Wednesday, August 21, 2013

HFF San Francisco hires Nathan Blair to focus on multi-housing investment sales



San Francisco Bay

SAN FRANCISCO, CA – HFF announced today that Nathan Blair has joined the firm as a director in its San Francisco office to focus on multi-housing investment sale transactions in Northern California.

Michael Leggett
Blair joins HFF from Arroyo & Company where he worked since 2004, most recently as a senior vice president of the California Multi-housing Group.

 During his tenure at the firm, he closed more than $667 million in 3,899 multi-housing units throughout the San Francisco Bay area, Sacramento and the central California coast region, and has extensive experience with conventional, value-add, bond-financed, HUD-subsidized, and LIHTC affordable housing.

 Blair is a member of Urban Land Institute and graduated summa cum laude from Arizona State University with a Bachelor of Arts degree.

“HFF has made a strategic effort to grow its west coast investment sales team and in recent months have added professionals in San Diego, Portland and San Francisco,” said Michael Leggett, senior managing director and co-head of HFF’s San Francisco office.  

“Nathan brings with him extensive experience in the multi-housing sector and will be a tremendous asset to the west coast team and HFF’s national multi-housing group.”

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 urban retail building in Miami Beach, FL


1600 Lenox, Miami Beach, FL
 
Luis Castillo
MIAMI, FL – HFF announced today that it has closed the sale of 1600 Lenox, a 6,792-square-foot, urban retail building in Miami Beach, Florida.

               HFF marketed the property on behalf of the seller, Greenstreet Real Estate Partners LP.

               1600 Lenox is located at the intersection of 16th Street and Lenox Avenue immediately adjacent to Lincoln Road, an urban, pedestrian-friendly shopping district in Miami Beach.

 Originally built in 1937, the art-deco property was fully renovated in 2011 and is 100 percent leased to prominent restaurant and bar concepts: Yardbird Southern Table & Bar, The Abbey Brewing Company and SuViche.

Daniel Finkle
               The HFF investment sales team representing the seller was led by director Luis Castillo, senior managing director Danny Finkle and senior analyst Rob Saracco.

               “The high-profile tenancy of this particular property in addition to its location adjacent to Miami’s dominant ‘high street’ retail corridor, Lincoln Road, attracted a substantial amount of investor interest,” said Castillo.

               HFF’s investment sales team secured more than $1.0 billion in sales of retail assets nationally during the first half of 2013.  In Florida, HFF closed more than $353 million in retail transactions across all capital markets platforms over the same period.

Miami Beach skyline
                Greenstreet Real Estate Partners, L.P. is an investment and asset management company operating throughout the United States. 

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

Berger Commercial Realty Brokers Close Four Leases at Lyons Technology Park IV in Coconut Creek, FL


Lyons Technology Park IV,  4811-4911 Lyons Technology Parkway, Coconut Creek, FL 

FORT LAUDERDALE, FL (Aug.  21, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers Judy Dolan and Greg Milopoulos closed four leases of warehouse space at Lyons Technology Park IV in Coconut Creek.

Judy Dolan
Dolan and Milopoulos represented landlord 4811 Lyons Tech Pkwy, LLC in:the new lease of 1,562 square feet in suite 27 to Alliedbean Demolition Inc.; the lease renewal of 3,124 square feet in suite 15/30 to Pool Pro's of Coconut Creek, Inc.; the lease renewal of 1,562 square feet in suite 27 to Pan Ocean Communications Inc.; and the new lease of 1,562 square feet in suite 12 to Euro Paint and Design, Inc.

Greg Milopoulos
 Lyons Technology Park IV is located at 4811-4911 Lyons Technology Parkway,  Coconut Creek, FL 33073.

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

Marielle Sologuren
(954) 776-1999, ext. 226


Dolly Parton Announces Opening of Dollywood’s Dreamore Resorts in the Great Smoky Mountains of Tennessee


Rendering of Dollywood's DreamMore Resort, Pigeon Forge, TN


Dolly Parton relaxing
PIGEON FORGE, TN (Aug. 21, 2013)—In keeping with the Southern charm and hospitality that has welcomed millions to her award-winning Dollywood theme park since 1986, entertainment legend Dolly Parton plans to welcome guests to her new Dollywood’s DreamMore Resort scheduled to open in summer 2015 in the Great Smoky Mountains.

“This is the realization of a dream I’ve had for more than 30 years,” Parton said. “My DreamMore Resort conjures up thoughts of a simpler place and time when Mama and Daddy and all us kids spent hours on end just swapping stories and catching up.


“I want to offer families more than a place to stay; I want to invite them on the porch and in my front door where they can slow down, kick back and enjoy all that this beautiful area has to offer.”

 “Dolly’s dreams have carried her around the world,” said The Dollywood Company President Craig Ross. “Now, families from all corners of the world can come and stay at her DreamMore Resort and experience the one-of-a-kind hospitality that has brought international acclaim to her Dollywood properties.”

 Located just a stone’s throw from Dollywood, the 300-room Dollywood’s DreamMore Resort will be situated on 100 acres. Guests will enjoy views of the Great Smoky Mountains which have inspired Parton throughout her career and were immortalized in the song In My Tennessee Mountain Home which she wrote.

Dollywood Cabins, Pigeon Forge, TN
Featuring a variety of accommodations, the resort celebrates the iconic Southern gathering spot, beckoning to a time when families and friends sipped iced tea, enjoyed homemade ice cream and socialized.

Centered on the rich traditions of storytelling, family and togetherness, the resort will feature many special touches including family sanctuaries like fire pits, swings and hammocks plus story spots scattered throughout the grounds.

 Showcasing design features and décor elements that celebrate the area’s natural beauty, Dollywood’s DreamMore Resort includes an indoor and outdoor resort pool complex, a spa, and a full-service farmhouse-style restaurant.

 With an emphasis on encouraging family bonding time, the resort also features a family activities center where guests can secure reservations for a variety of adventures centered around wholesome fun, including hikes in neighboring Great Smoky Mountains National Park.

Dollywood’s DreamMore Resort is the second capital investment in a 10-year plan that includes more $300 million in future developments for Parton’s Dollywood properties, located in Pigeon Forge, Tenn.

 Scheduled to open summer of 2015, Dollywood’s DreamMore Resort is situated on 100 acres adjacent to Dollywood and just minutes from neighboring Great Smoky Mountains National Park, the most visited in the U.S.

With pristine mountain views, the 300-room resort features a variety of accommodations and a special Dolly’s Suite Dreams celebrity suite. 

Evoking the iconic Southern gathering spot, Dollywood’s DreamMore Resort joins Dollywood Cabins as the company’s second venture in the lodging industry.

Launched in 2010, Dollywood Cabins offers luxurious, amenity-rich cabins just two miles from Dollywood and Dollywood’s Splash Country.

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

Pete Owens, Public Relations Director, (865) 428-9486 (865) 755-7972 or powens@dollywood.com

  Trish McGee, Public Relations Manager, (865) 428-9601; (865) 654-6242 or tmcgee@dollywood.com

 Wes Ramey, Publicist, (865) 428-9484, (865) 640-3805 or wramey@dollywood.com
  
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Dustin Cahill Named to TowerPoint Capital’s Senior Management Team

  
Dustin Cahill

 Atlanta, GA (Aug. 21, 2013) – TowerPoint Capital (formerly Communications Capital Group-CCG) said today that Dustin Cahill has joined the firm’s senior management team and been promoted to Executive Vice President of Acquisitions.

Cahill most previously served as senior vice president of acquisitions for the firm, which earlier this week rebranded as TowerPoint Capital.

Mr. Cahill began working with the firm in 2010 as head of an exclusive California-based originations unit of the company.  In his new role, Cahill – based in TowerPoint’s San Diego office - will be responsible for managing TowerPoint’s West Coast and Midwest business units as well as contributing to the firm’s corporate business development initiatives.

“The leadership team is very pleased to welcome Dustin to his new position at TowerPoint,” said Jesse Wellner, Principal and Managing Director. “Dustin truly exemplifies what we look for in a partner by demonstrating a consistent commitment to the firm’s core values, Integrity, Partnership, Knowledge and Professionalism.  We are all very excited about collaborating with Dustin as we continue to grow and improve our business.”

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

Tony Wilbert
The Wilbert Group
404-254-1487 (O)
404-405-3656 (C)

Capital Square Realty Advisors Acquires Retail Facility Occupied by 24 Hour Fitness in Fort Worth, TX Suburb

                           
24 Hour Fitness Super Sports, 5901 Golden Triangle Boulevard, Keller, TX
  
Louis Rogers
FORT WORTH, TX (Aug. 21, 2013) – Capital Square Realty Advisors LLC announced today that the company has acquired a 43,801-square-foot retail facility occupied by 24 Hour Fitness Super Sport in Keller, a suburb of Fort Worth, Texas, on behalf of an affiliated entity. 

Located at 5901 Golden Triangle Blvd., the property was constructed in 2008. The facility is 100 percent leased on a long-term basis to 24 Hour Fitness USA Inc., one of the world’s largest privately owned and operated fitness center chains. 

“This property benefits from a high traffic count, given its proximity to nearly 200,000 people living within a 5-mile radius, as well as its convenient location just off Interstate 377,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.  

“Additionally, the property has a remaining lease term of nearly 11 years, with three 5-year options.” 

The property also offers patrons 239 parking spaces, and is in close proximity to numerous national retailers, including Albertsons, Walgreens and Kohl’s.

Amenities of the fitness center include a full-sized basketball court, group exercise facilities, indoor lap pool, whirlpool, racquetball court, sauna and more.

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

Jill Swartz                                                                            
Spotlight Marketing Communications                    
949.427.5172, ext. 701 – office                                   
949.485.1552 – cell                                                                                          

Anantara Vacation Club Opens Preview Centre in Singapore, Continuing Momentum as Asia’s Leading Vacation Ownership Provider


Anantara Vacation Club's Preview Center, Singapore

SINGAPORE, Aug. 21, 2013:  Anantara Vacation Club, Asia’s leading Shared Ownership concept launched by Anantara Hotels, Resorts & Spas, is pleased to announce the opening of its Singapore Preview Centre.

Harold Derrah
Located on level 16 of Ngee Ann City Tower B, the new Preview Centre provides a luxurious firsthand preview into the unique offerings of Anantara Vacation Club, including the beautiful design reflective of its properties. 

 Harold Derrah, CEO of Anantara Vacation Club, commented, “We are thrilled to announce the opening of our brand new Preview Centre in Singapore.  

"This, in addition to the recent opening of the Shanghai Preview Centre, our first purpose-built Club Resort in Phuket, and the multiple awards we’ve received in just three years in business, fuels our efforts and makes us proud to serve the Asian community with exceptional quality Club Owner product.”

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

Hwee Peng Yeo
 Glodow Nead Communications
+65 97686087

Invest Atlanta Launches New Startup Stories Blog Site to chronicle Atlanta’s vibrant startup culture

                                       

Atlanta's night skyline

  
Dr. Eloisa Klementich
ATLANTA, GA (Aug. 21, 2013) — Invest Atlanta has launched Startup Stories, a blog highlighting local startups and celebrating the city’s entrepreneurial culture.

From stories of how successful entrepreneurs got started to local leaders’ perspectives on Atlanta as a small business hub to resources and inspiration for would-be entrepreneurs, Startup Stories will capture the energy surrounding Atlanta’s entrepreneurial ecosystem.
           
Brian P. McGowan
“Startups are a significant growth area for business development in the City of Atlanta,” said Brian P. McGowan, president and CEO of Invest Atlanta. 

“We are reaching out to our entrepreneurs and making sure they have the support they need to grow and thrive. The Startup Stories blog is part of our effort to build a sense of community among Atlanta entrepreneurs.”

Reggie Bradford
Startup Stories will highlight young and growing talent in Atlanta, as well as showcase the city’s great successes. Reggie Bradford, David Cummings and Alan Dabbiere — all successful Atlanta entrepreneurs — are profiled as part of the site’s official launch.

David Cummings
The blog’s launch event was hosted Wednesday at Atlantic Station’s 201 Building. Sig Mosley, Reggie Bradford and Charles Brewer spoke on a panel about Atlanta’s startup and entrepreneurial scene.

Many entrepreneurs have already discovered how much the city has to offer. Atlanta has been named #1 for minority and women entrepreneurship, #2 for entrepreneurial activity and #5 in small business friendliness, according to various independent sources.

Alan Dabbiere
Invest Atlanta has worked hard to reach out to startups. 

For example, during the past year, Invest Atlanta incubated Startup Atlanta, an umbrella organization providing support and networking opportunities to technology startups. Startup Atlanta became a standalone nonprofit organization in May.

  Dr. Eloisa Klementich, managing director of business development, serves as Startup Atlanta’s board chair.
           
Sig Mosley
“Atlanta is full of inspiring startup stories,” Klementich said. “We love working with passionate, bright entrepreneurs to help them tap into the resources available so they can grow their businesses, creating even more wealth and job opportunities in the City.”

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

The Wilbert Group
404.343.0886

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Tuesday, August 20, 2013

HFF closes sale of two-property industrial portfolio in Dallas-Fort Worth metropolitan area


Northlake Industrial Center, off Interstate 35, three miles north Alliance Texas development, Dallas, TX
DALLAS, TX – HFF announced today that it has closed the sale of a two-property, 754,554-square-foot, Class A industrial portfolio in the Dallas-Fort Worth metropolitan area.

HFF marketed the property on behalf the seller, Panattoni Development.  Cabot Properties purchased the offering for an undisclosed amount free and clear of debt.

The portfolio includes Northlake Industrial Center, located just off Interstate 35 approximately three miles north of the Alliance Texas development, and Towne Lake Business Park Two, located immediately south of Dallas/Fort Worth International Airport. 


Randy Baird
Built in 2008, both Class A buildings feature 32-foot clear heights and are 100 percent leased to Exel, CEVA Logistics and Falken Tire Corporation. 

The HFF investment sales team representing the seller was led by senior managing director Randy Baird, managing director Jud Clements and director Robby Rieke.

Jud Clements
Panattoni Development Company (www.panattoni.com) is a privately held, full service development company founded in 1986. The firm has completed in excess of 175 million square feet of commercial projects globally. 

Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and 9 countries.   The firm is headquartered in California and maintains offices throughout the United States, Canada and Europe.

Robby Rieke
Cabot Properties is a private equity real estate investment firm.  The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom.  

Formed in 1986, Cabot has invested $5.2 billion in industrial real estate, managing and operating approximately 1,800 tenants in more than 125 million square feet. 

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

Lincoln Southeast Appointed Receiver of Buckhead West Office Complex in Atlanta, GA

  
Buckhead West, near Interstate 75 and Howell Mill Road intersection, Atlanta, GA

Tony Bartlett
ATLANTA, GA – Lincoln Southeast LLC, a subsidiary company of Lincoln Property Company Southeast (Lincoln), has been named the court-appointed receiver for Buckhead West, an Atlanta office complex near the intersection of Interstate 75 and Howell Mill Road that features two office buildings totaling 110,000 square feet. Lincoln will also manage the center.

 Buckhead West is within a five-minute drive from downtown Atlanta and is well suited to tech tenants and creative firms, and has recently become a haven for movie and television production companies.

The complex is within walking distance of the Howell Mill Village retail center and adjacent to Post’s Collier Hills apartments. The property has tremendous potential for redevelopment and has received interest from various groups who envision the site having loft office, medical office, and multifamily potential.

Howell Mill Village retail center, Atlanta, GA
 “We are excited about the opportunity to work on and bring stability to this property,” said Tony Bartlett, senior vice president at Lincoln. 

“We are proud of our track record for delivering value as a receiver and are confident that our efforts at Buckhead West will enhance this complex by improving the experience of the existing tenants and attracting the right new tenants.”


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

Stephen Ursery
The Wilbert Group
Please note new office number: (404) 549-7150
Cell: (404) 405-2354


Annaly Capital Management, Inc. Announces the Appointment of New Chief Financial Officer


Kathryn F. Fagan
 NEW YORK, NY --(BUSINESS WIRE)-- The Board of Directors (the “Board”) of Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) today announced that it has appointed Glenn A. Votek, 55, as Chief Financial Officer of the Company.

 Mr. Votek will also serve as a member of Annaly’s Operating Committee. Mr. Votek was previously the Company’s Chief Administrative Officer.

Following an impressive career, including serving as Chief Financial Officer of the Company since its founding, Kathryn F. Fagan has decided to retire. The Board thanks Ms. Fagan for her many years of service and valuable contributions to the Company.

“I want to personally thank Kathryn for all she has done for the Company over the past 16 years and I wish her all the best in her retirement” said Wellington Denahan, Chairman and Chief Executive Officer of Annaly.

Wellington Denahan
Mr. Votek has over 20 years of financial and operational experience with particular expertise in risk management, capital raising, liability management and regulatory oversight.

Mr. Votek joined the Company in May 2013 from CIT Group where he was an Executive Vice President and Treasurer since 1999 and President of Consumer Finance since 2012.

At CIT, Mr. Votek was responsible for all functional areas of CIT’s treasury group, including capital markets, securitization, asset/liability management, hedging, international treasury, cash management, and banking and rating agency relations.

Glenn A. Votek
He was also actively involved in the investor marketing activities at CIT. Included among his committee memberships were: Asset Liability Management Committee, Financial Disclosure Committee, Pension Investments Committee and the Employee Benefit Plans Committee. 

He also previously served as Chairman of the Board of CIT Bank.

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

 Annaly Capital Management, Inc.
Investor Relations,
 888-8Annaly

253-Room Hotel in Philadelphia West Sold for $31 Million


DoubleTree Suites by Hilton Philadelphia West, 650 Fountain Road, Plymouth Meeting, PA

Rich Lillis
MIAMI, FL, Aug. 20, 2013 - Colliers International is pleased to announce the sale of the lender-owned 253-room DoubleTree Suites by Hilton Philadelphia West to Arden Group for $31.1 million or approximately $123,000 per room. The transaction reflected a capitalization (CAP rate) rate of 8% prior to transaction and renovation costs.  

The 7.9 acre property at 640 Fountain Road, Plymouth Meeting, PA, 19462, is just west of I-476 and within the Plymouth Meeting Executive Campus. Four of the country's top 14 employers are located minutes from the hotel, which includes 8,000 square feet of banquet and meeting space.

Kent Schwarz
 Representing the seller, an affiliate of LNR Partners, were brokers Rich Lillis, Executive Vice President, Colliers International Hotels, Kent Schwarz, Executive Vice President, Colliers International Hotels, both based in the South Florida offices; and Carl Neilson, Senior Vice President, Colliers International Philadelphia. The team coordinated the online auction transaction through Auction.com.

Carl Neilson
"The hotel property and our sales process brought considerable interest from wide variety of prospective buyers including publicly traded REITs, institutional hotel investors, Philadelphia-area investors, and regional and national hotel companies. The bidding was quite spirited," said Rich Lillis of Colliers.

Craig A. Spencer
 Philadelphia-based Arden Real Estate Partners I, LP, acquired the hotel. Commenting on the investment, Craig A. Spencer, CEO of Arden Group, noted that "this is our fourth hotel purchase in the past nine months, and is consistent with our strategy of investing in opportunities for value creation."

 Arden plans to invest an additional $6 million in renovations and other changes required by the Hilton franchise.

 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


NAI Realvest Negotiates Four Leases totaling 7,151 SF at South Park Business Center in Orlando, FL


South Park Business Center, 8600 Commodity Circle, Orlando, FL
ORLANDO, FL– NAI Realvest recently negotiated three new leases and one renewal lease totaling 7,151 square feet South Park Business Center, a flex, office and warehouse center at 8600 Commodity Circle in Orlando. 

Tom R. Kelley II
Tom R. Kelley II, CCIM, principal at NAI Realvest, brokered all four transactions on behalf of Miami-based South Park, LLC, the landlord of the 58,000 square foot business center built in 2008.

 The new tenants include Commercial Fitness Products of Sunrise, Fla. which leased Unit 108 with 1,830 square feet;  Xprex, LLC, a national shipping company which leased Unit 125 with 1,830 square feet and Florida Mobility Rentals LLC with a new lease of 1,661 square feet in Unit 101.

 At the same time Sunshine Limousine and Sedan Service renewed its lease of Unit 123 with 1,830 square feet at South Park Business Center.

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

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

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To Lease or to Buy? That is the Question

  
Michael Bull

 ATLANTA, GA – When companies are looking for space, the decision to lease or buy can be a tricky one. There are many factors — including the expected growth of the company, location and the firm’s line of business — that must be taken into consideration.

That was the consensus of a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

Bull and his guests discussed the pros and cons of leasing and buying property, the proposed changes in the Financial Accounting Standards Board’s (FASB) lease accounting requirements and the kinds of loans available to purchase real estate.

Daniel Latshaw
For many businesses looking for space, owning their own real estate does offer certain perks. For one, there is no concern about escalating rents.

According to the Urban Land Institute and Ernst & Young, office rents are projected to increase four percent per year in 2014 and 2015, said Daniel Latshaw, principal at Bull Realty. However, leasing offers the flexibility to grow or shrink your space as needed, he noted.

Additionally, there are three tax incentives to purchasing real estate — the transaction can be configured as a non-cash charge, there are cash-out refinances that are non-taxable, and you have the option to do a 1031 exchange. However, owning real estate comes with considerable responsibilities, including managing the property, Latshaw pointed out.

Eric Entringer
For tenants who have already purchased real estate, a sale-leaseback transaction might be a good way to go. “If you bought real estate and your company is strong and stable, that’s the best time to look at a sale-leaseback option,” said Eric Entringer, senior manager at Ernst & Young.

In some cases in the current market, a tenant can purchase a vacant building and lease the entire property to itself on a 10- to 15-year lease term, and the building immediately becomes a “very sellable” asset, Bull added.

Tenants should keep in mind the proposed change to FASB’s lease accounting requirements. “FASB is proposing that real estate leasing should be on company’s balance sheets, so if you are the lessee, you’ll be bringing leases onto your balance sheet and recording right of use and liability from a lease payment standpoint,” Entringer said.

For companies that are considering purchasing real estate, lenders are very interested in owner-occupied financing at the moment since it offers a lower risk than many other types of properties.

 “We are seeing all kinds of different banks lending for owner-occupied loans, and the competition is steep, especially if the operating company that’s going to be in the building is performing well,” said Deborah Possick Herron, CPA and senior vice president of Georgia Small Business Capital.

The entire lease versus purchase episode is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available on Aug. 22 and will feature an update on the real estate syndication strategies.

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

Stephen Ursery
The Wilbert Group
404.405.2354