, co-founder and chairman of Daly Gray, Inc., with lifetime achievement awards.

“Over the years, Randy and his team at STR have developed and produced some of the most useful forecasting tools the hotel industry has ever had,” said Morris Lasky, conference co-founder.

 “Not only have his reports helped the industry predict and prognosticate every turn in the hospitality real estate cycle, but his commitment to the industry at large is well documented."

Ed Watkins

A 40-year hospitality veteran, Smith has received numerous accolades for his work in the industry.  In 2011, Smith was named one of the “Twenty-Five Most Influential Executives of the Business Travel Industry" by Business Travel News and was the recipient of the 2011 Stephen W. Brener Silver Plate Award presented by Lodging Hospitality.  

Additionally, he and his wife, Carolyn, were inducted into the Hilton Hospitality Hall of Honor that year. In 2010, he received the ALIS Lifetime Achievement Award.  

  Smith is a member and past co-chairman of the Industry Real Estate Financing Advisory Council (IREFAC) and the 2002 recipient of the group's prestigious Everett Johnson Award.  He also is vice-chair of the American Hotel & Lodging Foundation Funding Committee and a charter member of the International Society of Hospitality Consultants (ISHC). 

Randy Smith

Lifetime Achievement Award Winner Ed Watkins is editor-at-large for Hotel News Now. Before joining HNN in 2013, Ed served as editor of Lodging Hospitality Magazine for more than 40 years. 

After nearly five decades covering the industry, Watkins will retire from full-time industry reporting at the end of the year.  

“Ed has covered virtually every event of importance that has impacted the hospitality industry for the past four decades, and I’ve enjoyed reading his columns for years,” said Lodging Conference Co-Founder Harry Javer.  

“He has built a solid reputation as an impeccable journalist who asks thorough, thought-provoking questions.  Over the years, readers have benefited from his in-depth approach and insightful articles.”

Prior to founding Daly Gray, Inc., a communications firm that specializes in the business of hospitality, in 1987, Jerry Daly played a key role in the successful launch of the Embassy Suites, Hampton Inns and Crowne Plaza hotel brands as the senior communications officer for Promus Hotel Corporation, formerly Holiday Corporation.  

Morris Lasky

His work has been recognized for its results-oriented creativity, and he has received more than 50 international, national and regional communications awards, four Golden Quills and the Silver Anvil. 

A communications pioneer, Daly is credited with launching the first no-smoking campaign in 1970 and writing the hotel industry’s first crisis communications plan. 

                “Jerry has been active in all aspects of hospitality communications over the years, including everything from associate newsletters to taking companies public,” said Lasky.  “His thoughtful, creative, hands-on approach to public relations has helped companies grow and professionals flourish.”

The 20th Annual Lodging Conference will be held at The Arizona Biltmore Resort from October 20-23, 2014. The awards presentation will commence at 1:15 pm on Tuesday, Oct. 21. For more information, go to www.LodgingConference.com or call Brent Tinter at 800-252-3540

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

Meridian Capital Group Arranges $31 Million in Acquisition Financing for an Office Property in Norwalk, CT and Permanent Financing for an Industrial Property in Aiken, SC

Tal Bar-Or

New York, NY, July 23, 2014, – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $31 million loan to purchase an office property located in Norwalk, CT and to refinance an industrial property in Aiken, SC, on behalf of Matrix Investment Group.

 The two-year loan, provided by Jefferies LoanCore LLC, features a competitive fixed-rate and interest-only payments for the full-term.

This transaction was negotiated by Meridian Capital Group Managing Director, Tal Bar-Or, and Associate, Kyle Kite, who are both based in the Company’s New York City headquarters.

 The six-story office property, located at 535 Connecticut Avenue in Norwalk, CT, totals more than 179,000 square feet. The industrial property, Centennial Corporate Center, contains 205,000 square feet and is located at 1991 Corporate Parkway in Aiken, SC.

 “Given the sponsor's strong track record in turning around underperforming office properties, Meridian was able to structure a financing solution that allowed our client to purchase a 45% occupied office property and provide additional funds for CapEx, TI and LC using the imputed equity value from a separate property in a different market,” said Mr. Bar-Or.

“In this transaction, it was critical to build in maximum flexibility in property releases and operating cash flow so that the sponsor has the ability to improve the collateral to stabilization.

The loan was closed in under one month and we credit the excellent team at Jefferies LoanCore for this efficient execution,” he added.

Jonathan Stern

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.

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

Jonathan Stern

Meridian Capital Group, LLC

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com