Thursday, December 6, 2012

HFF arranges $1.7 million refinancing for Marion Ridge Self Storage in Kansas City, MO



Marion Ridge Self Storage, Kansas City, MO
LOS ANGELES, CA – HFF announced today that it has arranged a $1.7 million refinancing for Marion Ridge Self Storage, a 480-unit self storage asset in Kansas City, Missouri.

                Working exclusively on behalf of World Class Capital Group, LLC, HFF placed the 10-year, fixed-rate loan through Morgan Stanley Mortgage Capital, Inc.  - CMBS.  The securitized loan will be serviced by HFF.

                Marion Ridge Self Storage is located at 9600 Marion Ridge adjacent to Interstate 435 near the interchange of US Route 71 and 50 southeast of downtown Kansas City.  The property is fully leased and was built in 1988.

Christopher Vittetoe
The HFF team representing the borrower was led by director Christopher Vittetoe.

World Class Capital Group, LLC is a leading private investment firm based in Austin, Texas.  The firm pursues opportunities in all U.S. markets and has a distinct focus on alternative investments, primarily real estate and private equity.

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



HFF secures $9.3 million construction loan for spec industrial development in Miami



Eric Tupler
 DENVER, CO – HFF announced today that it has secured a $9.3 million construction loan for a185, 520-square-foot, Class A spec industrial development in Medley, Florida.

                Working on behalf of Industrial Income Trust, HFF placed the three-year construction loan with a national bank.

                The project is situated on an 8.8-acre site near Miami’s most important transportation arteries including the Florida Turnpike, Okeechobee Road, the Palmetto Expressway and Route 27. 

Jim Dockerty
The site also has direct rail access on site through the Florida East Coast Railway, which links the development to 351 miles of rail along Florida’s east coast as well as South Florida’s major ports.

                The HFF team representing Industrial Income Trust was led by senior managing director Eric Tupler, managing director Jim Dockerty and director Josh Simon.

                As of September 30, 2012, Industrial Income Trust owned and managed a portfolio of consolidated and unconsolidated properties that included 173 industrial buildings totaling approximately 33.3 million square feet with 329 customers in 18 major industrial markets throughout the U.S.

Josh Simon
 For a complete copy of the company’s news release, please 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 |



HFF arranges $62.3 million construction loan for The Residences at Fresh Pond in Cambridge, MA



The Residences at Fresh Pond, Cambridge, MA
BOSTON, MA – HFF announced today that it has arranged a $62.3 million construction loan for The Residences at Fresh Pond, a 428-unit, Class A multi-housing development in Cambridge, Massachusetts.

                HFF worked on behalf of the borrower, O’Connor Capital Partners, to secure the four-year, fixed-rate loan through RBS Citizens.  The loan has one 12-month extension option.

Riaz Cassum
                The Residences at Fresh Pond will be built in two phases.  Phase one will have 260 units and 251 parking spaces, and phase two will have 168 units and 151 parking spaces.  The one- and two-bedroom units will average 873 square feet.  Community amenities will include a swimming pool, roof deck lounge, bocce court, fitness center, movie theatre, community club room and internet lounge. 

The Residences at Fresh Pond is located at 70 Fawcett Street near the Alewife MBTA station and the Fresh Pond Reservation area in west Cambridge.

                The HFF team representing O’Connor Capital Partners was led by senior managing director Riaz Cassum.
  
For a complete copy of the company’s news release, please 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 |



Rock Ventures Continues Investment in Downtown Detroit with Purchase of One Woodward Building



One Woodward Building
DETROIT, MI /PRNewswire/ -- Rock Ventures, the umbrella entity providing operational coordination of Dan Gilbert's portfolio of companies and investments, today announced it has added another 333,000 square feet of class-A downtown Detroit office space to its growing real estate portfolio.

The company completed the purchase of the 26-story One Woodward building, located on the corner of Jefferson and Woodward Avenue. Rock Ventures plans to renovate the building in order to accommodate the growing demand for space in the city's emerging technology district.

Built in 1962, One Woodward was designed by famed architect Minoru Yamasaki, and is considered an early design that ultimately led Yamaski to create the former World Trade Center towers in New York City.

Dan Gilbert
"The One Woodward building is located in the heart of Detroit's technology core, and provides us more space to further accommodate our growing family of companies and the increasing number of businesses that want to leverage the opportunities made in Detroit," said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans.

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

Paula Silver,
+1-313-373-7255,

CBRE Orlando Closes Integra Shores Near Daytona Beach, FL for $32.2 Million



Integra Shores Aparrtments
ORLANDO, FL -- CBRE is pleased to announce that it has completed the sale of Integra Shores, an upscale 288-unit multi-housing apartment community in Central Florida.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Completed in 2008, Integra Shores is just one mile from the $270-million Florida Hospital Memorial Medical Center in Daytona Beach.

Florida Hospital Memorial Medical Center
Integra Shores provides residents with a wide array of amenities including a resort-style pool, an outdoor gasfireplace and summer kitchen, and fitness and business centers. The apartment homes average 987 square feet and offer nine foot ceilings, garden tubs and large walk-in closets.

The closing was a market-leading 31st multi-housing transaction locally in 2012 year to date for CBRE.

 For further information, please contact:

Shelton Granade
T 407.839.3103
shelton.granade@cbre.com

 Luke Wickham
T 407.839.3130
luke.wickham@cbre.com

Justin Basquill
T 407.839.3169
justin.basquill@cbre.com

Wilbert News Strategies in Atlanta, GA Becomes The Wilbert Group


  
The Wilbert Group, Atlanta, GA
Name Change Comes Amid Growth Year for Full-Service Communications Firm

 ATLANTA, GA (Dec. 6, 2012) – As it continues to add both clients and team members, Wilbert News Strategies is changing its name to The Wilbert Group.

 The Atlanta-based full-service communications firm this year added clients including Equifax, a leading global provider of consumer and commercial data; Acculynk, a startup in the online payment space; Cooper Carry, a commercial architecture firm; Invest Atlanta, the economic development arm of the city of Atlanta; Atlantic Station, a retail-focused mixed-use project in Midtown Atlanta; North American Properties, a commercial real estate development firm; Camana Bay, a New Urbanist mixed-use community in the Cayman Islands; and Manhattan Construction.

Tony Wilbert
Founded three and a half years ago, The Wilbert Group offers capabilities including media relations, social media, thought leadership, crisis communications/issues management and content creation.

 “Our new name, The Wilbert Group, more accurately represents that we are a full-service communications and public relations firm,” said Founder and President Tony Wilbert. “The Wilbert Group name also speaks to the fact that we have a strong team with excellent skills delivering results for clients every day.”

Stephen Ursery
As The Wilbert Group has grown, it has added experienced team members with backgrounds in journalism, public relations and graphic design.

 “We are landing clients that are leaders in their respective industries, and we are really honored and excited to be working with organizations of this caliber,” Wilbert said. “At the same time, we’ve grown our own team by hiring experienced professionals with both journalism and public relations skills. Our founders and most of our team members have journalism experience, which provides a unique ability to understand and connect with the media on behalf of our clients.”
Elizabeth Hagan

New hires in 2012 include:

 Stephen Ursery (@stephenursery): Stephen joined the firm full-time early this year, bringing stellar writing skills, an understanding of how the media works and a strong knowledge of business. Ursery, a longtime journalist, previously worked at publications including Waste Age, National Real Estate Investor, the Marietta Daily Journal and the Fulton County Daily Report.

Hadley Creekmuir
Elizabeth Hagin (@elizabethhagin): Elizabeth joined Wilbert after earning her master’s in communications from the University of Georgia. Her “first career” was in graphic design — she worked in the marketing department of Sea Island Co. — and she remains passionate about the visual component of public relations.

 Hadley Creekmuir (@hadleyhcreek): Hadley joined Wilbert after spending a few years navigating the entrepreneurial waters. As the founder of Creekmuir Communications, Hadley developed, implemented and managed communication campaigns for a variety of Atlanta companies, ranging from a specialty harmonious aquaculture company to The Westminster Schools. In previous roles, Hadley led the marketing team at Atlanta Fine Homes Sotheby’s International Realty and worked at Atlanta-based public relations firm Jackson Spalding. She also worked as a business journalist early in her career.

Savannah Duncan
Savannah Duncan (@savannahbduncan): Wilbert hired Savannah from France Media, where she was associate editor of Southeast Real Estate Business and Shopping Center Business magazines and was responsible for writing features, editing, reporting and producing a bi-weekly e-newsletter. She also oversaw the website and national e-newsletter. Prior to that, she was an intern at Jezebel magazine.

 M.C. Rhodes (@mcrhodes): M.C. joined Wilbert shortly after graduating from the University of Georgia, where she studied publication management and music business.  While in school, she wrote for many print and online publications including Fayette Daily News, Today in Peachtree City, Athens Banner-Herald, The Red and Black and Ugazine. She was also a radio DJ for WUOG 90.5 FM, where she had two weekly on-air shows.  She continues to contribute to Performer Magazine as an album reviewer.

MC Rhodes
The Wilbert Group is a full-service communications and public relations firm based in Atlanta with a national reach. Wilbert has clients in real estate, financial services, travel, retail, education, the non-profit sector and other industries. Founded by veteran journalists, Wilbert has deep relationships in newsrooms across the country and a nuanced understanding of how the media landscape is changing. Wilbert “goes deep” to understand its clients’ businesses. Wilbert’s capabilities include media relations, social media, thought leadership, crisis communications/issues management and content creation.

 For More Information, Contact:

Tony Wilbert
The Wilbert Group
404-965-5022 (O) 404-405-3656 (C)



New Mortgage Pricing Benchmarks Set by Low Interest Rates




Chicago, IL -- The Real Estate Capital's Scoreboard for December notes that the Fed's clearly-publicized intention
to keep interest rates low until 2015 firmly establishes new mortgage pricing benchmarks for the next few years. Realty investors now fully realize that lower returns are here to stay within a flattened yield curve environment.  

Crowded competition for higher-quality loans also assures that virtually no extra money is left on the table for "arm-chair" yields.Lenders must aggressively hunt for the right loan opportunities, or stay on the sidelines.


Where is the low-hanging fruit in the real estate capital jungle? The answer lies in Pro forma lending.  Pro forma underwriting allows for more favorable
funding structures, while tapping into better yield profiles.  More forward-looking risk means more risk and corresponding profits.  The most popular routes for pro forma loans include high leverage debt, bridge loans and forward-delivery mortgages:
Bridge/Transition Loans:  High leverage bridge loans are a void in the market.  As banks slowly re-emerge from their past lending woes, bridge lenders fill the gap for borrowers seeking maximum debt on value-add acquisitions. 

Funding as much as 90% of the capital stack, most bridge
lenders are private debt funds willing to take such interim risk based upon yields in the high-single-digit or more range.  Extra origination and fees (as much as three percent) add to the juicy yields.  The risk is high, but the profits are attractive in the redevelopment plans are clearly devised by proven sponsorship.  Exit underwriting limited to 75% or less LTV based upon stabilized value projections and permanent loan programs available in the market for the bride loan "take-out."

High leverage debt: While maximum leverage is often the goal of many borrowers for improving profitability with less cash down, a number of justifiable circumstances warrant such underwriting if future economic performance is readily provable. For instance, well-located, well-conceived
commercial properties are rebounding due to rising tenant demand combined with more profitable rollover. Select funding sources understand such leverage goals and can achieve additional pricing of 25 to 50 basis points premiums for climbing the capital stack to as much as 75% LTV.

Forward-delivery Loans:  Borrowers seek these early commitments from lenders to minimize uncertainty in there capital transactions execution;  Lenders fear committing future funds at locked rates in case interest rates climb during the interim period. Forward deliveries are available because lenders see the benefit of capturing new-construction/refinance opportunities for projects that would otherwise be unavailable at attractive pricing (e.g., core multifamily) -- an early bite at the apple.

Jeanne Peck
Jeanne Peck of the Real Estate Capital Institute advises, "For the right
property/sponsor marriage, bridge loans have been an integral tool for
repositioning commercial and residential property as the market continues on
its path out of distress."

The Real Estate Capital Institute(r) is a volunteer-based research
organization that tracks realty rates data for debt and equity yields.  The
Institute posts daily and historical benchmark rates including treasuries,
bank prime and LIBOR. 

Call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624

Contact: Jeanne Peck, Executive Director
www.director@reci.com
www.reci.com

Waterton Associates purchases Two Blocks Apartments in Atlanta, GA.


Two Blocks Apartments, Atlanta, GA
CHICAGO, Nov. 29, 2012 /PRNewswire/ -- Waterton Associates is pleased to announce the recent acquisition of Two Blocks Apartments, a 400-unit community located in Atlanta, GA.  Two Blocks is the seventh asset purchased by Waterton this year.

Constructed in 2008 by Pollock Shores Real Estate Group, the development features 5 mid-rise buildings, 2 mid-rise parking decks, and includes 400 apartments consisting of one and two bedroom garden and loft style units. 

The property, located in the Chamblee Dunwoody area of Atlanta, offers close proximity to I-285, GA 400, I75 and I85.

Max Peek
"Waterton is pleased with the acquisition of Two Blocks Apartments and we are excited to add another community to our growing Atlanta portfolio," states Max Peek, Senior VP of Acquisitions, Waterton Associates.  "The community is a well-located, well-built asset that offers tremendous value to our customers."

Waterton closed the Two Block Apartments transaction Oct. 26, 2012.

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

Virginia Love,
+1-404-937-2061,




Beech Street Capital Closes $16.5 Million Fannie Mae Loan for Boca Raton, FL Apartments



Crystal Palms, Boca Raton, FL
 BETHESDA, MD – Beech Street Capital, LLC, announced it closed a $16.5 million Fannie Mae conventional loan to refinance Crystal Palms, a 175-unit garden-style multifamily property in Boca Raton, Florida.

Brian Sykes, vice president in Beech Street’s Boston office, originated the deal.   The borrower, Scully Company, currently operates 30 properties in Pennsylvania, New Jersey, Connecticut, and Florida and manages garden and high-rise communities ranging in size from 88 to 1,000 units.


Brian Sykes
Beech Street constantly monitors market conditions and was able to close the transaction at a lower rate with higher proceeds than was communicated at application. The borrower’s “all in rate” was extremely attractive. “Beech Street got the job done and exceeded our expectations,” said Mike Scully, cochairman of Scully.

 Crystal Palms consists of two-story, garden-style buildings, each with lanais.  Amenities include a pool, fitness center, and tennis courts.  It is located in an attractive residential area, close to shopping and major highways. 

Michael Scully
 The fixed-rate loan has a seven-year term, with 6.5 years yield maintenance and a 30-year amortizing schedule.

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

Courtney Lewis at
240-507-1948

Jenifer Bernardi  
240-507-1946.




Exit Realty of Daytona Beach Names New Broker Associate and New Sales Associate


Patrick Sullivan

 DAYTONA BEACH, FL --- Exit Realty of Daytona Beach has appointed one new broker associate and one new sales associate.

Aswin Suri, principal of Exit Realty of Daytona Beach, said he named Patrick Sullivan broker associate.

Sullivan who received his Florida broker’s license in 1998, has 20 years of experience in real estate sales and has been consistently one of the top sales leaders in the area’s Board of Realtors. He is recognized as a sales specialist in new homes, investments, single-family developments and commercial property throughout the Daytona, Ormond Beach, Holly Hill, Port Orange, Ponce Inlet, New Smyrna and surrounding areas.  

Cheryl Heller
Suri also named Cheryl Heller a sales associate.  Heller, who holds a Masters Degree in Education from Ball State University in Indiana, began her real estate career in 2005 after a storied career of teaching high school in six different states, then working as a clinical social worker for the ACT Corporation in Volusia County. 

The expertise and professionalism Heller accumulated through the years has enabled her to easily help buyers and sellers of real estate on both sides of the Intracoastal.

Aswin Suri
This year Exit Realty has sold condos, homes and commercial properties totaling over $40 million which is double what the firm sold its first year 2009, Suri said.


For more information, contact

Aswin Suri, MHA, B.A., Owner, Exit Realty of Daytona 386-383 3000 or aswin@aswinsuri.com;

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



Wednesday, December 5, 2012

Herald Plaza in Miami, FL Sold for $9 Million



Herald Plaza, Miami, FL
PEMBROKE PINES, FL,  Dec. 5, 2012 --- An investment group led by a pair of veteran South Florida real estate executives has acquired the landmark office complex Herald Plaza that houses the Miami Herald’s Broward County bureau along I-75 in Pembroke Pines.

The deal for the 77,000-square-foot, two-building campus closed Dec.4.

The sale price was $9 million, or about $116 a square foot. 

Darcie Lunsford, VP of McCraney Property Co., represented the landlord in those transactions and will continue to handle leasing for the new ownership. In all more than 34,000 square feet of new leases have been executed in the two-building complex since January. The project now stands about 98 percent leased.

Grover & Corlew LLC, a boutique real estate investment and management firm focused on multi-family, office and medical office properties, acquired the high-profile Herald Plaza complex.  The acquisition was done in partnership with Atlantic Creek Real Estate Partners LLC (“Atlantic Creek”), an opportunistic commercial real estate investment fund with offices in New York City and Palm Beach, Florida.  

The seller was a venture between Coconut Creek-based Butters Group and Boca Raton-based Milhous Group.

The CBRE team of Scott O’Donnell, Jeffrey Kelly, Dominic Montazemi, Marty Busekrus, and Miguel Alcivar brokered the transaction.
 year.

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

Don Silver
Chief Operations Officer
Boardroom Communications
(954) 370-8999
(954) 629-7523 Cell
(954) 370-8892 Fax

Jones Lang LaSalle Completes $30M Sale of Phoenix, AZ Multifamily Property



La Palma Apartments, Phoenix, AZ
 PHOENIX, AZ, Dec. 5, 2012 – Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of La Palma in Phoenix on behalf of LAP LLC of Orange County, California.

 Purchased for $30.1 million by Seattle-based Weidner Investment Services, the 548-unit apartment complex further cements the local market presence of Jones Lang LaSalle’s new multifamily investment sales practice, created when Executive Vice President John Cunningham joined the firm in fall of 2011.

John Cunningham
Cunningham and Vice President Charles Steele led the Jones Lang LaSalle team on this transaction, with assistance from San Diego-based Executive Vice Presidents Darcy Miramontes and Diane Miramontes and Vice President Kip Malo.

 “Phoenix has a resiliency that investors trust to grow value,” said Cunningham. “The new owners of La Palma have an excellent opportunity to improve and reposition the asset in a very strong Phoenix marketplace.”

Diane Miramontes
According to Cunningham, Phoenix rental rates were up considerably at the end of the second quarter, reaching an average $774 per month compared to an average $754 in the first quarter of the year.  Vacancy has simultaneously decreased, falling from 9.8 percent in fourth quarter 2011 to 8.6 percent by mid-2012.

Darcy Miramontes
“That attracts investor dollars, and has ranked Phoenix third in the nation for total transaction volume,” said Cunningham, noting that by August, total transaction velocity in Phoenix already had surpassed its 2011 total volume of $1.49 billion.

The 548-unit La Palma, located on West Bell Road near 7th Avenue, is approximately 90 percent occupied. It includes two- and three-story buildings with one-, two- and three-bedroom units ranging from approximately 720 to 1,444 square feet. The 1984-built property sits on 27.6 acres on a major metro arterial. Amenities include two large clubhouses, four swimming pools and multiple sports courts.

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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

HFF arranges $9.2 million refinancing for Plaza at Milltown in Oahu, Hawaii



The Plaza at Milltown, Oahu, Hawaii
 SAN DIEGO, CA – HFF announced today that it has arranged a $9.2 million refinancing for The Plaza at Milltown, a two-building, 30,135-square-foot commercial center in Waipahu, on the island of Oahu in Hawaii.

                HFF worked on behalf of Avalon Development to secure the 10-year, 5.25 percent, fixed-rate loan through UBS Investment Bank – CMBS.  The securitized loan is refinancing a current mortgage on the property.

Aldon Cole

                The Plaza at Milltown was completed in 2008 and is fully leased to tenants including national credit tenants Ohana Well Care and Liberty Dialysis.  The property is situated on a 1.76-acre site within the Mill Town Industrial and Business Park, within 1/8th mile to the on./off –ramps to Interstate Highway (H-1) about 18 miles from downtown Honolulu.

Husayn Hasan
                The HFF team representing Avalon Development was led by managing director Aldon Cole and real estate analyst Husayn Hasan.

                Avalon Development is Hawaii’s premiere full-service real estate development, brokerage and management firm.




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

Gladstone Commercial Corp. Announces Property Acquisition in Columbia, SC



MCLEAN, VA /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported it purchased a 146,483 square foot office building located in Columbia, South Carolina for $29.2 million.  The building is currently leased to Verizon Wireless.

"We are excited to add to our portfolio this Class A office building that serves as a primary operations center for this well positioned credit tenant," said Buzz Cooper, the Managing Director responsible for the transaction.

Gladstone Commercial Corporation is a real estate investment trust ("REIT") that invests in and owns net leased industrial, commercial and retail real property and selectively makes long-term industrial and commercial mortgage loans. 

The Company currently owns 80 properties.  Including payments through October 2012, the Company has paid 94 consecutive monthly cash distributions on its common stock.

Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions.  Additional information can be found at.

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

 Gladstone Commercial Corporation
+1-703-287-5893

Brooklyn, NY Apartment Building Sells for $16 Million



Peter Von Der Ahe
 BROOKLYN, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 105 Grand Avenue, a 36-unit apartment building located in Brooklyn’s Clinton Hill neighborhood. The $16 million sales price equates to $444,444 per unit.

Peter Von Der Ahe, a first vice president investments, Joe Koicim and Scott Edelstein, vice presidents investments, and Sean Lefkovits, an associate, all in Marcus & Millichap’s Manhattan office, represented the seller, a Brooklyn-based investment group. Von Der Ahe, Koicim, Edelstein and Lefkovits also represented the buyer, Springhouse Partners.

Joseph Koicim
             “With vacancy in Brooklyn and Queens compressing to the lowest level in nearly a decade this year, local, out-of-state and international investors are actively seeking high-quality multifamily assets in the New York City area,” says Koicim. “105 Grand Avenue’s modern design and central Clinton Hill location added to the overall attractiveness of this investment opportunity.”

            The seven-story elevator building is located at 105 Grand Ave. in Brooklyn. The Pratt Institute is across the street and Fort Greene Park is nearby. 

The building’s unit mix features studios and one- and two-bedroom apartments. Amenities include a gym and a rooftop deck with views of Manhattan.

Contact:

Marcus & Millichap
Public Relations
(925) 953-1716