Carlyle Development Group Announces New Team at Metrocenter in Phoenix, AZ

 PHOENIX, AZ— New York-based Carlyle Development Group (CDG) today announced a new leasing and management team for the firm’s recently acquired Metrocenter (top left photo), a shopping, dining and entertainment landmark in Phoenix, Ariz.

This team includes the addition of Brent Meszaros as General Manager, real estate veteran Anita Blackford (lower right photo) as Senior Vice President of Leasing, and locally based Phoenix Commercial Advisors as Metrocenter’s exclusive retail broker representative.

CDG’s announcement comes just one month after it purchased Metrocenter out of three years in various stages of foreclosure and receivership. It is the owner’s first step in actively repositioning and redeveloping the property, a 1.3 million-square-foot regional mall located on Interstate 17 between Peoria and Dunlap roads in Phoenix.

“We understand Metrocenter’s perceived challenges, but we also believe in its potential as a very positive force in the community,” said Abdi Mahamedi (top right photo), CEO of Carlyle Development Group.

 “Families want Metrocenter back as a hub for shopping, dining, entertainment and culture. We are here to create that for them and to change the perception of this project.”

Macy’s, Sears and Dillard’s Clearance Center currently anchor the 1973-built Metrocenter. The mall is also home to a Harkins Theatre, the Phoenix Conservatory of Music and in-line retailers such as Aéropostale, Victoria’s Secret, Journey’s, Torrid, Charlotte Ruse, Vans and Finish Line.

“Our new team has the creativity and expertise to capitalize on opportunities that were not possible during Metrocenter’s last three years of receivership, and to restore the mall’s position in the marketplace,” said Warren Fink (middle left photo), Chief Operating Officer of Carlyle Development.

 “We have a strong tenant base to build from and we have a vision. We look forward to building on these with the addition of family friendly venues, restaurants, entertainment-oriented tenants and alternative uses that will re-energize this center as a fun, safe place for the community.”

Metrocenter’s new leasing and management team will combine their expertise with the experience and resources of CDG, a company who for more than 30 years has successfully revitalized value-add real estate assets across the U.S.

CDG’s development group adds additional resources in mixed-use land development, opening the door for a variety of projects at Metrocenter ranging from the addition of education and medical tenants to ground-up, stand-alone pad development.

 

The new Metrocenter team also will capitalize on a 2007, $32 million renovation that revitalized interior spaces, added a new children’s area and upgraded on-site security.

Prior to joining CDG as General Manager of Metrocenter, Meszaros worked for Vestar Property Management, responsible for a portfolio of 3 million square feet of retail and power centers.

Blackford joins CDG from her most recent position as Senior Vice President of Leasing and Mall Operations for Feldman Mall Properties.

Contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.carlyle-usa.com.

Newmark Knight Frank's Southeast Capital Group Negotiates $19.5 Million Price in Sale of Banks Crossing in Fayetteville, GA

ATLANTA, Ga. --- The Southeast Capital Group at Newmark Knight Frank in Atlanta recently negotiated the sale of the 256,930-square foot Banks Crossing (top left photo) retail center at 134 Banks Crossing in Fayetteville, Ga. for $19.5 million.

Whitney Knoll, who heads the Southeast Capital Group at Newmark Knight Frank, brokered the transaction representing seller Banks Crossing Associates, LLC along with Newmark Knight Frank associates Fred Victor, Mark Hillis and Andrew O’Brien.

Nightingale Properties acquired the neighborhood retail center, which is 97 percent occupied by anchors that include JC Penney, Kroger, Kroger Fuel Center, Guitar Center, Farmers House Furniture, CitiFinancial and Goodyear.

Knoll said Banks Crossing retail center was built in 1987 and renovated in 2005. 

“The sale of this core-plus property reflects that grocery anchored centers are in high demand,” said Knoll.

“This asset was a natural fit for the Nightingale Properties portfolio,” Victor said.

For more information about this press release,  contact:

C. Whitney Knoll, Principal/Managing Director of Southeast Capital Markets Group, Newmark Knight Frank, 201 17th Street, Suite 900, Atlanta, GA 30363; wknoll@newmarkkf.com; 404-926-1139

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Carter Promotes Gil Patterson to Senior Vice President of Accounting and Finance

ATLANTA (Mar. 6, 2012) – Carter, one of the country's leading real estate development, investment and advisory firms, said today that Gil Patterson (top right photo) has been promoted to senior vice president of accounting and finance.

 Patterson, a CPA, has more than 25 years of experience in finance, accounting and strategic planning. He previously served as senior controller at Carter and has significant experience with real estate investments and developments, specifically in the areas of residential and resort properties.

 Prior to joining Carter, he held the position of CFO at the Settings Development Company and was a partner, COO and CFO at Briar Rose Land Company. Patterson started his career with Arthur Andersen & Co.

 In his new role, Patterson will oversee and perform accounting and financial activities for Carter. He also will serve as a leader on Carter’s operations team. He will continue to drive organizational change and process improvements for Carter’s finance and accounting operations.

 “We know Gil [Patterson] is a great choice for this position,” said Bob Peterson (middle right photo), chairman and CEO of Carter. “His financial acumen and internal control expertise has been instrumental since he joined our team. We are excited about Gil’s new role and added responsibility and are confident he will continue to be a key contributor to our success.”

 Patterson holds a bachelor’s degree in management and a master’s degree in finance and accounting both from the University of Georgia.

For More Information, Contact

Tony Wilbert

Wilbert News Strategies

404-965-5022

 404-405-3656

twilbert@wnspr.com

Krunali Parekh

Wilbert News Strategies

C:  404.901.4433  

D: 404.965.5024

kparekh@wnspr.com

Marcus & Millichap Names Brandon Michaels Senior Director of National Retail Group in Encino, CA

 ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brandon Michaels (top right photo) senior director of the firm’s National Retail Group in Encino, according to Bill Rose (lower left photo), national director of the National Retail Group.

Michaels joined Marcus & Millichap in July 2004. He was the No. 1 multi-tenant retail agent firm wide in 2009 and 2011. Michaels was recently honored by the San Fernando Valley Business Journal as a Retail Broker of the Year and the Top Overall Negotiator. 

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

HFF arranges $71.1 million construction loan for development of high-rise multi-housing project in Arlington, VA

WASHINGTON, D.C. – HFF announced  that it has arranged a $71.1 million non-recourse construction loan for the development of The Place (top left rendering), a 17-story, 257-unit, Class A multi-housing project in Arlington, Virginia.

HFF worked exclusively on behalf of Ashton Park Associates III, LLC, an affiliate of the Shooshan Company, to secure the construction financing through a major national bank. 

 The Place is located at 4000 Wilson Boulevard in the Rosslyn-Ballston Corridor of Arlington.  Due for completion in 2013, the planned LEED Silver luxury property will have studio, one- and two-bedroom units with open floor plans and floor-to-ceiling windows offering views of Washington, D.C.

 Community amenities will include a concierge desk, fitness center, club room, private courtyard, movie screen and common area rooftop with plunge pools.  The property will also include 8,500 square feet of ground-floor retail space with outdoor café seating.

Upon completion, The Place will be the residential cornerstone of Founders Square, a 1.2 million-square-foot, mixed-use project with a goal of LEED Gold certification for a Neighborhood Development. 

Founders Square, which will be three-quarters complete by 2013, is planned to be a transit-oriented development convenient to two metro stations and will include hotel, retail, office and multi-housing components centered on open public space.

The HFF team representing the borrowers was led by senior managing director Sue Carras (middle left photo), managing director Walter Coker (top right photo) and director Brian Crivella (lower right photo).

“The loan is representative of the type of financing that is available for the best-in-class asset in a very strong submarket with sponsorship excellence, said Coker.
 

"The loan  was structured to be taken down by one senior lender with no syndication risk, and provide  loan proceeds that allowed our client to maintain 100 percent  equity ownership and maximum flexibility while borrowing at historically low interest rates ,”  

Contact:

SUSAN CARRAS                                                       

HFF Senior Managing Director                             

(202) 533-2500                                                                    

scarras@hfflp.com                                                        

WALTER COKER 
HFF Managing Director
(202) 533-2500
wcoker@hfflp.com

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500   

krmurphy@hfflp.com        

HFF secures $23.4 million in financing for three shopping centers in Florida, Arizona and Alaska

IRVINE, CA – HFF announced that it has arranged $23.4 million in financing for three retail power centers: Century Town Center (top left photo) in Vero Beach, Florida; The Plaza at Power Marketplace II (middle right photo) in Queen Creek, Arizona; and Dimond Crossing (lower left photo) in Anchorage, Alaska.

Working on behalf of Cole Real Estate Investments, HFF placed the 10-year, interest-only, 5.4 percent fixed-rate loan with Citigroup Global Markets Inc. (CMBS).  Cole recently acquired the properties and the financing is placing new debt on all three centers.

The properties are 95 percent leased overall and anchored by retailers including Marshalls, HomeGoods, Petco, LA Fitness, PetSmart and Bed Bath & Beyond.  Individual property details are listed below:

Century Town Center, Vero Beach, FL, 107,049 SF, 93% leased, Seven tenants, Year rebuilt or renovated. 2008

The Plaza at Power Mktplace II, Queen Creek, AZ, 70,978 SF, 92% leased, 10 tenants, year rebuilt or renovated, 2007

 Dimond Crossing, Anchorage, AK, 85,356 SF, 100% leased, Eight  tenants, year built or renovated, 1981

The HFF team representing Cole Real Estate Investments was led by senior managing director Kevin MacKenzie and managing director Paul Stasaitis.

“This is an excellent example of the CMBS market providing an attractive financing option for a strong sponsor, which may not otherwise be available in the market today. 

“While we were able to obtain interest from banks and life companies, Citigroup was able to best meet the borrower’s needs including providing a full-term, interest-only loan,” said MacKenzie.

Contacts:

KEVIN MACKENZIE                      
HFF Senior Managing Director      
(949) 253-8800    

 kmackenzie@hfflp.com  

                                         

PAUL STASAITIS 
HFF Managing Director
(305) 448-1333                                   
pstasaitis@hfflp.com 
                              
KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500   

krmurphy@hfflp.com        

Jafer Hasnain: The Housing Crisis: Where Do We Stand?

(The following article was posted by The Alter Group of Chicago, www.altergroup.com, a 50-year-old commercial real estate organization.)

With home sales increasing in six of the last nine months and prices still 30 percent below the peak, the housing market is quite confounding.  That’s the opinion of Jafer Hasnain (top right photo), Principal and co-founder of Lifeline Assets, a private equity firm that invests in single-family homes.

In a recent interview for the Alter NOW Podcasts, Hasnain said that the nation has 10 million homes whose mortgages are seriously delinquent or even in foreclosure. 

According to Hasnain, this is the shadow inventory, which consists of mortgages that are either 90 days late, in foreclosure or bank owned.  If you look at the next four or five years, that number will add up to between six to 10 to maybe 11 million homes.

When asked why President Obama’s (middle left photo) Home Affordable Modification Plan (HAMP) didn’t work as intended – a program meant to help five million homeowners that saw only 800,000 sign up – Hasnain quoted the truism “The road to hell is paved with good intentions.” 

As Hasnain sees it, the obstruction was in HAMP’s implementation.  Although HAMP brought down interest rates to as low as two percent, the real problem for many is that they had lost so much equity, participation simply was not worthwhile.

 Because HAMP had no impact on the principal owed, homeowners still owed the same amount of money – which typically was significantly more than the house was worth in today’s market. 

Many concluded that it made more sense to let the bank foreclose – a process that takes 700 or more days – live in the house for free, save money so they ultimately could pay the bank a fraction of what they really owed.

Hasnain pointed out that approximately half of all existing mortgages could no be re-underwritten today because of stricter lending standards.  In other words, half of all mortgages are potentially distressed, a fact that distresses Hasnain.

“That reflects society, and that reflects the potential to really crimp consumer spending.  I think housing is the number one, two and three issue right now.”  Part of the trauma is caused because, at one time, most people were convinced that they could always rely on the value of their home.

 “In the last few years, that balloon has been deflated to the point where we are now witnessing a failure in confidence.  This is a fairly unique problem that most people have never faced, one that calls for creative solutions — whether they come from the government or the private sector.”

To listen to Jafer Hasnain’s full interview on where we currently stand on the housing crisis, click here for the podcast.

 Contact:  altergroup@altergroup.com

Hunter Realty Represents Summit Hotel Properties in $22.1 Million Acquisition in Birmingham, AL

  

 ATLANTA, GA, March 7, 2012—Officials at Hunter Realty today announced that it represented the buyer, Summit Hotel Properties, in the acquisition of the 130-room Hilton Garden Inn – Liberty Park (Birmingham, AL) (lower right photo) and the 95-room Hilton Garden Inn – Lakeshore Drive (Birmingham, AL) (middle left photo). 

Summit plans to renovate both hotels and continuing operating under the Hilton Garden Inn brand.  HP Hotels will remain as manager of the properties.

 “These assets fit well with Summit’s overall strategy,” said Lee Hunter (top right photo), COO of Hunter Realty, who handled the transaction.

 Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments.

As of February 28, 2012, the company’s hotel portfolio consisted of 73 hotels with a total of 7,469 guestrooms located in 20 states. Additional information about Summit may be found at the company’s website, www.shpreit.com.

Hunter Realty, an award-winning hotel investment advisory firm founded in 1978, has offices in Atlanta, Dallas, Los Angeles, Miami, New York and Washington, D.C.  Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta office at (770) 916-0300.

 Contact:   

Chris Daly or Jerry Daly (media)

(703) 435-6293

HFF arranges $33.5 million permanent loan for mixed-use property in Pittsburgh

                                   

PITTSBURGH, PA – HFF announced today that it has arranged a $33.5 million permanent first mortgage for Piatt Place (top left photo), a 225,000-square-foot mixed-use property in Pittsburgh, Pennsylvania.

HFF worked exclusively on behalf of the borrower, an affiliate of Millcraft Industries, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance.

Piatt Place is located at 501 Fifth Avenue on the corner of Grant Street in downtown Pittsburgh.  The property features Class A office space and ground level retail.  The Commonwealth of Pennsylvania occupies 86 percent of the fully leased building.

The HFF team representing the borrower was led by senior managing director Mark Popovich.

Millcraft Industries, Inc. is a Pittsburgh-based real estate developer and management company with a 50-year history of successfully creating and maintaining prominent large-scale office, retail and mixed-use developments.

Contacts:

  

MARK POPOVICH                                          

HFF Senior Managing Director                       

(412) 281-8714                                                 

mpopovich@hfflp.com

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

http://www.blogger.com/krmurphy@hfflp.com

HFF named to market sale of apartment community near Oregon State University

PORTLAND, OR – HFF announced today that it has been named to market for sale Grand Oaks Apartment Homes (top left photo) a 125-unit/249-bed student housing community near Oregon State University in Corvallis, Oregon.

HFF is marketing the property on behalf of the seller, American Capital Group, free and clear of existing debt.

Grand Oaks Apartments is located at 6300 SW Grand Oaks Drive west of the campus in Corvallis.  Completed in 2002, the 98 percent leased property has one-, two- and three-bedroom units averaging 952 square feet each.  Community amenities include a clubhouse, fitness center, pool and spa, playground and covered parking.

The HFF investment sales team representing American Capital Group is led by managing director Brian Kelly (middle right photo) and director Ira Virden (lower left photo). 

“Grand Oaks offers investors the opportunity to purchase an exceptional community in a very high barrier to entry university market. 

"The lack of available housing for Oregon State University students suggests an experience operator can increase NOI by implementing a student housing-focused management strategy,” said Kelly.

American Capital Group is a premier, privately-held developer/builder based in Bellevue, Washington. 

Contacts:   

                 

BRIAN KELLY                          IRA VIRDEN                                

HFF Managing Director           HFF Director                              

(312) 528-3650                        503) 224-0444                         

bkelly@hfflp.com                     virden@hfflp.com                       

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Colliers International Completes Sale of Brea Imperial Center in Brea, CA

BREA, CA, Mar. 6, 2012 – Colliers International, the third largest global real estate services organization, has completed the sale of a 45,283 square-feet retail shopping center named Brea Imperial Center (top left photo) located at the SWC of Imperial Highway and State College.  The transaction is valued at $10,501,000 Million.  

Christopher E. Maling (middle right photo) and David Maling (lower left photo), both Senior Vice Presidents based in Colliers International’s Downtown Los Angeles office, represented the Seller, Trident Pacific Receivership for Midland PNC. 

The Buyer, Bequer Investments, LLC was represented by Arthur Flores of CB Richard Ellis.

The center is currently operating at approximately 71% occupancy and has a mix of local and national tenants including Carl’s Jr., Active Ride Shop and Bank of the West.

With more than 38 offers, 14 of which were above the listed price.” said Maling “we were able to sell the asset for $1.3 million over the listed price.” added Maling.  

“The Maling Team leveraged the Colliers platform coupled with a top tiered marketing strategy which led us to generate multiple offers and close within 75 calendar days with an all cash buyer.” said Maling.

Contact:

Jennifer Hsieh

Regional Marketing Manager

+1 949 724 5545

Jennifer.hsieh@colliers.com

Wilson Commercial Real Estate Markets 10-Acre Retail Site in Alhambra, CA

   

ALHAMBRA, CA, Mar. 6, 2012 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has been exclusively retained East Coast-based institutional investor to market Alhambra Place, a 10.1-acre retail site at Main Street and Garfield Avenue in the San Gabriel Valley submarket of Alhambra, Calif.

The five parcel, 180,875-square-foot site provides many size and configuration options for attracting new tenants including traditional anchor and junior box space, street front shops, courtyard retail, and pads.

Wilson Commercial Real Estate's team of Senior Vice President Geoff Tranchina (middle right photo) and Senior Associate Jason Gribin are overseeing the marketing of the premier property.

 "This is a rare opportunities for an investor to acquire a value-added property in a thriving area of Southern California," said Tranchina.  "This investment provides the new owner with a multitude of options from repositioning with new tenants to re-entitling the project for greater density with a mix of uses."

Alhambra Place is located approximately eight miles northeast of Downtown Los Angeles, in the densely populated San Gabriel Valley.

 The property features immediate access to the San Bernardino Freeway (I-10) and Long Beach Freeway (I-710) providing convenient access to Downtown Los Angeles and multiple  surrounding communities including South Pasadena, San Marino, San Gabriel and Monterey Park. 

Alhambra Place draws from a large and diverse population with more than 272,000 residents and a heavily trafficked intersection averaging approximately 50,000 vehicles per day.

  For more information, please visit www.wcre.net.

Contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Helen Zaver of Marcus & Millichap Brokers $22.1 Million Hotel Portfolio Sale in Birmingham, AL

  

BIRMINGHAM, AL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a two-property hotel portfolio in Birmingham.

The properties are the 130-room Hilton Garden Inn in the suburban Liberty Park business district (top left photo) and the 95-room Hilton Garden Inn located in the Wildwood area off Lakeshore Drive (lower right photo), 12 miles from Birmingham-Shuttlesworth International Airport.

The Hilton Garden Inn, Liberty Park sold for $11.9 million and the Hilton Garden Inn, Lakeshore brought $10.2 million. The sales prices include property improvement plans and a post-renovation NTM (next 12 months) cap rate of 8.5 percent to 9.5 percent for the former and 9.5 percent to 10.5 percent for the latter.

 Helen Zaver (middle right photo), a senior associate in Marcus & Millichap’s Atlanta office and a member of the firm’s National Hospitality Group, represented the seller, HP Hotels, which will continue to manage both properties.

The buyer is Summit Hotel Properties Inc., an active and well-known hotel real estate investment trust. John Leonard (middle left photo), first vice president and regional manager of Marcus & Millichap’s Atlanta office, is the broker of record.

 “Both properties are quality hotels in the Hilton franchise family,” says Zaver. “The market for well-branded full-service or select-service hotels is strong, especially for assets in primary markets or locations with robust demand drivers.”

 The Liberty Park Hilton Garden Inn is located at 2090 Urban Center Parkway, 13 miles from downtown Birmingham and within the Urban Center Corporate Park. The six-story hotel was constructed in 2008 on 3.1 acres and is in excellent condition.

Located at 520 Wildwood Circle Drive, the Hilton Garden Inn off Lakeshore Drive is near downtown Birmingham, the Birmingham Museum of Art and The Birmingham Civil Rights Institute. The hotel was built in 2004 on 1.4 acres. It has been a consistently stable and well-performing asset.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Hilton Alexandria Mark Center Completes Multi-Million Dollar Renovation in Alexandria, VA

 ALEXANDRIA, VA, March 5, 2012—Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced that the 496-room Hilton Alexandria Mark Center (top left photo) in historic Alexandria, Va., has completed a multi-million dollar renovation.

  Davidson has managed the hotel since June 2005 and oversaw the renovation project, designed by Paradigm Design Group of Cypress, Texas.  The hotel is owned by a private investment fund advised by Crow Holdings Capital Partners, L.L.C.

 

“In this market, it is particularly important that a hotel of this stature remain in top condition,” said Patrick Lupsha (middle right photo), Davidson’s chief operating officer. 

“All guest rooms were totally renovated last summer, and we’ve now completed an update of the lobby and meeting spaces to bring the areas that impact the guest experience to ‘like new’ condition.  We are confident that the significant capital investment will enable this landmark hotel to retain its dominant position in this part of the Washington D.C. market.”

The Hilton Alexandria Mark Center’s 55,000 square feet of meeting space was enhanced with new carpet, wall and window coverings and regional artwork.  The lobby was redesigned to encourage guests to recharge themselves and their laptops and cell phones, using a soothing palette of blues, neutral tones and warm wood accents that give the public spaces a timeless, elegant feel.

“Because of its proximity to the Pentagon and Old Town Alexandria, guests at this hotel expect a level of historic charm and modern convenience that is sometimes a challenge to balance,” said Charlie Banta (lower left photo), general manager.  “Paradigm Design did an outstanding job of blending old and new in a sophisticated, classically dramatic way.” 

Paradigm Design Group’s recent projects can be viewed at

http://www.paradigm-design.com/.

 Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/.

 Contacts:

:Cyndi Norwood                                Jerry Daly, Chris Daly (media)

Davidson Hotel Company                Daly Gray Public Relations

(901) 821-4155                                 (703) 435-6293

cnorwood@davidsonhotels.com     jerry@dalygray.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289