3rd Land Deal In 30 Days Closes In Greater Downtown Miami

MIAMI, FL, Jan. 22, 2010--A South Florida private equity group has purchased a 1.2-acre condo highrise development site in Greater Downtown Miami's Brickell Avenue area for $159 per square foot, representing a 15 percent discount off the current assessed value, according to a new report from CondoVultures.com.

The buyer, South Miami Avenue LLC, paid $8.35 million for six lots totaling 52,584 square feet of developable land at 1300 S. Miami Ave. that was earmarked to accommodate the proposed Infinity II condominium, according to the CondoVultures.com report based on Miami-Dade County records.

After acquiring the land on Jan. 12, the buyer satisfied a $12 million land loan on Jan. 19 that had been taken out against the property by the seller, Infinity II At Brickell LLC. Terms of the land loan satisfaction are not known.

The first Infinity condominium, (top left photo)  a 56-story tower with 459-units, stands immediately west of the Infinity II developable site that was acquired. In fact, a two-story former bank branch with 4,927 square feet of office space that stands on the Infinity II site is used as the sales center for the first Infinity condo tower.

"This is the third land sale to occur in the Greater Downtown Miami market in the last 30 days," said Peter Zalewski, (middle  right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The pricing has ranged from as little as $53 per square foot to as much as $159 per square foot for the dirt. Interestingly enough, all of the buyers own or have previously owned in South Florida."

For instance, South Miami Avenue LLC is a Delaware company controlled by Coral Gables developer Alex Vadia, according to the Miami Daily Business Review.

Another Coral Gables group, Benzol Properties Corp with principals Bernard Herskowitz and Jerome Herskowitz, paid $53 per square foot for three lots in a rectangular shape on the south bank of the Miami River at 99 SW 6th St., according to a recent report from CondoVultures.com.

The Miami River site closed on Jan. 5, 2010, at a 52 percent discount off of the current assessed value, according to government records.

On Dec. 30, 2009, the Related Group, South Florida's largest condominium developer, unloaded a Downtown Miami development site for the proposed Loft III high-rise condominium tower (middle left photo)  at $151 per square foot to a local landowner who immediate resold the land to Miami-Dade College.

The Related Group's sold the property at a discount of at least 33 percent below the original purchase price, according to a recent report from CondoVultures.com.

The recent development site acquisitions come at a time when individual and bulk buyers are purchasing new condos at a pace of nearly 200 per month in Greater Downtown Miami, according to a recent Condo Vultures® White Paper.

Greater Downtown Miami is defined as a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. Greater Downtown Miami is comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor.

In Greater Downtown Miami, there have been 15 bulk deals (two of the transactions were note sales with no deeds conveyed) since July 2008. Bulk buyers have paid $181 per square foot for more than 900 units and about 1.1 million square feet of livable space, according to the Condo Vultures® Bulk Deals Database™.

Less than 7,300 new condo units are still in the hands of developers of a pool of nearly 23,000 units constructed in Greater Downtown Miami since 2003. At the end of the 2008, developers were in possession of more than 9,300 new condo units, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

Contact:  Peter Zalewski, Principal, Condo Vultures® LLC, Office: 305-865-5629, Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com,  http://www.condovultures.com/

CapStar Hotel Company Ramps Up Acquisition Activity, Promotes Gary Klett to VP Acquisitions

WASHINGTON, D.C.—CapStar Hotel Company, LLC, a hotel investment company, today announced that it will ramp up its acquisition program and has promoted Gary Klett (bottom left photo)  to VP of Development to head up the initiative.

“Gary has a strong background in finance, due diligence, deal analysis, negotiations and acquisitions,” said Paul Whetsell,  (top right photo) president of CapStar. “We have been concentrating on renovating, repositioning and asset managing our current three-hotel portfolio, waiting for the operating fundamentals to recover, the credit markets to open, and acquisition activity to pick up.

"We believe we are transitioning into that phase now, and while it is difficult to pinpoint timing we expect to see more attractive opportunities in the coming months."

In his new role, Klett will be responsible for sourcing, negotiating and closing transactions.

“We are focusing on upscale, branded and independent hotels with the potential to operate as a 3.5- to four-star asset, with a particular focus on life-style properties, ranging in size from 150 to 500 rooms,” Klett said. “We are looking primarily in the major urban markets in the U.S. and Canada, where barriers to new competition are high.”

CapStar Hotel Company is a hotel investment firm headquartered in Arlington, Va. The company was founded in 2006 by Paul Whetsell, who has more than 30 years of hospitality acquisition and operations expertise. The company currently owns three properties and is aggressively seeking to add to its portfolio.

More information about the company can be found on its website: www.capstar.com.
Media Contact: Jerry Daly or Chris Daly, (703) 435-6293

Hotel Asset Managers Emerge as the New Breed of Experienced Hotel Receivers

BEVERLY, MA—Capital Hotel Management (CHM), a leading hotel asset management and investment advisory firm,  reported it expects to see an exponential leap in demand for hotel asset management services from the lending community as they look for qualified hotel receivers.

“The lending community has reached the stage where they no longer can delay foreclosure issues,” said Chad Crandell,  (top right photo) President of CHM. “We certainly will see more foreclosures in 2010 than any year since the RTC days of the early nineties.

"We have taken on more receivership assignments in the fourth quarter of 2009 than we have in the past decade. This is just the beginning of a trend that we anticipate will last beyond 2010, and CHM is well prepared to meet the workout needs for lenders with hotels consistent with our historical asset management portfolio.”

“The good news for lenders is that there are an increasing number of hotel receivers in the market today. The bad news for lenders is that there are an increasing number of hotel receivers in the market today, making it often difficult to identify a truly qualified hotel advisor amidst a wide-range of disciplines touting services to attract the lending community,” said Ken Wilson,  (middle left photo) CEO of CHM.

 “We are encouraged by the response CHM has received from the lending community, suggesting that lenders are weighing their options carefully and understand the value of a qualified, independent asset management firm and the transferability of skills and services asset managers bring to the receivership role,” Wilson noted.

For more information on CHM, visit their website at http://www.chmhotel.com/  or contact Kristie Dickinson at (978) 522-7000.

Innkeepers USA Trust Provides Business Update

PALM BEACH, FL– Innkeepers USA Trust (OTC: INKPP) announced that in its continuing effort to enhance profitability, it is renegotiating its nonrecourse debt on a limited number of hotels.

In this regard, the company discontinued debt service on its Hilton hotel (top left photo)  in Ontario, Calif. and is in the process of seeking loan amendments that would share the hotel’s cash flow and adjust the hotel’s loan-to-value ratio.

 During this process, the company expects it will stipulate to the appointment of a receiver for the Ontario Hilton. In the event the parties do not agree on the terms of any amendments, the company may transfer ownership of the hotel to the lender in satisfaction of its obligation to the lender.

Innkeepers USA Trust is a real-estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 73 hotels with approximately 10,000 rooms in 19 states and the District of Columbia.

Contact:  Dennis Craven, CFO, Innkeepers USA Trust, Telephone: (561) 227-1302

Lodgian to be Acquired by Lone Star Funds

ATLANTA, GA,  Jan.  22, 2010—Lodgian, Inc. (NYSE Alternext US:LGN), one of the nation’s largest independent hotel owners and operators, today announced it has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds (“Lone Star”), in a transaction valued at approximately $270 million, including assumed debt.

Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction.

The price represents a premium of approximately 67.2 percent over Lodgian’s average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian’s average closing share price during the trading period of six calendar months prior to January 15, 2010.

Lodgian’s Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.

“After careful consideration, and with the assistance of our advisors, Lodgian’s Board of Directors determined that a transaction with Lone Star will provide meaningful value and liquidity to our shareholders,” said Daniel E. Ellis, (top right photo) Lodgian president and chief executive officer. “We believe that Lone Star brings considerable real estate experience and financial strength to our assets, and we look forward to working with Lone Star to transition the business as smoothly as possible.”

“We are pleased to welcome Lodgian to the Lone Star family and look forward to working with their talented team to integrate the business into our portfolio,” said Lone Star Funds’ Andre Collin, Senior Managing Director, Real Estate Americas. “This is a diverse and well-managed hotel business that will complement our existing real estate assets.”

This transaction is not subject to a financing condition, and the purchase price is fully committed. The transaction is expected to close during the second quarter of 2010, subject to approval of Lodgian shareholders at a special meeting and satisfaction of customary closing conditions.

Certain shareholders of Lodgian holding 26.8 percent of the total outstanding common shares have entered into voting agreements under which they have agreed to vote their shares in favor of the merger.

Genesis Capital LLC acted as a financial advisor to Lodgian, and Houlihan Lokey Howard & Zukin Financial Advisors, Inc. has provided a fairness opinion to the Board of Directors of Lodgian. King & Spalding LLP is acting as legal counsel to Lodgian, and Hunton & Williams LLP is acting as legal counsel to Lone Star. Dana Ciraldo, previously affiliated with Hodges Ward Elliott, is acting as financial advisor to Lone Star.

Contacts:

 Debi Neary Ethridge, Vice President, Finance & Investor Relations, dethridge@lodgian.com
(404) 365-2719

Ed Trissel / Jim Shaughnessy, Joele Frank, Wilkinson Brimmer Katcher, etrissel@joelefrank.com / jshaughnessy@joelefrank.com
(212) 335-4449

Cambridge Processes 298 Loan Origination Requests Totaling $4.03B in 2009

CHICAGO, ILL--Borrower enthusiasm as measured by loan origination requests clearly perked up in the second half of 2009, but not enough to offset the slower pace established earlier in the year, Cambridge Realty Capital Companies reports.

Chicago-based Cambridge is one of the nation’s leading senior housing/healthcare lenders. Chairman Jeffrey A. Davis (top right photo) said the company processed 298 loan origination requests totaling $4.03 billion in 2009, compared with 333 requests totaling $4.77 billion a year earlier.

“Given all the challenging economic news they had to deal with, borrowers were out in surprisingly large numbers. But availability of capital from traditional lending sources remained problematic throughout the year,” Davis said.
He points out that lenders close a relatively small percentage of the loanrequests received, but believes it’s useful to track this information as anindication of market direction.

“We saw a definite bounce in borrower interest during the third quarter of the year, and fourth quarter numbers were only slightly behind 2008 totals for the final three months of the year,” he noted.

In the fourth quarter of 2009, Cambridge processed 94 origination requests totaling $1.0 billion, compared with 97 loans totaling $1.2 billion for the same period in 2008.

Davis said the significantly lower dollar volume for 2009 origination requests suggests fewer new construction loans were in the mix than was the case in 2008.

Contact:  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: mailto:ew@cambridgecap.com, 
Twitter: http://twitter.com/CambridgeCap

Marcus & Millichap Sells $20.5M Senior Manufactured Housing Community in Florida

HUDSON, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Club Wildwood MHP (top left photo) , a 478-space senior manufactured housing community in Hudson.

The sales price of $20.5 million represents $42,887 per space.

Dan Mulkey, a vice president investments in the firm’s Tampa office, represented the buyer, Arizona-based National Home Communities (NHC) LLC.

“Club Wildwood’s 478 sites place it in the top 5 percent of Florida’s largest manufactured seniors housing communities,” says Mulkey. “Due to its size and high quality, the property was highly sought after by investors. Charles Ellis of NHC’s keen eye for opportunity gave him the edge when it came time to negotiate the transaction,” adds Mulkey.

The property is located on Florida’s west coast just north of Clearwater/St. Petersburg in Hudson at 770 Parkway Blvd.

Club Wildwood was developed between 1974 and 1979. The park features 474 doublewide and four singlewide coaches. Community amenities include a large clubhouse, swimming pool, bocce ball and shuffleboard courts.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Capital Corp. Forms Debt Advisory Services Division

NEWPORT BEACH, CA – Marcus & Millichap Capital Corporation (MMCC), has launched a new division to serve the needs of borrowers nationwide.

 The Debt Advisory Services (DAS) division will assist borrowers on loan modifications and restructurings, loan maturity extensions, loan assumptions, discounted pay-offs and note purchases, according to William E. Hughes, (top right photo) senior vice president and managing director of MMCC.

“The DAS can assist borrowers with portfolio and securitized commercial mortgage loans to better understand, manage and negotiate the lender and servicer approval process, particularly for commercial mortgage-backed securities (CMBS) loans,” explains Hughes.

“The division has expertise in credit analysis, underwriting, loan closing, securitization, servicing and asset management. By leveraging our relationship with Marcus & Millichap Real Estate Investment Services and its national network of investment professionals, the DAS division will provide private and institutional clients with superior loan services,” adds Hughes.

“The DAS understands the assumption process for structured commercial real estate financing,” adds Gunderson, a director of the DAS division. “As a borrower’s representative, we act as a single point of contact between a buyer and seller in working with the loan servicer and other approval parties.”

Eric Gunderson, Deborah Schiavo and Brian Sullivan, formerly of Highland Advisory Partners – with offices in Los Angeles and New York City – will serve as directors of the DAS.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716www.twitter.com/mmreis, www.twitter.com/mmcapitalcorp

Winthrop Realty Trust Closes Lease Deals in Florida, Massachusetts and Vermont

BOSTON, MA /PRNewswire-FirstCall/ -- Winthrop Realty Trust (NYSE: FUR) announced that it has entered into a new lease to rent 521,433 square feet of warehouse space and 31,718 square feet of office space representing approximately 95% of the rentable square feet at its Jacksonville, Florida property, the result of which is the that the property is now 100% leased.

In addition, Winthrop has entered into a new lease to rent all 93,000 square feet of its Andover, Massachusetts property and a renewal lease for all 56,000 square feet of its South Burlington, Vermont property, both of which had leases terms that expired on December 31, 2009.

The space at the Jacksonville, Florida property was leased to Football Fanatics, Inc., a sports apparel and merchandise company, for an initial term of 66 months, with three, three-year renewal options.

Net rent payable under the lease commences in August 2010 at a rate of $1.17 per square foot, increasing to $1.21 per square foot from August 2011 through July 2012 and thereafter by approximately 16% per year for the balance of the initial term.

The Andover, Massachusetts property was leased to PAETEC Communications Inc., a subsidiary PAETEC Holding Corp., for an initial term of twelve and one-half years, with three, five-year renewal options.

 Net rent payable under the lease commences after the first six months of the lease term at an initial rent of $8.00 per square foot, increasing to $10.45 for the second and third year of the term, and thereafter by 3% every second year.

With respect to the South Burlington, Vermont property, the lease with Fairpoint Communications, Inc. is a renewal of the current lease but with modifications to provide for a current term of five years, with three, five-year renewal options and at an initial gross rent of $14.29 per square foot.

Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts. Additional information on Winthrop Realty Trust is available on its Web site at www.winthropreit.com.

CONTACT: Beverly Bergman, Winthrop Realty Trust, Investor or Media, Inquiries, +1-617-570-4614; mailto:bbergman@firstwinthrop.com,%20Web Site: http://www.winthropreit.com/

Cambridge Provides $12.5M FHA-Insured HUD Mortgage Loan to Refinance The Ponds in Linconshire, IL

CHICAGO, IL--Cambridge Realty Capital Companies reports closing a $12.5 million FHA-insured first mortgage loan to refinance The Ponds, (top left photo) a 116-bed assisted living facility in Lincolnshire, IL.

Cambridge Chairman Jeffrey A. Davis (middle right photo)  said the loan was originated by mortgage broker and consultant Rick Lynn of RML Financial for the borrower, an Illinois limited liability company.

 The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois using HUD’s Section 232 pursuant to Section 223(f) funding program.

Davis said The Ponds is part of an upscale continuing care community located on a wooded 20-acre site in Lincolnshire, a northern Chicago suburb. The complex also includes The Wealshire, a 144-bed skilled nursing home facility.

Davis said Cambridge and Northbrook-based RML Financial also teamed to arrange permanent HUD financing for The Wealshire property in December 2007.

The Ponds loan application was processed using the new Lean management concept that has introduced sweeping changes in the way HUD loans are processed and approved. HUD’s goal is to process loans on a timetable that more closely resembles the timing for conventional loans, he noted.

As part of the change, responsibility for processing HUD loans has shifted from HUD field offices to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C.

In place today is a single source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders, Davis said.

For additional information, contact Cambridge at (312) 357-1601 or via e-mail to info@cambridgecap.com.

Contact:  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:, ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeC

Industrial Team at Southern Commercial Completes 25,440-SF New Lease in Orlando, FL

ORLANDO, FL-- Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 25,440 square foot new lease at 8420 Boggy Creek Road, Orlando, Florida. McFadden and Bradford negotiated the three year lease, representing the Landlord, DCT Industrial.

The tenant, Batesville Caskets was represented by Ray Romano with CBRE.

Media Contact: Celeste MacKenzie Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605, Orlando, FL 32801, cmackenzie@southerncommercialre.com

Arbor Closes Multifamily Loans in Oregon, Indianapolis and California

Two Fannie Mae DUS® Loans Totaling $6,991,200 Closed at Springfield, OR

UNIONDALE,  NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $6,991,200 under the Fannie Mae DUS® product line. These loans include:

Centennial Apartments, Springfield, OR – A 118-unit complex in the amount of $3,500,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.54 percent.

Chalet Apartments, Springfield, OR – An 83-unit complex in the amount of $3,491,200 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.54 percent.

The loans were originated by Yogesh Joshi, (top right photo)  Director, in Arbor’s full-service Woodland Hills, CA lending office.

 “Arbor successfully refinanced the existing Fannie Mae loans for a highly experienced and repeat Fannie Mae borrower,” said Joshi. “Both properties are well-maintained with stable operating histories.”

Arbor Closes $600,000 Fannie Mae DUS® Coterminous Supplemental Loan Closed for Mayfield Green Cooperative in Indianapolis

Uniondale, NY (January 19, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $600,000 loan under the Fannie Mae DUS® Coterminous Supplemental Loan product line for the 344-unit complex known as Mayfield Green Cooperative in Indianapolis, IN.

The 26.5-year loan amortizes on a 26.5-year schedule and carries a note rate of 7.17 percent.

The loan was originated by Michael Jehle,  (middle right photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“The members of Mayfield Green Cooperative were interested in acquiring funds for capital improvements in the form of a second mortgage on top of our original loan made to them in October 2005, and Fannie Mae’s Supplemental Loan Program worked perfectly for their needs,” said Jehle.

“This loan was structured to amortize in full through 2035, exactly when their first mortgage will also amortize to zero.”

Two Fannie Mae DUS® Loans Totaling $4M Closed in El Cajon, CA

UNIONDALE, , NY (Jan.20, 2010) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $4,000,000 under the Fannie Mae DUS® Small Loan product line. These loans include:

Ballantyne Villas, El Cajon, CA – A 31-unit complex in the amount of $2,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.41 percent.

Portofino Apartments, El Cajon, CA – A 40-unit complex in the amount of $2,000,000 funded under the Fannie Mae DUS® Small Loan product line. The

10-year loan amortizes on a 30-year schedule and carries a note rate of 5.41 percent.

The loans were originated by Greg Gillam, (bottom right photo)  Director, in Arbor’s full-service Manhattan Beach, CA lending office.

 “These transactions represent Arbor’s continued strong ability to close loans via our Fannie Mae Small Loan program,” said Gillam. “We were pleased to provide this new client with long-term debt at a low interest rate that allowed them to pay off their existing interim bank financing.”

Contact:  Ingrid Principe, Marketing, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

HFF closes sale of Santa Fe, NM mall

 DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of DeVargas Center, (centered photo below) a 249,671-square-foot mall in Santa Fe, New Mexico.

HFF senior managing directors Doug Hazelbaker, Jim Batjer (middle  right photo) and Chris Turner and managing director Ryan Shore led the investment sales team exclusively on behalf of the seller, Weingarten Realty Investors. Fidelis Realty Partners, Ltd. purchased the property for an undisclosed price.

DeVargas Center is located along Highway 84/St. Francis Street, less than one mile northwest of downtown Santa Fe as well as the Santa Fe Plaza. The property is 95% leased to tenants including Sunflower Farmers Market, Office Depot, Ross Dress for Less, Hastings and CVS Pharmacy.

“DeVargas Center’s exceptional location, annual tourist population and affluent trade area provide the foundation for strong tenant performance resulting in sustained long-term value appreciation,” said Hazelbaker.

As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948.

 Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast. To learn more about the company’s operations and growth strategies, please visit www.weingarten.com.

Contacts:
Doug Hazelbaker, HFF Senior Managing Directo, r (214) 265-0880,  dhazelbaker@hfflp.com
Jim Batjer, HFF Senior Managing Director, (214) 265-0880, jbatjer@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing , (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Albuquerque, NM retail power center

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of The Plaza at Cottonwood,  (top left photo) an 84,322-square-foot retail power center in Albuquerque, New Mexico.

The HFF investment sales team was led by senior managing directors Doug Hazelbaker and Jim Batjer (middle right photo)  and managing director Ryan Shore, who marketed the property exclusively on behalf of the seller, Weingarten Realty Investors.

North American Development Group purchased The Plaza at Cottonwood for an undisclosed price. HFF also represented Weingarten in the November 2009 sale of DeVargas Center and Wolflin Village, two retail properties in Santa Fe, New Mexico and Amarillo, Texas.

The Plaza at Cottonwood is located across from the Cottonwood Mall (bottom left photo)  along Coors Boulevard Bypass and Seven Bar Loop Road in the “West Mesa” area of Albuquerque. Completed in 1999, the property is fully occupied by tenants including Staples, PetSmart, Party City, Avenue and Men’s Warehouse.

“The Plaza at Cottonwood was well-received by the investment community and specifically addressed the investment strategy of the buyer. North American Development Group has a high-quality team that reacted quickly and performed well,” said Hazelbaker.

North American Development Group is one of North America’s leading vertically integrated enterprises focusing exclusively in the shopping center segment of the real estate industry.

Presently, NADG is acquiring both large format and neighborhood community retail centers throughout select U.S. markets. In the United States, NADG has offices in Palm Beach Gardens, Nashville, Dallas, Denver, Scottsdale (Phoenix) and Newport Beach (California). In Canada, offices are located in Toronto, Edmonton, Montreal and Halifax. www.nadg.com.

To learn more about the company’s operations and growth strategies, please visit http://www.weingarten.com/.

Contacts:
Doug Hazelbaker, HFF Senior Managing Director,  (214) 265-0880, dhazelbaker@hfflp.com
 Jim Batjer, HFF Senior Managing Directo, r (214) 265-0880,  jbatjer@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Woodlake Crossing in San Antonio, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Woodlake Crossing,  (bottom right photo)a newly constructed, 160,000-square-foot shopping center in San Antonio, Texas.

The HFF investment sales team was led by senior managing director Doug Hazelbaker (top right photo)  and managing director Ryan Shore  (middle left photo) who represented the seller, David Berndt Interest LTD. Inland American, an entity of The Inland Real Estate Group of Companies, purchased the property for an undisclosed price.

Construction on Woodlake Crossing was initiated in January 2008 and completed in 2009. At the time of closing, the property was in the final phases of leasing and is currently 81% occupied. Anchor tenants include Best Buy, Ross Dress for Less, Office Max and Petco. The property is shadowed-anchored by a separately-owned Target, and is situated at the southwest corner of FM 78 and Woodlake Parkway in northeast San Antonio.

“This transaction was very unique as the property is in its final phase of lease-up and the acquisition involved a new loan with BBVA Compass – who also happened to be the construction lender. The buyer, seller and lender all worked very hard to achieve this year-end closing,” said Hazelbaker.

David Berndt Interest LTD, founded in 1998, is headquartered in Irving, Texas. In the year 2000, the company became a preferred developer for Target Corporation in Central Texas and has developed in excess of five million square feet of shopping centers since the company’s inception.

Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada.

The company also invests in joint ventures, development projects, real estate loans and marketable securities, and selectively acquires REITs and other real estate operating companies.

 As of September 30, 2009, Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 946 properties, representing approximately 43 million square feet of retail, industrial and office properties, 8,544 multi-family units and 15,125 lodging rooms.

 Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inland-american.com.

Contacts:

Doug Hazelbaker, HFF Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com
Ryan Shore, HFF Managing Director, (214) 265-0880, rshore@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com