HFF closes the sale of 1 Dulles Corridor in Reston, VA

WASHINGTON, D.C. – HFF announced today that it has closed the sale of 1 Dulles Corridor (top left photo), a 216,000 square-foot, Class A office building located in Reston, Virginia.  The sale also included an adjoining 1.9-acre vacant land site.

HFF represented Parkridge 6, LLC and WFLP-H, LLC, entities wholly-owned and controlled by the Estate of Christopher Walker. 

1 Dulles Corridor is located at 10740 Parkridge Boulevard overlooking the Dulles Toll Road at the Hunter Mill interchange in Reston. 

 Built in 2008, the building consists of a seven-story office building plus a four-story parking garage.  Notable features include a two-story lobby, nine-foot ceilings, an efficient center-core design and a rooftop sky garden with panoramic views of Tysons Corner and the Dulles Corridor.

The HFF investment sales team representing the seller was led by senior managing director Andrew Weir (lower right photo) and senior analyst Matt Nicholson.

Contact:

ANDREW M. WEIR                                      

HFF Senior Managing Director                        

(202) 533-2500                                                

aweir@hfflp.com    

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com                                          

HFF arranges $21 million refinancing for Hotel Tria in Cambridge, MA

BOSTON, MA – HFF announced today that it has arranged a $21 million refinancing for Hotel Tria (top left photo), a 121-room boutique hotel in Cambridge, Massachusetts.

HFF worked exclusively on behalf of KW Development LLC to secure a new $16 million first mortgage provided by Ladder Capital Finance LLC. 

In a separate transaction, HFF also advised the ownership in securing a $5 million mezzanine and preferred equity loan on behalf of KW Development from a private investor.  The combined proceeds of these loans were used to refinance the existing loan on the property.

Hotel Tria is located at 220 Alewife Brook Parkway on Route 2 in Cambridge in the burgeoning neighborhood of West Cambridge.  The property benefits from the recent and planned development in the area and its proximity to the Alewife MBTA train station. 

Acquired by the owner in 2008, the property underwent an extensive renovation and expansion in 2009, which included the renovation of the existing 66 guest rooms along with the addition of 55 guest rooms.

 The property is part of the Best Western franchise and has earned the distinction of being named a Best Western Plus hotel by the brand.  Hotel amenities include a business center, fitness center, shuttle service, bar and on-site Starbucks.

The HFF team representing KW Development LLC was led by senior managing director Riaz Cassum (middle right photo) and director Lauren O’Neil.

KW Development LLC (“KW”), based in Wayland, Massachusetts, was formed in 1984 by Robert Karol to develop, own and manage lodging properties and commercial real estate. 

Over the years, KW has developed, owned and managed a successful hotel portfolio under the Marriott, Starwood, US Franchise Systems and Choice Hotels brands as well as a variety of other commercial real estate assets.

Contacts: 

              

RIAZ A. CASSUM

 HFF Senior Managing Director                         

617) 338-0990                                                   

rcassum@hfflp.com   

LAUREN O’NEIL                               

HFF Director                                 

(617) 338-0990                               

loneil@hfflp.com                            

 MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

$95 million refinancing of Boston's 116 Huntington Avenue. Building arranged by HFF

BOSTON, MA – HFF announced today that it has arranged a $95 million refinancing for 116 Huntington Avenue (top left photo), a 264,000-square-foot, Class A office building in Boston’s Back Bay.

HFF worked on behalf of the property’s owner, Broadway Real Estate Fund III, L.P., to secure the adjustable-rate loan through RBC Real Estate Capital Partners, a unit of RBC Capital Markets.  The loan proceeds were used to refinance the maturing first mortgage and mezzanine loans.

Completed in 1991, 116 Huntington Avenue is located between the Copley Place Marriott and the Colonnade Hotel, directly across from the Prudential Center.  The 15-story property features a 120-space parking garage and ground floor retail, and is currently 99 percent leased to tenants including GE Healthcare, American Tower, Constellation New Energy and Brigham & Women’s Hospital.

The HFF team representing Broadway Real Estate Fund III, L.P. was led by senior managing director Riaz Cassum and director Porter Terry. 

“In addition to replacing the existing financing, the new loan provides Broadway with additional funds that can be drawn as they execute their business plan,” said HFF senior managing director Riaz Cassum.  “116 Huntington’s Back Bay location made it desirable to numerous lenders, but ultimately RBC Capital Markets provided the best solution for Broadway.”

Broadway Partners is a private real estate investment and management firm headquartered in New York.  The firm invests in high quality real estate in select markets nationwide.  Since 2000, Broadway Partners has acquired assets with a transaction value in excess of $15 billion, and currently owns interests in office assets with over six million square feet located in Boston, New York, San Francisco and Los Angeles.

Contacts: 

              

RIAZ A. CASSUM

 HFF Senior Managing Director                         

617) 338-0990                                                   

rcassum@hfflp.com                                          

                                               

 MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Publix Opening Completes Boynton Lakes Plaza Redevelopment in Florida

BOYNTON BEACH, FL--(BUSINESS WIRE)-- Regency Centers (NYSE:REG) completed the redevelopment of Boynton Lakes Plaza, a 117,124-square-foot neighborhood center in Boynton Beach, Fla., which included the addition of a 45,000-square-foot Publix.

The new anchor relocated from an undersized store in a nearby center and is slated to open on June 9.

Boynton Lake Plaza’s redevelopment included the demolition of a former Winn-Dixie store and the construction of anchor and side shop space, new exterior facade and architectural components, parking lot improvements, upgraded lighting and landscaping.

Local artist Suzi K. Edwards (lower left photo) was commissioned to create a mosaic tile archway to further enhance the center’s aesthetics.

“The opening of a new, larger store by market-leading grocer Publix offers area residents a better grocery experience, as well as adds vibrancy to the center,” said Josh Spooner (lower right photo), vice president of investments for Regency Centers.

“Regency is proud to be an active member of this region’s retail business community. We have 14 shopping centers throughout the South Florida market, and we are committed to investing, upgrading and maintaining quality shopping centers that meet the needs of our neighborhoods.”

As part of Regency’s greengenuity® program to reduce the environmental impact of developing and operating shopping centers, the project incorporated basic sustainable elements such as recycling building materials, installing heat-reflective roof material and employing environmentally friendly plumbing fixtures, paint and coatings.

Located one mile west of Interstate 95 at the intersection of Congress Avenue and Hypoluxo Road in Boynton Beach, Boynton Lakes Plaza includes national retailers such as Hair Cuttery and Dunkin’ Donuts. The center is located at 4753 N. Congress Ave. For leasing information, contact Ross Kirchman at 561-630-2314.

The center was built in 1994 and acquired by Regency in 1997.

For more information, visit http://www.regencycenters.com/.

Contact:

For Regency Centers

The Hoffman Agency

Bonnie Hayflick, 904-398-9663

bhayflick@thehoffmanagency.com

or

Josh Spooner, 561-630-2308

Vice President, Investments

JoshSpooner@RegencyCenters.com

Post Properties Announces Quarterly Dividends, Increases Dividend Payout to Common Shareholders and Reports Annual Shareholders Meeting Results

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.25 per share for the second quarter of 2012. The dividend is payable on July 13, 2012 to all common shareholders of record as of June 29, 2012.

Said Dave Stockert (top right photo), CEO and President, “With ongoing strength in our business, and a solid financial position, we are pleased to be able to increase the quarterly rate of dividends to common shareholders by more than 13 percent. With today’s announcement, we expect our annual run-rate of common stock dividends to rise to $1.00 per share.”

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the second quarter of 2012. The dividend is payable on July 2, 2012 to all Series A preferred shareholders of record as of June 15, 2012.

Shareholders elected the Board’s nine nominees, voted to approve, on an advisory basis, executive compensation, and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accountants for 2012.

Contact:

Post Properties, Inc.

Chris Papa, 404-846-5000

Voit Completes New 47,500-SF Industrial Lease for Large Insulation Fabricator in Southern California.

COMMERCE, CA. (May 30, 2012) – David Fults (middle right photo) and Brian McLoughlin (middle left photo) of Voit Real Estate Services’ Greater Los Angeles office have successfully completed the new, seven-year, $1.6 million lease of a 47,500 square-foot industrial warehouse at 6655 East 26th Street in Commerce, CA on behalf of the lessee.

This free-standing industrial facility will be fully occupied by Insul-Therm International, Inc., a company that manufactures and distributes insulation products for the industrial and commercial insulation markets, according David Fults, a Senior Vice President in Voit’s Greater Los Angeles office.

Fults worked with Brian McLoughlin, also a Senior Vice President at Voit, to represent Insul-Therm International as the lessee.  Insul-Therm is expanding its business with this new lease - the company is relocating from a 30,000 square-foot building also in Commerce.

“This is a rare expansion for a manufacturing company in California. The market for Class B industrial buildings continues to struggle because of the shrinking manufacturing sector,” said Fults. ”Our team was able to identify this property, which exceeded the needs of our customer, while leveraging the soft leasing market to negotiate a very low lease rate.  We cut Insul-Therm’s rent by 40 percent on a per-square-foot basis.”

According to Fults, the Voit team also negotiated attractive move-in terms for its client, enabling Insul-Therm International to cut significant expenses during the initial set-up of its manufacturing operation.

The lessor, the Los Angeles Board of Adjusters, was represented by Jeff Sanita, John McMillian and Tim Wallace of Cushman & Wakefield.

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

NAI Realvest Negotiates Lease of Herndon Center Office Space in Orlando, FL to a National Non-Profit

Maitland, FL – NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of office space at Herndon Center, 615-F Herndon Ave. in Orlando.

 Michael Heidrich, a principal at NAI Realvest, negotiated the lease representing the landlord, LBJ Properties of Winter Park.   The tenant, Mi Familia Vota education fund, is a nationwide non-profit organization providing technical education to young Hispanic workers, and was represented by Will Watkins of Coughlin Commercial.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com;

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

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

Beech Street Capital Closes $4.5 Million Fannie Mae Refinance Loan for Birmingham, AL Apartments

  

BETHESDA, MD,  MAY 29, 2012– Beech Street Capital, LLC announced today that it closed a $4.5 million Fannie Mae conventional loan for the refinance of Bentwood Apartments (top left photo), a 120-unit multifamily community in Birmingham, Alabama.

The transaction was originated by Chad Thomas Hagwood (lower right photo), executive vice president based out of Beech Street’s Birmingham, Alabama office.

Bentwood Apartments is located in the northern portion of the Birmingham MSA, about 14 miles northeast of the Birmingham central business district, with convenient access to 1-59, a primary thoroughfare to the rest of the Birmingham MSA.

Built in 1983, with consistent improvements over the years, most recently in 2011, the property consists of ten, two-story buildings on approximately eight acres.  

 The fixed-rate loan has a 10-year term with a 30-year amortization schedule.

Contact:

Jenifer Bernardi, 240-507-1946, jbernardi@beechstcap.com  

Courtney Lewis, 240-507-1948, clewis@beechstcap.com

ARA’s Central and North Florida Team Executes Institutional Sale in Seminole County

 Casselberry, FL ( May 29, 2012) — The Orlando office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Newport Colony, a 476-unit garden apartment community located in one of the strongest submarkets in Central Florida, East Altamonte/Casselberry.

The Central Florida-based sales team of Principal Kevin Judd (lower left photo), Patrick Dufour and Matt Wilcox, represented a real estate investment advisor in the sale.

 IMT Capital, LLC, a private real estate investment and management company, together with its affiliate IMT Residential, a leading nationwide apartment operator with multi-family properties that extend throughout California, Arizona, Texas, and Florida, acquired Newport Colony for an undisclosed amount.

Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.

For a complete copy of the company’s news release and to schedule an interview with an ARA executive regarding this transaction, please contact:

Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or

Amy Morris at amorris@ARAusa.com, 678.553.9366; or

Marti Zenor at mzenor@ARAusa.com or 561.988.8800.

NAI Realvest Negotiates Sale of Industrial Condo at Monroe CommerCenter IV in Sanford, FL

MAITLAND, FL – NAI Realvest recently negotiated the sale of a 2,700 square foot industrial condo at Monroe CommerCenter IV (top left photo) in Sanford for $170,100.00.

 Michael Heidrich, a principal at NAI Realvest negotiated the transaction representing the seller and developer Small Bay Partners, LLC of Maitland.

Cloudy Logic LLC purchased units 1040 and 1048 at 4220 Church St. in the industrial center.  John Sadri of Coldwell Banker represented the buyer.

 The units were in shell condition at time of sale and the buyer will handle the interior buildout of the space including a restroom, office space and electrical.

For more information, contact,

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com

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

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

DoubleTree by Hilton Introduces Hotel in Phoenix Area

                              

Phoenix, AZ  (May 29 2012) – DoubleTree by Hilton proudly announces the opening of an upscale full-service hotel, just 20 minutes from downtown Phoenix, Arizona.

The 121-room DoubleTree by Hilton Phoenix-Gilbert (top left photo) is located in one of the most dynamic eastern suburbs of the Valley of the Sun, situated just 15 miles from the City Center, easily accessible to Loop 202 and Highway 60, Sky Harbor International Airport and Arizona State University.

The hotel is also located within minutes of Phoenix-Mesa Gateway Airport and the Gilbert, Mesa, Chandler and Tempe, Arizona surrounding areas, and adjacent to the highly popular San Tan Village shopping, dining and entertainment district.

Formerly a Radisson Hotel, the DoubleTree by Hilton Phoenix-Gilbert is celebrating its new affiliation with a variety of new product, service and design enhancements both inside and outside the property, including newly redesigned guestrooms and public spaces and a reinvented dining experience at the popular Brocks’ Restaurant and Bar (middle right photo).

For more information about the DoubleTree by Hilton Phoenix-Gilbert, please visit the hotel’s website at www.phoenixgilbert.doubletree.com, contact your preferred travel professional or call the hotel directly at +1 480 809 4100

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

Chris Daly

Daly Gray Public Relations

chris@dalygray.com

+1 703 435 6293

Berger Special Assets Awarded New Property Management Assignment

  

FORT LAUDERDALE, FL (May 29, 2012) – Berger Special Assets, a division of Berger Commercial Realty Corp., has been retained to provide property management services for the Crystal Lake Apartments (top left photo) in Miami Gardens. The 491-unit property has 25 buildings across more than 21 acres.

Berger Special Assets was selected by Carla Jones, who is serving as the property's receiver, for its experience with asset stabilization and preservation.

 

Founded in 2008, Berger Special Assets serves as receiver, management company and leasing agent to enhance the value of distressed commercial and multifamily properties across the state on behalf of lenders and financial institutions.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

CRE Show Takes a Look at Successful Retail REITs

 ATLANTA, GA (May 29, 2012) – Strong balance sheets. Aggressive growth plans. Consistent dividends. And optimismabout their sector’s future.

 These are some of the characteristics of the five retail REITs highlighted in the most recent episode of “America’s Commercial Real Estate Show.”

The episode featured interviews with the REITs’ CEOs that were conducted by Bull Realty’s Brad Thomas (top right photo) at the recent RECon 2012 in Las Vegas. With more than 30,000 attendees, the event is the retail real estate industry’s largest conference and trade show.

 Show host Michael Bull (top left photo), the founder and president of Bull Realty, began the show by noting this year’s RECon featured “a much more upbeat environment” than in the past several years. “There’s lots of capital in the investment market, and more tenants, encouraged by robust sales, are looking for space,” Bull said.

The first interview featured Stuart A. Tanz (middle right photo) CEO of Retail Opportunity Investment Corp., who also remarked on a busier RECon. “We’re experiencing a big increase in terms of meetings,” he said. “The demand from retailers in terms of appointments has been very strong.”

 Tanz’s REIT owns 36 grocery- or drug-store-anchored shopping centers, primarily along the West Coast and the Eastern seaboard. The REIT is currently paying a 4.3 percent dividend and should have room to continue growing the dividend, Tanz added.

 Steve Tanger (middle left photo), CEO of Tanger Factory Outlets, said his company, which recently expanded into Canada, sees tremendous growth potential for outlet malls generally and his company specifically. “We have virtually unlimited access to capital, so we can execute our growth plans without partners,” he said. “We are committed to growing. Our tenant demand has never been higher.”

 Craig Macnab (lower right photo), CEO of National Retail Properties, noted his firm completed more than $200 million of acquisitions in the first quarter and added that the REIT is committed to being a safe investment. “There are many ways we do that,” he said. “If we keep a strong balance sheet, we’re never at the mercy of the capital markets.”

Meanwhile, American Realty Capital Trust, which focuses on single-tenant, net-leased properties occupied by credit tenants, features a portfolio with an average property age of 5.5years and an average remaining lease term of 13.5 years. “The quality of the tenant that pays our rent is very high,” added William M. Kahane (lower left photo), CEO of the firm.

Robert S. Taubman (bottom right photo), CEO of Taubman Centers Inc., detailed his firm’s recent growth into Puerto Rico and said the company has expansion plans for China and South Korea. “We are really delighted with where the company is both internally and externally,” Taubman said. “We grew right through the recession and here we are on the other side, taking advantage of the many opportunities right in front of us.”

 The next “Commercial Real Estate Show” will be available May 31 and will provide an update on the assisted living and seniors housing real estate market.

 Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Charles Dunn Co. Completes $3.06 Million Sale of 28-Unit Multifamily Property in Los Angeles

 LOS ANGELES, CA, May 29, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $3.06 million sale of a 28-unit apartment property located at 21700 Roscoe Blvd. in Canoga Park, Calif. (top left map)  

Albert Shilton (middle right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based Roscoe Villa, L.P.

The buyer was Minas Properties, LLC from Los Angeles and was represented by Empire Estates Group. The property sold at a cap rate of 6.2 percent.

“The property was encumbered by a loan with an interest rate that was substantially higher than current rates and had to be assumed due to the prohibitive prepayment penalty. What’s interesting is that the property still sold for the lowest cap rate since 2008 – an indication that even without the help of low interest rates, apartments are very desirable,” said Rogers.

The property was constructed in 1962 on .69 acres of land and was 100 percent occupied at the close of escrow.  The property includes a courtyard setting with a pool and sundeck and was composed of 16, one-bedroom/one-bathroom units, three, two-bedroom/two bathroom units and nine, two-bedroom/1.5 bathroom units.

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Colliers International Completes $2.326 Million Sale of a Retail Property in Tarzana, CA

Tarzana, CA, May 29, 2012. – Colliers International, the third largest global real estate services organization, has completed the $2,326,000 sale of an approximately 12,044 square foot vacant retail property located at 18553-18563 Ventura Blvd. in Tarzana (top left map).

This prime Ventura Blvd. storefront property is located in the heart of Tarzana’s business and entertainment district with significant frontage and excellent visibility near one of the busiest intersections in the San Fernando Valley on Ventura Blvd and Reseda.

Jeff Gould (middle right photo), Senior Associate, and Jeff Albee (middle left photo), Senior Vice President, of Colliers International represented the seller. Gould and Albee also represented the buyer, who will use the property for their dermatology and skin care practice. 

 The Colliers team worked hand in hand with the owner to execute a disposition and marketing strategy that targeted owner/user buyers in order to maximize the value of this well-located asset.  Additionally, due to the proximity of the Tarzana Hospital, the Colliers team specifically targeted medical and office owner/user tenants in the surrounding area.  

 “This was a complex transaction that required all parties working together as a team to accomplish the sale,” said Albee.  “In the end, our top tier marketing campaign not only maximized the value of the asset but also generated multiple competitive offers that maximized value. Ultimately, we identified an owner/user who purchased the property using SBA Financing and whose plans are to rehab the asset for their medical practice.”

 Built in 1947, the property sits on approximately 0.39 acres of land and is located within a quarter of a mile from the new 250,000 square foot Village Walk retail complex in which includes Whole Foods and other high end boutique retailers. Additionally, it is within close proximity to many other major retail amenities in the area, the 101 Freeway, and the Tarzana Hospital.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224