Dr. Tom O’Neal, founder of UCF Business Incubation Program receives award from Florida Small Business Development Center Network

ORLANDO, Fla. --- Dr. Tom O’Neal, (top right photo) founder and executive director of the UCF Business Incubation Program, recently received the “Regional Outstanding Resource Partner Award” from the Florida Small Business Development Center Network at its annual meeting.

The award was in recognition of the unique partnership between Dr. O’Neal of the UCF Business Incubation Program and Eunice Choi, (middle left photo)  Director of the UCF Small Business Development Center (SBDC) at the new UCF/Leesburg Business Incubator site.(bottom left photo) 

 The 4,000 square foot building at 600 Market St. that serves as the Incubator will also function as an office for the SBDC, who will share staff and facilities with the Incubator to maximize productivity and economic impact within the community.

“By offering the UCF Business Incubation Program along with the SBDC, we can more efficiently and effectively serve the needs of more small businesses in Lake and Sumter Counties,” said James Spencer, new site manager for the Leesburg Incubator, who joined the program in July.

Another example of one of the many partnerships between several organizations that Dr. O’Neal has been involved in creating is the new 3,800 square foot UCF/Sanford Business Incubator, which opened recently at 110 W. First St. in downtown Sanford.

The UCF/Sanford Business Incubator (middle right photo)  is a partnership among City of Sanford, UCF Business Incubation Program and the Florida High Tech Corridor Council, the founding partners, who have formed an additional partnership with the local SBDC, SCORE (Service Core of Retired Executives) and volunteers in a joint effort to assist entrepreneurs in building successful companies that will create new jobs in Sanford and Seminole County.

“At the UCF Sanford Business Incubator everyone has stepped forward to help create a partnership that ranks as one of the most cost-effective strategies to stimulate local economies," Dr. O'Neal said.

The new incubator facility offers office space, along with coaching, training, and meeting space, and the daily point of contact from UCFBIP will be, Rafael Caamano, Dr. O'Neal said.

For more information about this release,  contact:

Gordon Hogan, Director of Operations, UCF Business Incubation Program 407-882-1577, bizdev@mail.ucf.edu

Dr. Tom O’Neal, Executive Director, UCF Business Incubation Program, 407 882-1120, oneal@mail.ucf.edu

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

Avalonpark Texas L.P. to Develop 120-Acre Community in Dripping Springs near Austin, TX

AUSTIN, Tex. - Avalonpark Texas L.P., a Texas Joint Venture operation of Florida developer Avalon Park Group in Orlando, announced it plans to develop a 120-acre community on the Howard Ranch property in Dripping Springs near Austin.

Beat Kahli (top right photo) is CEO and founder of  Avalon Park Group.

Ross Halle, vice president of architecture and town planner at Avalon Park Group, said the development firm is currently negotiating with the City of Dripping Springs the establishment of a Planned Development District.

Halle said Avalonpark Texas L.P. plans to develop an assisted living and nursing facility, 100 multi-family units, including rental apartments, town homes and villas, 250 single-family homes and 55 estate home sites at Howard Ranch along with 50,000 square feet of commercial space and a church facility.

For more information contact:
Richard Kunz, Avalon Park Group, 512-695-3356 richardk@avalonparkgroup.com;
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;
Ross Halle, VP Architecture/Town Planner Avalon Park Group 407-658-6565;
Beat Kahli, Founder /CEO Avalon Park Group 407-658-6565;
Larry Vershel, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com

HFF secures financing for Houston area shopping center

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured financing for Autumn Creek Village,(top left photo)  a 19,562-square-foot shopping center in Friendswood, Texas.

Working exclusively on behalf of Cencor Realty Services, HFF managing director Mark West (middle right photo)  placed the five-year, fixed-rate permanent loan with ViewPoint Bank. Loan proceeds will refinance existing debt and accommodate for Kroger’s expansion in the center.

Cencor Realty Services was founded in 1989 as a full-service real estate company specializing in property management, construction, renovation and remodeling, development, finish-out and financial services.

Autumn Creek Village is located at 313 FM 538 close to Interstate 45 in Friendswood, approximately 20 miles southeast of Houston. Completed in 2000, the property is 100% leased to tenants including Starbucks, Quiznos Subs, Wells Fargo and Friendswood Eye Center. Autumn Creek Village is shadow-anchored by Kroger Grocery, which is under contract to expand their store by approximately 10,000 square feet.

Contacts:

Mark E. West,HFF Managing Director, (214) 265-0880, mwest@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Merchant’s Exchange in Marietta, GA

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of Merchant’s Exchange,(top left photo)  a 130,013-square-foot retail shopping center in Marietta, Georgia.

The HFF investment sales team was led by senior managing director Whitney Knoll (middle right photo) and director Richard Reid (bottom left photo) who represented the seller, Centro Properties Group. Columbia Properties, Inc. purchased the property free and clear of debt.

Merchant’s Exchange is situated on 11.2 acres at 4400 Roswell Road close to the intersection of Johnson Ferry Road and Roswell Road in the northern Atlanta suburb of Marietta.

Originally completed in 1986 and renovated in 1997, the property is 98.9% leased to tenants including LA Fitness, The Picture Show Movie Theatre and Hancock Fabrics.

“Merchant’s Exchange has an irreplaceable location in the hub of retail activity for East Cobb County,” said Knoll.

Centro Properties Group (“Centro”) is a retail investment organization specializing in the ownership, management and development of retail shopping centers. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centers across Australia, New Zealand and the United States. Centro has funds under management of $20.3 billion.

CPI manages, leases, and/or owns more than one million square feet of retail shopping centers ranging in size from 15,000 to over 100,000 square feet in the Atlanta metropolitan area and throughout Georgia.

Contacts:

C. Whitney Knoll, HFF Senior Managing Director, (404) 832-8460, wknoll@hfflp.com
Richard M. Reid, HFF Director, (404) 832-8460, rreid@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Hersha Hospitality Management Adds 1,000-plus Rooms to Portfolio

PHILADELPHIA, PA—Hersha Hospitality Management (HHM), a leading hotel management company that operates approximately 70 premium limited service, upscale, upper upscale and luxury lifestyle hotels and asset manages an additional 19 hotels,  announced that it has added more than 1,000 hotel rooms to its management portfolio, divided between third-party contracts and joint-venture hotels.

The company noted that it expects to double the size of its management portfolio in the next three years and detailed aggressive growth plans to achieve its goal, via third-party management, joint ventures and asset management assignments.

Among the company’s most notable recent additions are:

The reflagging and opening of the Renaissance Woodbridge Hotel (top right photo)—HHM oversaw an $18 million complete make-over of an existing 312-room hotel and conversion to the Renaissance brand. “We literally took the hotel back to the walls and redesigned and programmed it to be state-of-the-art, introducing ground-breaking concepts for the Renaissance brand,” said Naveen Kakarla, HHM executive vice president.

“We consolidated three restaurants into a single concept with two private dining rooms, expanded the fitness center, and totally revitalized 20,000 square feet of meeting space, while simultaneously creating a new social gathering space.

“Renaissance is Marriott’s global lifestyle brand,” Kakarla said. “Guests want to have a new experience at each Renaissance that allows them to discover the unique character of their destination. The Renaissance Woodbridge more than delivers on that brand promise.

“We have managed the Sheraton JFK in New York City (bottom left photo) since its opening last year and have been asset managers of two Marriott full-service properties and a Hilton,” he added. “But with the Renaissance Metropark we were able to bring together our emerging expertise in upper scale with our relationship with joint venture partner American Properties Realty. The project came in on time and on budget and is outperforming its competitive set within months of opening.”

The opening of three Times Square hotels as third-party manager—HHM recently took over management of three new Times Square Hotels. The hotels, aggregating 582 rooms, include the Hampton Inn Times Square South, Candlewood Times Square and Holiday Inn Express Times Square.

Additional information about the Independent Hotel Collection may be found at www.indepedentcollection.com.


Media Contact: Chris Daly, Senior Vice President, Daly Gray Public Relations, ph: 703-435-6293
Follow us on Twitter: http://twitter.com/dalygray

HFF arranges $27.12M construction loan for to-be-built student housing project near University of Alabama

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $27.12 million construction loan for Sterling Crimson Apartments, a student housing community near the University of Alabama (top right photo)  in Tuscaloosa, Alabama.

HFF associate director Cameron Cureton (bottom left photo) worked on behalf of the borrower, The Dinerstein Companies, to secure the construction loan through a regional bank. T

he Dinerstein Companies is a coast-to-coast full-service real estate and development company with a 50-year legacy of quality and success. Family-owned and operated for three generations, the company prides itself on a long-term commitment to quality.

Upon completion in August 2011, the Sterling Crimson Apartments will have 316 one-, two-, three- and four-bedroom units totaling 700 beds. Each bedroom will have a full bathroom and unit interiors will feature washers and dryers, full kitchens, internet, cable and a 42” plasma television wall mounted in every living room.

The clubhouse will include an internet café with a coffee bar, a fitness center with a separate spinning room, a tanning salon and a resort-style pool with a grilling area. The property is located at the corner of 10th Avenue and 14th Street on the southwestern edge of The University of Alabama campus in Tuscaloosa.

“Student housing remains one of the bright spots in the industry and continues to receive construction financing albeit challenging. Reports from the NMHC are showing enrollment is up at universities across the country and the demand for student-housing has not decreased, despite the downturn in the economy,” said Cureton.

Contacts:

Cameron Cureton, HFF Associate Director, (713) 852-3500, ccureton@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com

Acquisition Technologies moves to Westshore in Tampa, FL

TAMPA, FL--The Dikman Company, Inc. announced today that Acquisition Technologies has leased Suite 450 located at 1410 N Westshore Boulevard, (top right photo)  Tampa, Florida consisting of 4,243 SF.

Acquisition Technologies is a leading provider of lead generation and customer acquisition services to industry recognized brands in the healthcare, insurance, and education industries.

Ben Dikman of The Dikman Company represented the Lessee
 
Contact: Ben Dikman,  813/251-5288

NAI Realvest negotiates two new lease agreements totaling 4,875 SF at industrial centers in Orlando

MAITLAND, FL – NAI Realvest recently negotiated two new lease agreements totaling 4,875 square feet of industrial space at two Orlando industrial facilities. Michael Heidrich, a principal at NAI Realvest, negotiated both transactions representing the landlords.

4Evolution, an Orlando-based electrical contractor, leased unit 200-G with 3,000 square feet of industrial space at 7466 Narcoossee Rd. in the Airport Industrial Center, (top left photo)  where Airport Investment Properties, LLC of Columbus, Ohio is the landlord.

At Hanging Moss CommerCenter (bottom right photo)  located at 6124 Hanging Moss Rd. New York City-based El Neato, Inc. d/b/a Kona Ice, leased unit 320 with 1,875 square feet. COP-Hanging Moss, LLC of Maitland is the landlord at the center.

For more information, contact:

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

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

Apartment Realty Advisors (ARA) Brokers Sale of 280-Units in Northwest Tampa, FL

TAMPA, FL— Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Lofton Place (top right photo) ; a 280-unit multifamily community located on an 17-acre site in one of the most desirable submarkets of Tampa. The property address is 5412 Deerbrook Creek Circle.

ARA Orlando-based senior vice president, Kevin Judd,(middle right photo)  ARA Boca Raton-based principal, Dick Donnellan, (middle left photo) and ARA Tampa-based vice president, Patrick Dufour, represented the seller in the sale of the class B+ value-add investment community.

“Lofton Place is a well-positioned community in an infill, high barrier-to-entry location,” said ARA Orlando Senior Vice President Kevin Judd.š “The property was built in 1988 and features one-, two-, and three-bedroom floor plans with an average unit size of 945 square feet.”

Lofton Place is a stabilized asset with strong historical operating performance and occupancy level. Lofton Place offers some of the best interior amenities in the market, including 9-foot and vaulted ceilings in select units, washer/dryer connections and fireplaces. In addition to the property’s individual unit features, Lofton Place’s community amenity package features a resort-style swimming pool, spa, sand volleyball court and fitness center.

Lofton Place was acquired by Northview Realty Group for $16,000,000 or $57,143 per unit and $60.47 per square foot. The property was 97% occupied at the time of the sale.

The transaction was financed by ARA Finance, a joint venture with CWCapital. ARA Finance leverages ARA’s on-the-ground multihousing brokerage expertise and CWCapital’s full suite of debt products including Fannie Mae DUS, Freddie Mac, and FHA Programs.š CWCapital is a vertically integrated commercial real estate finance and investment management company that has closed approximately $10 billion of loans since 2002 and services over $10 billion of loans in 48 states.

ARA Finance, in collaboration with Brush Island Investments, also sourced the joint venture equity from a private REIT.

The 10 year loan was 75% of the $16,000,000, $57,143/unit purchase price and the Borrower locked in a rate of 5.66% with the first two years interest only followed by 30 year amortization. Private funds were used for equity in the transaction.

Contact: Marti Zenor, mailto:mzenor@ARAusa.com,
561 561.988.8800 x112 Direct,  954.205.5207 Cell 561.988.8810 Fax

Bulls Capital Partners Completes Conversion of a Forward Commitment on a $3.4M HOPE VI Development in Atlanta

VIENNA, VA, Oct. 6, 2009 -- Bulls Capital Partners, LLC, a multifamily financial services provider and Fannie Mae Delegated Underwriting & Servicing (DUS®) lender, today announced it has completed a transaction in the amount of $3,425,000 for the financing of Villages at Carver Phase V (top left photo)  in Atlanta.

Fannie Mae provided a credit enhancement for bonds through SunTrust Bank during the construction phase of the project. The development team is a joint venture of The Integral Group, LLC and H.J. Russell New Urban Development, LLC.

Villages at Carver Phase V, a 165-unit apartment development implemented by The Integral Group partnership, is part of a master-planned community designed to reflect the concepts of "new urbanism." The community, once fully developed, will include both rental and homeownership units as well as a YMCA and the Atlanta Braves Baseball Academy to create a community where people can live, work and play.

The property includes public housing units made available through the U.S. Department of Housing and Urban Development's HOPE VI program, Low Income Housing Tax Credit units, and market-rate units. The $3,425,000 in financing through the Fannie Mae DUS program was a conversion of a forward commitment from a construction loan to permanent financing.

"We made a commitment to finance this property over two years ago as an important step in providing affordable housing to Atlanta," said Herman Bulls, (middle right photo)  President & CEO of Bulls Capital Partners. "To reach this successful conclusion, the Carver Phase V development team did an excellent job completing the construction and lease-up of this project during very demanding market conditions."

"Finalizing the financing of Carver V enables us to continue our commitment to providing quality affordable housing to the Atlanta community," said Vicky Lundy-Wilbon, Executive Vice President Development at The Integral Group.

 "Completing this project required an outstanding collaborative effort from our development team, the Atlanta Housing Authority and our financing partners. Bulls Capital Partners' professional demeanor and creative review were instrumental in closing this transaction."

"Fannie Mae continues to support the multifamily rental market during these very challenging times with financial products that benefit property investors, borrowers and communities in need of quality affordable housing," said Mark Van Kirk, (bottom left photo) COO and Co-Founder of Bulls Capital Partners.
 
Contacts:
Bulls Capital Partners, LLC , Herman Bulls, President & CEO, Herman.Bulls@bullscapitalpartners.com
phone: (202) 256-1814

Mark B. Van Kirk, Co-Founder & COO, Mark.VanKirk@bullscapitalpartners.com
phone: (703) 283-9700

HFF secures permanent loan for ground lease near University of South Florida

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a permanent loan for a 16.3-acre ground lease located near the University of South Florida campus in Tampa, Florida.

Working exclusively on behalf of The LCP Group, HFF managing director Mark West (top right photo) placed the 10-year, fixed-rate loan with a national life insurance company. The LCP Group (previously Lepercq Capital Partners), headquartered in White Plains, New York, is a private real estate investment banking firm that has been acquiring, syndicating and overseeing real estate investments nationally since 1974.

The 49-year ground lease commenced in August 2008 and provides for five 10-year automatic extensions.

Contacts:

Mark E. West, HFF Managing Director, (214) 265-0880, mwest@hfflp.com
 Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Pat Werner Appointed to CREW National Board

ORLANDO, FL--: Pat Werner, (top right photo)  Vice President Community and Economic Development for WELBRO Building Corporation has been appointed to the Commercial Real Estate Women’s (CREW) Network National Board of Directors for 2010.

Pat also serves on the 2009 CREW Network Resource Committee, served on the 2009 CREW Network Nominating Committee and is the current President of CREW Orlando.

She is a Past President of the Florida Economic Development Council; Past Chairwoman of the Goodwill Central Florida Board of Directors; a member of the International Economic Development Council (IEDC) and a member of the National Association Industrial Office Parks (NAIOP).

She also serves on the Heart to Heart Board a community service board to assist homeless women and children in Central Florida. Under her direction, as 2009 President of CREW Orlando, a Community Outreach Director’s position was created and this year the committee has organized participation in the Susan G. Koman Breast Cancer Walk and is coordinating the 2010 Women Builds – Habitat Project for CREWOrlando. Werner represents WELBRO Building Corporation in the company’s community, business and economic development efforts.

CREW Network is the industry’s leading advocate for the success of women in commercial real estate with 70 Chapters and over 8,000 members.
 
For more information,  contact:


Patricia A. Werner, CEcD, Vice President,  Community & Economic Development, WELBRO Building Corporation, Telephone: 407/475-0800; mobile: 407/766-3951. 2301 Maitland Center Pkwy, Suite 250
pwerner@welbro.com Maitland, Florida 32751

Patrick Walmsley Joins Madison Marquette as Managing Director

WASHINGTON, DC (Oct/ 5, 2009) - Madison Marquette announced today the appointment of Patrick W. Walmsley as Managing Director.

"Patrick is an extraordinarily talented real estate executive with a proven track record of success," said Amer Hammour, (top right photo) Chief Executive Officer of Madison Marquette. "I look forward to working with him in our efforts to make strategic acquisitions, broaden our capital base and use Madison's expertise and operating platform to add value for our strategic clients and partners."

Mr. Walmsley has overseen approximately $15 billion in property transactions over his 17-year career in commercial real estate. Prior to joining Madison Marquette, he served as a Managing Director at Eastdil Secured. Mr. Walmsley will be based out of the company's Los Angeles and New York offices.

Marcus & Millichap Capital Corp. Arranges $5.88M Loan for Oregon LIHTC Property

ALOHA, Ore., Oct 5, 2009 – Marcus & Millichap Capital Corporation (MMCC), has arranged a $5.88 million loan for the acquisition of Willow Springs, (top left photo) a 120-unit Low Income Housing Tax Credit (LITHC) property located in Aloha.

Steven Wiltshire, an associate director in the firm’s Portland office, arranged the financing package for the property.

“Typically, a specialized multifamily product with low-income housing restrictions requires an experienced client,” says Wiltshire. “We closed this tax-credit property transaction in 48 days with an investor who had no previous LITHC experience. We were able to provide confidence to the client and the lender, meet the state agencies’ and the lender’s requirements/concerns and close the transaction expeditiously.”

The interest rate was 6.05 percent fixed with a 30-year amortization schedule. Loan-to- value was 80 percent. Willow Springs was built in 1994.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Parkway Properties Renews 26,000-SF ClubCorp Lease at Citrus Center, Orlando, FL

 ORLANDO, FLORIDA – October 1, 2009 – Parkway Properties, Inc. (NYSE:PKY) recently renewed  the 26,000 square foot ClubCorp lease in the Citrus Center Building (top right photo)  in downtown Orlando, Florida.

The lease renews the 2,000 member Citrus Club’s top-floor dining and meeting facility, along with first floor offices and lower-level fitness center and spa through 2024. Citrus Center is a 261,000 square foot Class-A, 18-story office building that is currently 91% occupied.

“The Citrus Club has been a long-standing icon in Downtown Orlando for nearly four decades," said Lisa L. Smith, (middle left photo) Senior Vice President of Parkway Properties.

 "It is the venue for business transactions, celebrations of joyous occasions and social/networking opportunities. Parkway is proud to have been a part of its past and is looking forward to partnering with them in the future."

 “I am pleased that we were able to reach agreement with ClubCorp for the renewal of the Citrus Club," added Steven G. Rogers, (bottom right photo)  President and Chief Executive Officer of Parkway Properties.

"We have a long-standing relationship with them in Orlando, as well as other locations throughout Parkway’s portfolio. ClubCorp brings a tremendous amount of professionalism to the private clubs industry and provides a great amenity for our customers in the building and all of Downtown Orlando,”

Parkway was represented by Greg Morrison of Morrison Commercial Real Estate and ClubCorp was represented by Nan McCormick and Mike Phipps of CB Richard Ellis in the lease renewal.

Contacts:
Greg Morrison, CCIM, SIOR, Principal, Morrison Commercial Real Estate, 255 S. Orange Avenue, Suite 1545, Orlando, Florida 32801, 407.219.3500, 407.219.3501 fax, 407.257.8320 mobile
gmorrison@morrisoncre.com, http://www.morrisoncre.com/

Lisa L. Smith, Senior Vice President, Parkway Properties, (407) 843-6215