Marshall Hotels & Resorts Adds Three Management Contracts

Hilton Garden Inn, Manhattan, NY

  

Michael Marshall

SALISBURY, Md., March 13, 2013—Officials at Marshall Hotels & Resorts, Inc., a leading hotel management and services company that operates properties nationwide, today announced that it has added three management contracts.  The properties include two in Manhattan and one in Mt. Laurel, N.J.

“We are seeing increased hotel management opportunities as more hotels change hands and investors seek higher returns on their investments,” said Mike Marshall, president and CEO.   “The two new Manhattan additions bring to five the number of properties we operate or are in pre-opening in the greater New York City area.”

Grand Union Hotel,
Manhattan, NY

The hotels include:

Grand Union Hotel—The 88-room boutique property is located at in Midtown Manhattan at 34 E. 32 Street, two blocks from the Empire State Building and nearby to Madison Square Garden and Macy’s Herald Square.

Hilton Garden Inn—The 232-room, under-construction property is located in Midtown Manhattan.  It is Marshall’s second Hilton Garden Inn in the New York metro area.  Marshall will be responsible for pre-opening activities, as well as management upon the property’s opening, which is scheduled for the second quarter of 2014.

Comfort Inns & Suites—The 90-room Comfort Inn and Suites is located in Mt. Laurel, N.J.  “We have a long history operating hotels in the greater Philadelphia market and look forward to adding value to this property,” Marshall said.  “We just completed overseeing a major renovation of the hotel and it already is gaining market share.”

Comfort Inn & Suites, Mt. Laurel, NJ

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

Pat Daly, Jerry Daly, media

Daly Gray Public Relations

(703) 435-6293

 jerry@dalygray.com

www.marshallhotels.com

Charles Dunn Company Completes $2.22 Million Sale of 12-Unit Property in Los Angeles, CA

Michel Hibbert

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.22 million sale of a fully occupied 12-unit multifamily property located at 11292 Brookhaven Ave. in Los Angeles between Pico and National Blvd.

Michel Hibbert of Charles Dunn Company represented the Los Angeles-based seller, KWP Investments, LLC. The buyer was 11296 Brookhaven Investors, LLC from Los Angeles and was represented by Michael Irvine of Bulldog Realtors. The transaction closed at a cap rate of 5.2 percent. 

The property includes four studio units, four one-bedroom units, and four one-bedroom units and is situated close to the 405 and 10 freeways.

“The asset had been completely renovated which was attractive to the buyer,” said Hibbert.  “I advised the seller to bring rental rates up to market prices prior to putting the property on the market. Because of its stability, the seller was able to garner 100 percent of the asking price. “

Michael Irvine

Hibbert added that at $371 per square foot, the pricing on the asset is one of the highest for a comparable property in West Los Angeles.

Michel Hibbert has completed more than $500 million in transactions over his career and has been one of Charles Dunn Company’s top multifamily brokers year-over-year for the firm.

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

Darcie Giacchetto,

949.278.6224

D.G. Communications, Inc.

www.charlesdunn.com

Faris Lee Investments Completes $4 Million Sale of Restaurant Property in Bristol, VA

  

Patrick Luther

 RVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the nearly $4 million sale of a 7,936-square-foot free-standing restaurant property occupied by Logan’s Roadhouse.

Situated on approximately three acres, the property is located on the Tennessee/Virginia border and sits on “restaurant row” directly off of Interstate 81 at 3174 Linden Drive in Bristol, VA.

Kevin Fulton

Patrick Luther of Faris Lee Investments represented the all-cash buyer, Cole Real Estate Investments, a private, non-traded real estate investment trust. The seller, a private investor based in Tennessee, was represented by Kevin Fulton of Market Retail Partners. The property closed at an 8.35 percent cap rate.

According to Luther, the buyer viewed this as an investment offering a compelling cap rate compared to other Logan’s Roadhouse restaurants which recently sold. Cole owns other properties leased to Logan’s in its existing portfolio and is comfortable with the tenant credit.

Logan's Roadhouse

“Faris Lee sourced this property off-market for Cole Real Estate Investments, which will allow the company to achieve an above-market yield compared to similar credits and alternatives,” said Luther. “Cole acquired an asset that was not widely marketed and the seller benefitted from working with a qualified all cash buyer offering a quick close of escrow.”

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

www.farislee.com

.

Taylor & Mathis Secures 32,000 SF of Renewals at Espirito Santo Plaza in Downtown Miami, FL

Espirito Santo Plaza, Miami, FL

MIAMI, FL -- Taylor & Mathis has finalized two deals comprising 32,000 square feet of lease renewals at Espirito Santo Plaza. The renewals place the sculptural glass tower on Brickell Avenue at 95 percent leased.

 International law firm, Weil, Gotshal & Manges LLP, the second-largest tenant in the building, renewed its lease for 24,381 square feet in a seven-year deal.

 The Taylor & Mathis’ Miami leasing team of Brian Gale, Andrew Trench and Ryan Holtzman, exclusive leasing agents for Espirito Santo Plaza handled the lease, working directly with Weil. The New York-based law firm has been a tenant at Espirito Santo Plaza since 2001.

Brian Gale

“As one of the original tenants of the building and one of the most recognizable names in the legal industry, it was only natural for us to work with them to extend their lease term at Espirito Santo Plaza, “said Taylor & Mathis’ Andrew Trench.

“Espirito Santo Plaza is a magnificent property recognized both as a signature among the Miami skyline and as the Miami headquarters of such a prominent law firm.”

Ryan Holtzman

Legg Mason Global Asset Management renewed their lease of 7,780 square feet for an additional five years. The lease was co-brokered by Alan Kleber and Matt Cheezem of CRESA. 

 Legg Mason is one of the largest asset management firms in the world, serving institutional and individual investors on six continents. For more information, visit http://www.leggmason.com. 

Andrew
Trench

 Less than 5 percent of the office space remains available at the mixed-use property that also includes the Conrad Miami hotel and 10 floors of luxury condominiums.

Alan Kleber

Espirito Santo Plaza is a 36-story mixed-use glass tower with an attached 12-story parking garage and 260,000 square feet of Class A office space. 

The Conrad Miami — Hilton Hotel’s luxury brand — features 203 guest rooms, a ballroom and meeting facilities and specialty retail/restaurant space. The top floors of the property consist of a fully equipped health club and 116 luxury condominium residences overlooking the soaring 11 story atrium.

Matthew Cheezem

Located on a full city block fronting at 1395 Brickell Avenue, in the heart of Miami’s international financial market, Espirito Santo Plaza’s main tower designed by KPF welcomes visitors with a dramatic 36 story concave figural arc symbolizing the gateway to Latin America. 

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

Andrew Trench

Leasing Director

TAYLOR & MATHIS

(305) 476-8880

atrench@taylormathis.com

http://www.weil.com/miami/.

www.TaylorMathis.com

http://espiritosantoplaza.com/

www.TaylorMathis.com

MBA Calls on Congress to Increase FHA Multifamily and Healthcare Commitment Authority

Debra W. Still

 WASHINGTON, D.C. (March 12, 2013) – Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs:

 “Recently, the FHA notified Congress that it is on pace to exhaust its commitment authority for multifamily and healthcare program loans for fiscal year 2013 and will require additional authority to insure these loans. Failure to provide the additional commitment authority has the potential to cause significant disruptions to financing for apartments and healthcare facilities throughout the country.

White House, 1600 Pennsylvania Avenue NW
Washington, DC

 “MBA is calling on Congress, as it considers its continuing resolutions to fund government programs for the remainder of fiscal year 2013, to add a provision granting FHA an additional $5 billion in commitment authority for multifamily and healthcare loans.

 “The additional commitment authority is critical at a time when rental housing is playing a historically larger role in the overall housing market and the number of Americans in rental housing is at the highest level in decades. Not funding these programs would disrupt financing for rental housing and healthcare properties. 

Congress should take this into consideration and add $5 billion in FHA multifamily and healthcare commitment authority, a provision that requires no direct appropriation of funds.”

Contact:

Matt Robinson,

(202) 557-2727

Emerson International negotiates new office leases totaling close to 20,000 SF in Central Florida

Kenneth Koch

Altamonte Springs, FL--- Emerson International recently leased close to 20,000 square feet of space at its prime locations in Orlando, Altamonte Springs, Maitland and Winter Park.

Kenneth Koch, commercial portfolio director at Emerson International, negotiated a new lease for 6,205 square feet of office space at 2600 Maitland Center Parkway with Canon Business Solutions.  Koch also negotiated a new lease for 8,165 square feet with Braishfield Associates, Inc. at 5750 Major Blvd. in Orlando.

Zac Starkey

Zac Starkey, commercial associate with Emerson International negotiated two leases – one with Fast Forward Academy, LLC for 1,203 square feet of office space at Altamonte Lakeside Park on Cranes Roost Blvd. in Altamonte Springs, and an expansion lease with Blue Horizon Eating Disorder Services, LLC for an additional 1,089 square feet bringing their total occupied space to 3,704 square feet at Louisiana Office Park on Louisiana Avenue in Winter Park.

Contacts:

 Kenneth Koch, Commercial Portfolio Director, Emerson International, Inc., 407-834-9560 kkoch@emerson-us.com;

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

NAI Realvest Negotiates New Lease for Stand-Alone Office Building on East Colonial Drive, Orlando, FL

Jack W. Lynch

ORLANDO, FL– NAI Realvest recently negotiated a new lease agreement for the 3,905 square foot office building located at 2206 E. Colonial Drive, at the Corner of Hillside Drive in Orlando.

 Jack W. Lynch, senior broker associate at NAI Realvest negotiated the transaction representing the local landlord, Nguyet Thi Thu Nguyen LLC Nghia Xuong Tran LLC.   

 The new tenant is Orlando-based Coltan Healthcare Management Inc. 

Contacts:

Jack W. Lynch, NAI Realvest 407-875-9989 or jlynch@realvest.com

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com  

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

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

NAI Realvest Negotiates Renewal Lease of 6,360 SF of Retail Space in Orlando

Michael Heidrich Jr.

MAITLAND, FL. – NAI Realvest recently negotiated a renewal lease for 6,360 square feet of retail space at 2001 Murdock Blvd. in Orlando.

 NAI Realvest Associate Michael Heidrich, Jr. brokered the transaction representing the tenant Sanford-based Uni Select USA, d/b/a Parts Depot, Inc.

 John and Carlene Piloian of Longwood are the landlords.

Contacts:

Michael Heidrich, Jr. Associate, NAI Realvest 407-875-9989 mheidrichjr@realvest.com

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com  

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

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

U.S. Lodging Growth Continues Despite Federal Economic Malaise

R. Mark Woodworth

Atlanta, GA, March 12, 2013 – Despite news of “fiscal cliffs” and “sequesters” coming out of Washington D.C., the U.S. lodging industry is forecast to continue to achieve strong gains in both revenue and profits in 2013.  

According to the recently released March 2013 edition of Hotel Horizons®, PKF Hospitality Research, LLC (PKF-HR), is projecting that U.S. hotels will enjoy a 6.1 percent increase in revenue per available room (RevPAR) for the year, along with a 10.2 percent boost on the bottom-line net operating income.

“The uncertainty and fear generated by Congress’ handling of the fiscal cliff and sequester may have tempered the pace of economic growth, but it has not completely shut down the growth in demand for lodging accommodations,” said R. Mark Woodworth, president of PKF-HR. 

 “Our forecast of a 1.8 percent increase in demand for 2013 is somewhat muted compared to the 3.0 percent increase recorded by Smith Travel Research (STR) in 2012.  However, when you combine the 1.8 percent growth in lodging demand with a projected increase in supply of just 0.8 percent, occupancy levels will rise to 62.0 percent.  This will take the U.S. lodging industry past the long-run average occupancy level of 61.9 percent, a significant milestone.”

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

For a   Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

Burns & McDonnell’s Office Space at Campus at Greenhill in Wallingford, CT Earns LEED Gold Certification

Burns & McDonnell offices at The Campus at Greenhill
Wallingford, CT

Wallingford, CT, March 12, 2013---Burns & McDonnell announced today that their office space at The Campus at Greenhill in Wallingford, CT has been awarded LEED® Gold.

The LEED rating system, developed by the U.S. Green Building Council (USGBC), is the foremost program for building, homes and communities that are designed, constructed, maintained and operated for improved environmental and human health performance.

 Burns & McDonnell’s New England headquarters occupies approximately 27,635 square-feet of the Campus at Greenhill office building. The employee-owned full-service engineering, architecture, construction, environmental and consulting services firm moved into the office space just over a year ago.

 “Last year we ultimately chose to relocate our New England headquarters to the Campus at Greenhill because we were very impressed with the facilities sustainable technologies which reflected our image as a world class engineering and construction firm,” said Burns & McDonnell Senior Vice President Brett Williams.

 “Beginning with an already advanced base facility, we incorporated further design features to obtain the prestigious LEED Gold certification, solidifying the impressive features of the building that enable us to reduce our carbon footprint while enjoying a state-of –the-art office space.”

Brett Williams

The combination of efficient design, sustainable building practices and advanced technologies integrated into Burns & McDonnell’s space at the Campus at Greenhill has resulted in the new space operating 15.1 percent more efficient to similar spaces of standard design, consuming 30 percent less lighting power, and using 36 percent less water.

Burns & McDonnell space accounts for approximately 27,635 square feet of the newly constructed 305,000 square foot Campus at Greenhill located at 108 Leigus Road.

Rick Fedrizzi

The office space achieved LEED certification for implementing practical and measurable strategies and solutions aimed at achieving high performance in: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. The location also provides Burns & McDonnell employees with plug in stations for electric vehicles.

“Buildings are a prime example of how human systems integrate with natural systems,” said Rick Fedrizzi, President, CEO and Founding Chair, U.S. Green Building Council. “The space within the Campus at Greenhill project efficiently uses our natural resources and makes an immediate, positive impact on our planet, which will tremendously benefit future generations to come.”

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

Matthew Watkins

President | Watkins Strategies

43 Lunt Street

Quincy, MA 02171

617-571-4582

 www.watkinsstrategies.com

US Lodging Transactions and Property Transfers Total $15.3 Billion in 2012.

PORTSMOUTH, NH, Mar. 12, 2013 --1,342 hotels having 183,300 rooms changed ownership in 2012 for an estimated total investment of $15.3 billion. 649 of the hotels, nearly 50% of the total, was the Blackstone Group's purchase of the Motel 6 and Studio 6 portfolio from Accor Hotels for $1.9 billion.

In 2012, there was a pronounced shortage of hotels available for sale due to the heightened uncertainty created by the fiscal cliff crisis.

  

Year-over-year, Individual Transactions were down from 830 in 2011 to 582. Except for the Blackstone portfolio, other Portfolio Transactions and Merger and Acquisition activity were down as well.

 Overall, it was another quiet year for Transactions considering so many other factors that could have accelerated lodging investment were the most favorable in years. 

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

Jennifer McLynch

Marketing Specialist

Lodging Econometrics

 jmclynch@lodgingeconometrics.com

500 Market Street, Suite 13,

Portsmouth, NH 03801-3481 USA

P: +1 603.431.8740, ext. 16

F: +1 603.431.4418 |

E: info@lodgingeconometrics.com

www.lodgingeconometrics.com

Crescent Resources Breaks Ground for Crescent Terminus in Atlanta, GA

Crescent Terminus rendering, Atlanta, GA

 ATLANTA, GA --  Crescent Resources broke ground today on Crescent Terminus, a $67 million mixed-use community that will bring the first apartment-living option to Buckhead’s Terminus master development by Cousins Properties. 

The community will be built on the development’s last vacant three acres, adding 355 luxury apartment homes to the community’s five-star dinning, street-level retail and world-class office.

Brian Natwick

The groundbreaking ceremony also marks the official name change from Circle Terminus to Crescent Terminus, reflecting Crescent Resources’ emphasis on community building and innovative design on all of its developments.

Attending the groundbreaking were Brian Natwick, President, Crescent Resources Multifamily Group; Ben Collins, Vice President, Crescent Resources Mutifamily Group; Sam Massell, President, Buckhead Coalition and former Mayor of Atlanta; and John S. McColl, Executive Vice President, Cousins Properties

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

Heather Tamol for Crescent                               

704.926.1326

704.661.0709                                 

htamol@wrayward.com

Allison Christopher for Cousins Properties

AllisonChristopher@cousinsproperties.com

404.407.1962

404.314.4377

Top Broker Closes $35.5 Million in Transactions in 2012

Robert Listokin

MIAMI, FL  - Robert Listokin, SIOR, Executive Vice President, was named the top broker at Colliers International South Florida for 2012.

 Listokin was also the top broker in 2011, and has been in the top five since he has been with Colliers. Listokin completed 44 commercial real estate transactions valued at $35.5 million in 2012.

His leasing and sale activity is an effective measure of South Florida's business climate, and reflects the diversity of new companies coming into the area and those expanding in the region.

Sal Bonsignore

One of several noteworthy deals Listokin consummated in 2012 was the sale of a 75,000-square-foot former AEQUICAP building on behalf of the Florida Department of Financial Services.

 The former Cleveland Clinic facility at 3000 West Cypress Creek Road in Fort Lauderdale was vacant after having been renovated to accommodate an insurance company that purchased the property.

Michael Fay

Listokin and his associate Sal Bonsignore represented the seller, the State of Florida, and their colleagues at Colliers, John Crotty and Michael Fay, brought in the buyer, OneBlood, Inc. A consolidation of blood banks and blood services groups from around Florida, OneBlood will occupy the entire building, which it purchased for $9.8 million.

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com 

www.colliers.com

HFF secures $11.85 million financing for Wellington at Willow Bend in Plano, TX

Wellington at Willow Bend, Plano, TX

CHICAGO, IL – HFF announced today that it has secured an $11.85 million financing for Wellington at Willow Bend, a 194-unit, garden-style multi-housing community in Plano, Texas.

HFF worked on behalf of the borrower, an affiliate of Banner Apartments, LLC, to secure the 10-year, 3.9 percent fixed-rate loan through M&T Realty Capital Corporation (FNMA).  Proceeds were used to acquire the property.

Wellington at Willow Bend is located at 3200 Parkwood Boulevard proximate to the intersection of Dallas North Tollway and West Parker Road in Plano.

Matthew Schoenfeldt

The 96.4 percent occupied property consists of one-, two- and three-bedroom units averaging 909 square feet each.  Community amenities include a clubhouse, newly refurbished fitness center, two in-ground swimming pools and a playground.

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt, associate director Adam Herrin and senior real estate analyst Jason Bond.

Adam Herrin

“The gentlemen at Banner are discerning buyers and even better operators; they know exactly how to maximize performance of this in-fill garden-style product,” said Schoenfeldt.

“The location of this asset in a desirable neighborhood near award-winning medical facilities and school districts, as well as highly sought after restaurants and retail, made it especially attractive to investors,” added Herrin.

Banner Apartments, LLC and its affiliates (“Banner”) own, develop and manage multifamily properties.  Banner was founded in 1989 and currently has ownership interests in and manages more than 5,877 apartment homes.  Banner currently employs approximately 200 team members in eight states.

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 arranges $11 million refinancing for Yorkville Marketplace in Yorkville, IL

Yorkville Marketplace, Yorkville, IL

 CHICAGO, IL – HFF announced today that it has arranged an $11 million refinancing for Yorkville Marketplace, a 111,591-square-foot grocery-anchored retail center in Yorkville, Illinois.

HFF worked on behalf of TDC Yorkville Shopping Center I & II, LLC, a joint venture sponsored by Tucker Development Corporation, to secure the adjustable-rate loan through Prime Finance. 

Yorkville Marketplace is located at the intersection of US Route 34 and Illinois Route 47 approximately one hour southwest of downtown Chicago. 

Tim Joyce

The 93 percent leased property, which was completed in 2002 (Phase I) and 2007 (Phase II), is anchored by Jewel-Osco and Office Max.  In addition, Phase II of the center contains pad-ready sites that can support approximately 52,600 square feet of future retail development.

The HFF team representing the borrower was led by managing director Timothy Joyce, director Daniel Kaufman and associate director Amy Sands.

Founded in 1996, Tucker Development Corporation specializes in the development of shopping centers and mixed-use properties in Illinois, Wisconsin, Michigan, Pennsylvania and New Jersey. 

Daniel Kaufman

The company is one of the most reliable developers in its respective markets, developing and managing properties totaling approximately five million square feet. 

For more information on Tucker Development Corporation, visit www.tuckerdevelopment.com.

                 Prime Finance is a private commercial real estate finance company with discretionary capital, which directly originates mortgage, mezzanine and preferred equity financing and also acquires performing, sub-performing and distressed debt.  

Amy Sands

The company offers a variety of fixed- and floating-rate non-recourse loans greater than $10 million on office, retail, hotel, industrial, multifamily, mobile home, self storage and mixed-use properties in all markets around the United States.

  Prime Finance was formed in June 2008 by San Francisco-based Prime Group and currently has more than $2.5 billion of assets and surplus capital.  The company principals have decades of collective commercial real estate lending and investing experience and have closed more than $20 billion of loans across in more than 850 transactions in the last 10 years. 

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