$9.7 Million Multifamily Sale Arranged by Marcus & Millichap

  

7400 Roosevelt Blvd. Apartments, Philadelphia, PA

 PHILADELPHIA, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 7400 Roosevelt Boulevard, a 196-unit apartment property located near the intersection of Cottman Avenue and Roosevelt Boulevard in northeast Philadelphia, according to Spencer Yablon, vice president and regional manager of the firm’s Philadelphia office.

The asset commanded a sales price of $9,704,500 which translates to $49,513 per unit.

Ken Wellar

Ken Wellar and Corey Lonberger, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property for sale. Wellar and Lonberger also procured and represented the seller.

“There was tremendous investor interest in this asset because of the location, the opportunity to add value through a capital improvement program and the potential to increase rents,” says Wellar. 

“The transaction involved the assumption of an existing CMBS loan, which made buyer selection critical,” adds Lonberger. “The investor is a well-established local owner with experience assuming complex mortgages. The new owner sees terrific upside in repositioning the property,” continues Lonberger.

Corey Lonberger

“The sale was an exercise in patience- and trust-building between the buyer and seller,” Lonberger concludes. “It didn’t happen overnight, as the assumption took some time, but both parties worked steadily towards successful settlement.”

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

Spencer Yablon

Vice President/Regional Manager,

 Philadelphia

(215) 531-7000

  

NAI Realvest Negotiates Class A Office Lease to Investment Securities firm at Primera Court I in Lake Mary, FL

Mary Frances West

ORLANDO, FL --- NAI Realvest recently negotiated a new lease agreement for 1,380 square feet of Class A office space at Suite 110 Primera Court I, 725 Primera Blvd. in Lake Mary.

 Mary Frances West, CCIM senior broker associate at NAI Realvest, negotiated the transaction representing the landlord RREF Interchange-FL, Primera I, LLC, based in Daytona Beach. 

Andrei Savitsky

 The new tenant Fairway Financial LLC, a private investment securities firm, is relocating from Altamonte Springs to the Lake Mary submarket.   Fairway Financial was represented by Andrei Savitski of Coughlin Commercial.

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

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

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

 Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780 Lvershelco@aol.com  

Solanbridge Group, Inc. Acquires 100% of the Capital Stock of David's Steak and Seafood Restaurant

CHARLOTTE, N.C., Feb. 7, 2013 /PRNewswire/ -- Solanbridge Group, Inc. (OTCPINK: SLNX) is pleased to announce that it has completed the acquisition of David's Steak and Seafood Restaurant, an upscale steak house, which presents fine dining in an elegant atmosphere in the heart of Melbourne Beach, offering guests the finest cuts of choice USDA meats, fresh seafood, and much more (http://davidssteakandseafood.com/).

 As part of the Agreement, Mr. David Green, will become the Chief Executive Officer and Director of Solanbridge Group and Mrs. Jenifer Bogosh will become President of Solanbridge Group, Inc., Mr. Charles Lance will remain on the Board of Directors with Solanbridge Group, Inc.

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

investor@solanbridge-group.org

Multi Housing Advisors Bets Big on Apartment Sector

  

Marc Robinson

 ATLANTA, GA (Feb. 7, 2013) — After a decade of operation and the brokerage of more than 60,000 apartment units, the newly renamed Multi Housing Advisors, LLC (MHA) is expanding into new markets and making significant hires.

The firm, long known as Southeast Apartment Partners, aims to capitalize on the needs of its growing client base and the current strength of the multifamily sector.

 Firm Co-Founder and Co-Managing Partner Marc Robinson recently moved from Atlanta to Charlotte to join Jordan McCarley and expand the firm’s office in the key market.

Joshua Goldfarb

In another significant move, MHA hired 20-year commercial real estate veteran Matthew Wittekiend as the firm’s chief administrative officer. Wittekiend previously was a vice president and senior business operations manager at Newmark Grubb Knight Frank. He is based in MHA’s Atlanta office. MHA has also hired four new transaction specialists and three support associates to support the growth. 

“The multifamily sector is clearly strong right now, and we believe that, with an improving job market and the re-calibrated balance of renting versus owning as well attractive financing options, it will continue to excel in the years ahead and remain highly sought-after by investors of commercial real estate,” said Co-Founder and Co-Managing Partner Joshua Goldfarb, who oversees the Atlanta office. “As the market continues to excel, we intend to open additional offices in the South and hope to be making those announcements later this year.”

Jordan McCarley

Robinson, who has a team of seven in Charlotte, said, “Building on 10 years of steady growth and nearly $2 billion in completed transactions, our recent name change and rebranding reflect our focus on enhancing our organization’s reputation as one of the leading service provider in multifamily investment sales. We’ve established a track record during the past 10 years, and now the time is right to capitalize on that.”

 In addition to its Atlanta and Charlotte locations, MHA, which has listings ranging from bank-owned assets to Class-A properties, has an office in Birmingham, Ala., and is aggressively doing deals in other southeastern markets.

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

www.usmha.com

National Retail Properties Inc. Announces 2012 Operating Results and Increased 2013 Guidance

Kevin Habicht

Orlando, FL, Feb. 7, 2013 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2012.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348 

Annaly Capital Management, Inc. Reports Results for the 4th Quarter 2012

NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) today reported GAAP net income for the quarter ended December 31, 2012 of $700.5 million or $0.70 per average common share as compared to GAAP net income of $445.6 million or $0.46 per average common share for the quarter ended December 31, 2011, and GAAP net income of $224.8 million or $0.22 per average common share for the quarter ended September 30, 2012.

 

GAAP net income was $1.7 billion or $1.74 per average common share and $344.5 million or $0.37 per average common share for the years ended December 31, 2012 and 2011, respectively.

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

Annaly Capital Management, Inc.

Investor Relations

1-888-8Annaly

www.annaly.com

Taubman Asia and Beijing Wangfujing Department Store (Group) Co. Ltd. Announce Second Joint Venture to Co-Own and Manage an Over One-Million-SF Shopping Center in Zhengzhou, China

Wangfujing Department Store, Zhengzhou
One of the Oldest Department Stores in China

Rene Tremblay

 HONG KONG, Feb.7, 2013 - Taubman Asia today reconfirmed a joint venture between Taubman and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China’s largest department store chains (Shanghai Stock Exchange: 600859).

The joint venture will own and manage a shopping center to be located adjacent to two arterial roads, Nongye Road and Zhongyi West Road, in Zhengzhou, China.

 Currently under construction, the approximately 1,460,000 square feet or 135,000 square meter (GFA) shopping mall is scheduled to open by the second quarter of 2015.

This is the second retail joint venture between Taubman and Wangfujing in the Chinese market and will own a majority interest in the shopping center.

The remaining ownership of the shopping center will be held by Maple (Zhengzhou) Real Estate Development Co. Taubman and Wangfujing announced their first retail project in Xi’an in August 2012.  

This exciting development in Zhengzhou, China will represent a best-in-class retail destination, new to the city.

 The project will deliver a comprehensive shopping experience through a compelling mix of retail shops, restaurants and entertainment facilities.

The multi-level shopping center will be anchored by a Wangfujing Department Store, a supermarket, a movie cinema, children’s play area and a mix of international and local, middle to high-end brands. It will also feature an enticing mix of food and beverage experiences.

René Tremblay, president of Taubman Asia said, “We are excited to confirm our second retail project in China with Wangfujing, not long after the announcement of our first project in Xi’an. The project in Zhengzhou signifies our commitment to the Chinese market and our long-term partnership with Wangfujing.”

Ms. Liu Bing, chairwoman and president, Wangfujing, commented, “Taubman is an internationally renowned shopping mall developer and operator.

“The strategic partnership with Taubman in China resonates with our strategy to accelerate our expansion into the shopping center industry, on top of our department store business.

“Wangfujing is currently operating two department stores in Henan province with great success, including one in Zhengzhou, with annual revenue of one store exceeding one billion RMB.

“Our experience will have a positive impact on the prospects and recognition of the Zhengzhou project.”

 Contacts:

Ms Karen Mac Donald

Taubman, Director, Communications

+1 248 258 7469

kmacdonald@taubman.com

Mr Alan Hong

Weber Shandwick, Beijing

+86 10 85699850

ahong@webershandwick.com

Ms Barbara Baker

Taubman, Vice President,

Corporate Affairs &Investor Relations

+1 248 258 7367

bbaker@taubman.com

 Ms Pamela So

Weber Shandwick, Hong Kong

+852 2533 9916

pso@webershandwick.com

 Mr Zhang Jinsong

Beijing Wangfujing Department Store (Group) Co., Ltd,

+86 (0) 10 8529 1075

yth@wfj.com.cn

www.taubman.com.

www.wfj.com.cn

1.65 million square foot Dallas, TX industrial portfolio available

DALLAS, TX – HFF announced today that it has been named to market for sale a portfolio of 15 shallow-bay distribution assets totaling 1.65 million square feet in several of Dallas’ infill submarkets on behalf of Cobalt Capital Partners.

The portfolio is expected to attract bids of about $78 million, or $47 per square foot.

  At that price, the initial annual yield would be roughly seven percent and given that most of the leases were negotiated during the market trough, the successful buyer will receive ample upside opportunities on future lease expirations.  Dallas-based Cobalt is offering the buildings as a package via HFF.

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

www.cobaltcapitalpartners.com.  

$19.9 Million Portfolio Hits the Market in South Florida

Medical Office Building, 2925 Aventura Blvd.
Aventura, FL

AVENTURA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a three-property portfolio containing a medical office building with adjacent land for development and a Wells Fargo bank ground lease, all located in Aventura, Fla., an affluent suburban market in northeastern Miami-Dade County.

All three properties must be purchased together. The portfolio’s listing price is $19,975,000. The properties are:

Wells Fargo Bank branch building
2929 Aventura Boulevard
Aventura, FL

W

---2925 Aventura Blvd., a 32,932-square foot medical office building

     ---2929 Aventura Blvd., a 5,200-square foot Wells Fargo bank ground lease

    --- A one-acre development site adjacent to 2925 Aventura Blvd.

Alex Zylberglait, a vice president investments in Marcus & Millichap’s Miami office, is representing the seller, a local property owner.

“The portfolio provides investors with an opportunity to generate a stable return from the medical office building and the bank’s long-term ground lease,” says Zylberglait. “There are plans in place to build a 45,000-square foot office building with an additional 12,000 square feet of retail on top of structured parking on the land adjacent to the building.”

Alex Zylberglait

Proximate to Aventura Hospital, the medical office building is located next to Mount Sinai Medical Center and the 2,700,000-square foot Aventura Mall. The building’s tenant base consists mainly of medical professionals. The parking ratio is greater than four per 1,000 square feet.

            The 20-year Well Fargo Bank ground lease commenced in Sept. 2009 and expires at the end of March in 2030. There is a 10 percent increase in year six, a 30 percent increase in year 11 and a 10 percent increase in year 16.

  

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

Public Relations

(925) 953-1716

HFF arranges $72 million refinancing for luxury multi-housing property in Hoboken’s Shipyard neighborhood

The Vanguard Apartments
Hoboken, NJ

FLORHAM PARK, NJ – HFF announced today that it has arranged a $72 million refinancing for The Vanguard, a 196-unit, luxury multi-housing property with 37,818 square feet of ground floor retail in Hoboken, New Jersey. 

                Working on behalf of Ironstate Development, HFF placed the 10-year, fixed-rate loan with a life company correspondent lender.  Loan proceeds are refinancing an existing loan on the property.

                The Vanguard is located at 1201-1333 Hudson Street in the Shipyard mixed-use development along the Hudson River across from midtown Manhattan. 

Thomas Didio

The fully-leased property consists of two towers with studio, one-, two- and three-bedroom units averaging 1,046 square feet each.  The property’s ground floor retail space is anchored by Kings Supermarket. 

In addition to Kings Supermarket, retail tenants include Rite Aid, Starbucks and TD Bank.  The property also provides a shuttle service to/from the PATH station as well as on-site ferry service to midtown and downtown Manhattan. 

David Barry

The HFF team representing Ironstate Development was led by senior managing director Thomas Didio.

Ironstate and its principals, Michael and David Barry, have developed 10,000 residential and hotel units over the past several decades, still owning and managing the majority of that portfolio.  

Michael Barry

The company is presently engaged in the development of approximately $1 billion of large-scale residential and hospitality projects.

  

 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

Trepp Releases Updated Capital Adequacy Stress Test Report

NEW YORK, NY – Feb. 6, 2013- Trepp, LLC, the leading provider of information, analytics and technology to the commercial real estate and banking markets, today released its Trepp Capital Adequacy Stress Test Report (T-CAST) of U.S. banks.

Applying the T-CAST model and current regulatory proposals to more than 6,000 banks, a total of 747, or one in eight institutions, failed the stress test without raising additional capital.

 Using third quarter 2012 data, the percentage of banks that failed the T-CAST under a severely adverse economic scenario shrank by seven tenths of a percentage point to 12%.

The failure rate is a slight improvement from the Q2 2012 T-CAST, where12.7%, or 784 of the banks tested, failed.

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

Great Ink Communications

Eric Gerard, Eric Waters

eric@greatink.com

212-741-2977

www.Trepp.com

http://www.trepp.com/research

NAI Realvest negotiates new expansion lease of 17,688 SF at Semoran CommerCenter for Magellan Behavioral Health in Southeast Orlando, FL

Robert Blackwell

ORLANDO, FL. – NAI Realvest recently negotiated a new lease agreement for 17,688 square feet of office/warehouse space in Suites 7 through 9 in Building A of Semoran CommerCenter, 6870 Shadowridge Drive in southeast Orlando.

 Robert Blackwell SIOR, principal at the firm, brokered the transaction representing the landlord, Semoran Commerce Center LLC based in Timonium, Md.  

Jamie Barati

 The tenant, Magellan Behavioral Health Inc. already occupied Suites 10 and 11 in  Building A at the industrial center.  With its expansion, the Avon, Connecticut based firm  now occupies a total of 27,867 square feet at Semoran CommerCenter. 

The tenant was represented by Jamie Barati of Colliers International and Jamie Smith of Cassidy Turley in Baltimore, Maryland.

L. Jamie Smith

Semoran CommerCenter is being developed by Semoran CommerCenter LLC a joint venture between Bavar Properties Group and Realvest Development with 190,000 square feet of flex-warehouse space on an 18-acre site off SR 436 near Orlando International Airport.    

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

Robert Blackwell, SIOR, NAI Realvest 407-875-9989; or rblackwell@realvest.com;   

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

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

Charles Dunn Co. Completes Office Lease with Advertising Agency Totaling 19,200 SF in Sherman Oaks, CA

  

Stacy Vierheilig-Fraser

 LOS ANGELES, CA. Feb. 6, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed an office lease in the San Fernando Valley.

Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company out of the firm’s Sherman Oaks office, completed a 19,200 square foot lease with The Refinery, an award-winning advertising agency specializing in print, audio visual, motion, and interactive campaigns for the entertainment industry.

Vierheilig-Fraser represented The Refinery in the transaction. The landlord, a private family trust was represented by Scott Silverstein and Tom Specker of Lee & Associates.

The property is located at 14455 Ventura Blvd. in Sherman Oaks.  The Refinery will occupy two full floors of the three-story, 30,662 square foot office building and will locate into its new space in April 2013.

According to Vierheilig-Fraser, The Refinery has two locations in Burbank and one in North Hollywood and will be combining those offices within the Sherman Oaks space. The new office was chosen based on its central location near the Ventura Freeway and favorable rental rate.

“Finding mid-rise spaces of this size at reasonable rents is difficult,” said Vierheilig-Fraser. “This office provided all of The Refinery’s space requirements and will meet all of their consolidation and expansion needs.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.charlesdunn.com

Paramount Hotel Group Adds Two Hotels to Growing Management Portfolio

Aloft Lexhington Lexington, MA

 LEXINGTON, M.A. and  FAIRFIELD, N.J., Feb. 6, 2013— Paramount Hotel Group, an independent hotel management and ownership company, today announced it signed management contracts to operate the Aloft Lexington and Element Lexington hotels here in suburban Boston.

 It also marks a new relationship with real estate investment firm, Rockwood Capital, which recently acquired the hotels from Starwood Hotels and Resorts, Worldwide, Inc. 

Element Lexington Hotel, Lexington, MA

“We are building on our select core of savvy hotel investment groups who seek value in today’s real estate market, and are stepping up their acquisition programs,” said Ethan Kramer, president of Paramount.

 “Rockwood, with more than $6.4 billion invested today, is a sophisticated hotel investor that matches up well with our strategy of helping source meaningful real estate opportunities, assist with due diligence and operate the properties upon acquisition.”

Ethan Kramer

“Paramount has a good eye for identifying hotel real estate opportunities, especially in suburban markets with good risk / reward dynamics,” said Tony Larino, Managing Director and Head of Lodging at Rockwood Capital. 

“They provided great due diligence support and presented a number of strategic and tactical plans to immediately enhance returns.  We look forward to the opportunity to work on additional projects together.”

The two-hotel addition to Paramount’s management portfolio marks the company’s fourth and fifth new management contracts in 2013, pacing ahead of the company’s previously announced plan to expand its management portfolio by 10-12 hotels in 2013. 

Tony Larino

 Last month, Paramount added a SpringHill Suites by Marriott and a Fairfield Inn & Suites by Marriott located in West Des Moines, Iowa, and a Courtyard by Marriott in suburban Cleveland, Ohio.

  These properties, located just off the Massachusetts Turnpike at 727 Marrett Road in Lexington, are separate hotels, sharing the same site. 

 “The Aloft and Element Lexington are less than five years old, in excellent physical condition and will require minimal enhancements as part of the change in ownership,” Kramer said.  “Our plan is to build on Starwood’s excellent work and take advantage of the opportunities provided by our size and proprietary approach.”

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

Jerry Daly / Lauralee Dobbins

(703) 435-6293

Daly Gray Public Relations                                 

Lauralee@dalygray.com

jerry@dalygray.com                                            

www.paramounthotelgroup.com.

Chatham Lodging Acquires Courtyard by Marriott Houston Medical Center Hotel in Houston, TX for $34.75 Million

Courtyard by Marriott Houston Medical Center

 PALM BEACH, FL,  Feb. 6, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded, select-service hotels, today announced that it has acquired the three-year-old Courtyard by Marriott Houston Medical Center hotel in Houston, Texas for $34.75 million.

The company funded the acquisition under its secured revolving credit facility.

Jeffrey H. Fisher

The eight-story, 197-room hotel, including six suites, is located at 7702 Main Street, adjacent to the world’s largest medical complex, the Texas Medical Center. 

Jeffrey H. Fisher, Chatham’s chief executive officer. said “this property matches up exactly with our strategy of acquiring premium–branded, upscale extended stay and select-service hotels in high demand markets that command high daily rates and revenue. 

“The versatile hotel is perfectly suited for business, leisure and health-care segments.  With our Hampton Inn Medical Center hotel right around the corner, we know the market very well and see significant opportunities to maximize revenue and cost efficiencies.”

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

Jerry Daly                                           

Daly Gray Public Relations                                 

jerry@dalygray.com                                             

(703) 435-6293    

Dennis Craven                                               

Chief Financial Officer

 dcraven@cl-trust.com

(561) 227-1386