Tuesday, April 30, 2013

Lincoln Property Company Southeast Brokers TechSource’s 12,924-Square-Foot Lease at Northlake Business Park in Metro Orlando, FL

 


                               Northlake Business Park, Altamonte Springs, FL

 ORLANDO, FL – Lincoln Property Company Southeast (Lincoln) has brokered TechSource Inc.’s lease renewal and expansion at Northlake Business Park in Altamonte Springs, Fla.

Robert Kellogg
The firm, which provides computer graphics hardware to the air-traffic-control and defense markets, signed a seven-year renewal and will now occupy 12,924 square feet at Northlake. The firm previously occupied 9,000 square feet at the business park.

Robert Kellogg, vice president of office leasing for Lincoln, represented the landlord in the transaction. Matthew McKeever of Cushman and Wakefield represented the tenant.

Matthew McKeever
Northlake Business Park is a 270,000-square-foot, campus-style office park. The park is located near Interstate 4, and features four parking spaces per 1,000 square feet, exterior tenant signage and 24-hour access.

 “TechSource’s renewal and expansion strengthens the already strong Northlake Business Park and provides more evidence of improving economic conditions in central Florida,” said Scott Stahley, a Lincoln senior vice president who manages the Orlando office.

 “We look forward to capitalizing on those improving conditions to continue to drive value at Northlake and our office properties throughout the metro Orlando area.”

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

Stephen Ursery
The Wilbert Group
404-965-5026

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Marcus & Millichap Sells 109-Room Hampton Inn & Suites in Ocala, FL for $5.8 Million


  

Hampton Inn & Suites, Ocala, FL

 OCALA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hampton Inn & Suites, a 109-room hotel located in Ocala, FL. The asset commanded a sales price of $5,800,000 representing $53,211 per room.

Jonathan
 Gerszberg
Ahmed Kabani, Senior Associate and an Associate Director with Marcus & Millichap’s National Hospitality Group, and Jonathan Gerszberg, Associate, both from Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a Miami bank/financial institution. 

“The asset generated immediate investment interest because of its newer construction (2008), excellent visibility from I-75 and close proximity to golf courses and state parks.  The buyer had to compete against 10 other offers, and ultimately closed with a hard day one offer,” says Kabani.

The buyer, a limited liability company from Michigan, was secured and represented by David M. Greenberg, Vice President Investments and Senior Director of Marcus & Millichap’s National Hospitality Group from the firm’s Ft. Lauderdale office.

Ahmed Kabani
“This acquisition is an excellent, strategic and significantly below replacement cost deal with plenty of upside.  This is the first time this buyer has owned a hotel in Florida.  Based on Florida’s positive hotel operating trends and diverse mix of corporate and leisure business generators, Florida is back on out-of-area investors’ radar screens.  We expect 2013 to be a record year for hotel transactions,” says Greenberg.

Hampton Inn & Suites is a 109-room hotel located directly off Interstate 75 on Highway 484 and just minutes from Ocala's Florida Horse Park.  Large trailer parking is available for guests, making the hotel ideal for those visiting the Park. There are also several championship golf courses within 10 minutes of the property. Hampton Inn & Suites is located at 2075 Southwest Highway 484 in Ocala, FL.

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

Kirk A. Felici
First Vice President/Regional Manager,
 Miami, FL
(786) 522-7000

Chatham Lodging Trust Locks in Attractive Financing; Proceeds Free Up Capacity on Company’s Line of Credit for Acquisitions


  
Dennis M. Craven

 PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint venture approximately $1.5 billion of premium-branded, upscale, extended-stay and select-service hotels, announced that it has closed on a $20.0 million fixed-rate, first mortgage loan.

 The 10-year loan, which is secured by the 197-room Courtyard by Marriott Houston Medical Center hotel, was provided by Barclays Bank, plc.  The loan carries a fixed interest rate of 4.18 percent per annum, with principal and interest based on a 30-year amortization. 

Courtyard by Marriott Houston Medical Center
Proceeds from the loan will be used to repay outstanding borrowings under the company’s secured revolving credit facility.  The company now has $40 million available under its $115 million revolving credit facility.

“With long-term borrowing rates at historically low levels, we seek to take advantage of these market conditions using reasonable leverage to fund acquisitions, which enables us to lock in solid, long-term returns for our shareholders,” said Dennis Craven, Chatham’s chief financial officer.

 “This financing gives us considerable flexibility to respond quickly and opportunistically to acquisition opportunities.  It also further reduces the weighted average rate on our fixed-rate debt to a very attractive 5.05 percent and extends the weighted average maturity on our fixed-rate debt to 2021.”

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

Dennis Craven (Company)
Chief Financial Officer                                                           
(561) 227-1386                                                                      

Jerry Daly or Chris Daly
Daly Gray (Media)
 (703) 435-6293

Greystone Originates Bridge Loans Totaling $28 Million for Two Senior Apartment Communities in New York and Georgia



Betsy Vartanian


New York, NY  – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced that it has provided a total of $28 million in bridge loan financing to United Group of Companies Inc., for two market rate senior apartment communities located in New York and Georgia.

The loans were originated by Donny Rosenberg, a Managing Director in Greystone’s multifamily lending group, in conjunction with Steve Germano, Managing Director of Greystone’s Portfolio Lending Group.

Michael Uccellini
 Schuyler Commons in New York and The Lodge at BridgeMill in Georgia received $28 million of loan proceeds through Greystone’s bridge loan program.

Both properties received attractive terms with a new maturity allowing the borrower to execute their business plan.

 “The United Group had a beneficial experience working with Greystone to close a complicated financial restructuring,” said Michael Uccellini, President and CEO of United Group.

 “The talented and professional Greystone team was responsive, accommodating and brought great value in closing the financing transaction we required. This valued business relationship is strongly recommended to the development community and will certainly be utilized in the future, as we have other financing opportunities identified.”



                                  Schuyler Commons, New York

Greystone’s extensive bridge financing experience enabled the team to work through the complexities of age-restricted housing quickly, and successfully close the loans for the two properties. The loan proceeds were used to refinance existing debt. Greystone will work with United Group of Companies to provide long-term financing prior to the maturity of the bridge loan.

The Lodge at BridgeMill
Canton, GA
 “Borrowers facing impending loan maturity continue to look to Greystone for their bridge financing needs,” said Betsy Vartanian, Head of Greystone’s FHA business.

“Our clients often need to retire existing debt obligations quickly to avoid pending loan maturity but also want to secure long term financing with favorable loan terms.

“Greystone is able to offer bridge financing quickly while simultaneously structuring the optimal long term financing solution that best addresses the borrower’s needs and objectives. 

"Our creativity and ability to move quickly coupled with our proven success in delivering permanent financing, often FHA insured, allow us to provide clients with the best possible interim solution as they plan their permanent capital structure over a lengthier period of time.”

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

Loretta Mock/Jessica Kleinman
Cognito
+1 646 395 6300

Post Properties Announces First Quarter 2013 Earnings



ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced net income available to common shareholders of $19.4 million, or $0.35 per diluted share, for the first quarter of 2013, compared to $20.9 million, or $0.39 per diluted share, for the first quarter of 2012.

The Company’s net income available to common shareholders for the first quarter of 2012 included a gain of $6.1 million, or $0.11 per diluted share, on the sale of an asset.

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

Post Properties, Inc.
Chris Papa, 404-846-5028

Marcus & Millichap Capital Corp. Arranges $5.7 Million 100 Percent Cash-Out Multifamily Refinance in Nashville, TN




                                      184-Unit Apartment Community in Nashville, TN
  
NASHVILLE, TN– Marcus & Millichap Capital Corporation (MMCC) has arranged $5,687,000 in debt for a 184-unit multifamily community in Nashville.

John Banas
Kristopher Wood and John Banas, both directors in MMCC’s Philadelphia office, arranged the loan.

“The challenge in this transaction was finding an agency lender willing to provide a cash-out refinance on an asset that had been purchased as a distressed property in 2011,” says Wood. “Our borrowers were interested in fixed-rate debt, as the operations and property improvements are complete. The 100 percent cash-out was to repay investors and stabilize cash flow for a long-term hold,” adds Wood.

Kristopher Wood
“Through our long-term lender relationships, we were able to deliver loan terms that were significantly better than market, exactly what our client was looking for,” Banas concludes.

The 10-year loan amortizes over 30 years at 4.02 percent. The LTV is 75 percent.

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

Ben Johnson,
Marketing Director
(925) 953-1736

240-Unit Multifamily Property in Austin, TX Sold by Marcus & Millichap



Austin Commons, North Central Austin, TX

AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Austin Commons, a 240-unit apartment complex in north central Austin. The terms of the sale were not disclosed.

Joe James
            Joe James and Kent Myers, senior associates in Marcus & Millichap’s Austin office, represented the seller, a California-based partnership. The buyer is a California-based investor. 

            “Investor demand for apartments in Austin remains high as the city holds its position as a job creation leader,” says James.  “Austin Commons received a great deal of interest from a variety of investors, including REITs and out-of-state private buyers.”

Kent Myers
“The property is well positioned to provide the new owner with excellent value appreciation, future rent growth and long-term stability,” adds Myers. “Austin’s thriving high-tech sector, along with its expanding healthcare industry and swelling development pipeline, all point to another strong year for renter-household formation.”

The property is located at 1630 Rutland Drive near Texas State Highway Loop 1 and the U.S. Highway 183/Interstate 35 interchange.

Austin Commons was built in 1971 on 12.4 acres. The unit mix ranges from 595-square foot one-bedroom/one bath units to 1,041-square foot three-bedroom/two-bath units.


Shared amenities include controlled-entry access gates, two swimming pools, clubhouse, business center, fitness center, picnic areas and on-site laundry facilities.
  
For a complete copy of the company’s news release, please contact:

Ben Johnson,
Marketing Director
(925) 953-1736

Joohyn ‘Dennis’ Bahn Joins Marcus & Millichap Capital Corp. as Director in New York


  
Joohyun (Dennis) Bahn

 NEW YORK, NY – Marcus & Millichap Capital Corporation (MMCC) has named Joohyun “Dennis” Bahn as a director in the firm’s Manhattan’s office, according to William E. Hughes, senior vice president and managing director of MMCC.

            In his new position, Bahn will arrange debt financing for all types of commercial real estate assets, including multifamily, retail, and office and industrial properties.

“Dennis has a strong background in finance and financial structuring,” says Hughes. “His experience will be of great value to our clients in New York and throughout the Tri-State Area.”

William E. Hughes
            Prior to joining MMCC, Bahn co-founded and was the managing partner for Artistic Cube Inc. and The Ground magazine and social networking site in New York. He was also a co-founder and managing partner of BCB Realty Capital in Manhattan and a senior vice president with Kensington Financial Services in Garden City, New York.

            Bahn graduated from City University of New York, Baruch College’s Zicklin School of Business, where he earned a Bachelor of Business Administration in finance.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Friday, April 26, 2013

Lincoln Property Company Southeast Brokers Saltmarsh, Cleaveland & Gund’s Lease of 3,200 SFt in Orlando’s Baldwin Park


  

Baldwin Park Building III, Orlando, FL


ORLANDO, FL (April 26, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered the accounting firm Saltmarsh, Cleaveland & Gund’s new lease of 3,200 square feet in Baldwin Park Building III in Orlando. The lease brings the Class-A building’s occupancy rate to 100 percent.

Jay Dixon
 Jay Dixon, vice president, office, for Lincoln represented the landlord in the transaction, and John Gay of Cresa represented the tenant.

 The three-story, 45,000-square-foot Building III is located at 4798 New Broad Street in the Baldwin Park Village Center, the business and retail center of the Baldwin Park neighborhood. The site is within walking distance of many restaurants and is just three miles from downtown Orlando.

Scott Stahley
“We are pleased to be able to secure such an outstanding tenant for this outstanding property,” said Scott Stahley, senior vice president for Lincoln.

 “Jay has done a great job in bringing this building to full occupancy, and we are excited about the opportunity to use our expertise and experience in a recovering office market to continue to create excellent value for all of our office landlords.”
  
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-965-5026

57-Story IDS Center, Minnesota’s Tallest Office Tower, Acquired by Beacon Investment Properties in a Joint Venture with Harel Insurance & Finance and Menora Mivtachim Insurance for $253 Million




IDS Center, 80 South Eighth Street
Minneapolis, MN

MINNEAPOLIS, MN. (April 26, 2013) -- The 57-story IDS Center, Minnesota’s tallest office tower and Minneapolis’ signature skyscraper, has been acquired by Beacon Investment Properties, LLC of Hallandale Beach, FL in a joint venture with Tel Aviv-based Harel Insurance Investments & Financial Services Ltd. and Menora Mivtahim Insurance Ltd. from Inland American Real Estate Trust, Inc. Oak Brook, IL for $253 million.

Ariel Bentata
       The 1.4 million-square foot glass and steel postmodern architectural landmark, with its 25,000 square foot indoor park and fountain, has a 93% leased office tower and the two-level retail plaza called Crystal Court which is 100% leased.

        Located at 80 S. 8th St., and occupying a full square block of the Nicollet Mall in what is considered the epicenter of downtown Minneapolis, the IDS Center was designed in 1972 by architect Philip Johnson, known for creating iconic corporate headquarters including the Seagram’s Building in New York City and the Pittsburgh Plate Glass Center in Pittsburgh.

Claude Dombey
        Ariel Bentata, chief investment officer and founding partner of Beacon Investment Properties, said, “Our company is delighted and proud to own the premier office complex in one of America’s most progressive and dynamic markets, the Twin Cities. It is a stable asset with long term tenants and a history of strong financial performance. 

"We are honored to assume the stewardship of IDS Center from Inland American which took very good care of this commercial real estate icon during its seven year ownership. We will carry on that tradition.”

        Claudio Dombey, a founding partner and chief of investor relations, cited the “solid support of our partners Harel Insurance Investments & Financial Services, Ltd. and Menora Mivtachim Insurance Ltd. In Tel Aviv that enabled us to expedite this sizeable and complex transaction. We are very fortunate to have such an excellent partnership.”

        Inland American Real Estate Trust, Inc., which has owned IDS Center since 2006, said it is selling the office complex to focus its investment portfolio on the lodging, retail and student housing segments.

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

Chris Barnett (cbarn@aol.com) (o) 415-921-5092 (m) 415-336-5092
Terry Kennon (terry@beaconri.com (o) 972-385-8787 (m) 214-676-0693


HFF closes sale of Upper West Side multi-housing property



166 West 75th Street, Upper West Side
 Manhattan, NY
Jeffrey Julien
NEW YORK, NY – HFF announced today that it has closed the sale of 166 West 75th Street, a 207-unit multi-housing property with 3,425 square feet of ground floor retail on Manhattan’s Upper West Side.

                HFF marketed the property exclusively on behalf of the seller. 

KC Patel
                166 West 75th Street is located near the intersection of Amsterdam Avenue and 75th Street close to Central Park, Riverside Park, Lincoln Center, and the 72nd Street Subway Station. 

The property is 16 stories and includes market-rate, rent-stabilized, SRO and vacant units.   Simon Development Group purchased the asset and intends to renovate the property.

Andrew Scandalios
                The HFF team representing the seller was led by managing director Jeff Julien, director KC Patel, senior managing directors Andrew Scandalios and Jose Cruz and managing director Kevin O’Hearn.

                “We are excited to add 166 West 75th to our portfolio,” said Matthew Baron, principal of Simon Development Group.

Jose Cruz
                “This was a value-add multi-housing opportunity in an outstanding location and garnered substantial interest,” added Julien.
Kevin O'Hearn

                Simon Development Group develops, owns, manages and asset manages a diverse portfolio of residential, hotel, retail and industrial space. 

To date, the current portfolio includes 13 buildings containing approximately 1,000 residential units, a roster of national retail stores, a soon to be built 260 room, 30-story, boutique hotel and 160,000 square feet of commercial space.  The properties are located throughout New York City.

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

Voit Real Estate Services Continues Expansion with Addition of Robert Woods in Inland Empire, CA Office


Robert Woods

Inland Empire, CA (April 26, 2013) – Voit Real Estate Services’ Inland Empire office is pleased to announce the addition of Robert Woods as Senior Vice President, according to Ian Britton, Managing Director of Voit’s Inland Empire office.

“To further our growth through 2013, Voit continues to recruit experienced, top producers to join our team,” commented Britton. “Woods is a strong, well-established professional in the commercial real estate industry who has a successful record of serving his clients well and he will be an excellent addition to our team.”

Prior to joining Voit, Woods was with CBRE where he distinguished himself as a leader in the Inland Empire area. He was involved in over 1,000 transactions offering his tenant and landlord clients focused service with constant attention.

Ian Britton
Woods graduated with his bachelor of arts in Business from Cal State Fullerton and is currently a member of the American Office of Real Estate Association.

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

Jessamyn Miller  
Voit Real Estate Services
949-566-6422

ZipRealty’s New Mobile Website Features Full-Screen Home Photos and Consistent Global Navigation



Jamie Wilson
EMERYVILLE, CA – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the most prominent online real estate brokerage company and technology provider in the United States, today launched a new mobile website,http://m.ziprealty.com, according to Jamie Wilson, Senior Vice President of Technology.

Consumers can now access comprehensive real estate data on ZipRealty’s full website from their mobile devices, without having to download an app.

 In addition to viewing all of the homes for sale in a particular area, interested home buyers can immediately access the most accurate and complete real estate data, including home listings that are updated every two minutes, multiple photos, interactive maps, neighborhood statistics, nearby schools, public transportation, assess home Walk Scores and connect with a qualified real estate agent, among other features.


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

 Stacey Corso
Public Relations Manager
ZipRealty, Inc.
Office: 510.735.2667
Cell: 415.672.6460
Follow us on Twitter: @ZipRealty

Chatham Lodging Announces First Quarter Earnings Call to be Held May 8


  
Jeffrey H. Fisher
PALM BEACH, FL - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, announced that it will report first quarter 2013 financial results on Tuesday, May 7, 2013, following the close of the market.

 On Wednesday, May 8, 2013, at 11:00 a.m. ET, Jeffrey H. Fisher, Chatham’s chief executive officer, and Dennis M. Craven, its chief financial officer, will host a conference call to review first quarter 2013 financial results.

Dennis M. Craven
Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, www.chathamlodgingtrust.com, or www.streetevents.com, or may participate in the conference call by dialing 1-877-941-0843, reference number 4616125.

 A recording of the call will be available by telephone until midnight on Wednesday, May 15, 2013, by dialing 1-800-406-7325, reference number 4616125.  A replay of the conference call will be posted on Chatham’s website.

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

Jerry Daly              
Daly Gray Public Relations                                  
(Media)                                                                
(703) 435-6293                                                    

Dennis Craven
Chief Financial Officer
 (Company)               
 (561) 227-1386              

NAI Realvest Negotiates Two New Office Leases totaling 13,771 SF at Crystal Center in Lake Mary, FL



Crystal Center, 3300 West Lake Mary Boulevard
 Lake Mary, FL


ORLANDO, Fla. – NAI Realvest recently negotiated two new lease agreements for Class A office space totaling 13,771 square feet in the Crystal Center at 3300 West Lake Mary Blvd. in Lake Mary.

Mary Frances West
Senior Broker-Associate Mary Frances West, CCIM negotiated both transactions representing the landlord, Maya Associates LLC of Okemos, Mich.

 The Nemours Foundation, based in Jacksonville, leased suite 100 with 8,815 square feet of medical office space at the Crystal Center.   The Nemours Foundation, a non-profit children’s health organization with clinics in Florida and the Northeast was represented by Mickey Hage, Inc.

 J.D. Insurance & Financial Group, leased suite 300 with 4,956 square feet from the landlord, Maya Associates, LLC at the Crystal Center.     J.D. Insurance & Financial Group, which specializes in commercial property and business owners insurance including professional liability, was represented in the lease agreement by Jonathan Fitzgerald of Charles Ruttenberg Orlando.

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

Mary Frances West, CCIM Senior Associate, NAI Realvest 407-875-9989 or mwest@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989pmahoney@realvest.com
Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com