HFF arranges $54.2 million bridge loan for RiverCenter Mall redevelopment in San Antonio, TX

                        Former Joske's Department Store, 1910 painting, San Antonio, TX

RiverCenter Mall, Downtown San Antonio, TX

DALLAS, TX – HFF announced today that it has arranged a $54.2 million construction loan for the redevelopment of the historic Joske’s Building at the RiverCenter Mall, a tourist-oriented retail mall along San Antonio’s River Walk.

HFF worked exclusively on behalf of the borrower, Ashkenazy Acquisitions Corporation, to secure the bridge facility through Cornerstone Real Estate Advisers, on behalf of a Cornerstone managed fund.  

Loan proceeds will be used for the redevelopment of the historic building.

Trey Morsbach

Built in 1887 as the original location of Joske’s Department Store, the property is situated at the corner of Alamo and Commerce Streets overlooking the historic Alamo Plaza in San Antonio’s central business district. 

Joske’s occupied the space until 1987 at which time Dillard’s moved into the space until its departure in 2008.  The mall redevelopment will include a variety of retail, restaurant and entertainment tenancy.

The HFF team representing Ashkenazy Acquisitions Corporation was led by senior managing director Trey Morsbach, executive managing director John Pelusi and associate director Cullen Aderhold.

John Pelusi

Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets. Ashkenazy Acquisition has acquired over 13 million square feet of retail, office and residential properties, located throughout the United States and Canada.

With a portfolio containing more than 100 buildings valued at approximately $5 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets.

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

krmurphy@hfflp.com

www.cornerstoneadvisers.com

HFF closes $38.1 million sale of Pinnacle Corporate Park I and II in Fort Lauderdale, FL

Hermen Rodriguez

MIAMI, FL – HFF announced it has closed the sale of Pinnacle Corporate Park I and II, two Class A suburban office buildings totaling 262,434 square feet in Fort Lauderdale, Florida.

HFF marketed the property on behalf of Northwestern Mutual.  A joint venture between Banyan Street Capital and DRA Advisors purchased the offering for $38.1 million free and clear of existing debt.

Pinnacle Corporate Park is situated just off Interstate 95 at 500 and 550 West Cypress Creek Road adjacent to the Cypress Creek Tri-Rail station.

  

Ike Ojala

The properties are 85 percent leased overall to a diverse tenant roster including University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae.  

The HFF team representing the seller was led by managing director Hermen Rodriguez, director Ike Ojala and senior real estate analyst Jorge Portela.

“Pinnacle Corporate Park has an exceptional office location thanks to its proximity to Fort Lauderdale’s central business district, Interstate 95 and the Tri-Rail, and the property is in exceptional physical condition,” said Rodriguez.

“The offering received strong interest from a wide variety of investors, driven by the property’s physical attributes and strong rent-roll,” added Ojala.

                HFF’s investment sales team closed more than $2.8 billion in office building sales nationally in the first half of 2013.  HFF closed more than $48 million in office transactions across all capital markets platforms in the state of Florida during this time.

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

krmurphy@hfflp.com

Cohen Commercial Realty Brokers Two New Leases in South Florida

Flagler Square, Forest Hill Boulevard and Florida Mango, West Palm Beach, FL

Bryan S. Cohen

Palm Beach Gardens, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Orangetheory Fitness, to lease a 2,880-square-foot unit at Mirasol Walk Shopping Center located on the northeast corner of PGA Boulevard and Mirasol Drive, just west of the Florida Turnpike.

Cohen Commercial Realty, Inc., represents the landlord, Sansone Group, in this transaction. They join Publix Supermarket, Walgreens Pharmacy, Bank of America and Starbucks.

Allan Carlisle

West Palm Beach, FL — Bryan S. Cohen and Jason Guralnick of Cohen Commercial Realty, Inc., announced the signing of Repairs On Us, to lease a 865-square-foot office at Flagler Square located on the southeast corner of Forest Hill Boulevard and Florida Mango.

 Cohen Commercial Realty, Inc., represents the landlord Storm Abramson Properties in this transaction.

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

Jamie Crocker

jamiecrocker@cohencommercial.com

561.471.0212 phone

561.471.5905 fax

Lincoln Brokers Lonza America’s 93,963-Square-Foot Renewal and Expansion in Alpharetta, GA

  

1200 Bluegrass Lakes Parkway, Alpharetta, GA

Michael Howell

 ATLANTA, GA– Lincoln Property Company Southeast (Lincoln) has brokered Lonza America’s 93,963-square-foot lease renewal and expansion at 1200 Bluegrass Lakes Parkway in the Atlanta suburb of Alpharetta, Ga. The firm now occupies the entire building.

 Michael Howell and Hunter Henritze, vice presidents of office leasing for Lincoln, and Jeff Henson, a senior associate in the firm’s Office Leasing Group, represented the landlord, OA Development, in the transaction.

Christopher Olsen, Bert Sanders and Dave Kilborn of Newmark Grubb Knight Frank represented Lonza America, which is a direct subsidiary of Lonza Group AG, a $4 billion global biochemical company.

Hunter Henritze

 Lonza America’s renewed and expanded lease runs for more than 11 years. 1200 Bluegrass Lakes Parkway serves as an Innovation Center for Lonza and houses the R&D, production and distribution divisions for specific product lines.

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Essex Realty Group Brokers Sale Of Walk-Up Apartment Building in Chicago, IL

  

2702 - 08 West Ainslie Street, Lincoln Square neighborhood, Chicago, IL

CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 2702-08 W. Ainslie St. a 21-unit gut-rehabbed walk-up apartment building located in Chicago’s Lincoln Square neighborhood.

Matt Welke

 The property is situated on the northwest corner of Ainslie Street and Washtenaw Avenue, two blocks from the CTA bus stop at Lawrence and Washtenaw, and within walking distance of the Rockwell CTA Brown Line Station.  In addition, the building is in close proximity to the restaurants and shops located in the heart of Lincoln Square.

 The building was gut renovated between 2008 and 2009 with interior apartment finishes including granite countertops, stainless steel appliances, and new cabinets in kitchens/pedestal sinks, wall-mounted medicine cabinets, mosaic tile floors, and ceramic tile tub surrounds in bathrooms; hardwood floors and crown molding throughout bedrooms and living rooms. 

The mechanical systems have also been updated, including new electric, new copper plumbing, new in-unit HVAC and hot water tanks, and new windows.

Jason Fishleder

The Subject Property consists of a unit mix of 1 Bd/1 Ba up to 2 Bd/2 Ba + Den, with square footage starting at 846 SF per unit up to 1,390 SF.

 Matt Welke and Jason Fishleder represented the seller and Doug Fisher of Essex represented the purchaser.  The price was approximately $3,900,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

  

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Construction Underway for HSA Commercial’s 220,000 SF Industrial Spec Project near Indianapolis, IN

  

Rendering of planned spec 220,000-SF industrial building in Gateway Business Park
1025 Columbia Road, Plainfield, IN

Jack Shaffer

CHICAGO, IL and INDIANAPOLIS, IN— Jack Shaffer, chairman and founder of HSA Commercial Real Estate, announced that construction has commenced on a 220,000-square-foot speculative industrial building the firm is developing in partnership with Great Point Investors LLC in the Gateway Business Park at 1025 Columbia Road, Plainfield, Ind.

Crews from the project’s general contractor, Fishers, Ind.-based Meyer Najem, are in the process of completing the mass earthwork and site utilities and will be erecting the wall panels next month.

 “Since Meyer Najem built the other two buildings at the Gateway Business Park, as well as the build-to-suit for the FAA (Federal Aviation Administration) just south of our site, they are familiar with Plainfield requirements and have moved very quickly so far,” said Craig Phillips, executive vice president of development with HSA Commercial.

Craig Phillips

“As long as we maintain this pace, we should have all of the walls up for the building shell by the end of the year.”

 Located on 13 acres immediately southwest of the Indianapolis International Airport, the freeway-visible industrial building at Gateway Business Park will feature 32’ clear heights, 24 truck docks, four drive-in doors, 155 parking spaces and quick access to Interstate 70 with convenient connectivity to the rest of the regional interstate system.

Delivery of the project is scheduled for spring 2014.

 “The Indianapolis market has been active for spec development, but our project is unique because it targets smaller users between 40,000 and 100,000 square feet,” said Robert Smietana, vice chairman and CEO of HSA Commercial.

Robert Smietana

 “We have been encouraged by the amount of interest in our development so far from that category of tenants, especially at such an early stage in construction.”

Terry Busch and John Hanley of CBRE have been selected to represent HSA Commercial and its joint venture partner, Great Point Investors LLC, in the project leasing.

  

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

Mark Thomton

mthomton@taylorjohnson.com

312-267-4523

Multi Housing Advisors Brokers $20.2 Million Sale of 324-Unit Apartment Community in Metro Atlanta

  

Aslan on the River, Jonesboro, GA

Joshua Goldfarb

ATLANTA, GA— Multi Housing Advisors (MHA) has brokered the $20.2 million sale of Aslan on the River, a 324-unit apartment community in the Atlanta suburb of Jonesboro, Ga.

 Josh Goldfarb, co-founder and co-managing partner of MHA, represented the seller and was the only broker involved in the deal. Hamilton Point Investments, based in Old Lyme, Conn., purchased the community, which was built in 2001.

 “As 2013 nears completion, investor interest in the metro Atlanta and southeastern U.S. apartment markets remains very strong,” Goldfarb said.

“With interest rates in check, the economy improving and job growth picking up, household formations are increasing and that means this sector, which has performed so well over the past several years, will continue to thrive. We expect to see investment sales continue at a brisk pace for multifamily assets of all types.”

Concepts 21-Roswell, GA community

With the Aslan on the River transaction, MHA’s Atlanta office has completed $160 million in investment sales this year. MHA, which also has offices in Birmingham, Ala., and Charlotte, N.C., and completes transactions throughout the South, is aiming to close 100 transactions in 2013.

 Earlier this fall in metro Atlanta, MHA brokered the $15.6 million sale of Concepts 21-Roswell, a 304-unit community in Roswell, Ga., and the $5.8 million, off-market sale of Wynscape, a 272-unit community in Chamblee, Ga.

 AH Capital, a Los Angeles-based investor, bought Concepts 21-Roswell from Atlanta-based ECI Capital, while New York-based Varden Capital purchased Wynscape from Atlanta-based J.C. Gay. MHA represented the sellers in both transactions and was the only broker involved in the deals.

Wynscape Apartments, Atlanta, GA

MHA recently expanded its Charlotte office and intends to open additional offices in the South. The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.

 MHA enjoys a total sales transaction volume that has surpassed $2.4 billion, representing more than 76,000 units and more than 450 individual transactions.

MHA serves local, regional and national clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth

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

 Stephen Ursery

The Wilbert Group

404-549-7150 (O)

 404-405-2354 (C)

sursery@thewilbertgroup.com

www.usmha.com.

CHM Granted Three-Year Asset Management Extension with Hilton Baltimore Convention Center Hotel

  

Hilton Baltimore Convention Center Hotel

BALTIMORE, MD and BEVERLY, MA—Capital Hotel Management (CHM), a leading hotel asset management and investment advisory firm, today announced that it has been awarded a second contract extension for the asset management of the 757-room Hilton Baltimore Convention Center Hotel. 

Michael Doyle

CHM was originally retained in 2006 by the Baltimore Development Corporation, following a competitive bid process.

“We have worked closely with the hotel’s operators to optimize revenues while minimizing overhead during a very difficult period that has been impacted by a slow economic recovery, a sluggish meeting market and the effects of increased rooms supply,” noted Michael Doyle, executive vice president and head of asset management for CHM. 

“This three-year contract extension will mark over a decade of service to the City of Baltimore, and we look forward to building upon that foundation.”

In addition to the Hilton Baltimore, CHM has provided asset management services for more than 100 hotels over the past decade.

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

 Jerry Daly, Chris Daly

 (703) 435-6293

 jerry@dalygray.com

 www.chmhotel.com

(978) 522-7000.

National Retail Properties Inc. Announces Third-Quarter Operating Results

  

Orlando, FL  – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter and nine months ended September 30, 2013.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

Chatham Lodging Trust Announces Strong 2013 Third Quarter Results

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint ventures 76 premium-branded, upscale, extended-stay and select-service hotels

announced results for the third quarter ended September 30, 2013.

Third Quarter 2013 Highlights

·         Comparable Hotel RevPAR – Grew hotel RevPAR 6.7 percent, excluding the Washington, D.C. hotel which was being renovated/rebranded throughout the entire quarter.

·         Portfolio RevPAR - Rose 3.9 percent to $119 for the 21 hotels owned for the entire quarter.   

·         Adjusted EBITDA – Increased 30.2 percent to $15.6 million.

·         Adjusted FFO – Improved 70.6 percent to $10.8 million.  Adjusted FFO per diluted share rose 4.3 percent to $0.48 from $0.46, exceeding consensus estimates.

·         Equity Offerings Completed – Raised a total of $142.7 million in June and September to fund the acquisitions of four, high-quality hotels comprising 700 rooms for $156 million and enhanced capacity to make incremental, value-add acquisitions.

·         Innkeepers Refinancing –Completed $950 million refinancing for JV portfolio.  90.2 percent of original invested capital returned via distributions. 

 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

McCraney Property Company Plans to Construct 700,000 SF of Class A Warehouse/Distribution Space at its New Bent Oak Industrial Park in Metro Orlando

Rendering of planned Bent Oak Industrial Park, Taft-Vineland Road, Orlando, FL

Steven E. McCraney

ORLANDO, FL and WEST PALM BEACH, FL (Nov 6, 2013) – McCraney Property Company (MPC), an integrated developer and manager of warehouse distribution and commercial/industrial flex properties located throughout Florida, signed a contract to purchase a fully entitled 39-acre industrial development site with more than 1,200 feet of Turnpike frontage south of and adjacent to Taft-Vineland Road in metro Orlando.

McCraney plans to develop Bent Oak Industrial Park, which will total 700,000 square feet of warehouse/distribution product.

 “There is no question that this is one of the finest industrial development sites in Central Florida,” said Steven E. McCraney, SIOR, CCIM, CEO of McCraney Property Company, which is currently developing 243,000 square feet of Class A spec industrial in its John Young Business Park, located in Orlando.

Matthew Sullivan

 “This is an excellent opportunity for build to suits for larger users looking to modernize and expand in Orlando’s attractive southwest market; that’s what we intend to deliver.”

The property fronts the Florida Turnpike and is located minutes away from the highly desired Beachline Expressway-Florida Turnpike interchange, which provides excellent access to Interstate 4 and the Central Florida Greeneway, as well as major distribution thoroughfares in Central Florida.

Wilson McDowell

 Even with new industrial developments on the horizon in the Orange County market, McCraney believes   the pent up demand is there resulting from delays in tenant expansions that occurred during the recession.

In addition, the project has several other characteristics that users are looking for today: 32’ clear height, ESFR sprinklers, tremendous trailer storage and Turnpike visibility. Bent Oak has an expected completion in Q3 of 2014.

 Bent Oak is being marketed by Matthew Sullivan, SIOR, CCIM, Wilson McDowell, CCIM and Bobby Isola of Colliers International-Central Florida. For more information, call (407) 843-1723.

Robert Isola

Late last spring, MPC completed one of the only build to suits in the Orlando market during the last five years, the 150,000-square-foot Dade Paper distribution center located in John Young Business Park.   MPC is in the process of constructing two spec industrial buildings totaling 243,000 square feet, also in John Young Business Park.

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

 Don Silver

 (donsil@boardroompr.com) or

Ashley Fierman

 (afierman@boardroompr.com)

Boardroom Communications

954-370-8999/954-629-7523.

$38 Million Silicon Valley Sale Arranged by IPA

Avenel Apartments, 50 North King Road, San Jose, CA

SAN JOSE, CA– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Avenel Apartments, a 168-unit garden-style multifamily complex  located in the “Capital of Silicon Valley.”

The sales price of $38,000,000 equates to approximately $226,000 per unit.

            IPA executive vice president investments Stanford Jones, IPA vice president investments Salvatore Saglimbeni and IPA vice president investments Philip Saglimbeni advised the seller, Fairfield Mabury Village LLC. The buyer is King-Mabury Fee Owner LLC (TruAmerica Multifamily).

            “San Jose has demonstrated tremendous market fundamentals during the last 12 months,” says Jones. “Rents have grown 8 percent and average occupancy is over 95 percent. High median incomes and continued employment growth in Silicon Valley should continue to drive the property’s income.”

Phillip Saglimbeni

“Avenel Apartments’ urban infill location is minutes from San Jose’s thriving downtown as well as major employers in Silicon Valley’s Golden Triangle,” adds Salvatore Saglimbeni.

“The city’s long anticipated Bay Area Rapid Transit (BART) station, currently under construction, is ideally situated just a few blocks from Avenel, offering residents a transit-oriented community.” 

            Built in 1987 on 8.5 acres, the property is located at 50 North King Road in San Jose, Calif. The location provides residents with convenient commutes throughout Silicon Valley via interstates 680 and 880, state routes 87, 85, 237 and 17 and U.S. Highway 101.

  Caltrain, the Bay Area’s commuter train line, and the Santa Clara Valley Transportation Authority light rail network are just a short drive from the property.

Salvatore Saglimbeni

            Avenel Apartments is situated in a lush park-like setting with open greenbelts, ponds, fountains and bridged walkways. The property features a low density of 19.7 homes per acre; a swimming pool and spa with Wi-Fi access, a furnished sundeck and barbecue; a fitness center with cardio- and weight-training equipment; an elegant clubroom and carport parking.

            The community includes efficiently designed one- and two-bedroom floor plans that average approximately 722 square feet.

 The fully equipped and remodeled gourmet kitchens include new appliances, built-in microwave, white cabinetry, garbage disposal and breakfast bar. 

The apartments also have laundry closets with in-home stackable washers and dryers and separate dining areas with modern ceiling fans and lights.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Sale of Spanish Oaks Apartments in Tallahassee, FL for $5.2 Million

  

Spanish Oaks Apartments, 1327 High Road, Tallahassee, FL

Francesco 'Frank'
Carriera

 TALLAHASSEE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Spanish Oaks Apartments, a 134-unit apartment property located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,200,000 sales price equates to $38,806 per unit.

Francesco “Frank” Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Colorado.  The listing agents also procured the buyer of the property, a limited liability company based in Mississippi.

Michael Regan

Spanish Oaks Apartments was built in 1975 and is located at 1327 High Road in Tallahassee, Florida.  This 134-unit multifamily community is comprised of one-, two- and three-bedroom apartments.  All units have central heat and air conditioning.  Amenities include an on-site laundry facility, tennis court, fitness center, clubhouse and a swimming pool.

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

Richard D. Matricaria

Regional Manager,

Tampa, FL

(813) 387-4700

Morrison Commercial Real Estate Completes 9,216-SF Medical Office Condominium Sale for $900,000 in Lake Mary, FL

Medical Office Condominium, 917 Rinehart Road, Lake Mary, FL

 

ORLANDO, FL -- Morrison Commercial Real Estate recently negotiated the sale of a 9,216 SF medical office condo located in Lake Mary, FL for $900,000.

Christi Davis

 Christi Davis, CCIM, Vice President of Morrison Commercial Real Estate, negotiated the transaction representing the Seller, CRM Properties, LLC.

 The 9,216 SF medical condo unit is located at 917 Rinehart Road in the 43,000 SF Lake Mary Professional Center, and sold for $900,000. 

The buyer was TKR Realestate Holdings, LLC. The buyer will occupy the unit as administrative offices for its medical practices. Michael J. Maier of Pointe Central Realty represented the buyer.

   

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

 Gina Wade

Phone: 407.440.6651

Email:  gwade@morrisoncre.com

High-Rise Development Site in Miami, FL Sells for $6.8 Million

High-Rise Development Site, 2701 SW 27th Court, Miami,

Larry Stockton

MIAMI, FL, November 5, 2013 - Colliers International South Florida is pleased to announce that Larry Stockton, Senior Vice President and Alex Morcate, Vice President Investment Analysis, represented G.P. Tower 27, LLP in the all-cash sale of a high-rise infill multifamily development site.

The Purchaser paid $6.8 million for the approved site, located at 2701 SW 27th Court, Miami, 33133. The site is situated just north of US 1 and Coconut Grove's boundary line, next to the Coconut Grove Metro Rail Station.

Alex Morcate

"The price reflects the value attributable to the fully designed and approved 192-unit residential tower that will be built on the site" said Stockton. 

"The purchaser should have great success developing the well-conceived and designed project, as it is steps from the Coconut Grove Metro Rail Station and is situated between The Grove, The Gables and Brickell."

   

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

Email: crystal.proenza@colliers.com

www.colliers.com