Arbor Appoints Matthew Nihan as Originator in New York City Office

UNIONDALE, NY (May 10, 2012) - Arbor Commercial Mortgage, LLC (“Arbor”) today announced the promotion of Matthew Nihan (top right photo) to Originator in the company’s New York City office.

Mr. Nihan is responsible for originating loans under all of Arbor’s multifamily and commercial product lines, including Fannie Mae, FHA and Bridge. Mr. Nihan reports to Ken Fazio (middle left photo), Senior Vice President, National Production Manager.

Previous to this role, Mr. Nihan served as Senior Analyst of Commercial Bridge Loan Origination for Arbor, during which time he was responsible for the initial evaluation, screening and analysis of bridge lending opportunities for all asset classes.

Mr. Nihan joined Arbor in November of 2010 as a Loan Origination Analyst tasked with flowing new loans through all phases of the loan closing process.

 Prior to joining Arbor, Mr. Nihan was an Analyst at Ackman-Ziff Real Estate Group, LLC, and held project manager positions at MEC Contracting Corporation and MKG Construction & Consulting.

Mr. Nihan received a Master’s degree in real estate finance and investment from New York University. He received his Bachelor’s degree in finance from Loyola College. He resides in New York City.

Contact: Christopher Ostrowski, costrowski@arbor.com

NAI Realvest Negotiates New Industrial Lease of 4,050 SF in Orlando

 MAITLAND, FL – NAI Realvest recently negotiated a new lease of 4,050 square feet of industrial space at 5612 Carder Road, Suite 1D in Orlando.

 Tom R. Kelley, II (top right photo) CCIM, principal at NAI Realvest, represented the landlord, Freese Management of Oviedo in the transaction.  S & S Machining, Inc. of Orlando is the tenant.    

 NAI Realvest is exclusive leasing agent for the 31,000 square foot building at 5612 Carder Rd. which is currently 92 percent leased

For more information, contact

Tom Kelley, CCIM, Principal NAI Realvest 407-875-9989 tkelley@realvest.com;

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142.

Marcus & Millichap Capital Corp. Names Colton Smith Associate Director in Salt Lake City, UT

  SALT LAKE CITY, UT– Marcus & Millichap Capital Corporation (MMCC) has named Colton Smith (top right photo) an associate director in the firm’s Salt Lake City office, according to William E. Hughes (middle left photo), senior vice president and managing director of MMCC.

This is Smith’s second stint with MMCC; he was previously an associate director in MMCC’s Denver office from 2006 to 2010.

“We are pleased to welcome Colton back to the firm,” says Hughes. “His extensive knowledge and experience will again significantly contribute to MMCC’s ability to provide our clients with superior capital market expertise and highly competitive loan products.”

Prior to rejoining MMCC, Smith operated a commercial real estate private money fund. He is the founder and past owner of real estate development company CS Homes of Utah, and has worked as an investments manager in charge of land acquisition for Front Gate Companies, also based in Salt Lake City.

Smith has a bachelor’s degree in public relations from the University of Utah, and an MBA and a master’s certificate in real estate and construction management from the University of Denver.

He currently holds a Colorado real estate broker’s license and is a member of the International Council of Shopping Centers, the Urban Land Institute and the Mortgage Bankers Association.

Press Contact:  Stacey Corso ,Marcus & Millichap Capital Corporation

(925) 953-1716    

McCraney Property Co. Signs Lease for 150,000-SF Build-To-Suit in Its Orlando Central Park Project

ORLANDO, FL and  WEST PALM BEACH, FL – McCraney Property Company, an integrated developer and manager of commercial/industrial flex and warehouse distribution properties located throughout Florida, announced that it has signed a 10-year lease on a 150,000 square-foot  build-to-suit project on 25 acres in its Orlando Central Park project.

 “This is the first Central Florida project greater than 100,000 square feet to be constructed in the last four years,” said Steven McCraney (top right photo), CEO of the company he founded more than two decades ago.

The tenant is Dade Paper, a large regional distributor of disposables, janitorial supplies and equipment.  The company is relocating its current Central Florida facility to modernize and accommodate the growing demand for its products and services. 

 CBRE Senior Vice President David Murphy (top left photo) represented the tenant on the deal.

 “We are excited to be the beneficiary of the strengthening Orlando industrial market being fed by demand for Class A industrial/flex space along the I-4 corridor,” McCraney said.

Land development is expected to begin within the next month.

 Orlando Central Park/John Young Parkway (middle right photo) comprises 7,000 acres and includes 10 million square feet of multi-tenant industrial and low-rise office product. 

 In addition to the build-to-suit project, McCraney recently inked three new leases in Orlando Central Park including:

• Pepperidge Farm, 12,900 square-feet  for an office, warehouse and distribution site; 
• Savery USA, a supplier of stainless steel food processing and packaging equipment, for the food and dairy industries,  leased 15,676 square feet for warehouse and distribution;
• Ryan Herco Products Corp., a national distributor of fluid handling products and high value filtration, leased 15,000 square feet.

“Although the market has been brutal for the last four years, we are encouraged by the recent pickup in leasing activity. As we all know, when the economy improves, people are willing to get off the sidelines and invest in their businesses,” said McCraney.

 McCraney Property Company (www.mccraneyproperty.com) develops and manages commercial/industrial, office/flex, office, and warehouse distribution properties located in West Palm Beach, the Treasure Coast and Orlando, Florida. 

The company has developed corporate holdings exceeding 2,000,000 sq. ft.  Services include development of class A business parks, acquisitions, joint venture investments, construction and property management. 

Led by President and CEO Steven McCraney, the company is very active in the commercial real estate industry and through its philanthropic endeavors in the communities it serves. 

For more information, call (561) 478-4300.

 Media Contact:

 Don Silver (donsil@boardroompr.com) or

Teresa Shum (tshum@boardroompr.com) of Boardroom Communications,

954-370-8999

NAI Realvest Negotiates New Long-Term Lease at Boardwalk Plaza in University of Central Florida area for new Pizzeria

 ORLANDO, FL – NAI Realvest recently negotiated a new long-term lease agreement for 1,450 in the Boardwalk Plaza at 3100 Alafaya Trail in Oviedo. 

 NAI Realvest principals Matt Cichocki (top right photo) and Kevin O’Connor (lower left photo) negotiated the transaction representing both the landlord, Boardwalk Plaza LLC of Gardena, Calif. and the new tenant Palm Bay, Fla. based Paaram Enterprises. 

The tenant will open a Bizzaro Pizza providing take out and delivery services plus seating for 15.  The regional franchise currently operates 12 restaurants in Brevard County and this will its first location outside of Brevard.

For more information, contact:

Matt Cichocki and Kevin O’Connor, NAI Realvest 407-875-9989; mcichocki@realvest.com;

koconnor@realvest.com;

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com

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

Voit Helps Orange County, CA Flooring Company Move To Brea, CA With New 62,650 SF Industrial Lease

Orange County, CA, (May 9, 2012) – Mitch Zehner and Seth Davenport of Voit Real Estate Services’ Anaheim office have completed the new, 60-month, $1.6 million lease of a 62,650 square-foot industrial warehouse at 450 Delta Ave (top left photo). in Brea, Calif. on behalf of the lessor.

The free-standing building will be fully occupied by Kelly-Wright Hardwoods, Inc., which is relocating to Brea from East Anaheim, according to Mitch Zehner (middle right photo), Executive Vice President in Voit’s Anaheim office.

Zehner worked with Seth Davenport (lower left photo), a Senior Vice President with Voit, to represent Adler Investment Company as the lessor.  Based in Santa Monica, Adler Investment Co. is a private real estate investment firm.

“This transaction speaks to the quality of Adler Investment’s building, as well as the Voit team’s ability to identify and secure a strong tenant in a short amount of time," said Zehner. 

“The building was fully occupied when Voit took on the assignment, but the current tenant had recently acquired a new facility in Brea and was planning to move.  The Voit team drew upon our strong relationships here in Orange County to identify Kelly-Wright as the new tenant for the space, and we worked quickly to close the deal in order to ensure consistent cash flow for our client.”

The lessee, Kelly-Wright Hardwoods, Inc., has been a provider of plywood, lumber and mouldings since 1982.  Garrett McClelland and Zach Niles of 360 Commercial Partners represented Kelly-Wright Hardwoods, Inc. in the transaction.

Contact:

Jenn Quader/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

Marcus & Millichap Names Evan A. Fetters Assistant General Counsel in Minneapolis Office

 CALABASAS, CA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Evan A. Fetters (top right photo) assistant general counsel, according to John J. Kerin (lower left photo), president and chief executive officer. Fetters will be based in the firm’s Minneapolis office.

Most recently, Fetters served as a member of the litigation section for the national law firm Faegre Baker Daniels, with a practice focused on general civil and commercial real estate litigation. Fetter’s practice involved a wide range of clients including private parties, corporations and public entities involved in real estate, banking, securities, leasing, tax, mortgage and lien litigation.       

“Evan is a very capable counselor and trial attorney who brings immediate value to our investment professionals in the Midwest and on the East Coast,” explains Paul Mudrich, managing director and chief legal officer of Marcus & Millichap. “Evan will be an asset to our trial team and he will greatly enhance our service to our investment professionals nationwide.”

Fetters graduated magna cum laude from Washington and Lee University School of Law and Utah State University. 

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

HFF hires Kyle Prawdzik as director in its Pittsburgh office

 PITTSBURGH, PA – HFF announced Kyle Prawdzik (top right photo) has joined the firm as a director in its Pittsburgh office.  Mr. Prawdzik will specialize exclusively in investment sales with expertise in all product types.

Prior to joining HFF, Mr. Prawdzik worked for CBRE’s Investment Property Group in Pittsburgh where he participated in more than $2 billion of commercial property transactions.  He was recently recognized as one of the top ten investment sales brokers in Pittsburgh by CoStar Group.  Mr. Prawdzik holds a bachelor’s degree from Florida State University and is currently pursuing a Master of Business Administration from the University of Pittsburgh. 

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

HFF hires Mark Katz as director in its Chicago office

CHICAGO, IL – HFF announced t Mark Katz has joined the firm as a director in its Chicago office.  Mr. Katz will work with senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo) on the investment sales team and will be responsible for office investment sales transactions in the Midwest, with a focus on suburban Chicago. 

Prior to joining HFF, Mr. Katz was a partner at Gemstone Real Estate Partners where he was involved in the acquisition and sale of more than 1.5 million square feet of property since co-founding the firm in 2007.

  Prior to that, he was with the Suburban Office Advisory Group at Colliers Bennett & Kahnweiler.  Mr. Katz also previously worked with Jones Lang LaSalle and began his career at CB Richard Ellis, where he was a member of one of the top suburban leasing teams in Chicago.

  

Contacts:                      

MATTHEW D. LAWTON                      

HFF Executive Managing Director   

(312) 528-3650                                     

mlawton@hfflp.com                           

MICHAEL A. KAVANAU                       

HFF Senior Managing Director        

(312) 528-3650                                     

mkavanau@hfflp.com                       

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF arranges $21.75 million acquisition financing for student housing community in Greenville, NC

INDIANAPOLIS, IN – HFF announced today that it has arranged $21.75 million in acquisition financing for Pirate’s Cove (top left photo), a 264-unit, 1,056-bed student housing community near East Carolina University (ECU) in Greenville, North Carolina.

HFF worked on behalf of the borrower, a joint venture between The Scion Group and Virtus Real Estate Capital, to secure the 10-year, fixed-rate loan through Freddie Mac.  The financing will be securitized through Freddie Mac’s CME Program.  HFF will also service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

Pirate’s Cove is located at 3305 East 10th Street approximately two miles from East Carolina University.  Built in 2000, the property sits on 55-acres of land and has all four-bedroom, four-bath units.  The Scion Group has plans for $2 million in interior upgrades to the property, which are scheduled for completion in 2013. 

The community is served by a dedicated University-operated shuttle bus and community amenities include two clubhouses, two swimming pools, three sand volleyball courts, basketball court, tennis court, fitness center and tanning salon. 

The HFF team representing the borrower was led by senior managing director Dave Keller (lower right photo)

Contacts:   

            

DAVID B. KELLER                                        

HFF Senior Managing Director                     

(317) 630-3191                                               

dbkeller@hfflp.com                                            

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Charles Dunn Co. Completes $2.275 Million Sale of Eight-Unit Multi-Family Property in Santa Monica, CA

  

 LOS ANGELES, CA. May 8, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,275,000 sale of an eight-unit apartment property located north of Wilshire Boulevard and south of Montana Avenue at 1008 20TH Street in the City of Santa Monica.  

Albert Shilton (top right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, a San Diego-based private investor. The buyer, Los Angeles-based Brea Exchange, Inc. was represented by Teles Properties. The property sold at a cap rate of 4.6 percent.

Built in 1947, the property totals 9,918 square feet and was 88 percent occupied at the close of escrow.  The building includes private garages, a courtyard setting and onsite laundry facilities. The property includes four one-bedroom/one-bathroom units, two, two-bedroom/one-bathroom units, and two, three-bedroom/two-bathroom units.

 “The buyer recognized the upside potential of the investment based on the fact that current rents were approximately 20 percent below market,” said Shilton.

 Charles Dunn Company generated multiple offers. The final sale price was the second highest price per square foot paid in Santa Monica for a rent controlled asset in 2012, indicating continued strength of the multifamily sector, and the formidable appetite for well located multifamily properties.

 Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Agree Realty Named Preferred Florida Development Partner For Wawa; Announces Pipeline Of Three Projects

 FARMINGTON HILLS, MI, PRNewswire/ -- Agree Realty Corporation (NYSE: ADC)  announced it has been named a Florida development partner for Wawa, Inc. Wawa is an industry leader in the convenience and fuel store space, currently operating more than 590 stores in Pennsylvania, New Jersey, Delaware, Maryland and Virginia.

Agree Realty has closed on the southwest corner of SR-535 and North Poinciana Blvd. in Osceola County and anticipates immediately commencing construction. In partnership with the Company, Wawa has executed a long term ground lease to operate a convenience store with fuel.

Additionally, the Company and Wawa have entered into two additional ground lease agreements on sites in central Florida.

"We are extremely pleased and tremendously excited to partner with Wawa on their expansion into Florida,” said Joey Agree (top right photo), President and Chief Operating Officer.

“Their pioneering approach to the convenience store and fuel station experience will offer Floridians additional choices and varieties that they have never had.  We look forward to continuing to work with Wawa in acquiring and developing sites to assist in their expansion."

Agree Realty Corporation is primarily engaged in the ownership, development acquisition and management of single tenant retail properties leased to industry leading retail tenants. 

Agree Realty owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 million square feet of leasable space.

Contact:  Alan Maximiuk, Chief Financial Officer, +1-248-737-4190

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

Beech Street Capital Provides $20.2 Million Freddie Mac Loan for Miami, FL Apartments

  

BETHESDA, MD, MAY 8, 2012 – Beech Street Capital, LLC, announced today that it provided a $20.2 million Freddie Mac CME loan to refinance Horizons North Apartments, a 276-unit garden-style apartment complex in Miami, Florida.

Joel Mazur (middle right photo), vice president out of Beech Street Capital’s Chicago office, originated the transaction.

 The borrower, a repeat client of Beech Street, purchased the property in 1999 and was facing an upcoming loan maturity deadline.

Having secured financing for the borrower earlier this year, Beech Street’s familiarity with the client and expertise in the agency space allowed for a smooth execution from start to finish, closing the transaction in 40 days from the receipt of the application.

“The Beech Street team was responsive and accommodating to the borrower’s needs,” states Mazur. “This was the borrower’s second transaction with us, and they were once again impressed.” The borrower has over 20 years of experience with multifamily properties in the Florida market with six properties in Florida consisting of 1,182 units.

 Built in 1982, recent capital expenditures have been made over the past year, and the borrower plans to make more improvements over the next year as well. 

The area immediately surrounding the property consists of condominiums and single family housing, with various retail stores within walking distance including grocery stores, assorted retail and restaurants.  

 Amenities include a community pool, heated spa, playground, fitness center, a combination leasing office/clubhouse with a full-size kitchen and several small offices/meeting rooms. A large lake directly borders the property on the northwest.

 The fixed-rate loan has a seven-year term with two years of interest-only.

Contact:  Courtney Lewis, 240-507-1948

Chatham Lodging Trust Announces Strong First Quarter Results; Increases Quarterly Dividend 14 Percent to 20 Cents per Common Share

  

  PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium branded upscale extended-stay hotels and select-service hotels, today announced results for the quarter ended March 31, 2012. 

In addition, the company announced that its board of trustees approved a 14 percent increase in Chatham’s quarterly dividend to 20 cents per common share.

First Quarter 2012 Highlights

• ·         Comparable Hotel RevPAR – Increased 12.5 percent to $98 for Chatham’s 18-hotel portfolio.

• ·         Comparable Hotel EBITDA – Improved 29.1 percent to $7.9 million.

• ·         Comparable Hotel EBITDA Margins – Advanced 440 basis points to an industry-leading 35.1 percent.

• ·         Comparable GOP Margins – Increased 390 basis points to industry-leading GOP margins of 42.4 percent.

• ·         Adjusted FFO – Improved adjusted FFO per diluted share 61.5 percent to $0.21.

• ·         Joint Venture Portfolio– Exceeded internal budget expectations for RevPAR, EBITDA and NOI performance. Received distributions of $13.1 million, or 35.4 percent, of Chatham’s initial investment in the joint venture (JV).

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

Dennis Craven (Company)                                                    

Chief Financial Officer                                                                       

(561) 227-1386                                                                     

Jerry Daly (Media)

Daly Gray, Inc.

(703) 435-6293

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Cuhaci & Peterson Architects Planning Interior Renovation of New Tribes Mission Facility in Sanford, FL

ORLANDO, FL --- Cuhaci & Peterson Architects in Orlando is working with the New Tribes Mission organization located at 1000 East First Street in Sanford to plan for an interior remodeling project.

For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

HFF secures $60 million financing for Phase Five of Southlake Town Square in Southlake, TX

  

IRVINE, CA - HFF announced today that it has secured a $60 million financing for phase five of Southlake Town Square (top centered photo), a Class A entertainment and lifestyle center in Southlake, Texas.

Working on behalf of the borrower, Retail Properties of America, Inc., HFF placed the fixed-rate loan through MetLife Real Estate Investments.  The loan has an approximate five-year term and is coterminous and cross-collateralized with the $90 million loan placed on phases one, two, three and seven of the asset in April 2010, which HFF worked to arrange as well. 

Southlake Town Square is a mixed-use development that was completed within the last 10 years.  The financing is for phase five, which totals 310,711 square feet out of the total 840,288 square feet of the entire Southlake Town Square shopping center. 

The master development contains more than 150 tenants including: Harkins Theatre, Cheesecake Factory, The Container Store, Banana Republic, Gap, Victoria’s Secret, Brooks Brothers and a variety of other well-known national brands and restaurants. 

Southlake Town Square is situated between Texas Highway 114 and Southlake Boulevard close to the Dallas/Fort Worth International Airport (lower right photo) in Southlake.

The HFF team representing the borrower was led by senior managing director Kevin MacKenzie (top right photo) and associate director Jim Curtin (middle left photo).

Retail Properties of America, Inc. is a fully integrated, self-administered and self-managed real estate company that owns and operates high quality, strategically located shopping centers across 35 states.

The company is one of the largest owners and operators of shopping centers in the United States.

Contacts:                         

 KEVIN C. MACKENZIE                       

 HFF Senior Managing Director                

 (858) 253-8800                                         

kmackenzie@hfflp.com                           

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com