Tuesday, March 13, 2012

HFF closes $54 million sale of Penn Avenue Place in Pittsburgh’s central business district



PITTSBURGH, PA – HFF announced today that it has closed the sale of Penn Avenue Place (top left photo), a 558,000-square-foot, Class A office building in Pittsburgh’s central business district.

HFF marketed the property exclusively on behalf of the seller, an affiliate of Oxford Development Company.  Healthcare Trust of America, Inc. purchased the property for $54 million.

Penn Avenue Place is located at 501 Penn Avenue in Pittsburgh’s Golden Triangle district, near Allegheny General Hospital.  Originally built in 1907, the eight-story property was renovated in 1997 and is 99.6 percent leased to tenants including Highmark, Inc.

The HFF investment sales team representing the seller was led by senior managing director Mark Popovich (middle right photo).

Oxford Development Company is one of the largest privately-owned real estate services firms in Pennsylvania with its headquarters in Pittsburgh.  The company provides a wide variety of real estate development, asset/property management, real estate brokerage and investment advisory services.

Healthcare Trust of America, Inc. is a fully integrated, self-administered, self-managed real estate investment trust. Since its formation in 2006, HTA has built a portfolio of acquisitions that totals approximately $2.4 billion based on purchase price and is comprised of approximately 11.5 million square feet of GLA/

For more information on Healthcare Trust of America, Inc., please visit www.htareit.com.

Contacts:     
          
MARK POPOVICH  
HFF Senior Managing Director          
(412) 281-8714        
 mpopovich@hfflp.com  
                        
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
krmurphy@hfflp.com

McKenna Long & Aldridge LLP Completes Merger with Luce Forward Hamilton & Scripps LLP



ATLANTA, GA — McKenna Long & Aldridge LLP announced  that it has completed its merger with California-based Luce Forward, Hamilton & Scripps LLP (Luce Forward). 

The combined firm will continue to be known as McKenna Long & Aldridge (MLA), and building on the Luce Forward legacy, will have more than 575 attorneys and public policy advisors in 13 offices and 11 markets.  

“Our merger is about creating more value for our clients through an expanded network of attorneys and public policy advisers whose experience and expertise are exponentially more powerful when working together,” said MLA Chairman Jeff Haidet (top right photo).

 “Our complementary cultures and commitment to public service strengthen our ties to each other and to our communities.  Furthermore, our thought leadership and ability to leverage economies of scale enable us to deliver innovative opportunities and solutions for our clients.”

The combination of legal and public policy capabilities creates a firm that ranks among the top 70 largest law firms in the U.S. The firm has expanded legal capabilities in California and nationally, in real estate, litigation, corporate, family wealth, environmental, and employment practices.

 In addition, the integrated firm solidified its foothold as the top insurance practice in the U.S., representing some of the largest insurance carriers on the West and East coasts.

In California, MLA is now expected to rank among the 20 largest law firms, and the firm’s real estate practice, which is one of the oldest and most recognized in the state, will rank among the top three largest practices on the West Coast.  In Atlanta, the combined firm will be ranked in the top 15, based on revenue, and the firm’s leading real estate practice will be strengthened through a larger national presence.

“Our focus for the past 138 years has always been to provide our clients with the highest level of service and legal experience,” said Luce Forward Managing Partner Kurt Kicklighter (middle left photo), now Executive Partner at MLA for California.  “In combining with McKenna Long & Aldridge, we are able to build on the Luce Forward legacy and provide our clients with legal and business solutions across multiple legal specialties and on a national platform.”

The combined firm has extraordinary depth and breadth of legal and public policy talent, along with a significant focus on community service.  Through pro bono legal services, community service efforts, and the MLA Foundation, the combined firm supports over 230 charitable organizations each year.

 For more information on MLA and to view the firm’s new website, go to www.mckennalong.com.

Media Contacts:

Sabrina McGowan,
McKenna Long & Aldridge LLP
202-496-7796,

Michael Guzzo,
 Berkman PR           
610-999-5387

Monday, March 12, 2012

Serene Haven Inc. Acquires Third Los Angeles Property to House Homeless U.S. Veterans and Their Families

  

LOS ANGELES, CA (March 12, 2012) – Serene Haven, Inc., a 501c3 non-profit organization that acquires and renovates residential facilities to provide safe housing to homeless military veterans and their families, has acquired a property located at 2501 West 54th Street (middle right map) in Los Angeles.

 This is the third LA-area, multi-unit residential facility the organization has acquired to house veterans in just under two years, according to Matthew J. Heslin (top right photo), Co-Founder and Chairman of Serene Haven, Inc., and partner in Heslin Becker Properties.

“Serene Haven renovates these properties and provides a secure and comfortable transitional living environment for our military heroes,” said Heslin. 

“Housing is a major issue in the fight to eradicate homelessness amongst veterans, as most accommodations made available to physically disabled veterans are improper and sub-standard.  At Serene Haven, our mindset is ‘if we won’t live there, we won’t allow a veteran to live there.’”

Heslin says the problem of homelessness among veterans is growing in Los Angeles.

“There are more than 20,000 homeless veterans in LA County alone, and with the winding down of the Iraq war, it is estimated that an additional 14,000 military heroes may be facing homelessness in the very near future,” commented Heslin. 

“We are always seeking companies and organizations that will donate funding for additional properties, critical services for these at-risk heroes, or obsolete properties we can revitalize.”

Critical services, which include supportive programs such as mental health counseling, physical therapy, drug and alcohol rehabilitation, and job placement services, are available to all veterans who reside at Serene Haven facilities, according to Heslin.  The organization also provides property redevelopment services and transportation via shuttle service to veterans.

Serene Haven’s newly acquired property is made up of 15 apartment units situated on eight retail spaces below, and will become a field office for the non-profit organization.

“The mixed-use makeup of this newest Serene Haven facility is unique, and will allow our organization to provide on-site opportunities for job placement and job training to assist our veterans,” said Heslin.  “The Serene Haven team will work tirelessly over the coming months to remodel this property and make it a safe, clean, and supportive community for these at-risk military veterans.”

In addition, Serene Haven owns and operates residential facilities at 4416 Arlington Ave. (middle left map)  and 2608 Ridgeley Drive (lower right map) in Los Angeles.  These properties have been completely remodeled and are fully occupied by veterans and their families.  Funding for the first two properties was provided by Heslin.

“Serene Haven is planning at least one more acquisition in 2012, and we will continue to seek opportunities to create safe, transitional housing.  We are humbled by the opportunity to serve these men and women who have sacrificed so much for the safety of our country,” said Heslin.

Serene Haven Inc. is a 501c3 non-profit organization that acquires and renovates residential facilities to provide safe, low-cost housing to homeless military veterans and their families.  Each Serene Haven facility is self-sustaining, and all revenues net of expenses are applied to the acquisition and development of additional transitional housing to take veterans directly off the streets of Southern California. 

For more information or to make a donation, visit www.serenehaven.org.

Contact:

Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940

Voit Real Estate Services Expands Inland Empire Brokerage With New Senior Associate



INLAND EMPIRE, CA – Voit Real Estate Services has announced the addition of Dennis Keane (top right photo) as a Senior Associate in Voit’s Inland Empire office.  Keane brings his expertise in tenant and buyer representation to Voit.

In his new role, Keane will be responsible for providing value-added services to assist local business owners, both large and small, with resources that are essential to improve their operations, according to Walt Chenoweth, (lower left photo) Executive Vice President in Voit’s Inland Empire office.

“Voit recently relocated and expanded our Inland Empire office, with the goal of re-investing in our people and making room for our growth over the next few years.  As a result, we are actively recruiting the industry’s best and brightest,” said Chenoweth. “Dennis’s extensive experience and knowledge in the industrial market of the Inland Empire and San Gabriel Valley make him a valuable asset to our team and clients.”

Prior to joining Voit, Keane served as a Senior Associate at Lee & Associates, where he successfully completed over two million square feet of industrial transactions throughout Southern California.

Keane earned his degree in Communications from Vanguard University.

Contact:

Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940

Interstate Hotels & Resorts Opens Holiday Inn Express Amsterdam-Sloterdijk Station in the Netherlands



ARLINGTON, Va., March 12, 2012—Interstate Hotels & Resorts today announced the opening of the 252-room Holiday Inn Express Amsterdam-Sloterdijk Station (top left photo) in the Netherlands.

 The hotel is the second of a nine-hotel portfolio currently being developed across the Netherlands.  As previously announced the portfolio is jointly owned by Interstate and TVHG Budget Group Beheer BV (TVHG) and operated by Interstate Hotels & Resorts under long-term contracts.

“One of the pillars of success of our global management model is the Company’s long and strong relationships with top international hotel brands,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer.

 “The Holiday Inn Express at Sloterdijk Station is now one of the newest hotels in the market and, with its convenient location at this major transportation hub and high value offering, will quickly become a magnet for business and leisure travelers.” 

Located adjacent to Sloterdijk Station (middle left photo), one of the main train stations of Amsterdam, the Holiday Inn Express offers convenient access by rail to Amsterdam City Center, Amsterdam Schiphol Airport and Amsterdam RAI Convention Center.  Hotel amenities include extensive lobby level lounge spaces for work or relaxation, a lobby bar, complimentary Wi-Fi and continental breakfast served daily.

The nine properties in the Netherlands portfolio, comprising 1,800 rooms, are all well-located, close to railway stations and airports or along main highways, and will be branded under the Holiday Inn, Holiday Inn Express or Hampton Inn by Hilton flags.

“Another key aspect of our successful global management platform is our ability to make selective investments in key markets to support our growth, with a focus on partnering with experienced local companies,” said Leslie Ng (lower right photo), Interstate’s chief investment officer.  “We have a strong relationship with TVHG, a very experienced, highly regarded hotel developer, and look forward to building on it in the future.”

For more information about TVHG Budget Group Beeher BV,  please call +31 20 301 22 55.

For additional information about Interstate Hotels & Resorts, please, contact Interstate’s Senior Vice President, Development-Europe, Aaron Greenman, aaron.greenman@ihrco.com or +32 498127973, or visit the company’s website:  www.ihrco.com.


Contacts:

Jerry Daly, Carol McCune                              
Media                                                              
Daly Gray, Inc.                                              
(703) 435-6293                                              

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Charles Dunn Co. Completes $2.29 Million Sale of an 18-Unit Multifamily Property in Los Angeles



 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2.29 million sale of an 18-unit multifamily property that is located at 2469 S. Robertson Blvd. (top left photo) in Los Angeles near the cross streets of National Blvd. and Cadillac and in close proximity to the 10 Freeway.

Michel Hibbert (lower right photo) of Charles Dunn Company represented the Los Angeles-based buyer, 6656 Fountain LLC, as well as the seller, Los Angeles-based 2469 S. Robertson Associates, LP in the transaction. The closing cap rate was 5.3 percent.

“This multifamily property recently underwent a major renovation making it an attractive asset in a prime Los Angeles submarket that is seeing a three percent vacancy,” said Hibbert.

The property was 100 percent occupied at the close of escrow and includes 17 one-bedroom/one-bathroom units, and one two-bedroom/one-bathroom unit.  It has a secured entrance and a pool.

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

Friday, March 9, 2012

HFF hires Michael Ross as senior managing director in its Los Angeles office



 LOS ANGELES, CA – HFF announced today that it has hired Michael Ross (top right photo) as a senior managing director in its Los Angeles office. 

Mr. Ross will focus on office, industrial and land investment sales transactions in the Greater Los Angeles area and West Coast.  He has more than 30 years of experience in commercial real estate and has closed more than $6 billion in institutional property sales throughout his career.

 Prior to joining HFF, Mr. Ross was an executive vice president in Grubb & Ellis’ Institutional Capital Markets Group.  Before that, he held positions as a managing director at Colliers International and Coldwell Banker Commercial. 

Mr. Ross has served as the Chairman of Investment Properties for the Association of Industrial Realtors, is a member of Urban Land Institute and is a licensed California real estate broker.  He graduated from the University of Southern California with a Bachelor of Science in Business Administration.

“Mike is the fifth addition to HFF’s growing West Coast platform of investment sales professionals in the last five months and he is looking forward to being back with his former partners, Richard Plummer and Andrew Harper, who joined HFF in September 2011,” said Paul Brindley (lower left photo), senior managing director in HFF’s Los Angeles office.  


Contacts:    
   
PAUL C. BRINDLEY                                     
HFF Senior Managing Director                 
(310) 407-2100                                            
pbrindley@hfflp.com                                          
                                            
KRISTEN M. MURPHY
HFF Associate Director, Marketing
 (713) 852-3500

HFF secures $32.5 million financing for United Health Group’s headquarters in Eden Prairie, Minnesota

              
DALLAS, TX – HFF announced today that it has secured $32.5 million in financing for the 473,325-square-foot headquarters (top left photo) for UnitedHealth Group’s health services business, Optum, in Eden Prairie, Minnesota. 

Working exclusively on behalf of AG Net Lease Fund II, an affiliate of Angelo, Gordon & Company, HFF placed the 10-year, 4.8 percent, fixed-rate loan with Bank of America Merrill Lynch - Real Estate Structured Finance Group.  The securitized loan will be serviced by HFF.

Completed in 2001, the property is fully leased on a triple net basis to UnitedHealth Group.  UnitedHealth Group’s Optum Campus is situated on a 55.2-acre site at 13625 Technology Drive close to Interstate 494 about 12 miles southwest of Minneapolis.

The HFF team representing the borrower was led by directors Brandon Chavoya (middle right photo) and Coler Yoakam (lower left photo) and senior managing director Mark West.

Angelo, Gordon & Company is a privately-held registered investment advisor dedicated to alternative investing.  The firm was founded in 1988 and currently manages approximately $24 billion.  The firm is currently investing its second dedicated net lease fund, the $560 million AG Net Lease Fund II.


Contacts:    
           
 C. BRANDON CHAVOYA                        
HFF Director                                                  
 (214) 265-0880                                             
bchavoya@hfflp.com       
                                           
KRISTEN M. MURPHY
HFF Associate Director, Marketing
 (713) 852-3500

$400 million refinancing for five-property multi-housing portfolio closed by HFF


 WASHINGTON, D.C. – HFF announced today that it has arranged a $400 million refinancing for a five-property, 2,600-unit multi-housing portfolio located in Washington, D.C. and Hoboken, New Jersey.

HFF worked on behalf of Brookfield Real Estate Financial Partners to secure the floating-rate loan through M&T (FNMA). 

The properties average 98 percent occupancy overall and are located within the Washington, D.C. and New York City metropolitan statistical areas.

The HFF team representing Brookfield Real Estate Financial Partners was led by senior managing directors Bob Donhauser (top right photo) and Bill Asbill (lower left photo).

Brookfield is a global alternative asset manager with approximately $150 billion in assets under management.  The company has over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity.

Contacts:    
           
 ROBERT F. DONHAUSER                        
 HFF Senior Managing Director                     
 (202) 533-2500                                             
                                           

KRISTEN M. MURPHY
HFF Associate Director, Marketing
 (713) 852-3500

Philip Palmer Joins Avison Young in Chicago


 
CHICAGO, IL, March 9, 2012 /PRNewswire/ - Michael McKiernan (lower left photo), Avison Young Principal and Managing Director of the company's Chicago office, announced today that leading commercial real estate broker Philip Palmer (top right photo) has joined Avison Young's brokerage operations in Chicago.

Effective immediately, Palmer joins Avison Young as a Principal and will focus his efforts on tenant advisory services. He was most recently a Senior Vice-President with Grubb & Ellis in Chicago.

"We couldn't be more pleased to have Phil join the Avison Youngorganization,”.comments McKiernan. “His background and industry expertise will be of great benefit to Avison Young clients.

 "In his advisory role, Phil always brings a detailed management and service-oriented approach while emphasizing innovation, entrepreneurialism and the
bottom line. He consistently ranks among the top producers in Chicago and will bring a tremendous depth of real estate knowledge to our firm."

Contact:
Sherry Quan,
National Director of Communications and Media Relations,
 Avison Young,
(604) 647-5098,
cell: (604) 726-0959

Colliers International Closes $8.25 Million Sale of Industrial Multi-Tenant Project in Long Beach, CA


 LONG BEACH, CA, Mar. 8, 2012 – Colliers International, the third largest global real estate services organization, has completed the sale of a two-building multi-tenant industrial park (top left photo) totaling 121,127 square feet, located at 701-733 West Anaheim Street and 700-806 West 14th Street, Long Beach, Calif.

 The transaction is valued at $8.25 million.

Patrick Remolacio (middle left photo), Managing Director, and Bret Hardy (lower right photo), Executive Managing Director, based in Colliers International’s Irvine and Downtown Los Angeles offices, together with their co-listing partners, David Prior (lower left photo) and Murray Smith of the Klabin Company’s Torrance office, represented both the Seller and Buyer. 

The Seller was Bechler Corp of Long Beach Calif.   The Buyer was Rader Properties Group 14, LLC also based in Long Beach, Calif.   Bill Townsend, president of INCO Commercial in Long Beach, also assisted in the transaction and is the project leasing agent.

 “The Anaheim Street multi-tenant industrial park is the 14th asset that Colliers has successfully sold in Bechler Corp’s onetime 1,000,000 square foot Southern California industrial portfolio, since the marketing effort began in October 2009,” said Remolacio. 

For a variety of reasons, Bechler Corp had earlier made a decision to monetize the company’s investment real estate assets and distribute the sale proceeds as received to its 50-plus shareholders. 

“Through a series of one-off transactions to both users and investors over the past 28-months, Colliers efforts resulted in generating total sale proceeds in excess of $80-million”

 “At the time of sale, the project was operating at approximately 90% occupancy with 25 tenants occupying 34 of the 36 units.  Many of the tenants in this multi-tenant complex are engaged in businesses that support and fulfill the needs of a variety of operations taking place within the Ports of Long Beach and Los Angeles terminal operations.” said Hardy. 

 Contact:
Jennifer Hsieh
Regional Marketing Manager
+1 949 724 5545



Marcus & Millichap Sells 120-Unit Southern Oaks Apartments in Tampa, FL


 TAMPA, FL, March 8, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Southern Oaks (top left photo), a 120 unit Apartments property located in Tampa, FL, according to Bryn D. Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,050,000.

Michael P. Regan (middle right photo) and Francesco P. Carriera (middle left photo), investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also exclusively secured and represented by Regan and Carriera.

Southern Oaks is located at 13533 Gragston Circle.  This 120-unit apartment complex is located near Bearss Avenue and Fletcher Avenue and within easy access to I-275 and I-75.  It is just a short distance from the University of Southern Florida, a major national research university.
  
The property has on-site parking, laundry facilities and a pool and is situated on approximately 6.78 acres of land.

  “We were able to devise a marketing campaign to highlight the strong points of the deal. The fact that we had multiple offers from buyers throughout the Southeast is another sign that this submarket is stabilizing” comments Regan.

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

Lincoln Property Company Southeast Begins Managing and Leasing Silhouette Midtown Atlanta



 ATLANTA, GA (March 9, 2012) – Lincoln Property Company Southeast has taken over the management and leasing of Silhouette Midtown (top left photo), a 10-story, 116,600-square-foot office building located at 1447 Peachtree Street in the heart of Midtown Atlanta. Wells Fargo awarded Lincoln the assignment after a competitive bid.

 Lincoln managed and leased the building, which sits between the High Museum and the Savannah College of Art and Design, from 2006 to 2008.

During that time, the company oversaw an extensive renovation of the property, which was constructed in 1964.

 The $3.2 million renovation was an effectiverepositioning effort that included a full replacement of the building systems, a new façade with energy efficient glass and glazing, extensive hardscape and landscape on the Peachtree Street frontage, a stylish new lobby, and distinctive murals painted along the south and west faces of the building, from which the building draws its name.

Since its renovation, the boutique office space has been marketed to technology and creative firms.

 The building is currently 74 percent leased and has one full floor totaling about 11,000 square feet available. Notable tenants include Digitas, TALK International and Farrington Design Group.

David Danhof, (top right photo), vicepresident for Lincoln, and Sabrina Altenbach (middle left photo) and Daniel Bamberger, leasing associates for the firm, will oversee the leasing of the property.

 “Silhouette Midtown is a wonderfully unique, ‘jewel box’ office building,” said Tony Bartlett, (lower right photo),  senior vice president of Lincoln Property Company Southeast. “We could not be more excited about the chance to be associated again with this asset and work with an important client like Wells Fargo to create value for this assignment.”

 For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpcsoutheast.com/.

To check out the blog, go to http://blog.lpcsoutheast.com.

Contact
Stephen Ursery
 Wilbert News Strategies LLC
404-965-5026

Bull Realty Brokers Lease of 45,540-SF Former Havertys Retail Site in Birmingham, AL to Mercy Medical

  

ATLANTA, GA (March 8, 2012) – Bull Realty has brokered the lease of a 45,540-square-foot former Havertys Furniture store in Birmingham, Ala., to Mercy Medical.

 Mercy Medical (top right photo), which signed an 11.5-year lease, will renovate the free-standing building, which is located directly off Interstate 20 in Birmingham’s Irondale submarket, and begin operations of a senior-citizen medical clinic and physical therapy center there in the late fall of this year.

Michael Bull (middle left photo), joined by team members Theresa Johnson (middle right photo) and John Harrison (lower left photo) of Bull Realty, represented Havertys in the transaction, and Craig Dyas of DYAS LLC represented the tenant.

“This is an exciting and innovative use of a former retail site,” said Bull, the president and founder of Bull Realty.

“Shortly after taking over the leasing assignment of a property that had been vacant for several years, we were able to secure a first-class tenant that brings tremendous value to our client and the surrounding community.

“This transaction is another example of our ability to locate tenants in a tough market.”

Bull Realty Inc. is a full-service commercial real estate brokerage firm providing investment sales services throughout the nation and corporate services in the Southeast.

 The firm was founded 14 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation, and 2) to provide the best commercial real estate marketing in the nation.

For More Information, Contact
Stephen Ursery
 Wilbert News Strategies LLC
404-965-5026