Thursday, May 9, 2013

Colliers' Brokers Ronald Schagrin and Elias Porras Administer Scholarships that Support South Florida Music Students


                              
                       Heather Coltman, DMA, Dean of the Dorothy F. Schmidt
                       College of Arts and Letters at Florida Atlantic University, 
                       accepted a check for $50,000 for its scholarship program
                       from Ronald A. Schagrin, chairman, and Elias Porras,
                       secretary, of the Georgina Dieter Dennis Foundation.
                                                          

MIAMI, FL, May 9, 2013 - Commercial real estate broker Ronald Schagrin met Georgina Dieter Dennis when she had retired to Fort Lauderdale following a glittering career as a singer and vaudeville entertainer. Today Schagrin and Elias Porras are officers of a foundation that keeps Ms. Dennis' name alive by supporting aspiring singers.

Gilda Radner
Schagrin and Porras, brokers with Colliers International South Florida, say this is their way of giving back to the community that has been good to them. 

The colleagues, who are based in Colliers' Fort Lauderdale office, have been handling commercial, retail, and industrial sales and leases in South Florida for more than 25 years.
 
Schagrin's volunteer activities extend to Gilda's Club South (named for the late Gilda Radner) where he was a founder and also served as board chair. Gilda's Club is an organization that benefits men, woman and children whose lives have been touched by cancer.
   
Georgina Dieter Dennis
1932 Broadway Musical
Playbill Photo
Heather Coltman, DMA, Dean of the Dorothy F. Schmidt College of Arts and Letters at Florida Atlantic University, accepted a check for $50,000 for its scholarship program from Ronald A. Schagrin, chairman, and Elias Porras, secretary, of the Georgina Dieter Dennis Foundation.

Georgina Dieter Dennis (1913-2006) was just 12 years old when she won the New York Music Week Association Junior Bronze Medal.

 A scholarship to the Institute of Musical Arts of the Juilliard Foundation led to a long career, starting with her debut at New York's Town Hall in 1937. Ms. Dennis performed in all 48 states during World War II and appeared for the USO with James Victor's band.

 When she was in her nineties, Ms. Dennis, grateful for the early voice training she had received, set up her foundation to provide scholarships to aspiring singers who are Florida residents attending Florida colleges or universities.

 Florida Atlantic University and the University of Miami music programs qualified for this year's scholarship grants.

  Schagrin and Porras, who had met her socially, volunteered to help Ms. Dennis set up the foundation and, following her death in 2006, committed to administer its work by handing out scholarships to eligible vocal music programs at Florida universities. The funds disbursed are then administered by the host schools.

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

HFF closes $16.1 million sale of Bethesda, MD office property




                             7220 Wisconsin Avenue, Bethesda, MD

Jim Meisel
WASHINGTON, D.C. – HFF announced today that it has closed the sale of 7220 Wisconsin Avenue, a 40,325-square-foot office property in Bethesda, Maryland.

HFF marketed the property exclusively on behalf of the seller, The JBG Companies.  Peel Properties purchased the asset for $16.1 million free and clear of existing debt.

Dek Potts
The asset is located in downtown Bethesda within walking distance to Bethesda Row, a mixed-use development featuring a variety of upscale dining, retail and lifestyle tenants.  The building is 95 percent leased to a diverse mixture of tenants including BB&T and the American College of Medical Genetics. 

Andrew M. Weir
The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir, executive managing director Stephen Conley and senior real estate analyst Jessica Dickinson.

“This property provided investors an excellent chance to obtain a well-maintained boutique office space in one of the most coveted and best performing markets in the Washington, D.C. area,” commented Meisel.

Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties.  The company has more than $10 billion in assets under management and development in the Washington, D.C. area. 

Stephen Conley
Since 1960, JBG has been active in the areas where it invests, striving to positively impact local communities.  More information can be found by visiting the company's website: www.JBG.com.


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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF closes sale of office/R&D business park in Silicon Valley, Santa Clara, CA


  


              Park Square Business Park, Santa Clara, CA

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of  Park Square, an office/R&D business park totaling 465,000 square feet in Santa Clara, California. 

Michael Leggett
                HFF marketed the properties on behalf of the seller, a joint venture between two global investment managers.  The Irvine Company purchased the property for an undisclosed amount.

                The property is adjacent to Highway 101 near Lawrence Expressway in Santa Clara.  Situated on 31.1 acres, Park Square includes 13, single- and two-story buildings that are 60 percent leased.  Constructed between 1977 and 1978, the property has been institutionally maintained and has recently undergone significant capital and tenant improvements.

Steven
Golubchik
The HFF team representing the seller was led by senior managing director Michael Leggett, managing director Steven Golubchik and associate director John Simerlein

                 “This asset offered investors the opportunity to acquire more than 30 acres with freeway visibility.  The properties are well-positioned to significantly increase cash flow with the lease up of vacant space and achieve higher rental rates as near-term tenants expire,” commented Leggett.

John Simerlein
The Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties and its leadership in preservation and stewardship of open space.  The company’s real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California’s premier markets, including San Diego, Orange and Los Angeles counties and Northern California.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Nashville’s new $585 million convention center to open May 19


  

                         Music City Center, Downtown Nashville, TN
  
Andy McLean
NASHVILLE, TN (May 9, 2013) – An all-new landmark in Music City’s iconic downtown will open its doors May 19. At 1.2 million square feet of convention center area, Music City Center will give Nashville a bigger stage to host larger conventions and meetings and, ultimately, to make a greater impact on the economy of the city and state.

Collaboration among architecture firms tvsdesign, Tuck-Hinton and Moody Nolan, the construction team of Bell/Clark/Harmony and the Nashville mayor’s office led to design cues that incorporate iconic scenes and sounds from Nashville and the state.  

Bridgestone Arena, Downtown Nashville
“There is a lot of love, care, heart and soul that have gone into this project from all three firms, the construction team and the mayor,” said Andy McLean with tvsdesign, one of the project’s principal architects. “We all wanted to create a landmark that would not only make Nashville proud but also reflect the unique culture of the area.”

The new center anchors a 16-acre site just south of Broadway between Fifth and Eighth Avenues and Demonbreun and Korean Veterans’ Boulevard, adjacent to both the Bridgestone Arena and Country Music Hall of Fame and Museum. It’s already serving as an anchor to economic development – more than 100 meetings and 800,000 hotel room nights have been booked.

Country Music Hall of Fame and Museum
For a complete copy of the company’s news release, please contact:

Ashleigh Daniel
JACKSON | SPALDING
P 404-214-0932
C 404-219-8385


National Retail Properties, Inc. Announces Put Option Notification For 5.125% Convertible Senior Notes


ORLANDO, FL, May 9, 2013 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it is notifying holders of its outstanding 5.125% Convertible Senior Notes due 2028 (the "Notes") that, pursuant to the terms of the Notes and the indenture governing the Notes, they have the option to require the Company to purchase, on June 17, 2013 (the "Repurchase Date"), all or a portion of their Notes (the "Put Option") at a price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest to, but not including, the Repurchase Date.

 The Company will pay for any Notes validly surrendered and not validly withdrawn with cash. 

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


Wednesday, May 8, 2013

Cousins Reports Results for the First Quarter of 2013




                    Terminus 100 and Terminus 200, Atlanta, GA

ATLANTA -- Cousins Properties Incorporated (NYSE:CUZ):

Post Oak Central, Houston, TX
Highlights:



  • Funds From Operations for the quarter was $0.11 per share.
  • Same property net operating income for the quarter increased 5.0% over the prior year.
  • Purchased a 100% ownership interest in Post Oak Central.
  • Completed transactions at Terminus 100 and 200 that resulted in a 50% ownership interest in both buildings.
  • Subsequent to quarter end, issued 16.5 million shares of common stock, acquired 816 Congress and notified the holders of the Company’s Series A Redeemable Cumulative Preferred Stock that all shares will be redeemed.
  • Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2013.

Larry Gellerstedt
“It was another solid quarter for Cousins, with a series of positive transactions, a strong operating performance and an uptick in leasing activity,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

 “The execution of our stock offering and another quality acquisition in Texas, subsequent to the quarter, represent additional steps forward as we continue to execute the strategy. It’s a very exciting time to be at Cousins.”

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

 Cousins Properties Incorporated
Gregg D. Adzema, 404-407-1116
Executive Vice President and Chief Financial Officer
or
Cameron Golden, 404-407-1984
Vice President, Investor Relations and Corporate Communications

Avalon Park in East Orlando, FL to start development of senior living facility to focus on Alzheimer’s care and therapy



Stephanie Hodson
ORLANDO, Fla. --- Avalon Park in East Orlando reported it will start development of an 80,000 square foot senior living facility with 90 senior living apartments and 128 licensed beds.

Stephanie Hodson, vice president of marketing at Avalon Park Group, which is developing Avalon Park, said MJM Associates will manage the senior living facility in partnership with the Weill Cornell Medical College and Weill Cornell Graduate School of Medical Sciences, part of Cornell University in New York.

“When the new facility opens later this year staff and specialists under the auspices of Weill Cornell Medical College will provide non-medicinal therapeutic treatments to help slow the progress of Alzheimer’s,” Hodson said.

Hodson added that the general contractor bid was recently awarded to Lamm & Co.  and construction of the senior living facility is expected to start within 90 days.

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

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

Orlando EB5 Investments earns approval from U.S. Citizenship and Immigration Services for Orlando Regional Center


  
George Livingston

 MAITLAND, FL --- Orlando EB5 Investments has won approval from the U.S. Citizenship and Immigration Services to establish the Orlando Regional Center to funnel foreign investments of up to $100 million or more to Central Florida health care, solar energy and utilities projects in Orange, Volusia, Polk, Lake, Hillsborough, Seminole, Osceola and Brevard Counties.

George Livingston, a principal of Orlando EB5 Investments, and chairman of NAI Realvest in Maitland, said the Orlando Regional Center is currently reviewing 10 projects for funding by foreign investors who will invest from $500,000 to $1 million each.

U.S. immigration policy encourages foreign investments in U.S. projects that will create new jobs and improve local economies, Livingston said. 

The EB-5 immigration policy grants permanent resident status to qualified foreigners who invest $500,000 to $1 million in approved projects that will create jobs for American workers, Livingston said.

Livingston said the Orlando EB5 Investments regional center has formed through a joint venture with American Dream Fund (ADF), which organized regional centers in major cities like Los Angeles, Las Vegas and Portland. ADF will market Orlando EB-5 projects in China, Livingston said.

Hong Kong based GGI Asia will also market Orlando Regional Center projects, Livingston said. “We are recruiting representatives who can recruit additional investors in India, Africa, Latin America, and the Middle East,” Livingston explained.

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

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

HFF San Diego expands its investment sales group with addition of Hunter Combs



Hunter Combs
SAN DIEGO, CA – HFF announced today that Hunter Combs has joined the firm as a director in its San Diego office.  Mr. Combs will specialize in multi-housing investment sales primarily in San Diego.

Prior to joining HFF, Mr. Combs worked for Cassidy Turley’s multi-family division where he was involved in the sale of more than 2,600 multi-housing units in the West Region. 

Prior to that, he worked for Grubb & Ellis BRE Commercial as a multi-family investment specialist.  Mr. Combs is a member of Urban Land Institute’s Young Leaders program and the University of San Diego Real Estate Alumni Association.  He graduated from the University of San Diego with a Bachelor of Arts in Business Administration and is a licensed real estate salesperson in California. 

Nick Psyllos
“HFF has strategically grown its West Coast investment sales team over the past few years with exceptional talent such as Hunter.  He will be an invaluable resource to not only our San Diego office but our national multi-housing investment sales platform, and we look forward to having him as part of the HFF team,” said senior managing director Nick Psyllos, who leads the investment sales effort in HFF’s San Diego office.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF arranges financing for Calais Park in St. Petersburg, FL




                  Calais Park, Downtown St. Petersburg, FL
  
HOUSTON, TX – HFF announced today that it has arranged financing for Calais Park, a 261-unit, Class A multi-housing community in St. Petersburg, Florida.

Cortney Cole
                Venterra Realty purchased the property in a joint-venture partnership with Dome Equities LLC with the assistance of a seven-year, fixed-rate loan with an interest rate of 3.70 percent and two years of interest only payments that HFF secured through GE Capital Real Estate. 

                Calais Park is situated on more than 22 acres at 5800 Calais Lane less than one half mile to the east of Interstate 275 and close to downtown St. Petersburg, the Saint Petersburg-Clearwater International Airport and the Tampa International Airport. 

Completed in 2003, the property features one-, two- and three-bedroom units averaging 1,215 square feet each.  Community amenities include a 24/7fitness center, laundry center, heated pool and Jacuzzi spa, attached and detached garages and a gated entry.  Calais Park is 96.7 percent leased.

The HFF team representing Venterra was led by director Cortney Cole.

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. 

  Venterra currently manages a portfolio of multi-family real estate assets totaling over $1 billion in value that generates gross annual income in excess of $90 million. 

  The organization has completed in excess of $2 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs over 450 people.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF hires Ralph Smalley to focus on office investment sales in Atlanta



Ralph Smallley
ATLANTA, GA – HFF announced today that Ralph Smalley has joined the firm as a managing director in its Atlanta office.  Mr. Smalley will specialize in office investment sales in the Southeastern United States.

Prior to joining HFF, Mr. Smalley was a senior vice president in Jones Lang LaSalle’s (JLL) Capital Markets Group where he was involved in the sale or capitalization of nearly $1 billion of commercial real estate transactions.

 Prior to that, he was a director in the Capital Markets Group at Cushman & Wakefield and before that, a member of Cushman’s Valuation Advisory Services Group.  Mr. Smalley holds a Bachelor of Arts degree from Wake Forest University.

Jason Nettles
“While HFF has been active in the Atlanta office investment sales market in the past, Ralph will establish a dedicated office platform that will allow us to better serve our current and future clients in the Southeast and beyond,” said Jason Nettles, senior managing director and co-head of HFF’s Atlanta office.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Chatham Lodging Trust Announces Strong 2013 First Quarter Results

 


PALM BEACH, Fla., May 7, 2013—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, today announced results for the quarter ended March 31, 2013.

First Quarter 2013 Highlights

·         Hotel RevPAR – Rose 4.2 percent to $101.  Excluding the Washington D.C. hotel which currently is being refurbished/rebranded, comparable RevPAR grew 6.4 percent. 

·         Adjusted EBITDA – Increased 9.5 percent to $9.4 million.

·         Adjusted FFO – Improved 55.4 percent to $4.5 million.  Adjusted FFO per diluted share rose 23.8 percent to $0.26.
 

·         Acquisitions Match-Funded with Equity Offering – Raised $53 million with common share follow-on offering to fund the accretive acquisition of two hotels for $62.8 million.

·         Opportunistic Debt Refinancings – Refinanced $80 million of debt, lowering the average interest rate on fixed-rate debt by approximately 80 basis points, enhancing earnings and extending weighted average maturity to 2020.

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

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

Jerry Daly
Daly Gray, Inc. 
(Media)
(703) 435-6293

HFF arranges $150 million financing for high-rise multi-housing property in Manhattan



                                                Madison Belvedere, Manhattan, NY

DALLAS, TX – HFF announced today that it has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit, Class A multi-housing property near Manhattan’s Madison Square Park.

Steven Klein
 HFF worked exclusively on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers. 

The Madison Belvedere is located at 10 East 29th Street between Fifth and Madison Avenues three blocks north of Madison Square Park. 

Built in 1999, the property consists of studio, one- and two-bedroom units, which are 93 percent leased.  Community amenities include a state-of-the-art fitness center, concierge, landscaped plaza, private storage units and a furnished roof deck that provides 360-degree views of Manhattan.

John Rose
                The HFF team representing the borrower was led by managing directors John Rose and Steven Klein.

                Established in 1983, Invesco Real Estate manages $50 billion of real estate investments in both direct property and real estate securities.  With 334 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence.

 The firm manages approximately $30.1 billion in direct real estate portfolios and $19.7 billion in real estate securities portfolios.  Invesco Real Estate is an investment center of Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd. (IVZ) which is a publicly traded money management firm.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF closes $22 million sale of Class A office campus in Redwood City, CA




                     The Pointe at Redwood Shores, Redwood City, CA

  
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of The Pointe at Redwood Shores, an 89,895-square-foot, Class A office campus in Redwood City, California.

Dave Karol
HFF marketed the property on behalf of the seller, a joint venture between Angelo Gordon & Co. and Premia Capital.  Kennedy Wilson International purchased the property for $22 million free and clear of existing debt.

Renovated in 2012, the two-building campus is situated on 4.28 acres and is approximately 80 percent leased to five tenants including AB Sciex (anchor). 

The building is located at the intersection of Redwood Shores Parkway and Radio Road providing views of the San Francisco Bay and is in close proximity to US Highway 101 and Route 92, which provides access to the San Francisco Peninsula, Silicon Valley and East Bay areas.

Michael Leggett
The HFF investment sales team representing the seller was led by director Dave Karol along with senior managing director Michael Leggett, managing director Steven Golubchik and associate director Mark Damiani.

“The San Francisco Peninsula area benefits from its proximity to a multitude of technology driven businesses, and the area has seen strong demand as the market continues to recover.  The buyer will undoubtedly benefit from the property’s potential for leasing up the remaining vacancy at current market rates,” commented Karol.

Steve Golubchik
Angelo, Gordon & Co. is a privately-held investment advisor specializing in alternative investments such as real estate, distressed debt, and private equity. The firm was founded in 1988 and currently manages approximately $25 billion.

Premia Capital is a commercial real estate investment company headquartered in San Francisco.  The company was founded by Michael Halow in 2009 and now owns and operates more than 275,000 square feet of Class A office property on the San Francisco Peninsula. 

Mark Damiani
Premia specializes in value-add and core-plus office investing, providing all construction, leasing and asset management services for its investments.   

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

Regency Centers to Begin 148,000 SF Ground-Up Retail Development in Schererville, IN




                           Ross Dress for Less will be an anchor 
                           in the first phase of Shops on Main
                          Schererville, IN

SCHERERVILLE, IN.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction on the first phase of Shops on Main, a 147,851-square-foot community shopping center anchored by Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse.

The center is strategically located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, in the regional retail hub of Schererville, Ind., 25 miles southeast of Chicago. The initial phase will cost $50 million, and some anchors are scheduled to open in spring 2014.

 The center will be anchored by leading fashion, footwear and home furnishings retailers, including Gordmans (50,079 square feet), Ross Dress for Less (25,069 square feet), HomeGoods (23,969 square feet) and DSW Designer Shoe Warehouse (18,361 square feet). Developed in conjunction with Boyer Properties, the first phase will include two shop buildings and five pads on 28 acres of the 35-acre site.

Nick Wibbenmeyer

“We appreciate the support of the town of Schererville which is a proven retail market based upon historical sales,” said Nick Wibbenmeyer, vice president and regional officer for Regency Centers.

 “We’re excited to become an active member of the community by helping to create jobs. Shops on Main will reflect the key attributes that define a Regency center: market-leading anchors, prime location and enjoyable shopping environment.”

Regency owns and operates 14 centers, totaling 1.8 million square feet, in the Chicago market.

For leasing information, contact Rick Spector at 630-645-2817 or RickSpector@RegencyCenters.com.

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

Cohn Marketing
Allyse Sanchez, 303-839-1415, ext. 41
or
Regency Centers Corporation
Nick Wibbenmeyer, 630-645-2806
Vice President, Regional Officer