Colliers International Completes the Sale of Kindred Hospital Rancho a 98,176 SF Hospital And Medical Office Building in Rancho Cucamonga, CA

  Rancho Cucamonga, CA,  March 14, 2012 – Colliers International, the third largest global real estate services organization, has completed the sale of a 98,176 square-foot hospital and medical office building located at 10841 White Oak Avenue, Rancho Cucamonga, Calif. for an undisclosed price.

John Wadsworth (middle right photo), Vice President and Director of Healthcare Properties, based in Colliers International’s Irvine office, Tom Lagos, Senior Vice President, and El Warner, Associate Vice President both based in Colliers International’s Downtown Los Angeles Office, represented the Seller, Pacific Health Realty, LLC. The Buyer represented itself.

Built in 1996, Kindred Hospital Rancho (top left photo) is comprised of a single-story Long-Term Acute care (“LTAC”) hospital building consisting of 55 beds with an attached 3-story medical office building. Both the hospital and medical office building are currently occupied and operated by Kindred Healthcare.

Kindred Healthcare is a major healthcare service provider operating hospitals, nursing rehabilitation centers and sub-acute care facilities throughout the United States.

“Kindred Rancho is a unique asset due to the property consisting of a Long Term Acute Care (“LTAC”) hospital and attached medical office building.” said Wadsworth.

“The unique physical nature of the property combined with a master lease to an industry leader like Kindred Healthcare appealed to a wide range of potential investors,” added Wadsworth.

Contact:

Jennifer Hsieh

Regional Marketing Manager

+1 949 724 5545

Jennifer.hsieh@colliers.com

Colliers International Completes Sale of REO Multi-Tenant Office Building for $4.8 Million in Westlake Village, CA

 WESTLAKE VILLAGE, CA, March 14, 2012. – Colliers International, the third largest global real estate services organization, has completed the sale of a 45,103-square-feet, multi-tenant office building located at 31225 La Baya Drive, Westlake Village, Calif.  The transaction is valued at $4.8 million.

William Gloege, Associate Vice President, based in Colliers International’s Downtown Los Angeles office, Jeff Albee (middle right photo), Senior Vice President, Jeff Gould (middle left photo), Senior Associate and Chris Itule (lower right photo), Senior Associate, all based in the Encino office represented the Seller and Buyer. 

The Seller was a national Special Servicer.  The Buyer was Toth Properties, a private capital syndication investor. 

“We successfully developed and executed a top tier marketing strategy that not only maximized the value of the asset, but also ensured a fluid closing within a specific and tight time frame,” said Gloege.

“At the time of foreclosure, leasing and tenant relations at the property had been abandoned by the previous owner, requiring a quick and effective solution. We quickly worked with a Special Servicer to mitigate these issues, stabilize the property and preserve value,” added Gloege. 

The multi-tenant office building is located in the heart of Westlake Village, one of the most affluent communities in California and is an ideal value-add opportunity. 

At the time of the sale, the property was 60% occupied with rent upside, which commanded a low initial capitalization rate for the Seller. This represents one of the first REO sales transactions for a commercial property in the Westlake Village market. 

Contact:

Jennifer Hsieh

Regional Marketing Manager

+1 949 724 5545

Jennifer.hsieh@colliers.com

The Marketing Directors Dominates 2011 Atlanta Board of Realtors New Homes Sales Awards

  

ATLANTA, GA (March 14, 2012) –The Marketing Directors’ top sales associates were recognized for outstanding performance by The Atlanta Board of REALTORS’® Multi-Million Dollar Sales Club (MMDSC) at a banquet held on Friday, March 9, at the Ritz-Carlton, Buckhead.

Gina Barnabo, J. Dunn, Jill Grenuk and Judy Hollowell were named among the top 10 sales agents in the New Homes category in 2011.

“These agents have been an integral part of our sales success in Atlanta,” says David Tufts, president of The Marketing Directors. “We are proud of their accomplishments and thrilled to dominate in the area of new homes sales for the Multi-Million Dollar Sales Club.”

Jill Grenuk (top right photo) is the #1 ranking new homes associate for all of Atlanta. With her son in attendance, she received the top award in the New Homes sales category with over $16 million in sales at The Brookwood last year.

J. Dunn (#4) (middle left photo), also at The Brookwood, sold over $10 million in new homes in 2011. Judy Hollowell (#3), with over $11 million in sales, was part of the TMD sales team that sold out Luxe in Midtown.

Gina Barnabo (#6) (lower right photo) had over $9 million in sales at Serrano. The Marketing Directors represent 49% of the new condominium market share in Atlanta.

For more information, visit www.themarketingdirectorsinc.com or follow us on Facebook.

Contact:

Liz Lapidus Public Relations:

Liz Lapidus or Kate Thacker

kate@lizlapiduspr.com

404-688-1466

Paying Attention in Lease Negotiations Saves Pain, Money, Commercial Real Estate Show Guests Say

 ATLANTA, GA– When it’s time to negotiate a lease, exploring all of your options and an attention to detail are critical. Otherwise, you could find yourself saying, “Oops – I should have covered that in the lease” and crippling your bottom line.

 Guests of the most recent episode of the “Commercial Real Estate Show” shared those observations and many others in a detailed discussion of the current issues surrounding commercial real estate leases.

Before entering lease negotiations, tenants should make sure they have solid representation in the form of brokers and experienced real estate attorneys, guests said.

 “The reality for corporate America is, real estate costs are typically one of the three biggest items on [companies’] balance sheets,” said David Tennery (top right photo), a principal of Regent Partners’ Office Properties and Development Group. “My sense is you’re not going to negotiate any of those other two [items] without proper representation.”

Negotiating parties shouldn’t agree to overly general letters of intent (LOIs), guests noted. “We think it’s really important to include a lot of different points in your negotiations right up front to protect your interests and avoid costs,” said Phil Baugh (middle left photo), managing director of Baum Realty Group.

Baugh also urged prospective tenants to be on the lookout for problems with common area maintenance costs (CAMs) during negotiations. “CAM unchecked can be a black hole that just sucks profit out of your business,” he said.

For starters, tenants should make sure that CAM is based on leasable space in a building and not leased space. Otherwise, “if a tenant moves out, you’re going to be increasing your CAM costs and paying for that unoccupied space,” Baugh said.

  “I think a lot of the business points that sometimes get left out of an LOI should be covered upfront because they’re such major points in a lease,” added show host Michael Bull (middle right photo), founder and president of Bull Realty.

 Jonathan Neville (lower left photo), a partner with the Arnall Golden Gregory law firm, said a prospective tenant should pay close attention to how broad a landlord wants to make the definition of rent; leases are sometimes structured so that increases in annual rent also trigger increases in expenses such as parking and extra-hour utility costs.

  

 “If you’re representing a tenant, the key is to negotiate those things out of [the definition of rent] that you want out,” Neville said.

Other topics included co-tenancy provisions; subordination, non-disturbance and attornment agreements (SNDAs); and the basics of properly executed leases and lease amendments.

The next “Commercial Real Estate Show” will be available March 15 and will examine the top commercial real estate associations in the nation.

 Contact

Stephen Ursery

Wilbert News Strategies

404-965-5026

sursery@wnspr.com

www.CREshow.com

Lincoln Property Company Southeast Inks Nearly 20,000 SF of Leases at Orlando Office Complex

ORLANDO, FL (March 14, 2012) – Lincoln Property Company has brokered nearly 20,000 square feet of leases at Corporate Park, an 87,000-square-foot office complex in Orlando.

Scott Gregory (middle right photo) and Jay Dixon (lower left photo) of Lincoln Property Company represented the landlord in the transactions.

The new tenants welcomed to the office park were Perry Becker (1,849 square feet), a landscape design firm represented by Craig Castor at Cresa Partners, and Harvard Jolly Architects (1,583 square feet). 

The Lincoln team also negotiated three lease renewals with Kimley Horn and Associates (10,000 square feet), United Mortgage Partners (2,395 square feet) and Nursefinders (757 square feet).

The leases come shortly after Lincoln completed an extensive renovation of the office park.

The improvements included  a new automated HVAC system; a web-based work order system; lobby upgrades consisting of new finishes, artwork, furniture, plantscapes, and a touchscreen tenant directory; and improved monument signage that enhances the visibility of the tenant’s names along Maguire Boulevard.

“We are extremely excited about the amount of activity we have been able to generate at Corporate Park,” said Gregory, vice president for Lincoln Property Company Southeast. “The renovations look great and the new monument signage will be an added benefit for new and existing tenants.”

Contact

Stephen Ursery

Wilbert News Strategies

404-965-5026

sursery@wnspr.com

Chatham Lodging Announces First Quarter Dividend

 

 PALM BEACH, FL—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, announced that its board of trustees has declared a common share dividend of $0.175 for the 2012 first quarter. 

Based on the company’s common share closing price of $12.90 at the close of business on March 12, the annualized dividend represents a yield of approximately 5.4 percent.

The common dividend is payable April 27, 2012, to shareholders of record on March 30, 2012. The company will continue to evaluate and adjust its dividend on a quarterly basis

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  

dcraven@cl-trust.com

Berger Commercial Realty Corp. Reports New Transactions

 FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced one new sale and four new lease transactions.

 Senior Vice President Steve Hyatt (top right photo) represented SA Challenger, Inc. in the sale of an 8-unit apartment building, located at 2239 N.W. 87th Street in Miami, to Eugenie Levy for $180,000.

Vice President Judy Dolan (middle left photo), Principal Keith Graves (lower right photo) and Broker Associate Greg Milopoulos represented Oakland Center Associates, LTD. in the lease of 2,290 square feet of space, located at 3409 N.W. 9th Avenue in Fort Lauderdale, to SPA Defense.

Dolan, Graves and Milopoulos also represented Oakland Center Associates, LTD. in the lease of 4,676 square feet of space, located at 3233 NW 10th Terrace in Fort Lauderdale, to Cornerstone Recovery Center, Inc.

 

Dolan and Milopoulos represented Merrill Industrial Center in the lease of 4,071 square feet of space, located at 3402 S.W. 26th Terrace in Fort Lauderdale, to Toys “R” Us-Delaware Inc.

Graves represented 1600 17th Street Causeway, LLC in the lease of 4,352 square feet of space, located at 1600 17th Street Causeway in Fort Lauderdale, to South Florida Materials Corp, doing business as Vecenergy.

Contacts: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Lindsey Marmorstein

Pierson Grant Public Relations

6301 NW 5th Way, Suite 2600

Fort Lauderdale, FL 33309

P:  954-776-1999, ext. 255

F: (954) 776-0290

E-mail: lmarmorstein@piersongrant.com

http://www.bergercommercialrealty.com/

Marcus & Millichap Sells 188-Unit Apartment Building in Dunedin, FL

 DUNEDIN, FL, March 13, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Logarto Apartments (top left photo), a 188 unit Apartments property located in Dunedin, FL, according to Bryn D. Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $7,300,000.

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 partnership. 

The buyer, a private investor, was also exclusively secured and represented by Michael P. Regan and Francesco P. Carriera.

Logarto Apartments is located at 257 Milwaukee Avenue and is comprised of 188 units.  The property is ideally located one mile east of US-19, a short drive from some of the area’s top beaches and in close proximity to numerous national and regional companies’ headquarters.

  

“This is a sheer example of how well located assets are in high demand and will demand a high price. This asset was only 70% occupied at the time of the sale and there were several down units” comments Carriera.

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

Lincoln Property Company Southeast Wins Leasing Contracts Totaling 450,000 SF of Metro Atlanta Office Space

ATLANTA, GA (March 13, 2012) – Lincoln Property Company Southeast has won leasing assignments for four metro Atlanta office properties owned by OA Development and totaling nearly 450,000 square feet.

 OA Development is based in Atlanta and has more than two decades of experience in the commercial real estate industry. In the last 13 months, OA Development has acquired 400,000 square feet of commercial real estate properties.

The properties Lincoln will handle include:

• 2400 Lake Park Drive (top left photo), a four-story, 104,000-square-foot building in Smyrna. The property is 82 percent leased.

• Lakeview 400 (top right photo), a 135,000-square-foot office park in Alpharetta consisting of two, one-story buildings. The park is 93 percent leased. The payroll services firm ADP is the anchor tenant.

• Northwoods Business Center (middle left photo), a 111,000-square-foot office park featuring three, one-story buildings in Norcross. The center is 70 percent leased.

• Bluegrass Promenade (middle right photo), a one-story, 99,000-square-foot building at 1200 Bluegrass Lakes Parkway in Alpharetta. The building is presently 76 percent leased.

Michael Howell (lower left photo) and Hunter Henritze – both vice presidents, office leasing, for Lincoln Property Company Southeast – will oversee the leasing for OA Development.

“We believe that Lincoln Property Company Southeast’s experience, knowledge and talents are the perfect fit for these four properties,” said Brian Granath, a partner with OADevelopment. “We could not be more excited about the leasing future of these sites. They are in great hands.”

 “We are honored by OA Development awarding us these contracts,” said Tony Bartlett, senior vice president of Lincoln Property Company Southeast. “I know Michael and Hunter will do a fantastic job with these properties and will create great value for OA Development’s assets.”

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

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

Contact:

Stephen Ursery

Wilbert News

sursery@wnspr.com

(404) 965-5026

HFF secures $43 million financing for Encinitas Village in Southern California

IRVINE, CA – HFF announced that it has secured a $43 million financing for Encinitas Village (top left photo), a 183,675-square-foot retail center in Encinitas, California.

HFF worked exclusively on behalf of Terramar Retail Centers to secure the 10-year, fixed-rate loan through an affiliate of Hartford Investment Management Company. 

Encinitas Village is located at 105-133 North El Camino Real, north of the intersection of Encinitas Boulevard.  The retail center serves a residential population of more than 147,000 within a five-mile radius, with a median household income of $133,000. 

The center is 98 percent leased, and is anchored by Ralph’s Supermarket.  Additional tenants include CVS Pharmacy, Trader Joe’s, Citibank, US Bank, Chase Bank and Souplantation.

The HFF team representing Terramar Retail Centers was led by senior managing director Don Curtis (middle right photo).

“This latest financing is one of four loans HFF has placed with Hartford (the lender) in the San Diego area in the past seven months,” said Curtis.  “These loans represent $163 million of the more than $1 billion in life company business that HFF closed on the West Coast from the beginning of 2011 to the present.”

Terramar Retail Centers is a privately-held commercial investment, management and development company. 

Terramar has acquired, managed and leased more than 6.5 million square feet in its 15-year history.  The company currently owns and operates 22 neighborhood, community, specialty and power centers.  Terramar’s operating and development portfolio includes more than 3.7 million square feet of retail area throughout the western United States.

 For more information about the company, visit http://www.terramarcenters.com/. 

  

Contacts:     

     

DONALD J. CURTIS                                       

Ca. Lic. #00883924                                          

HFF Senior Managing Director                         

(949) 253-8800                                                   

dcurtis@hfflp.com          

KRISTEN MURPHY

HFF Associate Director, Marketing

 (713) 852-3500

krmurphy@hfflp.com

HFF arranges $11.75 million refinancing for Whole Foods-anchored center in Marlton, NJ

                       

FLORHAM PARK, NJ – HFF announced that it has arranged an $11.75 million refinancing for Greentree Square (top left photo), a 110,296-square-foot, grocery-anchored shopping center in Marlton, New Jersey.

HFF worked exclusively on behalf of the borrower, Mainardi Management Company, to secure the 10-year, fixed-rate loan through Allstate Investments, LLC.  The loan will be serviced by HFF and is replacing an existing first mortgage loan on the property also arranged by HFF.

Greentree Square is situated on a 12.6-acre site at the intersection of Greentree Road and Route 73 in Marlton, about 10 miles east of Center City Philadelphia.  The 92 percent leased property is anchored by Whole Foods plus two pad sites occupied by TGI Friday’s and Citizen’s Bank.

The HFF team representing Mainardi Management Company was led by senior managing director Thomas Didio and senior real estate analyst Michael Cerulo. 

“The property is an example of how aggressive lenders will get to originate low leverage retail loans in our market.  Allstate secured a loan on a quality asset and we were pleased to arrange the debt for the Mainardi Family and Allstate,” said Didio.

The Mainardi Management Company is a family owned and operated commercial real estate investment, management and leasing firm located in Wayne, New Jersey. The firm, whose origins date back to 1929, currently manages approximately 1.25 million square feet of commercial space in the New York metropolitan area.

Contacts:     

          

THOMAS R. DIDIO                                         

 HFF Senior Managing Director           

(973) 549-2000                                                

 tdidio@hfflp.com                    

KRISTEN MURPHY

HFF Associate Director, Marketing

 (713) 852-3500

krmurphy@hfflp.com

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,

smcgowan@mckennalong.com

Michael Guzzo,

 Berkman PR           

610-999-5387

michael@berkmanpr.com