HFF arranges $56 million financing for four-property seniors housing portfolio in Oregon

 CHICAGO, IL – HFF announced it has arranged $56 million in financing for a four-property seniors housing portfolio with 419 units located in the Portland, Oregon marketplace.

                HFF worked on behalf of Harrison Street Real Estate Capital, LLC and The Springs Living to secure the five-year floating-rate loan.  Loan proceeds were used to acquire, reposition and renovate the portfolio.

Stephen Skok

The portfolio consists of three properties south of Portland: Carman Oaks, a 174-unit property in Lake Oswego; Cedar Creek, a 58-unit property in Sherwood; and The Wilsonville, a 95-unit property in Wilsonville. 

The fourth property, Mill Creek Point, which has 92 units, is located 82 miles east of Portland in The Dalles.  The portfolio is 86 percent occupied overall and contains a diverse mix of independent living, assisted living and memory care.

                The HFF team representing the borrower was led by managing directors Stephen Skok and Timothy Joyce.

Timothy Joyce

Harrison Street Real Estate Capital was founded in 2005 and has approximately $4.0 billion in assets under management. The firm currently owns approximately $3.5 billion in real estate assets including more than 25,000 student housing beds, more than 6,000 senior housing/assisted living units, more than 1.4 million square feet of medical office space, more than 72,000 self-storage units, and more than 4,600 dry and wet boat storage slips.

The Springs Living, based in McMinnville, OR, began in 1996 with the mission of creating warm and comfortable senior communities that enhance the lives of their residents. The Springs Living currently owns and operates 10 retirement communities located in Oregon and Montana.  The Springs portfolio contains more than 1,200 units, which offers a diverse mix of independent, assisted living and memory care to its residences.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

DoubleTree by Hilton Opens Fourth Hotel in Houston, TX

DoubleTree by Hilton Houston Hobby Airport

  McLean, VA – DoubleTree by Hilton announced the opening of the 303-room DoubleTree by Hilton Houston Hobby Airport, located less than half a mile from Houston’s William P. Hobby Airport and just 30 minutes from the Houston Intercontinental Airport. 

Formerly a Hilton, the hotel will continue to be owned and operated by 1859 Historic Hotels of Galveston, Texas, and guests will continue to earn and be able to redeem HHonors points at the hotel.

Helen Bonsall

As part of its transformation, the DoubleTree by Hilton Hotel Houston Hobby Airport is undergoing a comprehensive renovation, to include a new executive lounge on the ninth floor for Hilton Honors members, a private wine room for special occasions in the Boardwalk Dining Room, an airline crew lounge and all public spaces, including the front desk and exterior entrance area.  

A complete makeover of the guest rooms and baths will begin in January 2013. 

Hotel General Manager Helen Bonsall said of the transformation, “Our hotel’s dedication to a superior guest experience aligns perfectly with the DoubleTree by Hilton brand promise to provide the special comforts and acts of kindness that make the traveler feel human again.”

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

Maggie Giddens

Director, Global Brand Public Relations

DoubleTree by Hilton

+1 703 883 5346

Maggie.Giddens@Hilton.com

 Lauralee Dobbins

Daly Gray Public Relations

+1 703 435 6293

 Lauralee@dalygray.com

Admiral Capital Real Estate Fund Makes First Multifamily Investment in Joint Venture with Wood Partners in San Antonio, TX

The Brookhaven Apartments, San Antonio, TX

SAN ANTONIO, TX /PRNewswire/ -- San Antonio-based Admiral Capital Real Estate Fund and Wood Partners of Atlanta have acquired 209 apartments within The Brookhaven, a Class A urban high-rise located on the northern perimeter of Atlanta's prestigious Buckhead neighborhood.

"We are very excited to make our second Admiral investment in Atlanta and our first in the multifamily sector. We have been fortunate to build a diversified portfolio of value-add properties and capitalize on opportunities in the market to acquire high quality assets at a significant discount to replacement cost," Admiral Capital Group founder David Robinson said.

David Robinson

"This is consistent with our overall fund approach to identify assets that need capital and repositioning and partner with best-in-class operators like Wood Partners to execute that strategy."

The Brookhaven, built in 1985, is located at 3833 Peachtree Road, less than two blocks from Buckhead's center, and three blocks from a MARTA rapid transit station. Interiors were modernized in 2008 to feature hardwood floors, custom cabinetry and enclosed sunrooms.

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

 Dan Bassichis of Admiral Capital,

+1-646-405-4808,

dbassichis@admiralcg.com; or

Genevieve Anton of Wood Partners,

 +1-714-544-6503,

ganton@antonpr.com; or

Sharon Ballenger of USAA Real Estate Company,

+1-210-641-8410,

sharon.ballenger@usrealco.com

Voit Real Estate Services Completes 125,000-SF Industrial Acquisition for Cosmetics Distributor in Phoenix, AZ

  

Mike Kasulaitis

 Phoenix, AZ– Mike Kasulaitis of Voit Real Estate Services’ Phoenix office has successfully directed the acquisition of a 125,000 square-foot industrial building in Phoenix, Ariz. on behalf of the buyer, Buckeye 59th Ave, LLC.

The buyer, an East Coast-based manufacturer and distributor of make-up, costumes and accessories, will use this property as its distribution facility in Phoenix, according to Kasulaitis, Vice President in Voit’s Phoenix office.

“As the Phoenix industrial market continues its recovery, we are seeing an increase in activity from larger national companies who are seeking to secure distribution space to fulfill their operational needs,” said Kasulaitis. 

According to Kasulaitis, Buckeye 59th Ave, LLC was seeking a property in close proximity to its current manufacturing facility in Phoenix with good freeway accessibility.

“Voit’s keen knowledge of the market enabled us to secure a property that met our client’s distribution requirements in their desired location,” explained Kasulaitis.

The seller, Conair Corporation, was represented by Greg White of CBRE.

 The property is located at 2 north 59th Ave in Phoenix, Ariz.

Contact: 

Jenn Quader/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Howard Fuerst Returns to Marcus & Millichap as a Senior Associate

Howard Fuerst

HOUSTON, TX– Howard “Howdy” Fuerst, an investment specialist at Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has returned as a senior associate in the Houston office.

Most recently, Fuerst was a national sales advisor to Trammell S. Crow’s Earth Day Dallas, the largest sustainability event in the nation.

“It’s with great pleasure that we welcome Howdy back to Marcus & Millichap,” says David Luther, vice president and regional manager of the Houston office. “A veteran agent with extensive experience in the retail and office sectors, he has worked with some of the area’s largest property owners to build their portfolios, and will undoubtedly provide the same superior level of service to his Marcus & Millichap clients.” 

David Luther

Fuerst began his career in 2002 as a retail investment specialist in the firm’s Dallas office. During his initial seven years, he earned a National Achievement Award, four plaques and two Gold Achievement Awards.  

Fuerst joined the Dallas office of Transwestern in 2009, and left that company after two years. He began advising for Trammell Crow in 2011. He has also has provided advisory services to Ross Perot Sr. and Jr., as well as the Caroline R. Hunt Trust.

            “I returned to Marcus & Millichap because the platform far exceeds that of any other brokerage firm,” says Fuerst. “Moving from Dallas to Houston was also a strategic move: There are tremendous opportunities for commercial real estate investments in the Houston MSA. With attractive interest rates and plenty of capital from private and institutional Texas investors, we expect strong growth in the local CRE market over the long term.”

            A Certified Commercial Investment Manager (CCIM), Fuerst received his bachelor’s degree from Southern Methodist University and his master’s degree in business administration from the University of Miami.

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

Stacy Corson,

Public Relations Manager,

 (925) 953-1716

IPA Sells 344-Unit Luxury Complex in Austin, TX

The Remington, Austin, TX

AUSTIN, TX – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Remington, a 344-unit gated, resort-style multifamily community along the north side of State Highway 45 in Austin. Terms of the sale were not disclosed.

Will Balthrope, an executive director, Drew Kile an associate director, and director Scott Lamontagne, advised the seller, Koontz McCombs. The buyer is a private investor from the Pacific Northwest who was involved in a 1031 exchange.

Will Balthrope

“In spite of the recent construction spike, the Austin apartment market is still tight,” says Balthrope. “With strengthening job creation and other demographic trends working in the buyer’s favor, rents are set to rise, giving this exceedingly stable investment superior upside potential.”

The property is situated on 17.4 acres with easy access to Interstate 35 and State Highway 183, and is convenient to Austin-Round Rock employers Dell, Apple, IBM and Samsung. A major mall, restaurants and retailers including Walmart and Best Buy are also nearby.

The Remington was constructed in 2007 and has achieved above-average occupancy every year. The average unit size is 1,012 square feet.

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

Stacy Corson,

Public Relations Manager,

 (925) 953-1716

$10.75 Million in Drugstore Property Sales Arranged by Marcus & Millichap

CVS Pharmacy, Lebanon, PA

PHILADELPHIA, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two separate net-leased drugstores located in Pennsylvania and Maryland.

 In Lebanon, Pa., a 13,225-square foot CVS/pharmacy commanded a sales price of $5,946,000 and a cap rate of 6.45 percent. A 15,120-square foot Walgreens in Baltimore traded for $4,811,000 at a cap rate of 7.71 percent. 

Matthew Gorman

Michael Shover and Matt Gorman, both senior associates in Marcus & Millichap’s Philadelphia office, represented the seller of the CVS/pharmacy, a developer. Marcus & Millichap also represented the Walgreens’ seller, a private investor.

           “Because of our marketing efforts, we created significant demand from a number of qualified investors for the CVS property,” says Shover. “Ultimately, a 1031 exchange buyer was selected.”

Michael Shover

The investor, a limited liability company, was secured and represented by Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office. 

The CVS/pharmacy is located at 2200 West Cumberland St. in Lebanon, Pa. The property was built in 2008 and relocated from the Lebanon Valley Mall across the street. There are 22 years remaining on the lease.

Brandon Michaels

 “The Walgreens transaction is an excellent example of our firm’s platform and national reach,” Shover continues. “The California-based 1031 exchange buyer was specifically focused on acquiring a Walgreens drugstore, and in this case, the asset was located on the other side of the country.”

The investor, a personal trust, was secured and represented by Brandon Michaels, a vice president investments in Marcus & Millichap’s Encino, Calif., office. Also providing representation was Peyton Banks, an associate vice president in the firm’s Washington, D.C. office, is Marcus & Millichap’s broker of record in the District of Columbia.

Located on 2.16 acres, the Walgreens drugstore is situated on a signalized intersection at 2310 W Patapsco Ave. in Baltimore. At the time of the sale there were just less than 10 years remaining on the initial base term of the lease. 

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

Stacey Corso

Public Relations Manager

(925) 953-1716

$67 Million Student Housing Sale Brokered by IPA in Tucson, AZ

  

The District on 5th Avenue, Tucson, AZ

 TUCSON, AZ – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The District on 5th Avenue, a new 208-unit, student housing community located approximately one-half mile from the University of Arizona.

The 764-bed complex commanded a sales price of $67 million or $322,115 per unit and $268 per square foot.

            Peter Katz, an executive director, advised the seller, Residential Housing. The buyer was Education Realty Trust (EdR).

Peter Katz

 “The District on 5th Avenue is a core, Class A pedestrian-to-campus, purpose-built student housing community that ideally fits the institutional investor’s property profile of an urban infill, close-to-campus asset,” says Katz.

“Institutional investors, in an effort to place allocated capital, have become more aggressive in their pricing. This has resulted in compressed cap rates and lowered unleveraged yields, especially for properties at tier-one universities with residents from strong socio-economic backgrounds,” adds Katz.

University of Arizona, Tucson, AZ

Located at 550 North Fifth Ave. between North Herbert and North Arizona avenues, The District on 5th Avenue is a high-end student community with 12 two-bedroom/two-bath units, four three-bedroom/two-bath units, 40 three-bedroom/three-bath units, 45 four-bedroom/two-bath units and 107 four-bedroom/four-bath units, with an average weighted unit size of approximately 1,203 square feet. All units are leased by the bed.

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

Stacey Corso

Public Relations Manager

(925) 953-1716

Mid-rise suburban Chicago multi-housing property listed for sale by HFF

Glen Oaks Commons, Des Plaines, IL

 CHICAGO, IL – HFF announced today that it has been named to market for sale Glen Oaks Commons, a 504-unit, value-add, mid-rise apartment property with elevators in Chicago’s northwest suburbs.

                HFF is marketing the property on behalf of the seller, Malkin Properties of Illinois, Inc.  The property will be delivered free and clear of existing financing.

Matthew Lawton

Glen Oaks Commons is situated on 17.6 acres at 9700 Sumac Road in Des Plaines, close to the O’Hare International Airport, Advocate Lutheran General Hospital and Interstate 294 about 20 miles northwest of Chicago.  The property comprises seven, four-story residential buildings with one-, two- and three-bedroom units averaging 938 square feet each.  Community amenities include an Olympic-sized swimming pool and sundeck, fitness center, playground and volleyball and tennis courts.  Glen Oaks Commons is 97 percent occupied. 

Marty O'Connell

According to HFF, approximately 50 percent of the homes have undergone a full renovation, which includes upgrades to kitchens, bathrooms and interior common areas.  Potential investors will have the opportunity to continue the renovation program and will also benefit from current ownership’s superb maintenance of the property.  Any new investor capital will be immediately accretive to investor returns.

                The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton and managing directors Marty O’Connell and Sean Fogarty.

Sean Fogarty

 Malkin Properties is the acquisition, management and marketing arm of the Malkin family, which controls the ownership and operation of more than 15 million square feet of commercial, residential and light industrial property in more than a dozen states.

  

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF hires Nick Klein as associate director in its Portland, OR office

  

Nick KLein

PORTLAND, OR – HFF announced it has hired Nick Klein as an associate director in its Portland office.  Mr. Klein will focus on multi-housing investment sales transactions in the Pacific Northwest. 

Mr. Klein has more than 12 years of experience in the multi-housing real estate industry.  Prior to joining HFF, he worked as a multifamily broker at Hagerman Frick O’Brien LLC and Marcus & Millichap Real Estate Investment Services.

 He is a member of Urban Land Institute and NAIOP (National Association of Industrial and Office Properties) and is a licensed real estate broker in Oregon and Washington.  Mr. Klein holds a Master of Science degree in Real Estate from The University of San Diego and a Bachelor of Science degree in Economics from The University of Oregon.

“HFF is committed to growing and strengthening our West Coast investment sales platform and the addition of Nick to this group will allow us to better serve our clients in the Pacific Northwest,” said Lloyd Minten, senior managing director in HFF’s Portland office.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

NAI Realvest brings innovative natural product retailer to lease 10,384-SF market space in Lake Mary, FL

Christie Alexander

 MAITLAND, FL --- NAI Realvest, working in conjunction with NAI Brannen Goddard in Atlanta, represented health food retailer Earth Origins Outlet recently in negotiations to lease 10,384 square feet of space in Oaks at Lake Mary Shopping Center, 3005 W. Lake Mary Blvd. in Lake Mary.

NAI Realvest principal Christie Alexander and broker associates Drew Saphos CCIM represented Earth Origins Market, along with Chairman George Livingston and Associate Paul Vera.

The Lake Mary store will be Earth Origins Outlet’s 13th U.S. location and the first of its Earth Origins Outlet concept.

Drew Saphos

Earth Origins Market is a division of Providence, RI-based UNFI, the leading U.S. independent national distributor of natural, organic, specialty foods, and related products.

The Landlord, Oaks at Lake Mary Ltd. of Altamonte Springs was represented by Jim Gruber of Quest Company.

 For more information, please contact:

George Livingston

Christie Alexander, Principal, NAI Realvest 407-875-9989 calexander@realvest.com

George Livingston, Chairman, NAI Realvest 407-875-9989 glivingston@realvest.com

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

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

Chatham Lodging Trust Announces Third Quarter Results

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, announced results for the quarter ended September 30, 2012. 

In addition, the company announced that it amended its senior secured revolving credit facility to increase the line of credit to $95 million and lower costs by approximately 250 basis points.

Third Quarter 2012 Highlights

·         Hotel RevPAR – Rose 5.8 percent to $114. 

·         Adjusted EBITDA – Increased 48.5 percent, or $3.9 million, to $12.0 million.

·         Adjusted FFO – Improved adjusted FFO per diluted share 39.4 percent to $0.46, in line with consensus estimates.

·         Comparable GOP Margins – Grew 180 basis points to 46.2 percent. Five of Chatham’s 18 hotels were acquired during the 2011 third quarter.

·         Joint Venture Portfolio– Continued to exceed internal budget expectations for RevPAR and EBITDA. Received distributions of $1.7 million in the third quarter, bringing total distributions to $20.9 million or 56.5 percent of Chatham’s initial investment in the joint venture.

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

Dennis Craven (Company)                                                    

Chief Financial Officer                                                           

(561) 227-1386                                                                       

Jerry Daly (Media)

Daly Gray, Inc.

 (703) 435-6293

NAI Realvest Negotiates Two Lease Agreements for Class A office space in Lake Mary, FL

Mary F. West

ORLANDO, Fla. – NAI Realvest recently negotiated a new lease and a sublease totaling 3,055 square feet of Class A office space in Lake Mary, FL.

 Senior Broker-Associate Mary Frances West, CCIM represented SubTenant Atlantic Coast Financial Corporation d/b/a Atlantic Coast Bank in the  Sublease of suite 4019 with 1,629 square feet at 1001 Heathrow Park Lane a/k/a International Blvd.

American Pioneer Life Insurance Company, the SubLandlord, was represented in the transaction by Mike Phipps of CB Richard Ellis.

Mike Phipps

West represented landlord Maya Associates LLC of Okemos, Mich. in a lease agreement with Global KTech, Inc. for suite 200 with 1,426 square feet at The Crystal Center, 3300 West Lake Mary Blvd.

  For more information, please contact

Mary Frances West, CCIM Senior Associate, NAI Realvest 407-875-9989 or mwest@realvest.com

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

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

Avison Young opens fourth Los Angeles office

 

Mark E. Rose

TORONTO  /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services

company, announced today the opening of a newly-formed office in

Downtown Los Angeles.

The newest American office marks Avison Young's fourth Los Angeles

location and an additional step in the firm's aggressive growth and

expansion strategy.

Derrick Moore

Over the past three and a half years, Avison Young has grown from 11 to, now, 41 offices in 33 markets and from 300 to more than 1,100 real

estate professionals across Canada and the U.S.

Effective immediately, retail industry veteran Derrick Moore joins Avison Young as a Principal and will be based in the firm's new Downtown Los Angeles office. He will lead the company's retail efforts in Downtown L.A., as well as expand the firm's presence and generate transaction volume in the Downtown market.

Chris Cooper

Widely recognized in commercial real estate circles as one of the industry's leading retail experts in Los Angeles, Moore was most recently a First Vice-President with CBRE in L.A.

Chris Cooper, Avison Young Principal and Managing Director of the Southern California region, will relocate to the new Downtown Los Angeles office from

Avison Young's Los Angeles West office. A 27-year industry veteran, Cooper has spent almost his entire legal and real estate professional careers in Downtown Los Angeles.

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

 Media Relations:

Sherry Quan

(604) 647-5098 or (604) 726-0959

email: sherry.quan@avisonyoung.com

Burr & Forman Renews Lease at 171 17th Street in Atlanta, GA

171 - 17th Street, Atlanta, GA

ATLANTA, GA -- Cassidy Turley, a leading commercial real estate services provider in the U.S., has brokered the renewal and expansion of the lease of two full floors of space at 171 17th Street in Atlanta for Burr & Forman, a regional law firm based out of Birmingham, Ala.

 Burr & Forman inked the lease for approximately 49,000 square feet, including a 12,500-square-foot expansion.

 Cassidy Turley’s Managing Director Glenn Kolker and Associate Vice President Sonia Winfield represented the landlord in the deal. Andy Ghertner, John O’Neill and Peyton Wimberly of Cushman & Wakefield represented Burr & Forman.

Glenn Kolker

 171 17th Street is the cornerstone office building in Midtown’s Atlantic Station development, offering tenants plenty of amenities and easyaccess to Atlanta’s major interstates.  The 509,000-square-foot, 22-story Class-A office tower is owned by JPMorgan and is now 90 percent leased.

 “We are extremely pleased we were able to extend our relationship and accommodate the growth of a valued tenant like Burr & Forman,” said Kolker. “We think this commitment, along with the recent renewals of Wells Fargo and Arnall Golden Gregory, reaffirms that both 171 and Atlantic Station are very desirable workplace environment.”

  

 Public Relations Contact:

Tony Wilbert

Wilbert News Strategies

404-965-5022

twilbert@wnspr.com