HFF closes $15.75 million sale of best-in-class suburban office asset in Syracuse, NY

Salina Meadows Office Park, Syracuse, NY

Rob Rizzi

NEW YORK, NY, June 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $15.75 million sale of Salina Meadows, a four-building, 239,320-square-foot, Class A office park in Syracuse, New York.

HFF marketed the asset on behalf of the owner, Second City Real Estate.  A local investor, who owns 250 South Clinton, among other Syracuse properties, purchased the asset.       

Salina Meadows consists of 200, 220 and 231 Salina Meadows Parkway and 301 Plainfield Road, which are collectively 85.2 percent leased. 

Major tenants at the park include Traveler’s Indemnity Co., Mutual of Omaha Insurance Co., Walgreen Co. and Acadia Insurance Co.

 The property features large, efficient floor plates; expansive windows; ample parking (1,225 spaces); a fitness center; common conference facilities and a full-service café/deli. 

Situated on 21.61 acres at the crossroads of Interstates 81 and 90, Salina Meadows is convenient to downtown Syracuse, Hancock International Airport and DestinyUSA Mall.   

Jose Cruz

The HFF investment sales team representing the seller was led by managing director Rob Rizzi, senior managing director Jose Cruz, managing director Kevin O’Hearn, director David Fowler and associate director Michael Oliver.

“Salina Meadows is one of the premier office parks in Upstate New York.  The offering presented an investor with a well-leased, cash flowing asset at an exceptional cost basis with a strategic location in the Syracuse market,” said Rizzi.

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

Kristen M. Murphy

Director, Marketing

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.secondcityrealestate.com

HFF hires Malcolm Davies as a managing director in its Los Angeles office

 

Malcolm Davies

LOS ANGELES, CA, June 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Malcolm Davies has joined its Los Angeles office as a managing director focused on debt and equity placement transactions in Southern California and the West Coast.

Mr. Davies has nearly 20 years of experience as a developer and a capital advisor.  He joins HFF from George Smith Partners, where he was a principal in charge of running the Structured Finance Group, which specializes in structuring complex capital solutions for developers. 

During the course of his career, he’s been involved with nearly $1.5 billion worth of debt and equity transactions.  Mr. Davies is a member of Urban Land Institute (ULI), National Association of Industrial and Office Properties (NAIOP), and International Council of Shopping Centers (ICSC).

 Philanthropically, Malcolm is involved with Building Hope for the Los Angeles Real Estate & Construction Industries Council, and he is a co-founder of the PEERS Organization, which stands for Philanthropy, Entrepreneurism, Environment, Relationships & Social Endeavors.  Mr. Davies is a graduate of the University of Arizona’s Regional Development bachelor’s program.  

Paul Brindley

“Malcolm brings with him an impressive background blending the financial and development aspects of the commercial real estate industry,” said Paul Brindley, senior managing director and co-head of HFF’s Los Angeles office.

 “His current clients will benefit from the expanded platform that HFF offers via our organized equity placement business and our numerous life company and correspondent relationships. 

“Meanwhile, HFF’s current and future clients will reap the benefits of Malcolm’s expertise on the development side of the industry structuring creative solutions in today’s market.”

  

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

Kristen M. Murphy

Director, Marketing

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

Proper Title, LLC’s Kim O’Donnell Joins Board of Random Acts of Flowers Chicago

Kim O'Donnell

CHICAGO, IL (June 21, 2016) — Palatine, Ill.-based Proper Title, LLC, a full-service title insurance agency, announced Kim O’Donnell, senior commercial account executive, has been appointed to the Board of Directors of the Chicago chapter of Random Acts of Flowers (RAF). 

O’Donnell’s appointment furthers Proper Title’s commitment to positively impacting the Chicago area through charitable giving.

“Random Acts of Flowers Chicago is a phenomenal organization that has deeply impacted the communities in which Proper Title serves. I am excited to take an active role in continuing its mission of delivering the beauty of flowers and moments of kindness and compassion to people who need it most,” said O’Donnell.

 “Random Acts of Flower’s commitment to improving the daily lives of those in need is a perfect extension of Proper Title’s mission to share our personal and professional success to benefit others.”

 RAF Chicago is a non-profit organization that recycles and repurposes flowers, with 500 volunteers who create and deliver beautiful bouquets to 130 healthcare facilities across Chicagoland, including hospitals, nursing homes, hospice and rehab centers and veteran’s medical facilities.

 Flowers are donated by grocery stores, floral retail and wholesalers, weddings, funerals, galas and RAF’s national partner FTD-Pro Flowers. Since its inception in 2015, RAF Chicago has delivered 35,000 bouquets and recycled 32,000 vases.

“We are so delighted to welcome Kim to our board, as she brings impeccable leadership skills, community relationships and a genuine passion for giving to others,” said Joanie Bayhack, executive director of RAF Chicago. “Kim is a very engaging advocate for our rapidly growing organization, and her energy and strategic perspective will be an invaluable asset to our board.” 

To enhance its culture of compassion, Proper Title established its charitable arm, Proper Giving, in July 2015. 

Joanie Bayhack

Proper Giving contributes funds for every residential, commercial and refinancing transaction to the Ann & Robert H. Lurie Children’s Hospital of Chicago. To date, Proper Giving has donated more than $20,000 and over 30 hours of volunteer time to Lurie’s. 

“When you consider Proper Title has increased its transaction volume by 400 percent and revenues by 420 percent since its founding in 2013, our positive impact has grown exponentially,” said O’Donnell. “And the more we grow both as a firm and individually, the greater impact we can have through wonderful organizations like Random Acts of Flowers.”

O’Donnell has been a leader in the title insurance industry for the past 20 years, and joined Proper Title in 2015. She is active in many industry-specific groups and serves on the board of the Home Builders Association of Greater Chicago. O’Donnell regularly participates in the 40- and 60-mile walks in support of the Susan G. Komen and Avon Breast Cancer Foundations, as well as volunteer work with her family at Feed My Starving Children.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

 www.propertitle.com.

www.rafchicago.org.

Marcus & Millichap arranges sale of two homestead, fla. apartment communities for $8.5 million

Homestead, FL Garden-Style Apartments, Homestead, FL

Felipe J. Echarte

HOMESTEAD, FL, June 21, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of two garden-style apartment communities located in Homestead, Fla. The 150-unit portfolio sold for $8,500,000.

            “Due to the lack of available mid-sized apartment complexes in Miami-Dade County, investors are seeking assets outside of the core market. Homestead Gardens was an excellent opportunity for an investor to acquire a stable property in an improving submarket with the potential to add value through renovation and increasing rental income,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

Echarte along with Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a partnership from Quebec, Canada, and the buyer, a limited liability company from Sunny Isles Beach, Fla.

Evan P. Kristol

Homestead Gardens, located at 15451 SW 288th Street, is a 104-unit, two-story garden style apartment community with six buildings. The unit mix consists of 80 one-bedroom/one-bathroom units and 24 two bedroom/one-bathroom units.

Homestead Gardens II, located at 527 South Flagler Street, is a 46-unit, two-story garden style apartment community with five buildings. 

The unit mix consists of 10 two-bedroom/one-bathroom units, 30 three-bedroom/one-bathroom units, four four-bedroom/two-bathrooms units and two five-bedroom/two-bathroom units.

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

Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

JLL Phoenix Office Adds New Tenant Representation Team

 

Matthew Coxhead

PHOENIX, AZ, June 21, 2016 – The Phoenix office of JLL has added a new brokerage team to its Tenant Representation group, welcoming Matthew Coxhead and Ryan Bartos as Executive Vice Presidents, and Kyle Seeger as an Associate. The brokers will assist JLL clients with all stages of the real estate process, with a strong track record in corporate and high-tech office requirements.

All three brokers have moved to JLL from Savillis Studley.

The addition brings the Phoenix JLL Tenant Representation group to 16 brokers, continuing a tradition as one of the Valley’s top tenant rep groups that dates back to the formation of the local office in 2000.

“Ryan, Matt and Kyle reflect JLL’s high standards of professionalism and character, and our reputation for providing top broker talent,” said Pat Williams, JLL Managing Director and head of the Phoenix Tenant Representation group. “We look forward to all that this team will contribute to JLL and its clients.”

A 10-year industry veteran, Coxhead specializes in office leasing transactions for local and national corporations. He started his career in 2006 at the Denver office of Grubb & Ellis, and moved to Phoenix in 2008 to join the local office of Cushman & Wakefield. 

Ryan Bartos

Bartos entered the brokerage market in 2009 with Cushman & Wakefield, where he established himself among local and national office clients for his service- and relationship-focused philosophy.

Since partnering in 2012, Bartos and Coxhead have completed more than 3.3 million square feet of lease deals totalling over $386 million in lease value. 

Key clients have included Gabriel Partners, Progress Residential, Encore Capital, iFactor Consulting, Learnvest, Oscar Health and Weebly. Seeger joined the team in 2015, after it had moved to Savillis Studley earlier in the year.

 JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.

 A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. 

Kyle Seeger

On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. 

Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

BKM Capital Partners Expands Phoenix, AZ Metro Portfolio

Tempe Commerce Park, Tempe, AZ

 

Brian Malliet

            PHOENIX METRO, AZ, June 21, 2016 – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired Tempe Commerce Park, a 535,976 square-foot, five-building  property in Tempe, Arizona, in a limited marketing transaction for $58 million.

            This acquisition, which is BKM Capital Partners’ tenth acquisition in the Phoenix metro area this year, was acquired through BKM Industrial Value Fund I L.P., according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners.

            “The Tempe submarket continues to demonstrate strong economic drivers and is currently one of the most dynamic submarkets in the Phoenix metro,” says Malliet. “Job and housing growth are on the rise, providing a significant opportunity to create value for our investors. This submarket is also experiencing a significant demand for back office users, which is further driving up lease rates in the business parks throughout the region.”

Barbara Rea

Malliet explains that Tempe Commerce Park was acquired at 30-percent below replacement costs and is currently 100-percent occupied. 

            “The asset was originally brought to market at 85-percent occupancy, and prior to the acquisition, occupancy was increased to 100-percent,” says Malliet. “This lease-up will drive distributable cash flow and reduce the cost of debt for the property, increasing overall yields to our investors.”

“Our ability to source and acquire these properties below replacement cost is a key to implementing our strategy of acquiring value-add opportunities, which we can enhance though capital improvements, ultimately driving up property value over time,” Malliet adds.

This acquisition brings BKM Capital Partners’ holdings in the region to just under two million square feet.

According to BKM Capital Partners’ Director of Acquisitions, Brett Turner, Tempe Commerce Park is located in the heart of Tempe within the “Silicon Desert submarket,” in close proximity to major transit corridors, including the I-10, with in-place rents well-below market value.

Brett Turner

“The asset’s prime central location and below-market rents will provide a tremendous opportunity for long-term growth,” says Turner. 

“As the current tenant leases roll, we will be able to attract high quality tenants who are willing to pay a premium for the property’s desirable location and the updated amenities that BKM is planning.”

            The property was purchased from Invesco, on behalf of its client, Ohio Police and Fire.  Mark Detmer and Bo Miles at JLL represented the seller in the transaction.

“Invesco’s integrated approach and proactive management of this institutional quality asset was a major attraction to us,” adds BKM Capital Partners’ Director of Marketing and Operations Barbara Rea. “Further, Invesco was a pleasure to work with.  The team’s attention to detail and ability to move quickly contributed to a seamless transaction, and we look forward to working with them on future transactions.”

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

Lexi Astfalk/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

 www.bkmcapitalpartners.com.

  

New Castle Hotels and Resorts Outlines Strategic Plan to Double Portfolio in Four Years

Gerry Chase

SHELTON, CT,  June 21, 2016—New Castle Hotels and Resorts (NCHR), a leading developer, owner and operator of a diverse, international portfolio of hotels and resorts, today announced an ambitious plan to double the company’s roster of owned and managed hotels by 2020.  

The growth will be split evenly among new management contracts, acquisitions and new-build hotels. 

        "Throughout this most recent economic upturn, our development team has been cultivating a broad range of opportunities that are poised to come to fruition over the next four years,” said Gerry Chase, president and COO.  “Simultaneously, we selectively refined our existing portfolio and expanded our investment capacity to take advantage of the coming opportunities.

“We have a clear strategic plan of what we want; a mix of full and select service hotels with major brands,” he added.  “We have an excellent reputation as a manager, and deliver stellar returns on investments.  That, coupled with being a preferred operator with all of the major flags, puts us in a great position to execute this four-year plan.”

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

Lauralee Dobbins

Write Touch PR

609-451-5102

Lauralee@WriteTouchPR.com

www.newcastlehotels.com.

Residents Vote to Make Westlake Palm Beach County’s 39th Municipality

John Carter

Westlake, FL – Residents within the Seminole Improvement District have voted unanimously to create the city of Westlake with a charter and founding city council. A canvassing board certified the ballots on June 20.

Westlake is home to a 3,800-acre project being developed by Minto Communities. 

Approved plans call for 4,500 homes and 2.2 million square feet of non-residential commercial and employment center zoning. 

The Palm Beach County Commission approved Westlake and amendments to the county’s comprehensive plan in October 2014.

“As the largest landowner in Westlake, we will work constructively with the new city administration with a focus on responsible and visionary growth,” said John Carter, vice president of Minto Communities-Florida.

“We will also continue to work with Palm Beach County on a previously agreed transportation plan as well as land for parks, fire station, sheriff substation, and solutions to drainage issues that will benefit the City of Westlake and central Palm Beach County.”

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

Ashley Fierman

Account Executive, BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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www.mintofla.com.