Thursday, March 28, 2013

MRP Realty and Rockpoint Group Joint Venture Retains HFF to Market for Sale Washington Harbour


Washington Harbour development
Georgetown, Washington, DC

Stephen Conley
WASHINGTON, D.C. – MRP Realty, developers of commercial, residential and mixed-use real estate across the Washington Metropolitan Region, and equity partner Rockpoint Group, LLC, a Boston-based real estate investment management firm,  today announced the joint venture’s plan to sell the mixed-use Washington Harbour development.

 HFF ‘s team of Stephen Conley, Jim Meisel, Andrew Weir and Dek Potts will serve as the exclusive agent for the investment offering.

Jim Meisel
Prominently located along the Potomac River in Washington DC’s Georgetown neighborhood, the award-winning Arthur Cotton Moore-designed project comprises two freestanding Class A towers totaling 557,961 square feet of office and retail.

 The property, located at 3000 and 3050 K Streets, NW is currently 96% leased to 26 tenants, including the law firms of Foley & Lardner and Kelley Drye & Warren, as well as the communications and advertising firm of GMMB Inc.

Andrew M. Weir
These three firms alone, occupy more than 374,000 square feet (67%) of the project through 2022 and beyond, affording investors both exceptional credit and long-term, stable, appreciating cash flows.

 “When MRP first approached the property, we immediately saw the opportunity to improve an iconic property that had the potential to maintain and expand a roster of exceptional credit, long-term tenants,” said Bob Murphy, Managing Principal of MRP Realty.

 “We invested $50 million into renovating and modernizing the property to improve the aesthetics and work environment for the business tenants, as well as create a multi-season destination for dining and entertainment for both Georgetown and Greater Washington. 

Dek Potts
“MRP always believed in the value of the unique waterfront access and proximity to Georgetown’s many amenities, but now we can truly see and feel the 24-hour destination it has now become.” 

Robert J. Murphy
  For a complete copy of the company’s news release, please contact:

Julie Chase
(202) 997-8677
jchase@chasepr.com

 Scott Warner
(703) 231-6925
swarner@chasepr.com

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.hfflp.com

Posted by Alex at 12:37 PM 0 comments

HFF closes $19 million sale of northern New Jersey multi-housing community



Constantine Village Apartments
Summit, NJ
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Constantine Village, a 100-unit apartment complex located in Summit, New Jersey.

HFF marketed the property on behalf of the seller, AIG Global Investment Group.  Constantine CXII, LLC purchased the asset for $19 million including the in place debt.

Kevin O'Hearn
Constantine Village, situated along Constantine Place and Risk Avenue in the northern New Jersey city of Summit, is within walking distance of the New Providence train station and a King’s supermarket. 

Jose Cruz
The property is located 22 miles west of Manhattan and has easy access to Route 24 and Interstate 78.  Constantine Village is comprised of nine buildings with two-bedroom units including several large townhomes with private garages. 

 The property, built in two phases in the early 1950’s and late 1970’s, is 96 percent leased.

Andrew Scandalios
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien, as well as associate director Michael Oliver.

According to Cruz, “This was a unique opportunity to purchase a high-quality garden apartment complex in one of the most desirable towns in the entire suburban New York region. 

Jeffrey Julien
“Furthermore, the property offers the ability to increase yields through unit renovations.”

AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. 

AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.

Michael Oliver
 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

Posted by Alex at 12:09 PM 0 comments

HFF marketing for sale two-building office portfolio in suburban Chicago



Corridors Office Complex, Downers Grove, IL

CHICAGO, IL – HFF announced today that it has been selected to market the sale of Corridors I and  II, a two-building, Class A office portfolio totaling 299,792 square feet in Downers Grove, Illinois.

HFF is marketing the property on behalf of the seller, LNR Partners, LLC, for an undisclosed amount free and clear of debt.

Corridors I & II are located at 2651 and 2655 Warrenville Road adjacent to the East-West Tollway (Interstate 88) and North-South Tollway (Interstate 355) intersection, approximately 25 miles west of downtown Chicago. 

Jaime Fink
The five-story buildings were completed in 1998 and 1999.  

Corridors I is 76 percent leased to tenants including AIU, Revenue Cycle Solutions and Ameriquest.  Corridors II is 26 percent leased to AIU.  The property also includes a total of 1,457 garage and surface parking spaces.

The HFF investment sales team representing the seller is led by senior managing directors Jaime Fink and Jeff Bramson and director Mark Katz.

Jeff Bramson

“Corridors I & II presents investors with a unique opportunity to acquire very well-located, Class A office buildings that are less than 15 years old in a desirable suburban market.  There have been limited value-add opportunities that have availed themselves recently in the East-West Corridor that presented a pure lease-up situation such as this,” commented Fink.

LNR Partners, LLC (“LNR”) is the world's largest commercial mortgage special servicer.  LNR is the industry leader in commercial loan workouts with market-leading due diligence and underwriting processes and extensive knowledge of credit fundamentals that enable the company to secure the maximum resolutions in the shortest amount of time for its investors.
Mark Katz
  
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

Posted by Alex at 11:58 AM 0 comments

Marcus & Millichap Capital Corp. Arranges $5.5 Million in Refinancing for Multifamily Mid-Rise in Los Angeles, CA



LOS ANGELES, March 27, 2013 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5.5 million refinance for a 68-unit multifamily mid-rise property in Los Angeles.

            Richard Judge, a vice president capital markets in MMCC’s Newport Beach office, arranged the loan.

            “This transaction was a refinance of a private note held by the previous owner of the property,” says Judge. “The borrowers are long-term clients of the firm and they were focused on specific terms that met the needs of their syndication structure.

Richard Judge
“The terms we were able to secure significantly improved the client's leverage position and property cash flow on this ‘C’ quality asset,” adds Judge.

            The 15-year loan offers interest-only payments for five years at 3.73 percent and was financed up to a 75 percent LTV.

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

Ben Johnson,
Marketing Director
(925) 953-1736


Posted by Alex at 11:48 AM 0 comments

Meta Housing Corp. Announces Completion of $$43 Million Transit-Oriented Multifamily Redevelopment in Los Angeles’ Chinatown




 Los Angeles City Mayor Antonio Villaraigosa
at the Ribbon Cutting Ceremony
for the New Metro at Chinatown Senior Lofts.

LOS ANGELES, CA (March 28, 2013) – Meta Housing Corporation has completed the redevelopment of a blighted, vacant Los Angeles building, transforming it into a transit-oriented, 123-unit affordable senior housing property in Los Angeles’ Chinatown. 

The Metro at Chinatown Senior Lofts 
808 North Spring Street, Los Angeles, CA
The Metro at Chinatown Senior Lofts, located at 808 North Spring Street in the city of Los Angeles, was completed with support from Western Community Housing, the City of Los Angeles, the State of California’s Department of Housing and Community Development, and Bank of America. 

The multifamily property will provide local seniors, aged 55 or older, with affordable, amenity-rich housing in close proximity to public transportation, according to John Huskey, President of Meta Housing Corporation.

“As developers, we recognize the need for our residents to not only live in beautiful buildings, but to enjoy their surroundings with ease,” explains Huskey.


John Huskey
“Through this project, and with the help of these excellent organizations, we were able to accomplish both of those objectives. 

“By redeveloping a vacant downtown building which was already well-located, we were able to bring new life to this area of the city, and deliver a project which instills pride in each of the entities that contributed to its development.”

Western Community Housing served as the co-developer and managing general partner on the project.

The City of Los Angeles’ HUD Neighborhood Stabilization contributed $12.6 million to the project, while the State of California’s Department of Housing and Community Development’s Transit-Oriented Development Program provided $10.5 million to the development. 

In addition, Bank of America provided $33.5 million in construction financing and Low Income Housing Tax Credits (LIHTC) for the new Metro at Chinatown.

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

Jenn Quader/ Corynne Randel
Brower, Miller & Cole
JQuader@browermillercole.com
(949) 955-7940
Posted by Alex at 11:40 AM 0 comments

New Latino Health Access Park and Community Center Fosters a Healthier Lifestyle for Families in Santa Ana, CA


. 
America Bracho
 SANTA ANA, CA (March 27, 2013) – Families in a densely populated, immigrant community with few, if any, park facilities, now have a place to exercise, play and learn about healthy living.

The new $3.6 million park and community center, which is scheduled to officially open for public use on Sunday, April 21, 2013 is the progression of years of effort to bring much-needed outdoor recreational space to downtown Santa Ana.

Built by Latino Health Access (LHA), the .six-acre park project is the first community-driven recreational and educational public space of its kind promoting health and wellness in a resource-challenged community. It is located at 602 E. 4th Street, adjacent to one of the largest condominium complexes in Santa Ana.

Santa Ana, CA Park and Community Center
                America Bracho, President and CEO of LHA is a longtime advocate of the belief that the community has the real power to implement change, and this park is the best proof of it.

 "Our new park is the dream of almost ten years for the community to have a place where our children can play and families can exercise and learn about healthy living. It is only through the initial vision of a group of moms and help of local government, businesses and community members that our long awaited park has now become a reality," said Bracho.


Constructed on land leased from the City of Santa Ana and property donated by the Gonzalez Family of the Northgate Market, the park project began after a group of mothers brought the idea to Latino Health Access.

Since then, parents have joined to form Parents with Green Hearts Committee, a community group aimed at bringing the park project to fruition. Local families, functioning as the park steering committee which provided input into the project design, plan to have a prominent, volunteer role in the maintenance of the facility and grounds, and raised money to support construction/implementation of the project.

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

Laura Mickelson (McCarthy Building Companies)
(949) 453-0851 / LauraMickelson@cox.net

 Amy Jarrett (TAYLOR)
(949) 574-1325 / ajarrett@wearetaylor.com

 www.WeAreTAYLOR.com.
www.mccarthy.com.
Posted by Alex at 11:12 AM 0 comments

Ackerman & Co. Sells Two Net-leased Drugstores for $5.5 Million


    
CVS Drugstore, Kaplan, LA

 Atlanta, March, 26, 2013 – Ackerman & Co., fast becoming a market leader in the sale of retail properties in the Southeast, announced today that it has brokered the sale of two net-leased retail properties.

The first is a 9,800-square-foot, single-tenant, net-leased CVS in Kaplan, La. for $2,429,303. The store, located near Lafayette and in the heart of Kaplan’s retail corridor, was built in late 2006 and features CVS’ newer store model prototype.

Sean Patrick
The Ackerman & Co. investment sales team of Sean Patrick and Jason Powell represented the seller, a California family trust. The property was purchased by a private investor in Pennsylvania. The zero cash flow transaction required minimal equity.

Earlier in the month, the company also brokered the sale of another net-leased property – this time a 14,420-square-foot, single-tenant, Walgreens for $3,117,728. The property is located in the affluent market of the Phoenix (Peoria), Ariz. MSA.

Jason Powell
Ackerman & Co. Vice Presidents of Investment Sales Sean Patrick and Jason Powell represented the seller – CSH Peoria AZ, LLC, a San Francisco-based developer. The property was purchased by publicly traded REIT AR Capital, LLC. They were represented by The Kase Group.

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

Fara Wilson, 
VP of Marketing
770. 913.3904 
 fwilson@ackermanco.net
www.ackermanco.net

Posted by Alex at 10:40 AM 0 comments

Wednesday, March 27, 2013

HFF secures $9 million financing for five-property self storage portfolio in Texas and Indiana




LOS ANGELES, CA – HFF announced today that it has secured $9 million in financing for a five-property self storage portfolio totaling 2,506 units in Houston, Texas and Indianapolis, Indiana.

                HFF worked exclusively on behalf of World Class Capital Group, LLC to arrange the 10-year, fixed-rate loan through Deutsche Bank.  The securitized loan was used to acquire the properties and will be serviced by HFF.

                The portfolio is comprised of four properties in Houston and one in Indianapolis, Indiana.  The properties, which were owned and operated by a national self-storage REIT, total 329,884 square feet.

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

World Class Capital Group, LLC is a leading private real estate investment firm based in Austin, TX. The firm pursues opportunities in all U.S. markets and has a distinct focus on value-add and core-plus real estate investments. 

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.phillipsedison-arc.com
. 
Posted by Alex at 1:05 PM 0 comments

HFF closes sale of three-property HEB & Publix retail portfolio



Brad Peterson
ORLANDO, FL – HFF announced today that it has closed the sale of three grocery-anchored retail centers totaling 276,143 square feet located in suburban communities of Houston, Texas; Columbia, South Carolina; and Tallahassee, Florida. 

The properties are: Kleinwood Center, Murray Landing and Vineyard Shopping Center. 

HFF marketed the portfolio on behalf of the seller, Charter Hall Retail REIT and Regency Centers Corporation.  Phillips Edison-ARC Shopping Center REIT Inc. purchased the offering.

Jim Batjer
The portfolio has an average three-mile population of more than 67,000 residents with an average household income of nearly $104,000.  Individual property details are listed below:

Property Year Built            Square Feet            Occupancy            Anchor          

Kleinwood Center, Spring, TX,  built 20003, 148,963 SF, 92%, anchor HEB                
Murray Landing, Irmo, SC, built 2003, 64,359 SF, 100%.  Publix           
Vineyard Shopping Center, Tallahassee, FL, built 2002, 62,821 SF, 84.7%, Publix        
Jim Hamilton

The HFF investment sales team representing the seller was led by senior managing directors Brad Peterson in Orlando and Jim Batjer in Dallas, and managing directors Jim Hamilton in Atlanta and Ryan West in Houston. 

According to Peterson, “The scarcity of HEB and Publix offerings, coupled with desirable anchor lease terms and sales performance across the portfolio, presented Phillips Edison-ARC Shopping Center REIT Inc. with a rare opportunity to acquire three high-quality, grocery-anchored centers in a single transaction.”

Ryan West

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.phillipsedison-arc.com
. 
Posted by Alex at 12:57 PM 0 comments

HFF closes REO sale of Stamford, CT office property




9 West Broad Street, Stamford, CT
FLORHAM PARK, NJ – HFF announced today that it has closed the REO sale of 9 West Broad Street, a 200,301-square-foot office property located  in downtown Stamford, Connecticut.

HFF marketed the property on behalf of the seller. The purchaser is a joint venture between Forstone Capital LLC and certain funds managed by Westport Capital Partners LLC.

Jose Cruz
9 West Broad Street is situated on 2.88 acres at the north end of Mill River Park in Stamford, with quick access to Interstate 95, Route 1, Merritt Parkway, the Stamford Metro North commuter rail station and Stamford Town Center. 

Andrew Scandalios
Renovated in 1999, the nine-story property is anchored by American Institute for Foreign Studies. 9 West Broad Street features a full-service cafeteria and a separate parking garage.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien as well as associate director Steve Simonelli.

Kevin O'Hearn
“9 West Broad Street is well-positioned for value creation through lease-up and will benefit from its location in Stamford, which is home to numerous Fortune 500 companies and top financial firms,” said Cruz.  

 O’Hearn added, “Forestone continues to expand their presence in the Fairfield County and is one of the most active investors in this submarket.”

Forstone Capital, LLC is a boutique real estate investment firm located in Darien, Connecticut that provides a full range of commercial real estate services to private equity investors and select individual clients.

Jeffrey Julien
 Since its inception in 2007, Forstone Capital has acquired over 1 million square feet of office, retail, and multi-family properties throughout Connecticut.

At Forstone Capital, the firm strives to provide clients with valuable investment opportunities through off-market deal sourcing, intimate market knowledge and hands-on execution of their asset strategies through proprietary leasing, development and management services.
Steve Simonelli

Westport Capital Partners LLC is an investment management company focused exclusively on opportunistic and distressed real estate investments. The company invests in real estate through direct and indirect property ownership and through public and private real estate securities and financial instruments. 

The company focuses on distressed assets, value-added transactions, and domestic and international development opportunities

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

Posted by Alex at 12:38 PM 0 comments

Stan Johnson Co. Completes Unique Sale-Leaseback of American Forest Products Industrial Portfolio for $13,807,600


                      
Camille Renshaw

                       
 NEW YORK, NY (March 27, 2013) – In a transaction that highlights how corporations are leveraging sale-leaseback transactions for growth, Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has structured the sale-leaseback of a portfolio of American Forest Products properties totaling $13,807,000.

American Forest Products is the leading provider of third-party logistics and retail services, in conjunction with the sale of moulding and specialty millwork, into big-box retail and pro-dealer locations, such as Home Depot.

Camille Renshaw, CCIM, of Stan Johnson Company represented the seller, American Forest Products, and the buyer, a private equity fund.  The portfolio included five industrial properties, totaling +/- 575,000 square-feet, with properties located within California, South Carolina, and Virginia.

Under the terms of the deal, AFP agreed to a lease term of 21 years as the single tenant within each property under an absolute net, master lease.  A unique component of the transaction is the seller’s attractive buyback clause in year five, which gives it the necessary capital for growth today, coupled with ongoing control of all its sites.

“Every detail of the sale-leaseback had to be specially managed to create a strong growth path for American Forest Products,” said Camille Renshaw.  “Ultimately, the seller was able to pay off debt and expand its credit revolvers for immediate and expansive new business growth.”

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

David Ebeling
Ebeling Communications
(949) 278-7851                      
                        
Posted by Alex at 12:22 PM 0 comments

FrontDoor Communities Taps Eric White as Division Vice President of Atlanta Office



Eric White
ATLANTA, GA  (March 27, 2013) -- FrontDoor Communities announced today it has expanded its Atlanta office with the addition of Eric White, who will serve as the firm’s division vice president.

Chief among White’s duties will be managing FrontDoor’s real estate acquisitions, development, homebuilding and sales in Atlanta. White brings more than 20 years of experience to his new role.

“FrontDoor Communities is growing quickly as the housing market rebounds, and we are poised to kick off new developments in our hometown of Atlanta,” said Terry Russell, chief executive officer of FrontDoor.

Terry Russell
"An accomplished industry veteran, Eric White is the ideal person to oversee our Atlanta activity.”

Prior to joining FrontDoor, White worked at Ryland Homes in Atlanta, where he spent the past 19 years.

Launched by veterans of the home building industry with 25+ years’ combined experience, FrontDoor Communities is a full-service real estate firm that is grounded in the reality of the marketplace with an eye toward the current economy’s consumer needs and wants.

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

Michael Phillips
404 996 0828
mphillips@frontdoorcommunities.com
                        
Posted by Alex at 12:07 PM 0 comments

Registration for Hotel Equity & Lender Perspectives (HELP) Conference in Boston up 60 Percent



  

BOSTON, MA, March 27, 2013—Hotel equity investors and lenders are showing a marked increase in investing in the industry based on advanced registration for the Hotel Equity & Lender Perspectives (HELP) Conference set for April 8-9 at the Boston Seaport Hotel.

According to conference officials advance registration for the two-day event is up more than 60 percent.  “The biggest change is that a greater pool of capital has increased the number of registrants from public and private investment organizations and lenders,” said Jim O’Connell. 

Jim O'Connell
 “Virtually all the major brand groups will be represented, as well as many more owners from around the country.  We have doubled the number of Dine-Around events, at which small groups of hoteliers meet for a private dinner, and are scrambling to find more venues.”

More information about the Hotel Equity & Lender Perspectives Conference, including registration, program and sponsorship details, is available at www.helpconference.com or by calling (978) 777-4100. Registration for the HELP Conference is $795.     
    
For a complete copy of the company’s news release, please contact

 Jerry Daly, Chris Daly
 Daly Gray, Inc.
703-435-6293
Jerry@dalygray.com
      
Posted by Alex at 11:55 AM 0 comments

Regency Centers’ 2012 greengenuity® Metrics Show Improvements in Sustainability



Mark Peternell
JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, increased its annual energy savings by 75 percent, achieved LEED® certification for three projects and tripled the amount of construction and demolition material recycled in 2012.

These sustainability improvements are just three of the metrics illustrating the company’s ongoing commitment to reduce the environmental impact of developing and operating shopping centers through its greengenuity® program.

“We believe our commitment to greengenuity leads to better risk management and cost savings, improves our communities, encourages innovation and is in the best interest of our shareholders,” said Mark Peternell, vice president of sustainability for Regency Centers. “Our 2012 performance metrics are the strongest yet in our ongoing effort to be responsible stewards of natural and economic resources.”

Regency measures its greengenuity progress through steady improvement in five key areas: green building certification, energy efficiency, water conservation, renewable energy and waste reduction.

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

Cohn Marketing
Lisa Wieting, 720-233-791
Lisa@cohnmarketing.com
or
Regency Centers
Mark Peternell, 303-300-5331
Vice President, Sustainability
MarkPeternell@RegencyCenters.com

Posted by Alex at 11:43 AM 0 comments

First Green Bank Officials Attend Global Alliance for Banking on Values Summit in Berlin



Shannon Carlyle
Mount Dora, Fla. --- The chairman, president and two directors of First Green Bank, headquartered in Mount Dora, recently attended the Global Alliance for Banking on Values summit conference in Berlin.

Kenneth M. LaRoe, chairman of First Green Bank, Paul Roundtree, president and bank directors Shannon Carlyle and Randy Strode attended the conference.

Paul Roundtree
First Green Bank was admitted to the Global Alliance for Banking on Values last year.

The Alliance, which includes 22 banks in 16 countries, including four U.S. banks, is an independent network of banks using finance to deliver sustainable development for unserved people, communities and the environment.

First Green Bank launched its first capital offering in January.  LaRoe said First Green Bank has raised more than $4 million in investments.

Randy Strode

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

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com
Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com  

Posted by Alex at 11:32 AM 0 comments
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