Friday, April 26, 2013

Prologis Awards Berger Commercial Realty Exclusive Leasing Assignment for I-595 Distribution Center in Davie, FL




One of several businesses at I-595 Distribution Center, Davie, FL

FORT LAUDERDALE, FL -- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced it has been awarded the exclusive leasing assignment for a two-building, modern-style industrial facility, known as the I-595 Distribution Center, by Prologis, the leading owner, operator and developer of industrial real estate in regional markets worldwide.

Greg Milopoulos
The 150,452-square-foot property, located at 7050-7060 W. State Road 84 in Davie, is situated on more than 12 acres of land strategically located in central Broward County along the I-595/State Road 84 corridor with convenient access to the tri-county market. 

The facility has 18,424 square feet of prime office-distribution space currently available for lease. Features include 22+/- foot clear height ceilings, a combination of docks and loading ramps, and three-phase power.

Keith Graves
 "Prologis understands that real estate is ultimately a 'local' business," said Berger Commercial Realty broker Keith Graves, who will be handling leasing for the property along with broker associate Greg Milopoulos. "They recognize that we are a highly effective, Florida-based firm with expertise in this type of property, and know that  we already service a large industrial portfolio."

 Prologis owns or has investments in properties and development projects totaling approximately 554 million square feet in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.

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

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Berger Commercial Realty Announces Three New Lease Transactions



4911 Lyons Technology Parkway, Coconut Creek, FL

Judy Dolan

 FORT LAUDERDALE, FL )- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced three new lease transactions from brokers Judy Dolan, Greg Milopoulos and Jonathan Thiel.

Greg Milopoulos
The properties are:

 4911 Lyons Tech Parkway, Suite 10, Coconut Creek, FL Landlord: 4811 Lyons Tech Pkwy., LLC, represented by Judy Dolan and Greg Milopoulos Tenant: Unsworth Photography Type: Warehouse Transaction: Lease Renewal Square Footage: 1,562

Jonathan Thiel
5001 N.W. 13th Ave. Bay K,L, Deerfield Beach, FL 33064 Landlord: Terri Froelich, represented by Judy Dolan and Jonathan Thiel Tenant: Creative Lighting Solutions, LLC Type: Warehouse Transaction: Sublease Square Footage: 10,000

 2029 Hollywood Blvd., Hollywood, FL 33020 Landlord: 2019-2030 Hollywood, represented by Judy Dolan Tenant: House of Willow, LLC Type: Retail Transaction: New Lease Square Footage: 1,000

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

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Steven Fifield Receives E.J. Plesko Distinguished Speaker in Real Estate Development Award from the Wisconsin School of Business




Michael Brennan (left) and Steven Fifield

CHICAGO, IL --  Steven Fifield, president and CEO of Chicago-based Fifield Cos., has received the E.J. Plesko Distinguished Speaker in Real Estate Development award from the James A. Graaskamp Center for Real Estate at the Wisconsin School of Business.

 “To be recognized with this award from one of the country’s leading real estate programs is truly an honor,” said Fifield. “The school has long been a training ground for some of the best and brightest in our industry and I have personally hired several of its graduates throughout my career. I know the school prepares its students extremely well and it is a privilege to be associated with it.”

 Fifield was honored at a luncheon on the University of Wisconsin-Madison campus in Madison on Friday, April 5, where he addressed faculty and staff of the real estate program with his thoughts and advice on the commercial real estate industry.


 The Graaskamp Center presented Fifield with the award because he has been an industry trendsetter, as well as a prolific and successful developer of office and residential property throughout his 30-year career. In that time period, Fifield has developed more than 50 high- and mid-rise apartment and office towers nationwide.

 “We were honored to present the E.J. Plesko Real Estate Development Award to Steve Fifield,” said Michael Brennan, executive director, Graaskamp Center for Real Estate at the Wisconsin School of Business.  “He’s been an innovative leader in real estate development and he truly embodies the Wisconsin tradition in his spirit, imagination, and enthusiasm for making a positive impact on the built environment.  It was a great privilege for our students to have Steve in Madison to share his wisdom and wealth of experience with them.”

 As co-founder of Century West Partners, a Los Angeles-based residential developer, Fifield also is bringing more than 2,000 new apartment units over the next two years to downtown Los Angeles and Santa Monica, Calif.

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

Kim Manning,
312-267-4527

Mark Thomton,
312-267-4523

                         

Janet Neman, Senior Managing Director at Charles Dunn Co., Chosen as Honoree for Lakers / Comerica Bank Best of LA Women's Business Awards


  

Janet Neman

  
LOS ANGELES, CA– Janet Neman, senior managing director with Charles Dunn Company, has been chosen as an honoree for the Best of LA Women’s Business Awards.

Darrell Levonian
This is the fourth season that the Lakers and Comerica Bank have partnered to create a business awards program that recognizes women in leadership in LA County, in tribute to their contributions.

Neman was given on-court recognition at an awards ceremony prior to the Lakers game on April 14 by a representative of Comerica Bank.

                “Janet has been an outstanding leader at Charles Dunn Company for more than 17 years and is deserving of this notable honor,” said Darrell Levonian, executive managing officer with Charles Dunn. “She is an excellent example to women as well as to all of the commercial real estate community.”     

Neman has been named one of Charles Dunn Company’s “Top 10 Company-wide Top producing Agents” in 2011 and 2012.  In 2012, she conducted more than $100 million in sales transactions.

She primarily specializes in the analysis, marketing and sale of multifamily properties with a track record of portfolio sales in the Southern California market.  Over her career, Janet has completed a total of $950 million in sales transactions.

Neman is involved not only in commercial real estate brokerage, she also supports single women in need as demonstrated by her dedication to and involvement with the Los Angeles Shelter for Battered Women. Her personal donations, sponsorship and coordination delivering funds provide basic living needs for women in the organization.  

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Beech Street Closes $17 Million Fannie Mae Loan to Refinance Portfolio of 19 Student Apartment Complexes in Tuscaloosa, AL


   

College Station student houseing porffolio
Tuscaloosa, AL
BETHESDA, MD – Beech Street Capital, LLC announced it closed a $17 million Fannie Mae Dedicated Student Housing loan to refinance the College Station Portfolio, which consists of 264 units in nineteen properties owned by ROAR, LLC, in Tuscaloosa, Alabama.

Chad Thomas Hagwood
Chad Thomas Hagwood, executive vice president of loan originations for Beech Street, originated the loan, and Brandon E. Pate managed the transaction.

 “The College Station Portfolio was an excellent fit for Fannie’s Dedicated Student Housing program,” notes Hagwood.  

“ROAR has a proven track record with student properties, and the properties themselves, within walking distance of campus, are in very high demand with University of Alabama students.” 

 The properties typically operate at 99 percent occupancy. The interest rate on the loan was in the low four percent range.

 The complexity of the portfolio, with 19 properties built between 1920 and 1992 clustered in three groups around the campus, proved no obstacle to Beech Street’s team.  “The hallmark of the Beech Street approach is our ability to adapt to our borrowers’ circumstances,” Hagwood notes.

University of Alabama, Tuscaloosa, AL
 The Tuscaloosa apartment market is dynamic and very active, fueled by the dramatic growth of the University of Alabama over the past ten years and the redevelopment that has occurred in the wake of the devastating tornadoes that hit the city in April 2011, including a multi-million dollar downtown urban renewal project. 

 The fixed-rate loan has a 10-year term and 9.5 years of yield maintenance with 30 years of amortization, payable on an actual/360 basis.

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

Courtney Lewis
 240-507-1948 or
Jenifer Bernardi
240-507-1946.  

Greystone Closes $43.81 Million Loan for Multifamily Property in San Jose, CA




Chateau LaSalle Drive, San Jose, CA

New York, NY  – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has provided a $43.81 million Fannie Mae Delegated Underwriting and Servicing (DUS®) Loan for Chateau La Salle, a housing community in San Jose, California.

Tim Thompson
 The loan was originated by Tim Thompson, Managing Director of Greystone’s San Francisco office. The 10-year fixed rate loan transaction has a 30-year amortization for the community that consists of 434 homes.

 “Our long term relationship with Fannie Mae and our deep knowledge and experience of the multifamily market on the West Coast enabled the Greystone team to work quickly and efficiently on behalf of Chateau La Salle,” said Rick Wolf, Senior Managing Director of Greystone’s Fannie Mae production team. “We see immense growth potential in the West Coast and look forward to continued success in the region.”

Robert Mallett
 The Greystone team worked closely with Fannie Mae to ensure that the deal closed on schedule, even as the property’s ownership structure changed a week before the approval deadline. In addition, Thompson and his team were able to secure better pricing for the borrower from an earlier proposal, and Greystone waived all impounds and reserves escrows.

 The deal was brought to Greystone by Robert Mallett, director at Marcus & Millichap Capital Corporation.  Based in Palo Alto, Mallett has worked with borrowers and originators throughout Northern California for more than 20 years and helped facilitate the deal’s terms with Fannie Mae and Greystone.

Rick Wolf
“It’s a pleasure working with a creative and caring organization like Greystone to serve a great property like Chateau La Salle,” said Mallett. “The strong relationship between Greystone and Marcus & Millichap has been a vital component to our success in multiple regions across the country, and I look forward to continuing to work closely with Greystone to provide financing opportunities for clients throughout Northern California.”

 Greystone is ranked as a top-10 Fannie Mae lender by volume and was the number one FHA lender for 2012. With more than 200 mortgage professionals throughout the United States, Greystone is the multifamily industry expert and leader. For more information about Greystone’s multifamily lending solutions please visit http://www.greyco.com/multifamily

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

Loretta Mock/Jessica Kleinman
Cognito
+1 646 395 6300

Cousins Properties Acquires Austin, TX Office Tower




                816 Congress Avenue, 434,000-square-foot, Class-A office building 
                                                Downtown Austin, TX


Larry Gellerstedt
ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has acquired 816 Congress Avenue, a 434,000-square-foot, Class-A office building located in Downtown Austin, Texas.

The Company purchased the office tower for a net purchase price of $102.4 million, which equates to $236 per square foot. The acquisition was funded with cash proceeds from Cousins’ recent follow-on stock offering.

“This represents another attractive acquisition for Cousins as we continue to target quality urban office assets in the best southeastern submarkets at valuations below replacement cost,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “We have a long, successful history in Austin and are very excited about the opportunity to create value at 816 Congress Avenue.”

Texas State Capitol
Cousins has played a prominent role in the Austin real estate market for over 20 years, with a list of notable projects including Frost Bank Tower and Palisades West.

816 Congress Avenue is currently 78 percent leased to a diverse tenant base, including Teachers Retirement System of Texas, Lloyd Gosselink, and AT&T Services. With overall office occupancy in the Austin CBD submarket at 89 percent, the building is well positioned for future occupancy growth.

Cousins intends to utilize its market expertise and strong local relationships to drive new leasing momentum. The Company also plans on leveraging 816 Congress’ attractive location and recent capital improvements, which include a 12,000-square-foot terrace on the 15th floor with unobstructed views of the Texas Capitol Building. The building also offers a top quality fitness facility and state-of-the-art conference center.

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

Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications

Thursday, April 25, 2013

Colliers International Brokers $1 Million Cash Sale of Pompano Beach, FL Retail


  

1 North Ocean Boulevard, Pompano Beach, FL

FORT LAUDERDALE, FL -Colliers International South Florida is pleased to announce the all-cash sale of six retail units in Pompano Beach for $1 million. No financing was involved in the transaction, which closed April 3, 2013.

Clinton Casey
Colliers International South Florida brokers Clinton Casey and Achikam Yogev represented the seller, Pompano Retail One North Ocean Blvd, LLC.

David Duckworth of Avison Young represented buyer Oceanside Atlantic, LLC.

 The six units, which total 24,448 square feet of raw space, are located on the ground floor of a residential high-rise at 1 North Ocean Boulevard, Pompano Beach, FL.

Achikam Yogev
 Clinton Casey, Senior Commercial Associate with Colliers International South Florida, is a lifelong resident of Pompano Beach and is deeply familiar with the area.

"I have watched the community go from its heyday in the sixties and seventies to a low point in the 1990's. Now, thanks to initiatives of the Pompano Beach CRA (Community Redevelopment Association), the area is regaining its previous prominence as a destination," said Casey.

"This property is on the barrier island in the East CRA. Recent improvements to streets, sidewalks and other infrastructure have had a very positive effect on property values."

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

$10.7 Million Net-Leased Industrial Facility Sale Arranged by Marcus & Millichap in Garland, TX




336,499-square foot manufacturing and distribution facility
 net-leased to the Apex Tool Group in Garland, TX

GARLAND, TX, April 25, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 336,499-square foot manufacturing and distribution facility net-leased to the Apex Tool Group in Garland, Texas.

John Glass
            John Glass, a senior vice president investments in Marcus & Millichap’s San Francisco office, and James Bell, a vice president investments in the firm’s Houston office, represented the seller. Glass and Scott Pertel, an associate in San Francisco, represented the buyer.

            “There was a tremendous demand for the facility from both private and institutional investors,” says Glass.  “After receiving a number of offers in just two weeks, an investor was selected that closed the transaction in three weeks on an all-cash basis. The final selling price was $10,700,000.”

James H. Bell
“Apex Tool Group, a leading producer of hand and power tools, is on a new 20-year triple-net lease,” adds Bell. “The lease is guaranteed by Apex Tool Group LLC, which has an estimated $1.46 billion in annual sales.”

“Apex Tool Group has been the principal manufacturer of Sears Craftsman brand hand tools for more than 65 years,” says Pertel.

            The property is located at 3000 West Kingsley Road in Garland. The area is part of the Northeast Dallas industrial market, which is the third-largest submarket in the Dallas/Fort Worth metropolitan area with over 108 million square feet of industrial space.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Marcus & Millichap Announces Two Promotions


  
James E. Kordell

 James E. Kordell Named Associate Vice President Investments in Ontario, CA Office

ONTARIO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted James E. Kordell to associate vice president investments. The achievement represents excellence in the development and servicing of long-term client relationships, according to Kevin Boeve, regional manager of the firm’s Ontario office.

            Most recently a senior associate, Kordell joined the firm in October 2006, was promoted to associate in January 2008 and advanced to senior associate in October 2009. He has received three sales recognition awards and is an associate director of the firm’s National Multi Housing Group.

Joseph P. Thomas
 Joseph P. Thomas Moves Up to Associate Vice President Investments in Fort Lauderdale, FL Office

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Joseph P. Thomas to associate vice president investments. The achievement represents excellence in the development and servicing of long-term client relationships, according to Gregory Matus, vice president and regional manager of the firm’s Fort Lauderdale office.

            Most recently a senior associate, Thomas joined the firm in October 2006, was promoted to associate in August 2008 and advanced to senior associate in March 2010. He is a director of the firm’s National Multi Housing Group and an associate member of the Special Asset Services division.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Lincoln Property Company Southeast Promotes Sabrina Altenbach to Senior Leasing Associate

 
Sabrina Altenbach
ATLANTA (April 25, 2013) – Lincoln Property Company Southeast (Lincoln) has promoted Sabrina Altenbach to senior leasing associate.

 Altenbach, who has been with the firm for nearly two years as a leasing associate, will continue to work with Leigh Braswell, vice president of office leasing, to oversee the marketing, leasing and related research for a 1.5-million-square-foot portfolio of high-profile Atlanta office properties.

 The portfolio includes the 55 Allen Plaza, 1117 Perimeter, 3405 Piedmont, 730 Midtown, 3333 Riverwood, Silhouette Midtown, Lenox Plaza and Lenox Center buildings.

Leigh Braswell
“Sabrina’s work for Lincoln has been nothing short of outstanding,” said Tony Bartlett, senior vice president for Lincoln.

“She and Leigh have done excellent work with their portfolio over these two years, and they continue to provide a high level of client service for the owners they work with. This new title is extremely well deserved, and she is a highly valued member of our leasing team.”

 Prior to joining Lincoln, Altenbach was an investment analyst with Prudential Mortgage Capital Co., where she was responsible for monitoring the performance of a $28 billion portfolio secured by apartment, office, retail, industrial and hotel properties. 

Tony Bartlett
Previous to that, Sabrina served as a leasing representative in the office division of Ben Carter Properties, where she gained experience in office leasing, land brokerage, commercial building sales and asset disposition.

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

Stephen Ursery
The Wilbert Group
404-965-5026

Carter to Develop $40 Million Mixed-Use Project in Decatur, GA



Rendering of planned 315 West Ponce, Decatur, GA

 ATLANTA, GA– Carter, one of the nation’s leading real estate development, investment and advisory firms, announced today that the company will develop 315 West Ponce, a $40 million mixed-use project in Decatur, Ga. The five-story residential buildings will comprise 233 apartment units and approximately 10,000 square feet of street-level retail space.

Conor McNally
 “Carter is incredibly excited to be developing a Class-A mixed-use project right in our backyard,” said Conor McNally, chief development officer at Carter. 

“While Decatur has experienced significant population and retail growth during the last 10 years, no new apartment projects have been delivered since 2001, which makes the timing for this project ideal.”

 315 West Ponce will target young professionals with a mixture of one-, two- and three-bedroom apartments, as well as a full line of amenities including a pool, clubhouse, fitness center and two outdoor courtyards with green space.

Decatur Square, Decatur, GA
 The development will also include a structured parking deck to be shared between the new retail and residential buildings and the existing 10-story office building located on the site.

 The Decatur Downtown Development Authority has approved the site plan for the project, which is located two blocks from the Decatur Square and approximately 20 minutes from downtown Atlanta. 

The Preston Partnership is the architect for the project and Brasfield & Gorrie is the contractor. Construction is anticipated to begin later this summer.

 Carter has a rich history of developing multi-family projects and specializes in developing complex, urban mixed-use projects across multiple asset classes. From complicated mixed-use developments to high-rise condominiums, Carter’s leadership brings a depth of experience to a variety of project types.

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

Tony Wilbert
The Wilbert Group
404-965-5022

$40 million sale of Class A office property in Silicon Valley closed by HFF




303 Bryant Street, Mountain View, CA

Michael Leggett
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of 303 Bryant Street, a Class A office property totaling 55,956 square feet in Mountain View, California.

HFF marketed the property on behalf of the seller.  Menlo Equities purchased the property for $40 million.  The transaction also included the assumption of an in-place loan.

Built in 2002, the three-story building is 100 percent leased to Speck Products and includes a subterranean parking structure.  The building is located in downtown Mountain View in close proximity to the Caltrain and light rail station and provides access to U.S. Highway 101, Interstate 280 and Routes 85 and 237.

Gerry Rohm
The HFF investment sales team representing the seller was led by senior managing directors Michael Leggett and Gerry Rohm and director Dave Karol.

Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Palo Alto, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets in the western United States. 

Dave Karol
Since its founding, Menlo Equities has acquired or developed more than 80 properties for a total cost of approximately $2.2 billion, and has developed and built more than 3.2 million square feet of high-profile office, R&D and engineering commercial real estate.
  
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

HFF arranges $86.8 million acquisition financing for Monument Park in Fairfax, VA




Monument Park Apartments, Fairfax, VA

Whitaker Johnson
DALLAS, TX – HFF announced today that it has arranged $86.8 million in acquisition financing for Monument Park, a 460-unit, Class A multi-housing community in Fairfax, Virginia.

HFF worked on behalf of a private real estate fund advised by Crow Holdings Capital Partners, L.L.C. to secure the 10-year, fixed-rate loan through TIAA-CREF.

Monument Park is located at 4457 Oakdale Crescent Court in suburban Washington, D.C.’s Fair Oaks submarket and provides immediate access to key transportation routes in the area such as Interstate 66 and Lee Jackson Memorial Highway. 

Situated on 17.05 acres, the property is stabilized and consists of one-, two- and three-bedroom units averaging 1,014 square feet each.  Community amenities include a clubhouse, resort-style swimming pool, fitness center, business center, pub room, media center, jogging trails and barbecue and picnic area.  

Andy Scott
HFF’s debt placement team representing the borrower was led by senior managing director Whitaker Johnson and managing directors Andy Scott and Cary Abod.

                Crow Holdings Capital Partners, L.L.C. (“CHCP”) was established in late 2010 in response to new regulations and to expand the business of Crow Family Holdings, which was formed in the early 1990’s to exclusively manage the assets of the Trammell Crow Family. 

  Since 1998, CHCP and CHCP-affiliated entities have managed a series of real estate private equity funds that are designed to generate current income and benefit from the capital appreciation of portfolio investments.  

These six funds have had total equity commitments from partners of approximately $3.6 billion, approximately $675 million of which was committed by Crow Family Holdings.

Cary Abod
                TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $481 billion in assets under management (as of 6/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
  
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

HFF arranges $38 million financing for 15-property industrial portfolio in Texas and New Mexico



Above is part of a 15-property industrial portfolio
 totaling more than 1.2 million square feet
in Texas and New Mexico.
 

Adam F. Herrin

DALLAS, TX – HFF announced today that it has arranged $38 million in financing for a 15-property industrial portfolio totaling more than 1.2 million square feet in Texas and New Mexico.  

HFF’s Adam Herrin and Kevin Mackenzie worked on behalf of the borrower, Industry Capital Advisors, to secure and modify the 12 separate loans with ViewPoint Bank.  The transaction included seven new 10-year, fixed-rate loans and five existing loans, which were modified and extended.

The properties in the portfolio are located in various Texas locations and Albuquerque, New Mexico.  At the time of the financing the average occupancy among the portfolio was more than 90 percent.

Kevin Mackenzie
Industry Capital Advisors is a San Francisco-based private equity firm focused on investing in real assets.  The firm was founded in 2003.  Through its Berkeley funds, the firm owns and operates more than two million square feet of industrial real estate in the United 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