Monday, June 20, 2011

Sale of 6671 Southwest Freeway in Houston closed by HFF



 HOUSTON, TX – HFF announced today that it has closed the sale of 6671 Southwest Freeway (top left photo), an eight-story, 148,751-square-foot office building in Houston, Texas.

HFF represented the seller and procured the buyer, Fugro, Inc., which will occupy a portion of the building.  Purchase price is confidential.

6671 Southwest Freeway is located on a 2.15-acre site in southwest Houston with direct access to Highway 59 and Hillcroft Avenue.  The property was partially renovated in 2006 and features a four-story 433-space parking garage. 

The HFF investment sales team representing the seller was led by senior managing director Dan Miller (middle right photo) and real estate analyst Brad Elmore.  The buyer was represented by Bob Gulley with Moody Rambin Interests.


Fugro provides the people, equipment, expertise and technology that support the exploration, development, production and transportation of the world’s natural resources. 

Fugro also provides its clients with the technical data and information required to design, construct and maintain structures and infrastructure in a safe, reliable and efficient manner.

Contacts: 
H. Dan Miller, CCIM, SIOR,  HFF Senior Managing Director, (713) 852-3500   dmiller@hfflp.com                                                                                                                                          Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
              


HFF arranges $43 million financing for northern New Jersey retail center

  

 FLORHAM PARK, NJ – HFF announced today that it has arranged $43 million in financing for Boulder Run Shopping Center, a 175,524-square-foot, grocery-anchored shopping center in Wyckoff, New Jersey.

HFF worked on behalf of Hekemian & Company, Inc., to secure fixed-rate financing with Allstate Investments, LLC. 

Boulder Run Shopping Center is situated on 19 acres at the northwest corner of Franklin Avenue and Godwin Avenue in Wyckoff’s central business district.  Originally completed in 1965, the property recently underwent a complete renovation and expansion that includes a newly constructed Stop & Shop supermarket.  Other tenants at the shopping center include Marshalls, McDonald’s, and Starbucks. 

The HFF team representing Hekemian & Company, Inc. was led by senior managing director Thomas Didio (top right photo) and director Michael Klein (lower left photo).

 “We were thrilled to play a role in securing the permanent financing for such a core ‘Class A’ property,” said Didio.

Hekemian & Co. is a family-owned real estate management and development company that provides acquisitions and development services, commercial brokerage and leasing, property management and insurance services.

Contacts: 
Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000 tdidio@hfflp.com
Michael S. Klein, HFF Director, (973) 549-2000, mklein@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
              

HFF arranges $61 million financing for The Shoppes at Chino Hills in Chino Hills, CA




IRVINE, CA – HFF announced today that it has arranged $61 million in financing for The Shoppes at Chino Hills (top left photo), a 388,000-square-foot, trophy lifestyle center located in Chino Hills, California.

HFF worked on behalf of Chino Hills Mall LLC to secure the 5.2 percent, 10-year fixed-rate loan through Citigroup Global Markets Realty Corp.

 The investment group purchased the property all cash in June 2010, in a sale also arranged by HFF, with the intention of securing financing after initial stabilization and definition of the merchandising and marketing direction.
The Shoppes at Chino Hills was originally developed by Opus West in 2008.  Located at the intersection of Grand Avenue and Peyton Drive off the 71 Freeway in Chino Hills, The Shoppes at Chino Hills is part of a larger master-planned project that includes the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library.

The 90% leased property was designed by Altoon + Porter architects and is anchored by Forever 21, H&M, Trader Joes, Banana Republic, Victoria's Secret and Barnes & Noble.

Tim Sotoodeh, managing director for The Shoppes at Chino Hills stated that, “We are pleased to be seeing sale increases and overall performance that far exceeded expectations.”

Sotoodeh added, “HFF understood the strengths of the project and Citigroup’s participation is a further endorsement.”

The HFF team representing the borrower included associate director Charles Halladay (middle right photo) and senior managing director Don Curtis (lower left photo).

Contacts: 
Charles Halladay, HFF Associate Director, (949) 253-8800,  challaday@hfflp.com
Judi Lapin, for The Shoppes at Chino Hills, Lapin Consulting Group, (949) 261-1177,  jlapin@lapincg.com
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
                      
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HFF Austin hires Douglas Opalka as managing director




 AUSTIN, TX – HFF announced today that Douglas Opalka (top right photo) has joined the firm as a managing director in its Austin office.

Mr. Opalka will be in charge of the local debt placement team and will co-head the Austin office alongside Sean Sorrell.

 He has more than 12 years of experience in commercial real estate finance and joins HFF from Texas Realty Capital, where he was a partner and founding member.

 Prior to that, he worked at GMAC Commercial Mortgage, during which time he advanced in the company from ground-level analyst to full producer status.

  Mr. Opalka began his career as a real estate analyst at Archon Group | Goldman Sachs after graduating from The University of Texas at Austin with a BBA degree in Finance.  He is affiliated with The Real Estate Council of Austin, Urban Land Institute and the Mortgage Bankers Association.

 “We are excited to welcome Doug to the HFF team, where he will play an integral role in establishing and growing the debt placement group in the Austin office, which we opened in January of this year,” said Jody Thornton (lower left photo), executive managing director in HFF’s Dallas office..

“His deep relationships with life companies coupled with his broad range of experience across all property types will greatly enhance our debt placement platform in Texas and will help us better serve our clients in the Austin/San Antonio corridor.”

Contacts:  
Joe B. Thornton Jr., HFF Executive Managing Director, (214) 265-0880 jthornton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
                      
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Cuhaci & Peterson Architects Completing Design Work on North Hollywood, FL Shopping Center




ORLANDO, FL--- Cuhaci & Peterson Architects, LLC based in Orlando’s Baldwin Park, is completing design work on the renovation of a 15,000 square foot shopping center in North Hollywood, Fla.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the Broward County center is located at Sheridan Street and N. Dixie Highway in Hollywood.

The developer is M&P Shopping Centers out of Atlanta.

For more information, contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com
  



McCarthy Building Companies Completes Construction of Henry Mayo Newhall Memorial Hospital Parking Structure and Life-Saving Helipad in Santa Clarita, CA


SANTA CLARITA, CA, (June 20, 2010) – McCarthy Building Companies, Inc., one of Southern California’s preeminent parking structure and hospital building contractors, recently completed construction of the Henry Mayo Newhall Memorial Hospital parking structure and life-saving helipad (top left photo)

. Located on the hospital’s 1.9-acre site in Santa Clarita, Calif., the $10.1 million parking facility is the first major component of a 15-year master plan for the overall campus.

“The new parking structure will significantly improve parking conditions for hospital patients, visitors and staff,” said Roger E. Seaver, president and CEO of Henry Mayo Newhall Memorial Hospital. 

“The return of the helipad will allow Henry Mayo to retain its designation as the only trauma center in the Santa Clarita Valley and will provide immediate and life-saving air transport to patients suffering traumatic injuries or illness—thereby giving the best possible chance for survival and recovery.”

McCarthy served as general contractor and SHP Project Development was the construction manager for the 244,135-square-foot structure which opened on May 2, 2011. 

The helipad is planned to open in June 2011 after inspection and approval from CalTrans. The six level parking structure, with one subterranean level, was constructed with post-tensioned, cast-in-place concrete decks and shear walls.

One of the parking structure’s three elevators was built to serve as a trauma elevator for the rooftop helipad. This temporary location for the helipad will service the existing trauma center until the permanent helipad is constructed as part of the new patient tower.

Designed by Irvine-based Choate Parking Consultants, the parking structure includes extensive landscape with more than 600 shrubs and plants, and 50 crape myrtle, sycamore and pine trees. Other features include pathways for pedestrians, landscaping and an architectural design which complements the surrounding buildings and community aesthetics.

“Construction of the new parking structure within a heavily trafficked area on an operational hospital campus offered logistical challenges,” said McCarthy project manager Bill Gray.

 “McCarthy used temporary road closures and barricades to allow activity to continue on the three surrounding sides and major thoroughfare. McCarthy also mitigated the impact of construction by scheduling construction deliveries during non-peak traffic hours, coordinating construction traffic operations with hospital facilities personnel and governing agencies, and scheduling offsite work that required lane closures at night.”

More information about the company is available online at www.mccarthy.com

Contact: 
Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300



Charles Dunn Company Completes 26,336-SF Office Lease Valued at $8 Million in Downtown Los Angeles


 LOS ANGELES, CA,  June 20, 2011 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed a 10-year, 26,336 square foot office lease valued at $8 million with California Community Foundation (CCF) and U.S. Bank.

Chris Runyen (top right photo) of Charles Dunn Company represented both the tenant and the landlord in the transaction. 

CCF, a philanthropic organization, relocated and expanded from 17,000 square feet at Union Bank Plaza and leased new expanded space that includes a 7,000 square foot conference center within Figueroa Courtyard.

 Figueroa Courtyard (lower left photo) is a five-building, 271,000 square foot low-rise office project located on four lushly landscaped acres in the only park-like office environment in Downtown Los Angeles.  The property features a full-service cafĂ©, water features and abundant parking, and is located at Third Street and the 110 Freeway.

“CCF leased the former executive offices of California National Bank,” said Runyen. “This created a significant savings for both the tenant and the landlord, since the tenant was able to make use of the existing improvements and high-end finishes and furniture in the space.”

 CCF will join other prestigious non-profits currently located at the project, such as One Legacy, Associated Press, MPR and UCLA Extension.


 Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224

 

Saturday, June 18, 2011

IPA Sells 220-Unit Multifamily Property in Southern California

  

POMONA, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of Pine Club Apartment Homes (top left photo), a 172,108-gross square foot, 220-unit multifamily property in Pomona. The sales price was not disclosed.

Greg Harris, an executive vice president investments, and Kevin Green, an IPA associate director, represented the sellers, MHE Real Estate and Sussex Capital Group. Harris and Green also represented the buyer, a private investor. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“This was an off-market transaction,” says Harris. “The property was acquired as a value-add opportunity with upside via a renovation plan and aggressive management.”

  Pine Club Apartment Homes was built in 1971 on 7.7 acres at 2261 Valley Blvd.

The unit mix is 28 studio/one-bath units, 152 one-bedroom apartments and 40 two-bedroom/one-bath units.

Pomona is 35 miles west of downtown Los Angeles and is Los Angeles County’s fifth-largest city.

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

$13.8 Million Bank-Owned Multifamily Property Changes Hands in Sparks, NV





 SPARKS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of The Waterford (top left photo), a 240-unit, 201,424-square foot distressed multifamily property in Sparks. The sales price of $13,875,000 represents $57,813 per unit and $69 per square foot.

Kenneth Blomsterberg (bottom right photo), a first vice president investments in Marcus & Millichap’s Sacramento office, represented the buyer, AJU Waterford Reno LLC. The seller was BACM 2005-6 Nichols Boulevard LLC. Blomsterberg is an AJU Waterford Reno LLC partner.

“The Waterford is located just west of the Sparks Marina and the Legends at Sparks Marina retail center, which is anchored by a 200,000-square foot Scheels all-sports store,” says Blomsterberg. “Target and Best Buy are also tenants there. The Waterford is in good condition,” adds Blomsterberg.

The property is located at 800 Nichols Blvd. The unit mix is 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath apartments and eight three-bedroom/two-bath bungalows.

Community amenities at The Waterford include a swimming pool and spa, a fitness center and sports courts.

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

Friday, June 17, 2011

C&W negotiates new 10,000 sf lease for medical device company in Orlando




ORLANDO, FL – June 17, 2011– Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Associate Joe Abascal announced AOI Medical has signed a new 10,220 sf lease in University Corporate Center (top left photo) located at 7079 University Boulevard in Winter Park.

Mr. Abascal negotiated the long-term deal on behalf of the tenant. Grubb & Ellis represented the landlord.

 AOI Medical develops innovative orthopedic medical devices for the spine and trauma markets such as their Ascendx™ system for the treatment of vertebral compression fractures.

 Contact: Brook Hines, Tel: 407-541-4401, brookhines@cushwake.com

Chatham Lodging Announces Dividend

   


PALM BEACH, FL, June 17, 2011—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a common share dividend of $0.175 for the 2011 second quarter.

 Based on the company’s common share closing price of $15.47 at the close of business on June 16, the annualized dividend represents a yield of approximately 4.5 percent. The common dividend is payable July 15, 2011, to shareholders of record on June 30, 2011.

The acquisition of the 174-room Residence Inn Pittsburgh University Medical Center is still pending.  The company’s original guidance for 2011 assumed that this acquisition would close May 1, 2011.

 The company does not expect this hotel acquisition will close until after the second quarter.  The impact of the delayed closing reduces Chatham’s original estimated 2011 second quarter FFO per share of $0.03. 

The company will provide updated guidance that takes into consideration the significant pending investments as soon as practicable after the Plan of Reorganization of Innkeepers USA Trust has been approved by the U.S. Bankruptcy Court, which is expected to occur on June 23, 2011.

Contact: 
Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media), (703) 435-6293 jerry@dalygray.com
Dennis Craven, Chief Financial Officer, (Company), (561) 227-1386  

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Crossman & Company Names Craig A. Katterfield Senior Associate



ORLANDO, FL --- Crossman & Company, the Orlando-based commercial real estate company that ranks as one of the largest retail property management, leasing and development companies in the Southeast, has appointed Craig A. Katterfield (top right photo) a senior associate. 

John Crossman, president of Crossman & Company, said Katterfield is a graduate of the University of Central Florida and has more than five years of real estate experience. 

During his career he has focused on management of client relationships, lead generation and relationship development, landlord and tenant representation, transactional services, direct marketing and target tenant identification, strategic investment analysis and market review for acquisition and disposition of commercial property.

“Craig Katterfield is an outstanding associate and we are delighted he has joined the Crossman team,” Crossman said.

For more information, contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com
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Stirling Sotheby’s International Realty Exclusive Marketing Agents for Luxury Alaqua Golf Front Home Priced at $575K in Longwood, FL




ORLANDO, FL --- Stirling Sotheby’s International Realty recently listed a luxury home for sale on a one-acre golf and water view homesite in Alaqua (top left photo), the exclusive Seminole County country club community located off Markham Woods Road just south of Lake Mary Blvd. in Longwood. 

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the 5,174 square foot home has been priced for prompt sale at $575,000 in a community where several homesites on the golf course are currently listed from $575,000 to $725,000 each.

  In recent years golf front homesites have sold in the $750,000 to nearly one million dollar range, Soderstrom said.

“This offering is unique because the buyer will not only be getting a prime lot on the award-winning Gary Player designed 18-hole golf course, but also a luxurious residence with four bedrooms, three-and-a-half baths, a light and airy open floorplan, spectacular water and golf views and an entertainment size pool with covered patio.

Stirling Sotheby’s International Realty’s International Luxury Home Specialists Bo Cooksey (middle right photo) and Alan Bird (lower left photo) are representing the property.

“I don’t think we’ve ever seen a bargain of this significance in Alaqua,” said Soderstrom.

Bordered by the Little Wekiva River with a gated and manned 24-hour guarded security entrance and well-lighted, tree-lined streets, Alaqua Country Club is Seminole County’s premier luxury neighborhood.   “This is truly an unbelievable opportunity.”



For more information, contact: 

Bo Cooksey or Alan Bird, International Luxury Home Specialists, Stirling Sotheby’s International Realty, 321-276-7322 or 407-432-8303; bcooksey@stirlingsir.com or abird@stirlingsir.com
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 



Marcus & Millichap Facilitates Sale of Millennium Pointe in Orlando, FL for $4.55 Million


ORLANDO, FL,  June 17, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a Millennium Pointe (top left photo), a 200-unit apartment community located in Orlando, Fla. according to Bryn Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The property commanded a sales price of $4,550,000 which represents $22,750 per unit.

Senior Vice President Investments Evan P. Kristol and Still Hunter, III of the firm’s Fort Lauderdale office and Associate Michael Donaldson of the Tampa office represented the seller of the property, a limited liability company from Miami, Fla. The listing agents also secured the buyer of the property, a limited liability company from Lafayette, LA.

“The buyer will benefit from the upside through increasing rents and occupancy.  Millennium Pointe’s in-fill location has strong appeal to prospective residents due to its proximity and easy access to the largest attractions and employment centers in the surrounding area,” says Hunter.

Millennium Pointe Apartments was constructed in 1975 and is fully fenced with a card entry system.  Its amenity package includes: a clubhouse with business center and fitness center, a large pool with an expansive sundeck and a playground. The property is located at 4255 Barwood Drive in Orlando, Fla.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa
(813) 387-4700

Prime $11.25 Million Beekman Place Property Hits Market in Manhattan




NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been selected to sell 32 and 34 Beekman Place (top left photo) in Midtown Manhattan. The property, located between 50th and 51st streets, is on the market for $11, 250,000.

Peter Von Der Ahe (lower right photo), a vice president investments; senior associate Joe Koicim; and David Lloyd, an investment specialist in the Manhattan office of Marcus & Millichap; were hired to exclusively market the property on behalf of the seller, a private investor. 

The property includes two contiguous buildings and occupies 67 feet of frontage on Beekman Place. One building has five stories and nine units, while the second building is a six-story elevator-asset with eight units, including a two-bedroom penthouse with view of the East River. 

“All 17 units have market-rate rents and currently command an average monthly rent of $2,550,” says Von Der Ahe. “The leases are scheduled to expire by the end of August, making the property idea for conversion into a townhouse or live-plus income opportunity on one of the most exclusive blocks in Manhattan.”

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