Aloft Hotels Debuts First Hotel in Thailand with Opening of Aloft Bangkok-Sukhumvit 11

  

BANGKOK, THAILAND  - The heart of Bangkok beats a little faster today with the official opening of Aloft Bangkok - Sukhumvit 11 (top left photo).

One of Starwood Hotels & Resorts Worldwide, Inc.’s (NYSE: HOT) newest brands, Aloft is for the modern and tech-savvy traveller looking for a vibrant, social experience. Aloft Bangkok - Sukhumvit 11 - the Aloft brand’s first hotel in Thailand - offers all that and more in a stylish setting all at an affordable price point.

“We’re excited to introduce the Aloft experience to sophisticated travellers coming to Bangkok,” said Brendan Daly, general manager of Aloft Bangkok - Sukhumvit 11. “The Aloft concept is a perfect fit for Bangkok’s Sukhumvit district - it’s fresh, stylish, urban and tech-forward. We are providing the perfect space for travelers to meet and connect on their adventures.”

“The debut of Aloft in Bangkok underscores the strength of the Starwood network and the power of the Aloft brand,” said Brian McGuinness (lower right photo), Senior Vice President, Speciality Select Brands for Starwood. “Aloft’s emphasis on high design combined with its tech-savvy features and social atmosphere translates globally and is attracting a growing group of loyal travellers. Aloft’s international expansion so early in the brand’s life cycle is unprecedented.” 

Infused with the DNA of W Hotels, the 296-room Aloft Bangkok-Sukhumvit 11 caters to the modern traveller seeking an eclectic, unique experience.

Contact:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Glodow Nead Communications • San Francisco • New York • Singapore

O: 65.9768.6087 or 1.415.394.6500 • E hweepeng@glodownead.com• FB: GlodowNead

Land Expert Ken Skinner Returns to Grubb & Ellis as Senior Vice President, Investment Services

 PHOENIX. AZ – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced Ken Skinner (top right photo), a 33-year veteran of the commercial real estate industry, has rejoined the company as senior vice president, Investment Services.  As a member of the Land practice group, he will focus on land sales.

 “With more than 30 years of experience selling, syndicating and investing in land around the Phoenix metro area, Ken’s development expertise and local market insight carries a significant competitive advantage in anything he does,” said Pete Bolton (lower left photo), executive vice president, managing director, of Grubb & Ellis’ Phoenix office.  “He will help us build and strengthen our local land services and I am thrilled to welcome him back Grubb & Ellis.”

 Skinner began his career with Grubb & Ellis in 1978, and in his seven years with the firm specializing in land sales, was consistently recognized as a top producer nationally. 

 Most recently, he spent six years leading private investment and development opportunities in Arizona and New Mexico, including Enchanted Circle Resort Development LLC and Stonemark Investments LLC. 

 From 1985 to 1993 he served as president and chief executive officer of Skinner Financial Group, a real estate development and investment company prior to forming Ken Skinner Real Estate Services, a brokerage company he operated for nine years.

 Contact:  Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com          

FCA Group Caps a Strong Year With Purchase of 212 Residential Units in Florida

MIAMI, FL /PRNewswire/ -- FCA Group, the North and Central American real estate investment and property management arm of global conglomerate the Libra Group, announced that it has acquired 212 units at the 264-unit Grand Pavilion (top left photo) residential estate in Tampa, Florida. 

The company now occupies around 85 percent of the sought-after garden-style community and brings FCA Group's ownership of condominiums throughout Florida to almost 500.

The acquisition brings approximately 163,000 square feet of rentable space into the FCA Group portfolio and gives the company a major presence in Tampa, one of Florida's top three residential markets.

"Our breakthrough in the Tampa residential market provides an important addition to our comprehensive portfolio," says Frank Espinosa (bottom right photo), FCA Group CEO.

"We are excited by our investment in Grand Pavilion which offers a wonderful living environment. Our property management division looks forward to working with the tenants and homeowners to further enhance the living experience through upgrades and improvements to the development."

Contact:  Chrissie Marra, +1-646-215-6888, cmarra@mww.com

Web Site: http://www.fcagrp.com

$32.8 Million Shopping Center Sold by Marcus & Millichap in Colorado Springs, CO

 COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of Marketplace at Austin Bluffs (top left photo), a 226,626-square foot grocery-anchored shopping center in Colorado Springs. The sales price of $32,810,000 represents $145 per square foot.

Jon Hendrickson (lower right photo), a senior associate in Marcus & Millichap’s Denver office, was the sole agent in the transaction. He represented the seller, United Properties, and the buyer, AmCap Austin Bluffs LLC.

“Marketplace at Austin Bluffs is one of the top-performing grocery-anchored shopping centers in the state,” says Hendrickson. “The listing drew a substantial amount of interest from both institutional and private capital sources, and we received a double-digit number of offers.”

 The shopping center is located on 23.58 acres in a dense infill location on the northwest corner of Academy Boulevard and Austin Bluffs Parkway at 3604-3650 Austin Bluffs Parkway, 4170 and 4284 N. Academy Boulevard in Colorado Springs. The intersection receives approximately 95,300 cars per day and more than 123,000 people live within a three-mile radius.

The center is anchored by King Soopers, Colorado’s No.1 market-share grocery chain. King Soopers is on a long-term ground lease. Junior anchors at the center include 24-Hour Fitness, Hancock Fabrics, Ace Hardware and Office Depot.

 The property was substantially redeveloped in 2007.

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

Marcus & Millichap Capital Corp. Arranges $10.3 Million Multifamily Loan in New Braunfels, TX

           

NEW BRAUNFELS, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged $10,320,000 in refinancing with cash out for a 164-unit multifamily property in New Braunfels.

Jake Roberts (lower left photo) and Anita Paryani (top right photo) vice presidents capital markets in MMCC’s West Los Angeles office, arranged the financing.

“The borrower had assumed a loan that was due in October 2012,” says Roberts. “MMCC was asked if it made sense to refinance now or wait until the prepay was complete.

" We put together an analysis that showed that over seven years, assuming rates go up 20 basis points between now and October 2012, there would be tremendous savings to be realized, even with initial prepay costs, by refinancing now,” continues Roberts.

“The borrower decided to proceed and wanted to cash out up to nearly 90 percent of the original purchase price with as much interest-only as possible,” adds Paryani. “We originally provided a loan for $9.8 million in proceeds, and then MMCC was able to push the underwriting to get a final loan amount that was $500,000 greater than the amount in the original application.”

“Often it makes more sense to refinance up to a year early if the borrower believes rates will increase 20 bps to 50 bps or more before their loan is due,” concludes Roberts, “and we are currently analyzing a number of refinance scenarios for clients that will allow them to lock in their rates now and then just take their cards off the table.”

The fixed-rate loan is for seven years, amortized over 30 years. The loan to value is 75 percent.

$16.5 Million Arranged in Northern California by Marcus & Millichap Capital Corp.

LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $16.5 million nonrecourse loan with cash out to refinance a 64,144-square foot medical office building located in Northern California.

 Jake Roberts and Anita Paryani, vice presidents capital markets in MMCC’s West Los Angeles office, arranged the financing.

“Medical office is strong right now, but this property was located in a secondary market and more than 80 percent of it was occupied by an unrated, not-for-profit hospital,” says Roberts. “These factors made this origination essentially a single-tenant loan from the perspective of many lenders and made it much more difficult to structure the required loan.”

“A cash-out loan on a building with significant exposure to an unrated tenant is challenging,” adds Paryani. “We worked with one lender that could not get comfortable with the transaction, even after many months of underwriting. As soon as we realized that the original lender wasn’t going to work out, MMCC was able to source another lender that held the same spread and cash-out even though the market was quite volatile,” Paryani continues.

“We used all of our original third-party reports and most of our already completed due diligence documents to close the loan quickly and exactly as stipulated in the original application,” concludes Roberts.

The loan is fixed at 6.01 percent for 10 years and amortized over 30 years. The LTV is 68 percent.

The property was built in 2003.

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

Walgreens Sale Commands $6.2 Million in Plantation, FL

  

PLANTATION, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 12,863 square-foot net-leased Walgreens in Plantation (top left photo). The sales price was $6,201,550, or $482 a square foot with a cap rate of 6.45%.

 Ronnie Issenberg (middle right photo) and Scott Sandelin (bottom left photo), investment specialists in the Miami office of Marcus & Millichap, represented the seller, a private developer.

“This sale sets a new cap-rate benchmark for drugstores with long-term leases in the tri-county South Florida region,” explains Sandelin.

 “Net-leased drugstores remain in high demand among investors nationwide,” explains Issenberg. “Risk-averse buyers continue to favor the predictable income streams and ease of management offered by drugstore assets such as this well-located Walgreens.

“Due to its prime location with more than 292,000 people with an average income of nearly $100,000 within a one-mile radius, this corporate-guaranteed Standard & Poor’s A+-rated asset is an excellent addition to the new owner’s portfolio,” adds Issenberg.

Located at 10181 W. Broward Blvd., this newly constructed, 1.36-acre Walgreens is located at the corner of Nob Hill Road and Broward Boulevard, two major South Florida retail and transportation corridors. Developed in 2008, the property includes a drive-through pharmacy window. There are currently 21 years remaining on the 25-year, absolute tripe-net lease with 10 five-year options.

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

Post Properties Announces Quarterly Dividends for Common Shareholders

 ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced quarterly dividends on its common stock of $0.22 per share for the fourth quarter of 2011. The dividend is payable on January 13, 2012 to all common stockholders of record as of January 3, 2012.

Contact:

Post Properties, Inc.

Chris Papa, 404-846-5000

4,700 New Coastal Condos Still Unsold From South Florida Boom

 MIAMI, FL --Fueled by 700 new condo sales in the third quarter of 2011, South Florida's seven largest coastal markets have now sold more than 90 percent of the nearly 49,000 new units created during the boom that began in 2003, according to CondoVultures.com. 

Buyers paid $340 million for more than 900,000 square feet of livable space between July and September of 2011 in projects located east of Interstate 95 in the coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to the report based on the Condo Vultures® Buyers Guide™ eBook series.

Based on the third quarter of 2011 sales, buyers have purchased nearly 2,600 units for more than $1.5 billion in South Florida's seven largest coast markets in the first nine months of the year, according to an analysis of Clerk of the Court records from Miami-Dade, Broward, and Palm Beach counties.

"South Florida's oversupply of new condo product created during the recent boom is on pace to be sold out by 2013," said Peter Zalewski (lower  right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"International buyers with strong foreign currencies deserve much of the credit for the strong sales velocity being experienced in South Florida. The unanswered question is whether the foreign buyers will continue to swarm South Florida given the economic dynamics now playing out in the Euro zone and key countries such as Brazil."  

 Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

HFF secures $21 million refinancing for grocery-anchored retail center in Oswego, IL

CHICAGO, IL – HFF announced that it has secured a $21 million refinancing for Oswego Commons (top left photo), a 187,656-square-foot, grocery-anchored retail center in Oswego, Illinois.

Working on behalf of Inland Western Retail Real Estate Trust, Inc. (Inland Western) and a pension fund advised by Invesco Real Estate, HFF placed the fixed-rate loan with an affiliate of Hartford Investment Management Company. 

Completed in 2002, Oswego Commons is 98.4 percent occupied by tenants, including Dominick’s grocery store, T.J.Maxx, OfficeMax and Petco. Additional tenants include Party City, Famous Footwear, Panera Bread and Hallmark. The property is situated on nearly 30 acres at 3020 West Route 34 in the southwest Chicago suburb of Oswego.

The HFF team representing Inland Western was led by managing director Timothy Joyce (middle right photo) and senior managing director Kevin MacKenzie (lower left photo).

Inland Western is a fully-integrated, self-administered and self-managed real estate company that owns and operates high-quality, strategically located shopping centers and single-user retail properties. Inland Western is one of the largest owners and operators of shopping centers in the United States. 

 As of September 30, 2011, the firm’s retail operating portfolio consisted of 265 properties with approximately 34,835,000 square feet of gross leasable area (GLA), was geographically diversified across 35 states and includes power centers, community centers, neighborhood centers and lifestyle centers, as well as single-user retail properties.

Invesco was established in 1983 to provide real estate investment advisory services to U.S. institutional clients.  Headquartered in Dallas, the firm presently manages approximately $43.7 billion in direct U.S., European and Asian real estate assets and publicly traded real estate securities.

Contacts:

TIMOTHY JOYCE                                KEVIN MACKENZIE                                 

HFF Managing Director                       HFF Senior Managing Director             

(312) 528-3650                                    (949) 253-8800                                       

tjoyce@hfflp.com                                 kmackenzie@hfflp.com       

                 

KRISTEN MURPHY

HFF Associate Director, Marketing

 (713) 852-3500

krmurphy@hfflp.com

HFF closes sale of Class A multi-housing community in southwest Austin, TX

AUSTIN, TX – HFF announced that it has closed the sale of AMLI at Lantana Ridge (top left photo) a 354-unit, Class A multi-housing community in southwest Austin, Texas. 

HFF marketed the property exclusively on behalf of the seller, AMLI Residential Properties Trust.  A partnership between Falcon Southwest and Clarion Partners purchased the asset on an all cash basis for an undisclosed amount. 

AMLI at Lantana Ridge is situated on more than 53 acres at 6636 West William Cannon Drive in close proximity to Southwest Parkway, State Highway 71, and major employers Advanced Micro Devices and Freescale Semiconductor.  The 97.5 percent leased property has one-, two- and three-bedroom units averaging 881 square feet each.

HFF’s investment sales team representing the seller was led by senior managing director Sean Sorrell.(lower right photo)

AMLI is one of the preeminent multifamily companies in the nation.  The company is focused on the development, acquisition and management of luxury apartment communities.

Falcon Southwest is a dynamic, entrepreneurial real estate investment firm dedicated to earning high, risk-adjusted returns through value-added acquisition and repositioning opportunities. 

 Contacts:

                 

SEAN SORRELL                                         KRISTEN MURPHY

HFF Senior Managing Director                   HFF Associate Director, Marketing

(512) 532-1900                                             (713) 852-3500

ssorrell@hfflp.com                                        krmurphy@hfflp.com

Stirling Sotheby’s International Realty in Orlando On a Busy Schedule

 Firm Named Exclusive Agents for $1.6 Million Lakefront Estate Southwest of Disney

ORLANDO, FL --- Stirling Sotheby’s International Realty was recently named exclusive sales and marketing agents for a unique two acre estate overlooking Lake Juliana southwest of Disney, priced at $1,599,000.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the estate located at 500 Lake Juliana Drive, Auburndale, Fla., includes a 6,400 square foot luxury home with five bedrooms, six full baths and two half baths.

 The property will likely draw plenty of interest in the international market, said Soderstrom.  

Associate Chris Wilson (middle right photo) is the Stirling Sotheby’s International Realty Luxury Homes Specialist representing the property, which boasts a two acre park-like site with white sandy beach on spring-fed Lake Juliana.

For media information, contact:

 Chris Wilson, International Luxury Home Specialist, Stirling Sotheby’s International Realty  321-289-8787; chriswilson@stirlingsir.com

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;

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

Company Selected to Market 6,000 SF Professional Office Building in Inverness, FL

 Inverness, FL and Orlando, FL --- Stirling Sotheby’s International Realty, based in Orlando, has been named exclusive sales and marketing agents for Building “B” in the Inback Office Park at 2231 S.R. 44 West in Inverness, totaling 6,000 square feet of office space.

The newest professional office building in Inverness includes four office units of 1,500 square feet each. Half the building--two combined units with 3,000 square feet---is already leased to a national tenant, said Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty.  “A purchase of the combined unit would be ideal for an investor,” he said.

Two units with 1,500 square feet each are currently unoccupied and can also be acquired singularly.  “These units would be particularly attractive to a professional user-investor,” said Soderstrom.

 Stirling Sotheby’s associates, Mark Arnold (middle left photo) and Linnette Sanzalone (middle right photo), who are representing the property, said the entire building is listed for sale at $980,000.  

“Inverness is the Citrus County seat and the In-Back Office Park is located within two miles of the courthouse downtown and the Citrus Memorial Hospital, so office space here is particularly appealing to attorneys, doctors and health care enterprises,” Arnold said. 

Contact

Mark Arnold or Linnette Sanzalone, Stirling Sotheby’s International Realty  407-581-7890, marnold@stirlingSir.com or Lsanzalone@stirlingsir.com

Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty  407-581-7890 Rsoderstrom@stirlingSir.com

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

Firm Named Exclusive Brokers for Luxury Home Short Sale at Windsong in Winter Park

ORLANDO, Fla. --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for a luxury home short sale at Windsong in Winter Park.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the listing represents one of the best values available in Winter Park.

“The home was recently appraised at $890,000 and it is being listed for sale on a short sale basis at $789, 000,” Soderstrom said.

International Luxury Homes Specialist Erin Wanner (lower left photo) is representing the property.

The 3,899-square foot two-story Italiante luxury home offers four bedrooms, three-and-a-half baths, a private swimming pool and spa on a quarter-acre home site, Wanner said.

  

For media information, contact:

Erin Wanner, Stirling Sotheby’s International Realty 407-581-7890; 407-595-5055 (Erin); ewanner@stirlingsir.com

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;

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

North Miami Walgreens Offered at $10.9 Million

  NORTH MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has exclusively listed a 14,550-square foot Walgreens in North Miami (top left photo). The listing price of $10,915,000 represents $750 per square foot.

 Alvin Mansour (middle right photo), a senior vice president investments in San Diego, is representing the seller, a private investor. Greg Matus (lower left photo), regional manager in the Fort Lauderdale office, also provided representation locally.

Mansour has negotiated the sale of 13 single-tenant property transactions in locations across the country during the third quarter, including three separately transacted Walgreens drugstores.

“Walgreens signed a 75-year absolute-net lease on this property that commenced in October 2009,” says Mansour. “There is an 11.11 percent rent increase after the 10th lease-year and 5 percent rent increases every 10 years beginning after year 25. Walgreens commitment to this property is a testament to the tremendous strength of the location,” Mansour adds.

The property is located on North Miami’s dominant retail corridor at 15050 Biscayne Blvd. The Walgreens is adjacent to a Lamborghini and Audi dealership at the entrance to Florida International University’s Biscayne Bay Campus, where more than 7,000 students are currently enrolled.

 Biscayne Commons, a 120,000-square foot retail center anchored by Publix and Petco, is directly across from the property. Costco, Target, Lexus, Starbucks, Wells Fargo and many other retailers populate the immediate area. More than 400,000 residents live within a five-mile radius and daily traffic counts exceed 44,500 vehicles per day.

The drugstore was built in 2009 on 1.2 acres.

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

Atlantic | Pacific Companies Announces Five New Properlty Management Assignments

MIAMI, FL – Before the end of 2011, Atlantic | Pacific Management (A|P Management), the property management and leasing subsidiary under Atlantic | Pacific Companies (A|P), was engaged to become the new, preferred property management company for the following five Florida properties:

 

The Hallmark of Hollywood Condominium in Hollywood.

Promenade at Tampa Palms in Tampa;

Gamla-Cedron La Via, LLC. in Pembroke Pines;

Terra Beachside Condominium in Miami Beach;

The Gallery Center in Boca Raton.

Under the new agreements, A|P Management will be providing full property management services and back office accounting services for all the projects.

 The Hallmark of Hollywood (top left photo);  is a sophisticated high-rise condominium community with 375 units located on the intercoastal at 3800 South Ocean Drive in Hollywood, FL with a panoramic view of the ocean. Management at this property began on November 14, 2011.

Promenade at Tampa Palms (top right photo) is a gated 240 unit garden-style condominium community in which 155 of those units are rentals owned by the Gamla-Cedron Group, also managed by A|P Management. The community is located at 16200 Enclave Village Drive in Tampa, FL. Management at this property began on December 1, 2011. The property features a swimming pool, fitness room, playground and recreation building.

Gamla-Cedron La Via, LLC. (middle left photo) is a unique management project for A|P Management and includes the single unit management of 21 units within the La Via Condominium community in Pembroke Pines, FL. These 21 units are owned by the Gamla-Cedron Group. Single unit management at this property began on December 1, 2011.

Terra Beachside (lower right photo) is a mid-rise condominium community with 116 units located steps from the beach at 6000 Collins Avenue in Miami Beach, FL. A|P Management will officially begin management of the project on January 1, 2012.

The property features contemporary and innovative architecture with a Zen-like atmosphere. It also includes a 400-foot atrium, courtyard gardens, a three-story lifestyle center, rooftop terraces, an 80-foot curving lap pool, Jacuzzi, fitness center, media room, high-tech electronic surveillance, 24-hour security, a secured underground parking garage and wireless internet access.

The Gallery Center (lower left photo) is a 65,000 square foot office complex located at 608 Banyan Trail in Boca Raton, FL. A|P Management will officially begin management of the project in early 2012. The space includes the A|P Management’s Boca Raton Corporate Office, an art gallery as well as several other prominent businesses.

  For more information, please contact Randy Weisburd at rweisburd@apmanagement.net.

MEDIA CONTACT: Jessica Wade Pfeffer / Jessica Wade Inc. / Jessica@jessicawadeinc.com / 305.804.8424

www.apmanagement.net.

Forest City to Sell The Ritz-Carlton Cleveland Hotel

CLEVELAND, OH, Dec. 9, 2011 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that it has agreed to sell the 206-room Ritz-Carlton Cleveland hotel at Tower City Center to a subsidiary of Rock Ohio Caesars, LLC, for a total of $36.5 million, including a $2.5 million option payment by Rock pursuant to an option agreement between the two companies.

The hotel will remain a Ritz-Carlton under a long-term management contract. The transaction is expected to close December 15, 2011.

"This is an excellent transaction for Forest City," said David J. LaRue (bottom right photo), Forest City president and chief executive officer.  "The Ritz-Carlton is a premier brand in luxury hospitality, but the hotel is a non-core asset for Forest City.  Our strategic focus is on our core office, apartment and retail property types, and in our primary core markets including New York, Washington D.C., Boston, Denver and California."

"With the property under new ownership, The Ritz-Carlton will continue to be a key amenity for Tower City Center and for the casino," LaRue added. 

"As Rock completes construction of its Horseshoe Casino Cleveland, which is expected to open in March 2012 in our nearby Higbee Building, we believe our Tower City assets will benefit, as will the City of Cleveland and the State of Ohio as a result of the increased tourism, jobs and tax revenues the casino will generate."    

 Contact:

Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060;

Jeff Linton, Senior Vice President - Corporate Communication, +1-216-621-6060

Web Site: http://www.forestcity.net/

StonebridgeCarras, PN Hoffman join with Northwestern Mutual in JV arranged by HFF to undertake new mixed-use development in Bethesda, Maryland

BETHESDA, MD --StonebridgeCarras and PN Hoffman announced that they have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project (top left rendering) in the heart of Bethesda’s prime commercial district at the corner of Woodmont and Bethesda Avenues.

StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a vibrant mixed-use project featuring 250 residential units and 40,000 square feet of street retail above a public parking garage that will accommodate approximately 950 cars.

With the requisite approvals in place, Northwestern Mutual’s financial strength enables the team to move forward with the $200 million development project, currently expected to break ground in January 2012.

“We are extremely pleased to have been able to bring one of the most successful institutional real estate financial partners into the development of Lot 31,” commented Douglas M. Firstenberg (lower right photo), a principal with StonebridgeCarras. “We look forward to creating a vibrant mixed-use project that builds on the great success of Bethesda Row.”

Residential components of the development include The Darcy, an 88-unit luxury condominium, and The Flats, a 162-unit apartment building.

For additional information,  contact:

Doug Firstenberg,  StonebridgeCarras 301/913-9610

Monty Hoffman,  PN Hoffman 202/686-0010

Matt Ascher,  Northwestern Mutual 703/269-6600

Stephen Conley,  HFF 202/533-2500

Alan Davis,  HFF 202/533-2500

Kristen Murphy,  HFF 713/852-3500