Berger Commercial Realty Secures Nearly 35,000 Square-Feet in Lease Transactions for Landlords in Fort Lauderdale, FL

Judy Dolan

FORT LAUDERDALE, FL -- Berger Commercial Realty brokers recently secured 34,851 square-feet in lease transactions on behalf of landlords in Fort Lauderdale.

Senior Vice President Keith Graves represented SPG Palm Crossing, LLC in renewing a lease for 14,100 square-feet of flex space to Anita International Corporations at Palm Crossing North, located at 3540 N.W. 56th Street.

Senior Vice Presidents Keith Graves and St. George Guardabassi represented Schaefer Industries, Inc. in leasing 8,000 square-feet of space to Wholesale Direct Only, Inc. at Schaefer Industrial Park, located at 3336 S.W. 13th Ave.

Along with Senior Vice President Keith Graves, Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented AKF3 SF Light Industrial, LLC in leasing 4,948 square-feet of office space to Clarity Genetics, LLC at Prospect Park I.

Keith Graves

Senior Vice President Keith Graves also represented 900 S.E. 3rd Ave., LLC in leasing 2,675 square-feet of office space to R. Baxter, CPA, LLC at the Bank United Building, located at 900 S.E. 3rd Ave. With Bank United as its anchor tenant, the 46,695-square-foot office building is now 100 percent occupied with the transaction.

Senior Vice President Judy Dolan represented 800 Andrews Avenue Corporation in leasing 2,159 square-feet of office space to The Broussard Group at the Pierce Architectural Building.

  

Berger Commercial Realty Secures Nearly 35,000 Square-Feet in Lease Transactions for Landlords in Fort Lauderdale

FORT LAUDERDALE, FL -- Berger Commercial Realty brokers recently secured 34,851 square-feet in lease transactions on behalf of landlords in Fort Lauderdale.

Senior Vice President Keith Graves represented SPG Palm Crossing, LLC in renewing a lease for 14,100 square-feet of flex space to Anita International Corporations at Palm Crossing North, located at 3540 N.W. 56th Street.

Senior Vice Presidents Keith Graves and St. George Guardabassi represented Schaefer Industries, Inc. in leasing 8,000 square-feet of space to Wholesale Direct Only, Inc. at Schaefer Industrial Park, located at 3336 S.W. 13th Ave.

Along with Senior Vice President Keith Graves, Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented AKF3 SF Light Industrial, LLC in leasing 4,948 square-feet of office space to Clarity Genetics, LLC at Prospect Park I.

Senior Vice President Keith Graves also represented 900 S.E. 3rd Ave., LLC in leasing 2,675 square-feet of office space to R. Baxter, CPA, LLC at the Bank United Building, located at 900 S.E. 3rd Ave. With Bank United as its anchor tenant, the 46,695-square-foot office building is now 100 percent occupied with the transaction.

Roxanna Collins

Senior Vice President Judy Dolan represented 800 Andrews Avenue Corporation in leasing 2,159 square-feet of office space to The Broussard Group at the Pierce Architectural Building.

Located at 800 S. Andrews Ave., the two-story, 18,476-square-foot office building features covered parking on the first floor, signage opportunities, frontage on Andrews Avenue, and close proximity to downtown Fort Lauderdale, the Broward County Courthouse, Broward Health, the 17th Street Causeway, Las Olas Boulevard, Davie Boulevard, Broward Boulevard and I-95.

Along with Senior Sales Associate Jonathan Thiel, Senior Vice Presidents Joseph Byrnes and Keith Graves represented AKF3 SF Light Industrial, LLC in leasing 1,746 square-feet of office space to Hunter Aerospace Supply, LLC at Prospect Park II, located at 3331 N.W. 55th Street.

Joseph Byrnes

Broker Associate Roxanna Collins represented South Andrews Holdings in leasing 1,223 square-feet of medical space to Dr. Vallejo and Dr. Miguel at 1777 S. Andrews Ave.

 The two-story, 11,538-square-foot office building is adjacent to Broward Health and features ample parking, a professional tenant mix, and proximity to Fort Lauderdale / Hollywood International Airport, Port Everglades, downtown Fort Lauderdale, the Broward County Courthouse, Fort Lauderdale's beaches and the new Wave Streetcar route.

For more information about Berger Commercial Realty's leasing services, call 954-358-0900.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Jane Grant, ext. 224, jgrant@piersongrant.com

Urgo Hotels & Resorts and Ensemble Hotel Partners Announce Marriott Ithaca Opening in Downtown Ithaca, NY

Mathew Jalazo

BETHESDA, MD and BROOKLYN, NY, Dec. 14, 2016 –A joint venture between Urgo Hotels & Resorts and Ensemble Hotel Partners announced the opening of the 10-story, 159-room, full-service Marriott Hotel in downtown Ithaca, New York.

 Located at the eastern entrance to the Ithaca Commons, a newly renovated pedestrian indoor and outdoor mixed-use development and entertainment district anchoring the downtown core, the hotel sits on the doorsteps of Cornell University and Ithaca College.

 The joint venture developed and owns the project, and the hotel will be managed by Urgo Hotels & Resorts.

“The Marriott Ithaca will act as a gateway to the newly renovated commons in downtown Ithaca, with its numerous restaurants, retail and entertainment options,” said Mathew Jalazo, vice president of development at Urgo

“When designing the project, we focused on the architecture and interior design to incorporate aspects of the local community and Cornell, including custom guestrooms and a lobby that acts as gathering place for hotel guest and locals alike.

“Furthermore, this is Ithaca’s first new hotel in downtown in more than 10 years and the only Marriott-branded hotel located downtown.  We believe the combination of the strength of the Marriott brand and the quality of the hotel’s facilities and amenities, along with its unique location, will allow the property to outperform its competitive set in a short period of time.” 

Marriott Ithaca Hotel, Downtown Ithaca, NY

The 159-room full-service Marriott hotel features a 10-story design on 8,430 square feet of land with a state-of-the-art fitness center and Monks on the Commons, a restaurant and bar with indoor/outdoor seating located on the pedestrian commons boasting floor-to-ceiling windows with views of Cornell and the surrounding downtown amenities.  

The hotel has approximately 3,000 square feet of meeting/function space on the second floor with floor-to-ceiling windows and guestrooms on the second level and floors three through ten. 

 “While this marks our first entry into Ithaca, this is our 16th property in the New York metro area and our 17th Marriott family branded hotel,” Jalazo added. “2016 has been a record year for Urgo. The Ithaca Marriott will be the sixth new development property we opened this year, with our seventh opening next week.” 

“Our portfolio has grown more than 28 percent in 2016 to a total of 46 properties and approximately 6,600 rooms, including all owned, third-party management and under development projects contracts,” Jalazo noted.  “Our pipeline remains quite full, with six properties under construction and five in the development phase, and we expect to enjoy similar growth in 2017.”

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

Chris Daly

Daly Gray Public Relations

703 435 6293

chris@dalygray.com

www.dalygray.com

www.urgohotels.com

CBRE Hotels Finds U.S. Hotel Spas A Great Source of Revenue

 

Mark VanStekelenburg

New York, NY, Dec 14, 2016 – In 2015, hotel spa department revenue grew at a faster pace compared to other sources of hotel revenue. According to the recently released 2016 edition of Trends® in the Hotel Spa Industry, U.S. hotel spa departments were able to increase their revenue by 5.6 percent from 2014 to 2015.

This compares favorably to a 3.3 percent rise in rooms revenue for the properties in the survey sample, and a 5.5 percent increase in total hotel revenue. This is the first time since the 2007 edition of the publication that spa revenue growth surpassed rooms revenue growth.

“CBRE Hotels’ Americas Research is projecting modest gains in rooms revenue for the next few years as the U.S. lodging industry operates at the top of the business cycle,” said Mark VanStekelenburg, managing director of the CBRE Hotels practice in New York City. “Therefore, hotel operators will need to look at other operated departments, like the spa, in order to accelerate the growth of total hotel revenue.

“Health and wellness is becoming an increasingly important component of everyday life.  Though historically considered as an exclusively high-end hotel amenity, the integration of health and travel is now expected, at almost all hotels,” VanStekelenburg added.

In 2015, spa revenue grew more robustly than total hotel revenue at both urban and resort hotels, as well as hotels with more than $1 million in spa revenue. Spa operations with less than $1million in sales were the only properties where spa revenue growth lagged behind the increase in total hotel revenues.

CBRE Hotels has surveyed the profitability of U.S. hotel spa performance for ten years. The annual review compiles revenue and expense items within spas operated by U.S. hotels. Not included in the survey are hotel spa operations that are leased to an outside party, day spas or destination spa properties.

To purchase a copy of the 2016 edition of Trends® in the Hotel Spa Industry, please visit: https://pip.cbrehotels.com

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

Chris Daly

Daly Gray Public Relations

703 435 6293

chris@dalygray.com

www.dalygray.com

www.cbre.com.

WNC Closes First Fund Dedicated to Preserving California Affordable Housing Communities

Will Cooper Jr.

IRVINE, Calif. –– WNC, a national investor in real estate and community development initiatives, announced it has closed WNC California Preservation Equity Fund, the firm’s first institutional fund exclusively dedicated to preserving affordable housing communities in California. 

WNC California Preservation Equity Fund is expected to acquire and preserve $120 million of affordable housing communities.

“The demand for affordable housing in California outweighs the available supply, resulting in a crucial need to preserve aging low-income homes,” said WNC President and Chief Executive Officer Will Cooper, Jr. “WNC is pleased to close this fund with the support of five CRA-qualified investors as we work to preserve and protect these vitally needed affordable housing communities.”

To date, WNC has invested equity from the fund into the preservation of five low-income housing communities in the counties of Los Angeles, Orange, Riverside and Madera. Combined, the five properties offer 507 affordable housing units to seniors and families.

WNC California Preservation Equity Fund is anticipated to be fully invested by the fourth quarter of 2017. The fund is structured to provide investors a cash-on-cash return.

  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

        

www.wncinc.com.

Capital Square 1031 and Kay Properties Acquire 268-Unit Multi-Family Community in Richmond, Virginia’s West End

Seth Harris

RICHMOND, Va. (Dec. 14, 2016) – Capital Square 1031 and Kay Properties & Investments announced today the acquisition of the Maple Springs Apartments, a 268-unit multi-family community located in Richmond, Virginia’s West End.

Maple Springs Apartments is comprised of 23 two-story residential buildings and a clubhouse, situated on 18.5 acres of land. 

Located at 5624 Maple Run Lane, the community features a mix of studio, one-, and two-bedroom units ranging in size from 434 square feet to 864 square feet. Maple Springs Apartments includes 425 parking spaces. The property was approximately 95 percent occupied at the time of acquisition.

“Prior to Capital Square and Kay’s combined acquisition of Maple Springs Apartments, the seller completed extensive common area and interior apartment upgrades which have positioned the property as a high quality apartment community,” said Seth Harris, executive vice president and head of acquisitions at Capital Square 1031.

Adding to its attractiveness, the community enjoys an enviable location in Richmond’s West End, one of the city’s top residential markets that has consistently achieved strong rent growth and low vacancy rates. Capital Square is pleased to add this property to its assets under management, now including 58 real estate assets valued at approximately $566 million, based on investment cost,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

 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

                                       

Capital Square 1031 Completes DST/1031 Exchange Offering of 220-Unit Multi-Family Community in San Antonio, TX

  

Louis Rogers

SAN ANTONIO, TX -– Capital Square 1031 announced its Delaware statutory trust offering, CS1031 Canopy Apartments, DST, comprised of The Canopy, a 220-unit multi-family community in the north central submarket of San Antonio, has been fully subscribed by investors.

CS1031 Canopy Apartments, DST is the 25th DST the firm has closed since its founding in late 2012.

Approximately 97 percent leased, The Canopy includes 13 two- and three-story residential buildings, as well as a clubhouse with fitness and business centers. The community sits on 8.6 acres of land located at 950 Bitters Road East, approximately one-quarter mile from U.S. Highway 281.

Residents and visitors also can access The Canopy via Interstates 410, 35 and 10, as well as Texas State Highway Loop 1604. The property features 272 parking spaces.

 The property was acquired in July 2016 with a fixed interested rate of 3.73 percent for 10 years under the Federal National Mortgage Associate Delegated Underwriting and Servicing loan program.

“The Canopy is an attractive multi-family property with an extensive amenity package,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Residents of the community enjoy convenient access to numerous employment centers, as well as medical, retail, entertainment and recreational amenities.”

 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

                                      

www.CapitalSquare1031.com.