Tuesday, March 20, 2012

HFF secures $11 million acquisition financing for R&D facility in Edison, NJ



 NEW YORK, NY – HFF announced today that it has secured $11 million in acquisition financing for 2121 State Route 27 (top left photo), a 99,260-square-foot, research and development facility in Edison, New Jersey.

HFF arranged the financing on behalf of AG Net Lease Fund II, an affiliate of Angelo, Gordon & Company.  Morgan Stanley Mortgage Capital Holdings LLC provided the 10-year, fixed-rate securitized loan, which will also be serviced by HFF.
 
2121 State Route 27 is 100 percent occupied by Revlon Consumer Products Corporation, which utilizes the facility as its worldwide research and development center for all of its brands.  Revlon has had a presence at the site since the 1950’s. 

The property is part of the larger Edison Towne Corporate Centre, a 247,245-square-foot complex located within close proximity to Interstate 287, the New Jersey Turnpike and Garden State Parkway.

The HFF team representing the borrower was led by managing director Evan Pariser (middle right photo) and director Michael Klein (lower left photo).

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:                     

EVAN PARISER                       
HFF Managing Director                      
(212) 245-2425                                   
epariser@hfflp.com                           

MICHAEL KLEIN                      
HFF Director                                    
(973) 549-2000                                   
mklein@hfflp.com                             

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

HFF closes $63 million sale of Class A multi-housing complex in central New Jersey



 FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Windsor at Crystal Ridge (top left photo), a 334-unit, Class A multi-housing complex in Watchung and North Plainfield, New Jersey.

HFF represented the seller, GID Investment Advisors, LLC and procured the buyer, AvalonBay Communities, Inc.  AvalonBay purchased the property for $63 million free and clear of existing debt.

Windsor at Crystal Ridge is located on nearly 25 acres at 1 Crystal Ridge Drive directly off Route 22 in Watchung and North Plainfield. 

The property has 15 three-story buildings with one-, two- and three-bedroom units averaging 1,016 square feet each. 

Community amenities include a clubhouse, fitness center, indoor basketball court, residents lounge, media center, business center, swimming and wading pools, two playgrounds and outdoor basketball and tennis courts.  Windsor at Crystal Ridge is 98 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz (middle right photo) and Andrew Scandalios (middle left photo), managing director Kevin O’Hearn (lower right photo), director Jeffrey Julien (lower left photo) and associate director Steve Simonelli (bottom right photo)

“This was a rare opportunity to purchase a newer Class A multi-housing complex in affluent Somerset County, which has a scarcity of Class A product and no construction pipeline for any competing properties to be built in the near future,” said Cruz.

 “GID took advantage of a fluid multifamily market in central New Jersey, and Avalon obtained a good complex with rental upside,” added Scandalios.

GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that employs over 650 real estate professionals in multiple offices throughout the United States.

During its 51 year history the company has acquired or developed over 54,000 residential units and in excess of 13 million square feet of commercial space.

 As of December 31, 2011, GID controls a real estate portfolio consisting of 107 properties located in 19 states, and totaling more than 35 million square feet comprised of over 22,000 residential units and more than 5.7 million square feet of commercial space.  In addition, GID has more than 12 million square feet of fully entitled properties in its development pipeline.

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States.

These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country. 

  
Contacts:                     

JOSE R. CRUZ                                  
HFF Senior Managing Director         
(973) 549-2000                                   
jcruz@hfflp.com                                

ANDREW G. SCANDALIOS          
HFF Senior Managing Director         
(212) 245-2425                                   
ascandalios@hfflp.com                    

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

Monday, March 19, 2012

Commercial Asset Partners Realty helps U.S. Geological Survey center relocate to Pasco County, FL



TRINITY, FL (March 19, 2012) – Taking steps to increase efficiency and better serve resource managers and environmental stakeholders around west-central Florida, the Tampa office of U.S. Geological Survey (USGS) Florida Water Science Center will relocate to an office/industrial park in Lutz, Fla.

Commercial Asset Partners (CAP) Realty facilitated the 21,000-square-foot lease at 4446 Pet Lane in Pasco County’s ComPark75 (top left photo)

Heidi Tuttle-Beisner (middle right photo), CCIM, Broker-Owner of CAP Realty, represented the landlord, HR Pasco, LLC, and acted as a transactional broker in the deal, which brings 60 jobs to Pasco County.

Build-out for the flex property, which was in shell condition, is underway, with 70 percent being converted to office and 30 percent dedicated to warehouse space. The USGS expects to move in to the new facility in August.

“Converting a flex building to 70 percent office is rather unusual,” said Tuttle-Beisner, “but in this case, the property allowed the flexibility required to fit USGS’s needs. We are very pleased to help bring this quality group to Pasco County.”

 The USGS is the nation's largest earth science agency that provides a scientific understanding about natural resource conditions, issues and problems. The Florida Water Science Center’s mission is to collect, analyze and disseminate impartial data and information needed to wisely manage water resources for the nation and Florida.

To ensure a safe and sustainable water supply that meets the state’s needs, the Florida Water Science Center provides reliable and accurate information related to water shortages caused by short-term drought, needs caused by population growth and development, restriction of water supply due to contamination, and other issues related to the water supply.

 “The nature of what USGS was looking for in a property was unique,” said Ross Kirk (lower right photo), principal of CLW Industrial Group, who acted as a development consultant for the project. “The space at ComPark75 had the ability to provide for all of USGS’s needs.”

The 6,000-square-foot warehouse in ComPark75 will be used to store and test hydrologic surveillance equipment, which help forecast future floods, track rising water due to rain or storm surge, and monitor water quality and availability, prior to deployment to the field.

The facility will also have a laboratory that will be used primarily for sample preparation and some chemical analysis.

 “USGS's Florida Water Science Center relocating to ComPark75 is a great opportunity to showcase how well the development community and Pasco County can work to make things happen,” said John Walsh (lower left photo), Vice President of Pasco Economic Development Council, Inc.

 “This project had a quick turnaround time, and the Pasco County Development team worked with Commercial Asset Partners Realty and ComPark75 to expedite permitting and meet the timeframe needed by USGS.”

 The Florida Water Science Center will relocate from its current location near the University of South Florida in Tampa.

Contact:

Noelle Anderson, APR
Principal & President
True Blue Communications
813.380.0314

Brown Harris Stevens Commercial Real Estate Announces $4.8 Million Sale of Office Building in Queens Village, NY

  

New York, NY,  March 19, 2012 -- Brown Harris Stevens Commercial Real Estate Division announces the sale of the Queens Corporate Center, a 47,062-square-foot, four-story building located at 221-10 Jamaica Avenue in Queens Village.

 GWB Realty Associates of New Jersey, LLC acquired the building for $4,800,000 through David Sargoy (middle right photo), Director of the Commercial Real Estate Division, and Zubin Hassid, Director of Investments and Leasing.

 Queens Corporate Center, now available for lease to office and medical tenants who require between 300 and 10,000 square feet, offers a very large private parking lot and is convenient to buses, Long Island Railroad, extensive commercial areas and highways.

 According to David Sargoy, the building is being renovated with new common areas, bathrooms and a redone exterior.




 For additional information visit http://bhscommercialli.com/

Contact exclusive leasing and marketing agents, David Sargoy at 516.203.8134 or dsargoy@bhsusa.com and Zubin Hassid at 516.203.8188 or zhassid@bhsusa.com
  
Contact:
Jennifer Little
Vice President (Group Head)
RUBENSTEIN PUBLIC RELATIONS
1345 Avenue of the Americas,
 New York, NY 10105
T: 212.843.8364
 F: 212.843.9200
facebook.com/RubensteinPublicRelations



Ryan Stone Ware Appointed Executive Chef of 7 On Fulton at the Wyndham Riverfront Hotel in New Orleans

  

 NEW ORLEANS, LA – March 19   2012 – The New Orleans Hotel Collection announced today the appointment of Chef Ryan Stone Ware (top right photo) as Executive Chef for 7 on Fulton (middle left photo).

The restaurant, 7 on Fulton, is located in the Arts District of New Orleans within the 202-room Wyndham Riverfront New Orleans Hotel (middle right photo).  Ware will be responsible for menu creativity and leading the culinary team at 7 on Fulton.

 “We are delighted to welcome Chef Ryan to the hotel,” said Hotel Manager Ivy Lim (lower left photo)

 “With many years of culinary arts training, fine dining and independent catering experience, Chef Ryan is a creative, innovative and diligent individual. He will be a great asset to 7 on Fulton restaurant and private dining at Wyndham Riverfront Hotel.

 Most recently, Chef Ryan Ware was operating his own catering business and bistro in Slidell, Louisiana.

In 2004, Ware was Executive Sous-Chef at GW Fins, providing his management and culinary skills in directing the food preparation operations for this dynamic French Quarter eatery.

Prior to GW Fins, Chef Ryan ran the kitchen for the Salmen-Fritchie house in Slidell, where he created many new dishes for this esteemed, well established community restaurant.   Chef Ryan also worked at Mr. B’s Bistro, Hyde Park Grill, and the Cripple Creek Restaurant in Rhinebeck N.Y. working with Chef David Bruno

Chef Ryan began his artistic path at neighborhood Louisiana restaurants in his teens. He went on to attend the Culinary Institute of America in New York where he received formal culinary training and obtained a degree in culinary arts.

He then began a career with a major national restaurant chain, learning menu creation, portion control and personnel management while rising to the position of corporate trainer.

 Contact

Ivy Lim
Wyndham Riverfront Hotel
504-524-8200

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


Piedmont Henry Hospital and Ackerman Medical Collaborate on New Medical Office Building in Stockbridge, GA



 Atlanta, GA, March 19, 2012 – Piedmont Henry Hospital and Ackerman Medical jointly announce the development of a new 60,000-square-foot medical office building (top left rendering) in Stockbridge, Henry County, Ga.

The three-story, Class “A” building, to be named Henry Physician Center, will serve as the new gateway to Piedmont Henry Hospital.  The new building will be located at the entrance of the hospital’s campus at the corner of Eagle’s Landing Parkway and Rock Quarry Road.
 
Groundbreaking for the $11-million project is slated to begin this summer and is scheduled to open in early 2013.

“The development of Henry Physician Center, which resulted from the recent merger of Piedmont Healthcare and Henry Medical Center, demonstrates Piedmont Healthcare’s deep commitment to meeting the expanding medical needs of Henry County residents,” said Charles Scott (middle left photo), CEO of Piedmont Henry Hospital. 

According to John A. Willig (middle right photo), principle of Ackerman Medical, “Henry Physician Center responds to the demand from growing physician practices seeking to locate on the new Piedmont Henry Hospital campus.”

The new medical building is already more than 50 percent committed to premier physician practices, including Southern Orthopaedic Specialists. Henry Physician Center is now leasing.

Mike Tallant (lower right photo) from Commercial Assets Group represents the property along with Ackerman Medical’s John Willig.

Henry Physician Center increases the developer’s track record in Henry County to more than 250,000 square feet. Recently developed medical office buildings in this market include SouthCrest Medical Plaza I, SouthCrest Medical Plaza II and Northpark I. 

For more information, contact:
Fara Wilson,
VP of Marketing
770. 913.3904 

Sunday, March 18, 2012

NAIOP Names Emerson International’s University Research Park I Central Florida’s Educational Development of the Year



ORLANDO, FL--- The Central Florida Chapter of NAIOP, the leading national association of commercial development professionals, recently named Emerson International’s University Research Park I in east Orlando Central Florida’s Educational Development of the Year.

Eric Emerson (top right photo), vice president and general manager of Emerson International, accepted the award recently with Kenneth Koch (lower left photo), Emerson International’s commercial portfolio director

“My goal at Emerson International is to elevate the firm to the level of the premier leading commercial development groups in the region.  At this point, I believe we are well on our way,” Emerson said.

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies.

For more information, contact

 Eric J. Emerson, Vice President and General Manager Emerson International, 407-834-9560; ejemerson@emerson-us.com;

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

Newmark Knight Frank's Southeast Capital Group Named Exclusive Sales, Marketing Broker for Southpark Village Retail Center in Raleigh, NC Suburb



ATLANTA, GA--- The Southeast Capital Group at Newmark Knight Frank in Atlanta has been named exclusive sales and marketing agents for Southpark Village, located at 324 Village Walk Drive in the Raleigh suburb of Holly Springs, North Carolina.

The 82,662 square foot neighborhood retail center, built in 2008, is anchored by a Harris Teeter supermarket, the leading credit grocer in North Carolina and the 25th largest supermarket in the U.S. with sales of $4.1 billion in 2010. Currently, the center is 98 percent occupied.

Supermarket News magazine recently ranked Harris Teeter No. 34 in the 2010 “Top 75 North American Food Retailers” based on 2009 fiscal year sales of $2.92 billion.

Whitney Knoll (middle right photo), who heads the Southeast Capital Group at Newmark Knight Frank, said he along with Group members Fred Victor and Mark Hillis are undertaking the assignment.

Knoll said 3.5 acres of undeveloped land which fronts US-55 Bypass is available for sale along with the retail center. The undeveloped land is ideally situated for more retail development or for a medical office development to complement the future 50-bed Rex Hospital development directly across US-55 Bypass from SouthPark Village.

As a separate offering, 18.36 acres are available as prime multi-family development land located adjacent to SouthPark Village. The multi-family development will benefit from the new Hospital, job growth, population growth, and excellent public schools.

For more information about this press release,  contact:

C. Whitney Knoll, Principal/Managing Director of Southeast Capital Markets Group, Newmark Knight Frank, 201 17th Street, Suite 900, Atlanta, GA 30363; wknoll@newmarkkf.com; 404-926-1139

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

Jake S. Roberts Named Top Financing Professional by Marcus & Millichap Capital Corp.


NEWPORT BEACH, CA – Marcus & Millichap Capital Corporation (MMCC) has named its top financing professional of 2011, according to William E. Hughes (middle left photo), senior vice president and managing director of MMCC. Jake S. Roberts (top right photo), a vice president capital markets in the firm’s West Los Angeles office, has earned the distinction.

 “It gives me great pleasure to recognize Jake as the firm’s top financing professional of 2011,” says Hughes. “Jake has raised the bar and earned an outstanding reputation as one of the industry leaders in commercial real estate financing.”

 Roberts works on the origination and placement of senior debt, mezzanine financing, preferred equity financing and joint-venture equity financing for clients nationwide. His clients cover a broad spectrum of investors, including high net-worth individuals, boutique real estate firms and institutional real estate investors.

Roberts joined MMCC in April 2004 as a regional loan officer in the firm’s West Los Angeles office. He was promoted to senior director of MMCC in July 2007 and to vice president capital markets in 2010. While with MMCC, Roberts has earned five National Achievement Awards and eight sales recognition awards. Last year, he closed a total of 20 loans valued at more than $242 million.

 Prior to joining MMCC, Roberts was with Holliday Fenoglio Fowler LP (HFF), where he was involved in more than $500 million in real estate transactions. He was primarily responsible for the underwriting, marketing and the placement of debt and equity transactions throughout the country.

Roberts graduated from Texas A&M University with a bachelor’s degree in business administration with a focus on finance.          

 Press Contact:  Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

Grubb & Ellis Selected to Lease and Sell 197,000 SF Office Property in Clearwater, FL



TAMPA, FL– Grubb & Ellis Company today announced that it has been selected as the leasing and sales agent for Centerpointe (top left photo), a 197,000-square-foot office property located at 16120 U.S. 19 North in Clearwater, Fla.

 Tom Kennedy (middle right photo), CCIM, vice president with Grubb & Ellis’ Office Group, will handle the marketing of the property.

The two-story, Class B property is strategically located on U.S. 19 in the heart of Pinellas County, providing easy access to both downtown Tampa and St. Petersburg as well as area airports.

 The property features 100,000-square-foot floor plates, fiber-optic capabilities and a 5.7 parking ratio, making it ideal for contact centers, shared services, business-process outsourcing, financial management, transaction processing or educational uses.

Amenities within walking distance of the building include restaurants, hotels and retail shopping. 

 Centerpointe is offering competitive lease rates of $10 per square foot, full service gross, and is being marketed for sale at a price of $6.5 million.

 For more information, please contact Tom Kennedy at 813.830.7892, tom.kennedy@grubb-ellis.com.

 Contacts:
       
 Monica Sparreo                     
312.698.6709             
monica.sparreo@grubb-ellis.com                  

 Karla Berkelhammer
407.481.5404

Saturday, March 17, 2012

Cousins’ American Cancer Society Center Becoming Data Center and Technology Hub in Atlanta


ATLANTA, GA– Cousins Properties Incorporated (NYSE: CUZ) will help meet the surging demand for data center and IT operation space with a downtown Atlanta building that once housed the headquarters of the 1996 Olympic Games.

Cousins is repurposing 170,000 square feet inside 250 Williams Street, also known as the American Cancer Society Center (middle right photo), from offices into data center space that will host computer servers and other hardware that power websites, crunch data and store information.

The moves should attract even more data centers to downtown Atlanta, a growing technology submarket. Regionwide, metro Atlanta already has parlayed its robust fiber infrastructure and a reliable power grid to snag more than 50 centers.

To attract new technology tenants to 250 Williams Street, Cousins has entered into a relationship with Colliers Technology Solutions. The Colliers team is skilled at understanding the high-tech needs of CIOs and their companies, including data center services.

The team is led by Tim Huffman (middle left photo), executive vice president and global director of the technology division, who has years of experience in data centers and managed services.

The one-million-square-foot American Cancer Society Center already is on the Georgia Power Fowler Network underground grid system, which has been a highly reliable source of power.

It also sits on a fiber ring with N+1 redundancy and features extensive fiber optics in all corners of the building. The building also is served by more than 27 fiber network providers, who supply the IP network infrastructure that is critical to data center operations.

Technology users have multiple locations for back-up generators, ample fuel storage and an advanced security system. The building can support IT operations with a 100-pound floor load per square foot, 12 to 14 foot ceiling heights, and multiple freight elevators and loading docks. These amenities could be considered surprising for an urban, non-industrial building in the heart of downtown Atlanta.

Purpose-built by John Portman & Associates, the nine-story building opened in 1989 as a computer mart, and was used by IBM and HP to display computer products. It later became Class A offices for Bellsouth.

 The Atlanta Committee for the Olympic Games chose the building for its headquarters, and for good reason: It’s located across the street from Centennial Olympic Park (lower left photo), the nexus of entertainment venues for the Games. InComm and Internap are both longtime tenants.

Contact:
Suzanne Rutledge
Jackson Spalding for Cousins Properties

Final Plans Call For New 42-Story Condo In Miami's Brickell Area


 MIAMI, FL -- After months of industry speculation, Miami’s largest vertical condo developer - the Related Group with Jorge Perez (top right photo) - has formally announced plans to build a second condo tower in the Brickell Avenue Area of Greater Downtown Miami, according to a new report from CondoVultures.com.

Originally rumored to be a sequel to the proposed 28-story MyBrickell condo project with 192 units on Southeast Sixth Street, the final plans for the second condo tower – dubbed the 1100 Millecento Residences (middle left rendering)- call for 42 floors with 382 units at 1100 S. Miami Ave., according to a company statement.

With the 1100 Millecento project, the Related Group has publicly announced plans to develop seven condo towers with nearly 1,500 units – plus hotel rooms - in the tricounty South Florida region, according to the CondoVultures.com Preconstruction Condo Projects list.

“The Related Group has a three-decade-long history of identifying and developing for residential niches in South Florida,” said Peter Zalewsk (lower right photo)i, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

“To see the Related Group announce a series of new condo towers stretching from Greater Downtown Miami to Downtown West Palm Beach in the last year suggests there is a strong demand going forward for new residential units that are appropriately priced.

“If the existing condo units from the recent South Florida crash continue to be consumed at a steady pace, the Related Group could be well positioned to capitalize on the region’s next building boom.”

For a complete copy of the company’s news release, please contact:

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.


Marcus & Millichap Arranges $35.75 Million Multifamily Portfolio Sale in Atlanta


ATLANTA, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold the Tempo Portfolio (top left photo), a 12-property 1,188-unit multifamily portfolio located on Buford Highway NE and Lenox Road NE in Atlanta.

The sales price was $35,752,395.

Paul Vetter (middle right photo) and Andrew Mays (middle left photo), vice presidents investments in the Atlanta office of Marcus & Millichap, represented the seller, Atlanta-based Tempo Properties. Vetter and Mays also represented the buyer, a prominent national real estate company based in Yakima, Wash. that currently owns more than 2,000 units in metro Atlanta. 

“The long-term investment appeal of the properties in this portfolio is primarily their outstanding locations,” says Vetter. “All are located within a one-mile radius of each other. The most notable site is Parkway Apartments, which is located at the intersection of Buford Highway and Lenox Road in Buckhead,” adds Vetter.

“In addition to their prime locations, the properties offer tremendous upside through new management, capital improvements, repairs and renovations,” says Mays. “The properties were held by the previous owner for between 30 and 40 years.

“Prior to our getting this transaction to an agreed upon LOI, the portfolio had been under contract with another buyer and an intermediary other than Marcus & Millichap,” Vetter continues. “The portfolio became available at the right time for both of our clients and we were able to close within 60 days.”

The properties in the portfolio are:

  • Cabana Apartments, 33 buildings, 135 units (lower right photo) 
  • Cross Keys Apartments, 16 buildings, 64 units (lower left photo) 
  • Hallmark Apartments, 12 buildings, 154 units
  • Parkway Apartments, 10 buildings, 111 units
  • Tempo 2000 Apartments, 11 buildings, 128 units
  • Continental Apartments I and II, 10 buildings, 158 units
  • Dover Station Apartments, 13 buildings, 135 units
  • Majestic I, seven buildings, 72 units
  • Majestic II, three buildings, 62 units
  • Monaco Apartments, eight buildings, 60 units
  • Montego Apartments, 11 buildings, 108 units

“The Atlanta apartment market appears to be well positioned for additional declines in vacancy and steady rent growth over the next several quarters as the number of new construction starts remains historically low and prospective single-home buyers face stringent mortgage underwriting, high down payments and stagnant incomes that will keep them in rental housing for the foreseeable future,” Vetter concludes.

The Tempo Portfolio sale is part of a strong first quarter of metro Atlanta multifamily property sales for Mays and Vetter.

 In addition to the 12 properties in the Tempo Portfolio, the pair has brokered four other local transactions so far in 2012, including Bryton Hill, a 204-unit apartment property situated in the heart of the same submarket as the Tempo Portfolio: the intersection of Buford Highway and Clairmont Road. Bryton Hill sold for $6,625,000. The buyer was New York-based Peak Capital Partners.

The other three properties the two have transacted since the first of the year are 170-unit Water Vistas, Highland Woods, which has 224 units and 216-unit Falcon Ridge.


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