Rock Ventures Wraps Up 2012 with Purchase of Five Downtown Detroit Properties

  

Dan Gilbert

 DETROIT, MI /PRNewswire/ -- Rock Ventures announced the purchase of five additional properties, wrapping up a year in which it acquired eight buildings totaling 630,000 square feet of commercial space.

The newest acquisitions bring Rock Ventures' downtown Detroit real estate investments to 15 buildings totaling 2.6 million square feet of commercial space, and three parking structures for a combined 3,500 parking spaces.

In addition, Rock Ventures broke ground on a 33,000 square-foot specialty retail development and 10-story parking garage last month, renovated 633,000 square feet of commercial space, and located 45 companies to the city, including Twitter, Chrysler, Metro-West Appraisal, and numerous technology related start-ups.

Rock Ventures' family of companies, including Quicken Loans and Title Source, has brought 7,000-plus people to work in downtown Detroit since August 2010.

"It has been an exciting year of opportunity in Detroit," said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans.  "Our focus in 2013 will be on the three R's - residential, rail and retail - all of which are vital in creating the vibrant, thriving urban core that we all envision."

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

Paula Silver,

paulasilver@quickenloans.com,

+1-313-373-7255

Lynd and Endeavor Real Estate Group Start Construction on 36-story, Luxury Apartment High-rise in Downtown Austin, TX

  

Michael Lynd Jr.

 San Antonio, TX – San Antonio-based Lynd, in partnership with Austin-based Endeavor Real Estate Group, has commenced construction on The Bowie, a 36-story, 358-unit luxury apartment building in downtown Austin.

 Equity for the project is being provided by an institutional investor, who is being advised by Dallas-based L&B Realty Advisors, LLP.  This is the second collaboration between Lynd and L&B Realty Advisors – the first being the successful EnV Chicago high-rise, which was awarded Multifamily Executive’s Project of the Year in 2011. 

 The Bowie, located at 311 Bowie Street, sits along the banks of Shoal Creek and the planned expansion of the famed Hike and Bike Trail.  The site is directly across the street from Whole Foods’ headquarters and flagship grocery store and sits within the Market District – one block east of Lamar Blvd. and two blocks north of Lady Bird Lake. 

“Lynd and Endeavor have assembled an excellent team to design and build what we believe will be one of the finest luxury residential rental buildings in all of downtown Austin,” said Michael Lynd, Jr., CEO of Lynd. 

“Together, Lynd, Endeavor, and L&B are focused on delivering a residential experience that reflects the unique spirit, texture and culture of Austin. This is a special project with a fantastic location.”

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

Todd Templin

Boardroom Communications

954-290-0810

http://www.alex-donedeals.blogspot.com/

 Lynd Contact:

Daniel Zunker, Lynd

dzunker@lyndworld.com

210-798-8187

Charles Dunn Co. Completes $13.5 Million Sale of 45-Unit Luxury Multifamily Property in Hollywood Hills Submarket of Los Angeles

1865 North Fuller Ave., Hollywood Hills, CA

LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $13.5 million sale of a 45-unit multifamily property located adjacent to Runyon Canyon Park at 1865 N. Fuller Ave. in the Hollywood Hills submarket of Los Angeles.

 Hamid Soroudi of Charles Dunn Company represented the seller, Los Angeles-based South Brockton Partners, LLC, as well as the buyer, Los Angeles based Dorchester Properties, LLC.  The sale closed at a 4.7 percent cap rate.

Hamid Soroudi

1865 N. Fuller sits adjacent to Runyon Canyon Park located on nearly one-acre of land and property amenities include controlled access, two elevators, gym, resort-style swimming pool and gated parking garage.  The units are very large with approximately 1,400 square feet. Some of the units have  been renovated with granite counter tops and new kitchen and bathroom cabinets and flooring.

 “The buyer intends to reposition the property and will renovate the common areas and the remaining un-renovated units in order to eventually increase rental rates,” said Soroudi.  

 Soroudi leads Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Marcus & Millichap Announces Sale of Hidden Oaks in Dunedin, FL for $345,000

 

Hidden Oaks Apartments, Dunedin, FL
DUNEDIN, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hidden Oaks, a 10-unit apartment property located in Dunedin, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. 

The asset commanded a sales price of $345,000.

Michael P. Regan and Francesco P. Carriera, vice president investments and James Vestal, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. 

Michael P. Regan

The buyer, a limited liability company was also represented by Michael P. Regan, Francisco P. Carriera and James Vestal. 

Hidden Oaks was built in 1974 and is located at 590 New York Avenue in Dunedin.  This 10-unit apartment community is situated on approximately .55 acres of land and is comprised of one, two-story building. 

 There is a mix of one and two bedroom apartments and all units have central air-conditioning.  Community amenities include on-site laundry facility, ample on-site parking and screened-in porches.

“This sale represents a strong demand for the dwindling supply of distressed assets in the market” says Vestal.

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Sells 387 Lancaster County, PA Multifamily Units for $28.2 Million



Windsor Court Townhomes



LANCASTER, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a portfolio of three multifamily properties totaling 387 units in Lancaster, Pa.

All three assets required assumptions of existing agency lender financing. The portfolio’s sales price is $28.2 million.

Cherryhill Villas

Two multifamily brokerage teams in Marcus & Millichap’s Philadelphia office forged a collaborative marketing effort on behalf of the seller, a Pennsylvania limited liability company.

The listing agents, Mark Thomson and Zachary Pierce, along with Ridge MacLaren, Clarke Talone and Andrew Townsend, also represented the buyer, a regional limited liability company.

Sweetbriar Apartments

“The portfolio includes three recently improved multifamily buildings in the burgeoning Lancaster area,” says Pierce. “These highly desirable assets were in excellent condition, having recently undergone improvements such as new windows, sliding patio doors, renovated pool areas and fitness centers.”

Windsor Court Townhomes, located at 1821 Hidden Lane with 126 units, is situated in a quiet, single-family neighborhood filled with mature trees and large estate homes in the western suburbs of Lancaster City.. The asset sold for $10.9 million or $73 per square foot.

Cherryhill Villas, at 560-02 Estelle Drive with 118 units, is just three miles down the same road, on 12 acres with manicured green space. It sold for $8.5 million or $98 per square foot.

Sweetbriar Apartments, located at 1917 Oregon Pike with 143 units, is on a heavily traveled corridor with convenient access to downtown’s retail and industrial employment opportunities, just a mile from all major highways. The asset sold for $8.8 million or $76 per square foot.

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

Contact:

Public Relations
(925) 953-1716

Carter Launches Highpoint on Columbus Commons Website

Conor McNally

ATLANTA, GA – Carter, one of the country’s leading real estate investment, development and advisory firms, is pleased to announce the launch of the Highpoint on Columbus Commons website, www.highpointcolumbus.com.

The new website will provide the following:

· Information about the amenities and neighborhood.
· Renderings of the project as well as construction photos.
· Floorplan layouts.
· Leasing agent contact information.

Highpoint at Columbus Commons rendering

As part of the Columbus Commons development, Carter was selected to develop the residential/retail phase of the plan. Carter has now purchased a 2-acre parcel in the park to construct two, six-story buildings that will contain 301 apartment units, as well as 23,000 square feet of ground-floor retail space.

“Highpoint on Columbus Commons will play a huge role in continuing the revitalization of downtown Columbus,” said Conor McNally, chief development officer for Atlanta-based Carter. “There is a growing trend right now of young people wanting to live in a downtown area. Highpoint on Columbus Commons will meet that demand.”

Beginning in April 2013, potential residents can visit the pre-leasing office at 10 N. High St., Suite 401. The residential mix will feature 1-bedroom, 2-bedroom and townhome units. The units themselves will boast state-of-the-art finishes coupled with resort-style amenities. Completion is scheduled for late 2013.
For a complete copy of the company’s news release, please contact:

Tony Wilbert
Wilbert News Strategies, LLC
404-888-3091
twilbert@wilbertnewsstrategies.com

Cassidy Turley Building Wins Greater Tampa Bay TOBY

Northdale Executive Center, Tampa, FL

TAMPA, FL, –Cassidy Turley, a leading commercial real estate services provider in the U.S., announced that a building it manages, Northdale Executive Center in Tampa, FL,, has won The Office Building of the Year (TOBY) award. This award represents the highest level of recognition from the Greater Tampa Bay Chapter of the Building Owners and Managers Association (BOMA).

Holly Hughes

BOMA Greater Tampa Bay awarded Northdale Executive Center with the TOBY in the Suburban Office Park, Low-Rise category during an awards ceremony Dec.13.

Northdale Executive Center includes the Northdale Executive Center I and Northdale Executive Center II buildings, which together comprise 138,772 square feet. The Class-A office buildings are located at 3810 and 3820 Northdale Boulevard in Tampa.

“Cassidy Turley is honored to have received this distinguished award from BOMA Greater Tampa Bay,” said Holly Hughes, Senior Managing Director of Cassidy Turley in Atlanta. “This recognition demonstrates our commitment to providing the best property management services to our clients.”

Winning a TOBY at the local level puts Northdale Executive Center in the running for a TOBY award at the regional and possibly international levels.

BOMA’s TOBY Awards recognize properties that exemplify superior building quality and management practices, evaluated on criteria ranging from community involvement and site management to environmental policies and procedures.

Contact:

Tony Wilbert
The Wilbert Group
404-965-5022
twilbert@thewilbertgroup.com

Lisa DeMarco Joins SL Capital as Vice President

Lisa DeMarco

MIAMI, FL –  Commercial real estate finance professional Lisa DeMarco has joined SL Capital as a vice president in the Miami office.  She will be responsible for credit underwriting and loan originations.

SL Capital is an exclusive correspondent of Cantor Fitzgerald Commercial Real Estate (CCRE) and is focused on originating Commercial Mortgage Backed Securities, or CMBS, loans for owners of commercial real estate.

 “We are happy to welcome Lisa to our team,” said Constantine Scurtis, SL Capital Co-Chairman and CEO. “She is a talented commercial real estate finance professional and her background in CMBS is a big plus in helping us build our business.” 

Constantine Scurtis

Prior to joining SL Capital, DeMarco worked for LYND, an affiliate company. Working out of LYND’s Miami office, she underwrote multifamily acquisition opportunities with a focus on non-performing notes and value-add assets.

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

Todd Templin

Boardroom Communications

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

Lisa DeMarco

 305-744-2411

 ldemarco@slcapmarkets.com

.

HFF closes $129.3 million sale of six-asset office portfolio in Boston’s Seaport District

Coleman Benedict

BOSTON, MA – HFF announced the $129.3 million sale of a six-property, 407,458-square-foot office portfolio in Boston’s Seaport District. 

HFF exclusively represented the seller, a joint venture of Angelo, Gordon & Co. and National Development.  The buyer was  Clarion Partners, LLC, acting on behalf of a separate account client of the firm. 

The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles.

Ben Sayles

The portfolio is a collection of unique “brick & beam” office buildings and is comprised of the following assets: 33-41 Farnsworth Street (94,314 square feet), 34 Farnsworth Street (24,378 square feet), 44 Farnsworth Street (93,824 square feet), 332 Congress Street (34,412 square feet), 374 Congress Street (96,236 square feet) and 263 Summer Street (64,204 square feet). 

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 
www.hfflp.com
krmurphy@hfflp.com

HFF closes sale of 10-hotel portfolio in Baltimore, MD metropolitan area

 PITTSBURGH, PA – HFF announced it has closed the sale of a ten-hotel portfolio totaling 1,294 guest rooms in the Baltimore metropolitan area.

HFF marketed the offering on behalf of the seller, Skye Hospitality, LLC of Baltimore, Maryland, and its affiliates.  MCR Development LLC of New York City purchased the portfolio free and clear of debt.

 

Individual property and sale details are listed below:

Property                                Location                                      Room Size    

        

Hampton Inn and Suites Arundel Mills, 7027 Arundel Mills Circle, Hanover, 130

Residence Inn Arundel Mills, 7035 Arundel Mills Circle, Hanover, 131

SpringHill Suites Arundel Mills, 7544 Teague Road, Hanover, 128

TownePlace Suites Arundel Mills, 7021 Arundel Mills Circle, Hanover, 109

Hampton Inn Baltimore Downtown, 550 Washington Blvd., Baltimore, 126

Hampton Inn White Marsh, 8225 Town Center Drive, Baltimore, 127

Hilton Garden Inn White Marsh, 5015 Campbell Blvd. Baltimore, 155

Residence Inn White Marsh, 4980 Mercantile Blvd., Baltimore, 131

Fairfield Inn and Suites White Marsh, 8477 Cordon Way, Baltimore, 116

Residence Hunt Valley, 45 Schilling Road, Hunt Valley, 141

The HFF team representing the seller was led by senior managing directors Mark Popovich and Dan Peek and director Max Comess, along with real estate analysts Christopher Lingerfelt and Alexandra Lalos. 

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 | www.hfflp.com

krmurphy@hfflp.com

Boca Raton’s 200 East Rings Up $7 Million in Sales in Nine Weeks

  

200 East, Boca Raton, FL

 BOCA RATON, FL -- Recent sales at 200 East in downtown Boca reflect an accelerated growth pattern in the luxury Boca Raton residential real estate market. 

The luxury condo project located in downtown sold nine new residences in the months of October and November with a total price tag of $7 million. Most are scheduled for closing this month.

Market analysis completed by Nestler Poletto Sotheby’s International Realty with numbers from the Regional Multiple List Service, indicates a 120 percent increase in the number of sales in Boca Raton as compared to the same period in 2011 for properties valued at $600,000 to $3 million.

John Poletto

“The summer was a steady time, but the increase since October began has been extremely dramatic,” said John Poletto, principal of Nestler Poletto Sotheby’s International Realty. “I believe we’re going to wrap up 2012 with record sales.” 

200 East is now 90 percent occupied.

For more information on 200 East, please contact Nestler Poletto Sotheby’s International Realty at 561-368-5105.  The property is located at 200 East Palmetto Park Road, Boca Raton, FL.

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

Katie Ward or Laura Burns

Boardroom Communications

954-370-8999

kward@boardroompr.com

lburns@boardroompr.com

Miami Medical Office Building Hits the Market at $12 Million

Highland Park Center
at Jackson Memorial Hospital,
Miami, FL

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for Highland Park Center at Jackson Memorial Hospital, a 2011-built Class A medical office building located in Miami’s Civic Center neighborhood, home of one of  the nation’s largest concentrations of medical and research facilities.

The 41,328-square foot asset is listed at $12 million, or approximately $290 per square foot.

            Douglas Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office, along with vice president investments Alex Zylberglait and senior associates Arthur Porosoff and Scott Sandelin, all in the firm’s Miami office, are representing the seller.

Douglas Mandel

“Recently completed and currently vacant, Highland Park Center at Jackson Memorial Hospital offers impressive upside potential to an enterprising investor,” says Mandel.

 “With private sector job growth and expanding trade boosting the local economy, vacancies in the metro are trending lower this year while rents have risen a full percentage point, all of which bodes well for the owner of a newly built property located just steps from Jackson Memorial Hospital and the University of Miami Hospital.”

Alex Zylberglait

 “Office construction dropped from 2.4 million square feet during the past two years to just 100,000 square feet in 2012, but the metro added 12,200 new jobs this year alone, and many will require office space,” adds Zylberglait. “Highland Park Center stands to benefit from this confluence of trends.”

Arthur Porosoff

Located in Miami’s Civic Center neighborhood, the property includes both direct exposure and signage on State Route 836, which enjoys a traffic count of more than 123,000 cars per day. The Marriott Spring Hill Suites hotel is next door; other nearby destinations include downtown Miami, Miami Beach, Coral Gables and Miami International Airport.

Highland Park Center at Jackson Memorial Hospital is one of the first independent developments to emerge within the medical complex shared by Jackson Memorial Hospital and University of Miami Hospital.

Built to include the latest energy efficiencies, the property is one of the city’s first “green” buildings. The 11-story medical office building features distinctive, sleek modern architecture and on-site covered parking.

Scott Sandelin

In addition to its world-famous weather and beaches, Miami offers the asset’s potential lessees a wide range of cultural and recreational opportunities including the Adrienne Arsht Center for the Performing Arts, Zoo Miami, Everglades National Park, marinas, public golf courses and tennis courts, local festivals, and sports teams the Miami Dolphins, the Miami Marlins and the Miami Heat.

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

Public Relations

(925) 953-1716

Parkway Announces Closing Of Phoenix Tower In Houston, TX And 525 North Tryon In Charlotte, NC

Phoenix Tower, Houston, TX

ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced the closing of the previously announced acquisitions of Phoenix Tower, a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston, Texas, and 525 North Tryon, a 406,000 square foot office tower located in the central business district of Charlotte, North Carolina.

On December 20, 2012, Parkway completed the purchase of Phoenix Tower for $123.8 million, or $198 per square foot.  Phoenix Tower was built in 1984 and fully renovated in 2011.  It is a LEED(®) Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage.

525 North Tryon, Charlotte, NC

The building is currently 84.5% leased with an average in place net rent per square foot of $14.03. 

 Phoenix Tower is expected to generate a 2013 estimated cash net operating income yield of approximately 6.0%.  Parkway will own 100% of the asset and intends to place a secured first mortgage on the property totaling approximately 65% of the purchase price. 

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

Thomas E. Blalock

Vice President of Investor Relations

(407) 650-0593

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

Forest City, Arizona State Retirement System launch $400 million fund for multifamily development

Manhattan skyline, New York City

CLEVELAND, OH /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) and the Arizona State Retirement System (ASRS) announced the creation of a strategic capital partnership and a $400 million equity fund that will invest in multifamily development projects primarily in five core markets: New York City, Washington, D.C., Boston, Los Angeles, and San Francisco. 

Funding for the venture will be 75 percent from ASRS and 25 percent from Forest City. 

Washington, DC Skyline

The company estimates that more than two-thirds of its equity contribution to the fund is already represented by entitled development opportunities on its balance sheet.

 Equity from the fund will be paired with conventional project financing for an estimated aggregate development investment of approximately $800 million to $1 billion.

 Forest City will serve as fund manager.

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

Robert O'Brien,

Executive Vice President

Chief Financial Officer

 +1-216-621-6060 or

 Jeff Linton, Senior

Vice President

Corporate Communication

+1-216-621-6060

Web Site: http://www.forestcity.net

DoubleTree by Hilton Welcomes its First Guests in Spain

DoubleTree by Hilton Hotel & Spa Emporda

 MCLEAN, VA – Spain’s first DoubleTree by Hilton hotel opened its doors this week, bringing a unique blend of contemporary upscale accommodation and traditional Catalan flavor to the Costa Brava.

 DoubleTree by Hilton Hotel & Spa Emporda features 87 guestrooms and offers a prime location for travelers looking to sample the delights of one of Spain’s most popular tourist destinations.  Not only is the hotel just a 10 minute drive away from the blissful Mediterranean sands of Begur beach but it also sits on site at the Emporda Golf Club. 

Simon Vincent

Simon Vincent president, EMEA, Hilton Worldwide, said, “We are delighted to be bringing one of Europe’s fastest growing hotel brands to Spain for the first time.  The hotel’s stunning green surrounds, excellent resort facilities and contemporary meeting spaces make it an ideal option for leisure and business travelers alike.”

Rob Palleschi

Rob Palleschi, global head, DoubleTree by Hilton, said, “At the end of a year which has seen a number of new DoubleTree by Hilton hotels open in exciting European destinations including; Zagreb, Croatia; Oradea, Romania; and three in London, it’s exciting to be celebrating our first hotel in Spain.” 

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

Hayley Douglas

Hilton Worldwide

+44 (0) 7974 229 274

Hayley.douglas@hilton.com

Maggie Giddens

DoubleTree by Hilton

+1 703 883 5346

Maggie.giddens@hilton.com