Nominations Now Open for Orange County, CA’s Only Commercial Real Estate Awards – The Spire Awards

  

Janet Nguyen

Orange County, CA – Nominations are now open for the fourth annual SPIRE Awards,  Orange County’s only commercial real estate industry awards program, which recognizes the achievements of men and women throughout Orange County.

 Nomination forms for the awards, which are due by Tuesday, January 20, are available for online submission at www.crewocspireawards.com.

This distinguished industry honor, presented by the Commercial Real Estate Women, Orange County chapter (CREW-OC), denotes superior performance in real estate by individuals and teams in redevelopment, design/construction, brokerage, lending, and philanthropy. 

More than 250 representatives from 75 commercial real estate industry firms have entered and won SPIRE Awards in the past three years.

“Orange County is a resilient market, and the commercial real estate industry continues to be a driving factor in our local economy,” explains Karen Eddy, a Real Estate Property Specialist for Western Digital and Co-Chair of the CREW SPIRE Awards. 

Karen Eddy

“As we look toward 2015 and beyond, it’s important that we take the time to recognize professionals in the region who produce top results and keep the Orange County commercial real estate market moving forward.” 

All nominees in each category will be featured in the February 23, 2015 edition of the Orange County Business Journal.

California State Senator To Speak at February 26 Event

The fourth annual SPIRE Awards will be presented on Thursday, February 26, 2015 during a cocktail reception at the Center Club in Costa Mesa, California. 

Catherine Falco

This year’s keynote speaker for the event will be Janet Nguyen, California State Senator. 

In addition, Steve Craig, President of Craig Realty Group will serve as Master of Ceremonies.

The fourth annual SPIRE Awards program is co-chaired by Karen Eddy, Real Estate Property Specialist with Western Digital, and Catherine Falco, Senior Director of Business Development with Marquis Construction, Inc.

Information on nomination forms, attending the event and sponsorship opportunities is available at www.crewocspireawards.com.

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

Amanda Brenner / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Abrenner@browermillercole.com

www.crew-oc.org.

RealtyTrac Selects The Keyes Company as its Newest Broker Partner

Jamie Moyle

 IRVINE, CA, Jan. 6, 2014 – RealtyTrac (www.realtytrac.com) announced today that it has selected The Keyes Company as the newest member of the company’s exclusive broker program.  

Keyes has more than 2,200 associates in more than 35 branch offices located throughout Miami-Dade, Broward, Palm Beach, St Lucie, Martin and Volusia counties.

“We are very excited to be partnering with such a respected industry leader and look forward to working together with The Keyes Company team to better serve the real estate industry and enhance the consumer experience,” said RealtyTrac CEO Jamie Moyle.

The Keyes Company, one of the leading brokerages in the country, will now become RealtyTrac’s expert industry source in the Southern Florida region for RealtyTrac’s media reports.  

Keyes will also be exclusively featured throughout realtytrac.com and homefacts.com through this partnership.

Mike Pappas

“Partnering with RealtyTrac supports our mission of supplying customers with objective data and research about the housing industry, as well as employing technology that is at the forefront of real estate, which only the most innovative companies have,” said Mike Pappas, president of The Keyes Company. 

“This is truly a perfectly timed offering for our industry fueled by the recovery of the housing market.”

The Keyes Company is a full-service real estate company whose heritage can be traced back to a small, one-desk office opened on Biscayne Boulevard in Miami in 1926 by Kenneth Keyes. The company has become a legend in South Florida real estate. 

The Keyes Company is a founding member of Leading Real Estate Companies of the World, a global network of more than 500 premier real estate firms, encompassing 4,000 offices and over 120,000 sales associates in 40+ countries around the world.

For more information on The Keyes Company, please visit: http://www.keyes.com/.

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

GinnyWalker                                                                 

949.502.8300, ext. 268                                               
ginny.walker@realtytrac.com                                                 

Kiser Group Brokers $33 Million Sale of Mount Prospect, IL Apartment Complex

Mount Prospect Greens Apartments, 1958--2036 West Algonquin Road, Mount Prospect, IL

John Meyer

CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces the sale of Mount Prospect Greens, a 344-unit, 14-building apartment complex on a 20-acre parcel in Mount Prospect, Ill., which closed in late December 2014. 

Cleveland-based APM Management LLC paid $33 million for the property.

Located at 1958-2036 W. Algonquin Road in northwest suburban Mount Prospect, the complex was formerly known as Colonial Greens Apartments. 

The seller, Chicago-based Windy City RE LLC, assembled the property from five different owners since 2010 and rebranded the complex to Mount Prospect Greens in 2013.

The seller also renovated 30 percent of the units and increased rents significantly in the past few years, according to John Meyer, senior managing director at Kiser Group, who represented both the buyer and seller in the transaction.

“It was a huge effort to buy properties from five different owners over a three-year period,” Meyer said. “Windy City also started a big process to upgrade the units. They’re an opportunistic group, and once they add a certain amount of revenue, they’re ready to exit.”

By selling the 14 buildings all as one cohesive apartment complex, Windy City was able to achieve the sale price of $33 million, which is a high water mark for this type of property, Meyer said.

O'Hare International Airport, Chicago, IL

Renovations of approximately one-third of the units include new stainless steel appliances, new laminate floors, granite countertops and all new bathrooms. 

The property has a clubhouse and basketball court, and it includes 121 one-bedroom, one-bath units, 204 two-bedroom units with one to 1 ½ baths, and 19 three-bedroom, one-bath units. 

Nearly 80 percent of the apartments also have balconies. Rents range from $850 to $1250. The property is 97 percent leased.

The complex meets the buyer’s long-term objectives, including the opportunity to add value to the property with more renovations. “APM Management is a major owner of apartments, and they’re after the stable cash flows,” Meyer said. “They’ll put their own type of renovation work into it.”

APM Management owns several large apartment complexes throughout Illinois, Ohio, Kentucky and Pennsylvania. Some of their properties are adjacent to Mount Prospect Greens.

Located near the intersection of Algonquin and Busse roads, Mount Prospect Greens is near several large employers such as Caremark Rx, Bosch Tools, MetLife and O’Hare International Airport.

                                                                                 

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

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

HSA PrimeCare Completes Development of Silver Cross Business Center in New Lenox, IL

Business Center at Silver Cross Hospital, 710 Cedar Cross Drive, New Lenox, IL

Daniel Miranda

CHICAGO, IL— Dan Miranda, president of HSA Commercial Real Estate, and John Wilson, president of HSA PrimeCare, announced the completion of the 30,000-square-foot business center at Silver Cross Hospital in New Lenox, Ill.

 Situated on the east side of campus, the two-story administrative building offers supplementary work areas to the hospital’s growing staff and houses business offices, hospital support departments, EMS training, and IT. 

Working efficiently and within budget, the HSA PrimeCare team was able to complete the building within a short five-month-period. Click here to see part of the development in action.

"With the completion of the business center, HSA Primecare has now developed three medical buildings on the Silver Cross campus totaling more than 100,000 Square feet,” said Dan Miranda. “We are pleased to continue to serve the dynamic growth of Silver Cross in serving its medical community."

HSA PrimeCare originally partnered with Silver Cross Hospital to complete a 56,000-square-foot medical office building on campus in 2008, and since then, Silver Cross has chosen HSA PrimeCare for three additional projects.  

Geoffrey Tryon

This past October, the HSA PrimeCare team completed the vault expansion of the University of Chicago Medicine Comprehensive Cancer Center on the Silver Cross Hospital campus, which they originally developed in 2012.

Geoffrey Tryon, vice president of operations at Silver Cross Hospital, said, "The building looks great, and all of the departments are very excited to make the move."

Premier Design + Build Group, based in Itasca, Ill., served as the general contractor for the project, and Partners in Design Architects, out of Riverwoods, Ill. and Kenosha, Wis., provided architectural design services.

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

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

The Buccini/Pollin Group Acquires DoubleTree by Hilton DFW Airport North in Irving, TX

David B. Pollin

            WASHINGTON, DC —Officials of The Buccini/Pollin Group, a privately-held, full-service real estate acquisition, development and management company (BPG), announced that it has completed the acquisition of the 282-room DoubleTree by Hilton DFW Airport North. 

The hotel will be operated by PM Hospitality Strategies, Inc. (PMHS), a leading, national hotel management company.  

The acquisition capped off a banner year for BPG, which completed the development or acquisition of more than $225 million of hotel projects in Del., New York, Tenn., and Texas.

            “BPG continues to execute its strategic plan of acquiring full-service, stabilized hotels in primary and secondary markets and selectively developing new hotels in high barrier-to-entry urban locations.  

"2014 was one of the strongest years the hotel industry ever has experienced, and all signs point towards continued prosperity in the New Year,” said Dave Pollin, co-founder.

Doubletree by Hilton DFW Airport North, Irving, TX

 “As occupancies and average daily rate (ADR) climb further, new supply remains limited, and many hotel owners look to monetize their stakes, hotel sales are likely to increase.  

"We plan to be an active player as we grow our portfolio of well-respected hotel brands in markets with high barriers to entry and demonstrated demand growth.

            "The Hilton DFW Airport North acquisition meshes nicely with this strategy as leading prognosticator PKF-Hospitality Research predicts that occupancies will hit a record high of 69 percent in 2016, fueled in part by corporate expansions; American Airlines completing its merger integration; and two major national events - the NCAA Football Championship and the Academy of Country Music Awards – taking place in the near future," Pollin continued.

"We identified Texas, and Dallas in particular, as a market to focus on due to its diversified economy, strong employment growth, and skilled workforce.  

"We believe that this is the ideal time for us to continue expanding our footprint beyond our East Coast home base, and all signs suggest that Dallas is a smart long-term play." 

Located less than two miles from DFW Airport in Irving, Texas, the eight-story hotel is situated near such business demand generators as Allstate, Siemens, Verizon, AT&T, IMB and Microsoft. 

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

Chris Daly

Daly Gray, Inc.

703-435-6293

chris@dalygray.com

Hospitality Ventures Management Group (HVMG) Acquires Greensboro-High Point Airport Marriott

  

Robert S. Cole

ATLANTA, GA – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel ownership and management company, announced that it has completed the acquisition of the 299-room Greensboro-High Point Airport Marriott for an undisclosed sum. 

The company will manage the hotel, bringing its managed portfolio to 38 hotels and 7,194 rooms in 15 states nationwide.  

            “With its prime airport location and high barriers to new competition, the Greensboro-High Point Airport Marriott is a perfect fit with our growing portfolio of owned and managed hotels," said Robert S. Cole, HVMG president and CEO.

“2014 marks our fourth year of consecutive double-digit portfolio growth and the single best year in our 14-year history.  We continue to have a healthy appetite for additional hotel acquisitions, new development and third party management and believe 2015 will present similar opportunities for further growth.”

Greensboro-High Point Airport Marriott

            Located at One Marriott Drive, adjacent to the Piedmont Triad International Airport, the Greensboro-High Point Airport Marriott, will undergo an $11 million renovation to update meeting space and guest rooms. 

            “This Marriott underwent a renovation of nearly $6 million in 2012,” Cole noted.  

“Following the completion of this second wave, the hotel will be in ‘like-new’ condition and the most recently renovated full-service hotel in the area, making it the ideal hotel for group business and corporate transient travelers to the Greensboro area.”

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

Chris Daly

Daly Gray, Inc.

703-435-6293

chris@dalygray.com

RECI Reports Treasury Rates Drifting Downward

Jeanne Peck

Chicago, IL --- Chicago-based Real Estate Capital Institute (RECI) reports that as the middle of the decade starts,treasury rates are drifting downward, with the benchmark ten-year treasuries dropping nearly 20 basis points in December alone. 

In contrast to a year

ago, five year treasuries are slightly higher while ten-year notes dropped a

half of the percent lower. 

The tightening yield curve usually indicates an

economic slowdown, but such signs are hardly evident as the domestic economy

is healthier in the face of stagnating international markets.

Most economists are perplexed about rate movements, especially those

predicting predicted higher interest rates. As recently as a month ago,

numerous forecasts called for ten-year treasuries to increase to 2.5% or

more, while earlier in the year forecasts of 3% or more were common.

Certainly, 2015 will continue to be a challenging year for forecasting

interest rate movements, but nevertheless, nearly everyone agrees that rates

are near the bottom.  By all measures, now is one of the best times to take

advantage of capturing low interest rates, especially for longer-term debt.

Mortgage markets clearly reflect rate euphoria for borrowers as an almost

endless supply of funds flood commercial real estate markets. As expected, mortgage spreads over treasuries are under intense pressure to tighten.

Given the current oversupply of capital, spreads may drop below 100 basis

points for premium-quality, low leverage funding opportunities. For more "ordinary" deals, new spread ranges will likely be 25 to 75 basis points higher.  

On the other hand, lenders are trying to maintain "reasonable"

yields by instituting rate-floors for longer-term debt - typically 3.75% to

4%. And should treasuries remain low throughout the next few months and

assuming inflation fears subside, expect the removal of rate floors.

Jeanne Peck, director of the Real Estate Capital Institute's(r),, emphasizes that "2015 will be remembered as one of the best years for borrowers to take advantage of extremely low interest rates."

 Adding, "If a deal does not

pencil out at today's rates, then move on ..."

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

 Jeanne Peck,

Executive Director

director@reci.com

www.reci.com

NAI Realvest completes Three lease agreements for Class A office space at Primera in the I-4 / Lake Mary Blvd. Corridor in metro Orlando, FL

Mary Frances West

ORLANDO, FL – NAI Realvest recently completed three lease agreements for class A office space totaling 6,642 rentable square feet at Primera Court I and II, located on Primera Blvd. in Lake Mary. 

Senior Associate Mary Frances West, CCIM negotiated all three transactions representing the landlords, RREF Interchange – FL, Primera I and II, LLC. 

Commercial insurance firm KIS, LLC is the new tenant that leased suite 135 with 1,122 square feet in Primera Court I,  725 Primera Blvd.  The Adjutant Group LLC (TAG), general contractors, signed a new lease for 1,380 square feet in Suite 125 of Primera Court II located at 735 Primera Blvd.

Premier Property Management of Central Florida, Inc. renewed its lease of 4,140 square feet in suites 115, 140 and 145 in Primera Court I.  

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

Beth Payan or Larry Vershel, Larry Vershel Communications,

407-644-4142 or 407-461-3780 Lvershelco@aol.com