Chatham Lodging Trust Announces Partial Exercise of Underwriters’ Over-allotment Option to Purchase Additional Shares

Palm Beach, FL—Chatham Lodging Trust (the “Company”) (NYSE: CLDT) today announced the partial exercise of the underwriters’ over-allotment option to purchase an additional 475,823 common shares of beneficial interest, $0.01 par value per share, at the public offering price of $16.35 per share less the underwriting discount.

The over-allotment option, which will provide additional gross proceeds of $7,779,706 to the Company, prior to deduction of the underwriting discount and offering expenses, was exercised in connection with the Company’s public offering of 4,500,000 common shares, which priced on June 13, 2013.

 The issuance of shares pursuant to the over-allotment option closed on June 28, 2013. 

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

Media

Daly Gray Public Relations

Jerry Daly, 703-435-6293

jerry@dalygray.com

or

Chatham Lodging Trust

Dennis Craven, 561-227-1386

Chief Financial Officer

dcraven@cl-trust.com

Charles Dunn Completes Three Multifamily Sales in Koreatown Area of Los Angeles Totaling More Than $9.3 Million

. 

932 Irolo Street, Koreatown submarket, Los Angeles, CA

Janet Neman

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed three multifamily property sales totaling $9,315,000 in the Koreatown submarket of Los Angeles.

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented the seller, Executive Commercial Properties, as well as the individual buyers on all three transactions.

The properties are each about two blocks away from each other and are within walking distance to Wilshire Blvd., the Wilshire/Normandie metro, and the former Ambassador Hotel site, which is currently the Robert F. Kennedy Community Schools complex.

Bryan G. Glenn

“These three properties are centrally located in the Mid-Wilshire/Koreatown submarket, an area that has undergone tremendous revitalization and is one of the most densely populated, high-demand rental areas in Los Angeles,” said Glenn. “The properties were offered at attractive cap rates and with favorable financing that will enable the new owners to enjoy strong cash flow and great returns year-over-year.”

The average cap rate for the three properties was 6.8 percent.  According to a recent research report by Charles Dunn Company, apartment vacancy rates across Los Angeles County ended the first quarter of 2013 at 3.7 percent, marking the seventh consecutive quarter of vacancy under 4 percent.  Average monthly rental rates have also seen an increase of 2.7 percent from the previous quarter.

“We conducted an aggressive marketing campaign to expose the property to the greater investor marketplace,” said Neman. “We also utilized our in-depth market knowledge and network of local investors to target qualified buyers looking to acquire multifamily properties in this unique, high demand area.” 

  

Following is information on each of the sold properties:

·         765 Irolo is a 24-unit, four-story 1920s art deco building that sold for $2.16 million. It features 22 large one-bedroom units and two single units. The buyer was a private investment group from Los Angeles.

·         932 Irolo is also a four-story 1920s art deco building but is unique because it is exempt from rent control. It sold for $2.4 million and has 32 units including eight, one-bedroom units and 24 single units. The buyer was PAS Properties, LLC from Los Angeles.

·         800 S. Normandie is a two-story, mixed-use property on a large corner lot with a retail store along 8th Street that sold for $4.75 million.  The property includes 44 single units and 3,600 square feet of retail space leased to a single tenant and operating as a small, neighborhood market. The buyer was a private investor from Seattle, WA.

The Windsor Apartments,
Koreatown, Los Angeles

Neman and Glenn offer a solid track record for multifamily sales in the Mid-Wilshire and Downtown Los Angeles market with combined sales in excess of $70 million in transactions over the past 12 months alone. Early this year, Neman completed the $10.75 million sale of The Windsor Apartments, a six-story historic landmark property in Koreatown.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.charlesdunn.com

Spanx Signs Lease for Expanded World Headquarters at Planned Buckhead Atlanta Development

  

Buckhead Atlanta

Sarah Blakely

ATLANTA, GA – Atlanta-based Spanx, maker of innovative undergarments and apparel one of Atlanta’s fastest growing companies, and OliverMcMillan, San Diego-based developer of Buckhead Atlanta, have reached an agreement for Spanx to establish a custom-designed and expanded world headquarters at the Buckhead Atlanta development and to open a flagship retail store in the project.

 The headquarters will occupy three floors, a rooftop garden terrace and additional balconies. The deal includes signage rights. Spanx is anticipated to move in November 2014. 

Brannan Moss and Josh Hirsh with Jones Lang LaSalle represented Spanx in the transaction. Amy Fingerhut of CBRE represented OliverMcMillan.

Laurie Ann Goldman

 In order to accommodate Spanx’s need for growth, Buckhead Atlanta is adding another level of office space that was not in the original development plan. The growing company will lease 86,000 square feet of office space, with an option to expand up to 112,000 square feet.

 “We’re so excited to create a beautiful space for this leading Atlanta-based company,” said Morgan Dene Oliver, chief executive officer of San Diego-based developer OliverMcMillan, which develops urban and mixed-use retail, entertainment and residential projects. “Spanx’s innovative spirit and sense of fashion fit perfectly with the fabric of Buckhead Atlanta.”

 The move to the Buckhead Atlanta project not only addresses the anticipated growth of the billion-dollar manufacturer, but also the innovation and style that they’re known for.

Morgan Dean Oliver

“Like the Spanx brand, the Buckhead Atlanta space is innovative and unique,” said Spanx Founder Sara Blakely. “It's a perfect fit…no pun intended! We’re also thrilled to offer hometown fans a way to experience the magic of Spanx at our first flagshape store.”

 By expanding its corporate headquarters and moving from 3344 Peachtree to Buckhead Atlanta, Spanx is showing its long-term commitment to the city.   

“Spanx is one of Atlanta’s wonderful success stories,” said Atlanta Mayor Kasim Reed. “And in a true testament to its entrepreneurial spirit, Spanx will now be the anchor office tenant of the Buckhead Atlanta development, another transformational project. On behalf of the City of Atlanta, I wish Spanx continued success in its new home and congratulate OliverMcMillan as it completes construction of Buckhead Atlanta.”

Brannan Moss

 “We wanted a unique and prestigious space where we could be creative, be ourselves and be convenient for everyone to work and thrive – a place with room to grow where we can unpack our bags and stay awhile,” said Spanx CEO Laurie Ann Goldman. “The opportunity to house a premier retail store alongside our dream headquarters made Buckhead Atlanta perfect.”

 Buckhead Atlanta will be a beautiful, lush village, a mix of urban residential, outstanding retailers, and great restaurants all combined in one walkable destination. The mixed-use nature of Buckhead Atlanta will fit seamlessly into the fabric of Atlanta’s upscale Buckhead neighborhood while creating its own energy and excitement.

Josh HIrsh

Hermès, the French high-fashion design house, will be one of the first of many upscale retailers to open at Buckhead Atlanta. The completed project, totaling 1.5 million square feet, will have 300,000 square feet of upscale retail stores, restaurants and cafes, 125,000 square feet of custom office space and 370 luxury high-rise residences.

 Located on 8 acres across six city blocks, Buckhead Atlanta is designed as a completely walkable community that will connect two main arteries of Atlanta – Peachtree and East Paces Ferry roads – where local residents and bustling life collide.

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

 Rachel Tobin                         

Jackson Spalding                                

 404-724-2501 work

404-276-5930 cell                                              

 rtobin@jacksonspalding.com  

 www.olivermcmillan.com

.

Adam Gould Joins Marcus & Millichap Capital Corp as Associate Director in Detroit, MI

  

DETROIT, MI – Marcus & Millichap Capital Corporation (MMCC) has named Adam Gould associate director in the firm’s Detroit office, according to William E. Hughes, senior vice president and managing director of MMCC.

Adam Gould

            In his new position, Gould will be responsible for sourcing, underwriting and obtaining financing for all asset classes of commercial real estate nationwide.

“Adam has a solid background in commercial real estate finance and strategy,” says Hughes. “His experience will be of great value to our clients in Detroit and throughout the Great Lakes region.”

            Prior to joining MMCC Gould was a vice president with Equiventure Capital in New York City, where he arranged financing for shopping centers, healthcare facilities, hospitality and multifamily properties. 

Before that, he was a vice president with United Financial in Naperville, Ill., a vice president with BMO Capital Markets, and a vice president with CapitalSource Inc., both based in Chicago.

Gould graduated from Miami University in Oxford, Ohio, where he earned a Bachelor of Science degree in business.

  

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

Gina Relva,

Public Relations Manager

(925) 953-1716

Marcus & Millichap Capital Corp. Closes More Than $244 Million in May Transactions

Penn State University satellite campus, Harrisburg, PA

           

PHILADELPHIA, PA– Marcus & Millichap Capital Corporation (MMCC) arranged in excess of $244,000,000 in debt during the month of May 2013, according to William E. Hughes, senior vice president and managing director of MMCC.

William E. Hughes

            “May was a busy month for us,” says Hughes. “We closed more than 100 transactions, thanks in a large part to our firm’s initiative and deep market knowledge. The range of these transactions, in terms of property sectors and challenges, is a testament to the power of the Marcus & Millichap platform,” adds Hughes.

John Banas and Kristopher Wood, both directors in MMCC’s Philadelphia office, have arranged the following refinance debt:

• ·      $11.7 million to refinance a 66-unit student housing property in Middletown, Pa.
• ·      $6 million to refinance a 580-unit hotel in Syracuse, N.Y.
• ·      $5.7 million to refinance a 31,000-square foot Class A office building in Phoenixville, Pa.

         

John Banas

             “The Middletown, Pa. property is located at the Penn State University satellite campus in Harrisburg, Pa. where there are less than 10,000 students,” says Banas. “This made it challenging to get agency financing but a perfect fit for one of our banking relationships.

“There was a substantial portion of equity cash out to the sponsors and the property just opened in September 2012, so there was really no financial history,” continues Banas.

Kristopher Wood

“Even though the property had just opened, is located in a small market and had equity cash out, we were able to arrange long-term financing at a great interest rate that converted to non-recourse after two years,” concludes Banas. “The refinance that we arranged paid back the construction loan as well as a majority of the developer’s cash equity.”

Syracuse, N.Y. has thriving business traveler and weekend markets and is increasing tourist and pedestrian traffic downtown through a series of festivals.

“The owner/developer of the 80-unit hotel in Syracuse built and stabilized the hotel in 2010,” says Wood. “It is now the No. 1 performing hotel asset in its class in the market. 

"The lender got comfortable with where the building is located, which is in a thoroughfare and we were able to arrange a unique, institutional-quality loan on the property in what would be a tertiary market,” adds Wood.

          “The 31,000-square foot Class A office building in Phoenixville is located in a residential area, an hour west of Philadelphia where there is no office market to speak of,” Wood continues.

“The lender was able to get comfortable with the transaction by understanding the tenant, a private company that was not viewed as a credit tenant.

“The tenant has been in the building for 20 years and previously owned the building; the new owner expanded the space from 21,000 to 31,000 square feet, where the tenant signed a brand new 15-year lease at the occupancy of the new added space,”  Wood concludes.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

Marcus & Millichap Names Richard Bird National Director of National Self-Storage Group

  

CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Richard Bird as national director of the company’s National Self-Storage Group, according to John J. Kerin, president and chief executive officer.

Richard Bird

“Richard has proven to be a capable leader with us over the years in his previous roles as both a successful sales agent and in management,” says Kerin. “His background and knowledge of the self-storage specialty area will be instrumental in growing our self-storage team nationally.”

In his expanded role, Bird will oversee all aspects of Marcus & Millichap’s National Self-Storage Group, which was involved in more than $460 million in investment sales transactions in 2012.

Presently Bird serves as regional manager of the firm’s Salt Lake City and Las Vegas offices, positions he has held since April 2008 and April 2011, respectively. He has also been the sales manager of the firm’s Denver, Salt Lake City and Fort Collins, Colo. offices.

John J. Kerin

Bird began his career with Marcus & Millichap in 2004, specializing in the sale of multifamily investment properties throughout Utah and Idaho. 

In 2006 and 2007, he was the top-producing agent in the Salt Lake City office and in 2007 earned an internal sales recognition award.

Prior to joining Marcus & Millichap, Bird owned and operated his own business. He received a bachelor’s degree in business management with an emphasis in entrepreneurship from Brigham Young University.

  

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

Ben Johnson,

Marketing Director

(925) 953-1736

Morrison Commercial Real Estate Completes 13,000-SF Industrial Lease Transaction in Kissimmee, FL

ORLANDO, FL (June 27, 2013):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of an industrial lease transaction totaling 13,000± square feet.

Lawson Dann, Vice President of Morrison Commercial Real Estate, leased a 13,000± square foot industrial warehouse in Kissimmee Commerce Industrial Center located at 700 Dyer Blvd in Kissimmee, FL.  Dann represented both C. Barr C. Holdings, LLC (Landlord) and Pest Patrol of Central Florida, Inc. (Tenant).

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

Gina Wade

407.440.6651

gwade@morrisoncre.com

Morrison Commercial Real Estate Completes 4,931-SF Office Building Sale in Oviedo, FL for $350,000

200 South Central Avenue, Oviedo, FL

ORLANDO, FL (JUNE 27, 2013):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of the sale of the 4,931 square foot office building located at 200 South Central Avenue, Oviedo, FL 32765.

Lawson Dann

 Lawson Dann, Vice President of Morrison Commercial Real Estate, represented the seller, Regions Bank, in the sale of the 4,931 square foot office building for $350,000.  The buyer, 200 South Central, LLC, purchased the property as an investment.

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

Gina Wade

407.440.6651

gwade@morrisoncre.com

ARA Announces 408-Unit Portfolio Sale in Broward County, FL

   

Quiet Waters at Coquina Lakes, Deerfield Beach, FL

Deerfield Beach, VL and Margate, FL — The Boca Raton office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Quiet Waters at Coquina Lakes (200 units) in Deerfield Beach and The Fairways of Carolina (208 units) in Margate.

Quiet Waters at Coquina Lakes, built in 1995, was 95% occupied at the time of sale; The Fairways of Carolina, built in 1993, was 96% occupied at the time of sale.

The Boca Raton-based transaction team of Principals Avery Klann, Hampton Beebe and Richard Donnellan represented a pension fund advisor in the sale.

  San Diego, CA-based Fairfield Residential, among the most experienced multifamily real estate operating companies in the United States, was selected as the buyer. 

Hampton Beebe

The properties have been institutionally owned by the same owner for the past 12 years, and select units have been renovated over the last two years in order to achieve rental premiums.

 “The acquisition represents a tremendous opportunity to gain significant market share within the strong performing northwestern area of Broward County (Fort Lauderdale MSA). Both garden-style apartment communities are well-positioned, offering excellent value-add opportunities, top-quality concrete block construction and stabilized long term historical occupancy,” said Avery Klann, lead advisor on the transaction.

Richard Donnellan

Quiet Waters at Coquina Lakes features 20% townhome units and is located only one mile from Quiet Waters Park, a 427-acre park which includes five lakes, miniature golf, camp sites, swimming, bike trails, fishing, water skiing and picnic areas. Amenities include a renovated clubhouse (2005), gated entry with coded directory, business center, pool with heated spa, playground, fitness center, indoor air-conditioned racquetball court, lighted tennis court, detached garages and carports, car care area and valet trash.

The Fairways of Carolina is beautifully landscaped and adjacent to the Carolina Golf Club, which provides golf course and lake views. 

Avery R. Klann

The current owner replaced the roof in 2006 and has completed upgrades on 36 units (17%) over the last two years, including new granite-look laminate countertops, new cabinet door fronts, stainless steel appliances, new carpeting, six-paneled interior doors throughout, new kitchen/bath/entry lighting and plumbing fixtures, new ceiling fans, faux wood blinds throughout, white vinyl verticals and decorative track lighting in dining rooms.

 “With a large average unit size of 1,037 square feet, these Class “A” properties are in demand by families looking for a convenient location close to employment, shopping and entertainment options in Broward County,” remarked Richard Donnellan.

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

Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360

 Amy Morris at amorris@ARAusa.com, 678.553.9366;

locally, Marti Zenor, at mzenor@ARAusa.com 561.988.8800.  

Lincoln Southeast Appointed Receiver of Warner Robins, GA Shopping Center

  

City Crossing, Warner Robins, GA

  

ATLANTA, GA– Lincoln Southeast LLC, a subsidiary company of Lincoln Property Company Southeast, has been appointed receiver of City Crossing, a 190,433-square-foot retail power center in Warner Robins, Ga.

Lincoln will oversee the management of the center, whose tenants include Ross, Michaels and Old Navy. Lincoln received the appointment in conjunction with The Situs Cos., which is serving as the special servicer of the site.

 City Crossing was built in 2001 and is shadow-anchored by The Home Depot. 

The center is at the intersection of Carl Vinson Parkway and Watson Boulevard, which is crossed by more than 33,000 vehicles per day. More than 150,000 residents live within a 10-mile radius of the property.

Tony Bartlett

 “We are excited about the opportunity to work on this property, which is an important retail center in middle Georgia,” said Tony Bartlett, senior vice president at Lincoln. “We are proud of our track record for delivering value as a receiver.”

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Lincoln Completes a Large Industrial Acquisition in South Florida With Purchase of Medley International Business Park West

  

Medley International Business Park West, Miami, FL

MIAMI, FL (June 27, 2013) – Lincoln Property Company (Lincoln) has purchased Medley International Business Park West, an 11-building, 847,000-square-foot industrial park in Miami, from TA Associates. Lincoln acquired the property on behalf of a large pension-fund client.

Lincoln will manage the property and has selected Americas Industrial Realty Corp. to handle the leasing.

The Medley West transaction is one of the largest industrial property acquisitions in SouthFlorida during the past decade and marks Lincoln’s third industrial acquisition in the area in the last few years.

 The firm’s industrial portfolio in South Florida now totals more than 1.3 million square feet, and Lincoln remains committed to continuing to acquire and develop industrial properties in the market.

Miami International Airport

“This was a rare and unique opportunity to acquire a large-scale, multi-tenant industrial property in one of the three top-tier industrial markets in the United States,” said Roy Paskow, a senior vice president for Lincoln who oversees the firm’s South Florida operations.

“Over the coming months, we will re-brand and re-position this asset to take advantage of the strong demand in Miami-Dade for well-located industrial space with railaccess for warehousing and light manufacturing.”

Medley West is centrally located at 105th Avenue and Okeechobee Road and features easy access to the entire Miami-Dade region, including the Miami International Airport, the Port of Miami, and major highways including the Dolphin Expressway (SR 836), the Palmetto Expressway (SR 826) and the Florida Turnpike.  

Port of Miami, Miami, FL

Medley West boasts an occupancy rate of 93 percent, with current tenants ranging in size from approximately 5,000 square feet to more than 100,000 square feet.

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Please note new office number: (404) 549-7150

Cell: (404) 405-2354

www.thewilbertgroup.com

lpcsoutheast.com

http://blog.lpcsoutheast.com

HFF secures $13.75 million mezzanine loan for Denver multi-housing project

Prospect Park randering, Denver, CO

INDIANAPOLIS, IN – HFF announced today that it has secured $13.75 million in mezzanine financing for Prospect Park, a to-be-built, 296-unit multi-housing project in Denver, Colorado.

Dave Keller

                Working on behalf of Edwards Companies, based out of Columbus, Ohio, HFF placed the mezzanine loan with Behringer Harvard Opportunity REIT II, Inc.  Mezzanine loan proceeds will be used in conjunction with a construction loan to finance construction of the project.

                Upon completion in the third quarter of 2014, Prospect Park will have studio, one-, two- and three-bedroom units within a five-story, 300,000-square-foot building built over a 350-stall parking garage. 

Community amenities will include a two-story community center with a café and lounge area, billiards and a business center, roof top community space, multiple courtyards including social spaces and a splash pool. 

Ken Martin

The property is situated on 2.6 acres at 2970 Huron Street in the Prospect Park neighborhood of Denver just blocks from the Union Station redevelopment and adjacent to Coors Field. 

The HFF team representing Edwards Companies was led by senior managing director Dave Keller and associate director Ken Martin.

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

ohennessey@hfflp.com

ZipRealty Launches Seller Center to Revolutionize Home Selling

EMERYVILLE, CA ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the leading online residential real estate brokerage and technology provider, has released the Seller Center, a groundbreaking suite of tools and services available for the first time ever to help home sellers select the right price for their home.

Lanny Baker

 “We are thrilled to launch a new service line developed solely to meet the needs of home sellers on ZipRealty.com,” says CEO and President Lanny Baker. “Our new Seller Center brings together the many components that are essential in the home-selling process all in one place.”

 The ZipQuote™ Estimate Page: A one-stop shop for property value estimates, this page aggregates estimates from four different sources, including the new ResPrice.com home value tool. 

Interactive Pricing Tool: Custom-built by ZipRealty, this innovative new pricing tool lets owners identify comparable properties and analyze recent home sales trends.

Expert Opinion: Local agent experts are available to help refine the listing price, develop a marketing strategy and assist sellers through the listing and selling process.

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

www.ziprealty.com

Follow us on Twitter: @ZipRealty

Avison Young completes three industrial/flex-tech property transactions totaling approximately $17 million in Orange and Los Angeles Counties

  

Ball Road Business Park, Anaheim, CA

Irvine, CA – Avison Young Principals Dan Vittone and Alan Pekarcik announced today the sales of three industrial/flex-tech properties totaling approximately $17 million in the Orange County, CA cities of Anaheim and Santa Ana, and La Mirada, which is located in Los Angeles County.

Dan Vittone

 “Demand for multi-tenant industrial parks in Southern California remains strong, especially given the increased activity by 1031 exchange buyers as a result of changes to federal and state tax laws that went into effect January 1, 2013,” comments Vittone.

Two of the three sales brokered by Avison Young were buy-side representations of 1031 exchange clients. The three properties are as follows:

Ball Road Business Park, located at 701-741 East Ball Road in Anaheim, totals 114,984 square feet (sf). Built in 1987 and situated on 6.4 acres, the property is located one mile east of the 5 Freeway and 1.5 miles west of the 57 Freeway.

Alan Pekarcik

Built in 1978, the multi-tenant industrial building at 2907-2977 South Croddy Way in Santa Ana totals 30,528 sf and sits on 1.7 acres.

Parkway La Mirada, which is located at 16810-16900 Valley View Avenue in La Mirada and built in 1990, totals approximately 23,000 sf and is situated on 1.32 acres.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

http://www.linkedin.com/company/avison-young-commercial-real-estate http://blog.avisonyoung.com   

www.twitter.com/avisonyoung

www.twitter.com/AYListingsDeals

www.avisonyoung.com