Tuesday, November 12, 2013

HFF names Andrew Scandalios co-head of New York office


Andrew Scandalios
NEW YORK, NY – HFF announced today that senior managing director Andrew Scandalios has been appointed head of the local New York City investment sales teams, and will assume the role of office head alongside senior managing director Michael Tepedino, who oversees the debt and equity placement teams.

                Mr. Scandalios has more than 23 years of experience in the commercial real estate industry and since joining HFF in 2001 he has closed more than $19 billion of commercial real estate sales for multi-housing, office, retail, hotel, land and industrial transactions in the New York City area.

Michael Trepedino
“This change is part of the New York office succession plan to provide growth opportunities to our valued employees and continue to provide ‘best-in-class’ service throughout our multiple business lines," said Mike Tepedino, senior managing director and co-head of HFF’s New York office. 

“Andrew has done a remarkable job building the New York investment sales practice for HFF New York over the past three years as our volume and market share has grown at a significant rate. 

“Since 2010, HFF’s investment sales volume in the New York City/Northern New Jersey region is up nearly 600 percent, a truly extraordinary accomplishment, and we have every expectation that under his leadership we will continue our rapid expansion in the NYC area,” added Tepedino.
  
                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


$85 million financing secured by HFF for Long Island, NY power center


Roosevelt Raceway Center, Corporate Drive, Westbury, NY
 
NEW YORK, NY – HFF announced today that it has secured an $85 million financing for Roosevelt Raceway Center a 428,395-square-foot retail power center in Westbury, New York.

Robert Delitsky
                Working on behalf of the borrower, a joint venture of Mattone Group LLC and Gartenstein Properties, HFF placed the fixed-rate loan with New York Community Bank. 

Roosevelt Raceway Center is located along Corporate Drive in the Long Island suburb of Westbury.  Completed in 1995, the property is leased to tenants including Fairway Market, Home Depot, Michael’s, Babies “R” Us, Sprint, AMC Theatres, Applebee’s and Chili’s.

 Ownership recently oversaw the opening of Joe’s Crab Shack at the Center, its third restaurant location on Long Island.  In addition, PGA Tour Superstore will be opening its first store on Long Island this winter.  PGA Tour Superstore will occupy 44,000 square feet.

                The HFF team representing the borrower was led by managing director Robert Delitsky.


The Mattone Group is a Queens-based development company that currently owns and manages more than 2 million square feet of commercial property in the New York Metro area, Georgia and Florida.

Gartenstein Properties is a Brooklyn-based development and management  company with over 70 years of real estate experience.

                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


Sale of ground lease for 106 natural gas drilling sites in the Barnett Shale in Texas closed by HFF


Natural gas drilling site in the Barnett Shale, North Texas


Mark West
DALLAS, TX – HFF announced today that it has closed the sale of a ground lease encumbering 106 urban natural gas drilling sites located in the Barnett Shale in North Texas, one of the largest producing onshore natural gas fields in the United States.

                HFF marketed the sites on behalf of the seller, Fort Worth, Texas-based 111 Realty Investor, LP, and procured the buyer. 

The sites were cross-collateralized and cross-defaulted under one single lease to Chesapeake Energy.

 The ground lease has 35 years of remaining lease term with five, five-year renewal options.

Coler Yoakam
Approximately 83 of the 106 sites have multiple producing wells in place today with future drilling opportunities on each of the properties for many years to come.

                The HFF team representing the seller was led by senior managing director Mark West and managing director Coler Yoakam.

                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


Monday, November 11, 2013

2 New Armani-Branded Condo Towers Proposed For Sunny Isles Beach Site in South Florida

    
Preliminary Rendering of proposed Armani Residences By Cesar Pelli
Sunny Isles Beach, FL


Lana Bell
MIAMI, FL -- As the South Florida housing market increasingly rebounds from the real estate crash of 2007, a pair of high-profile residential developers are partnering to build up to two new condo towers that would feature the Italian fashion design brand of Giorgio Armani on an oceanfront site in the barrier island city of Sunny Isles Beach in Northeast Miami-Dade County.

The proposed project - dubbed the Armani Residences By Cesar Pelli - is slated to be designed by the internationally acclaimed architecture firm Pelli Clarke Pelli and developed by a joint-venture entity of Dezer Properties and the Related Group - which joined forced during the last boom-and-bust cycle to build the three Trump Towers in Sunny Isles Beach - around the 190th block of Collins Avenue, according to the South Florida Business Journal.

A Dezer Properties executive declined to comment on the project's number of towers or units but did confirm the proposed project would be "released" in December 2013.

In anticipation of the presale launch next month, CondoVultures.com has learned that exclusive broker presentations that detail the project have already occurred.   

Cesar Pelli


Even though the project's developers are not talking, Sunny Isles Beach real estate professional Lana Bell of One Sotheby's International Realty shared a sneak peek of the soon-to-be-announced project - which she calls a slightly revised name of "Armani House By Cesar Pelli" - that is to feature a pair of 55-story towers that each have about 250 units, according to Bell's November 8, 2013 market report.

In Sunny Isles Beach, the proposed Armani Residences By Cesar Pelli project is slated to go up on the site of the former 172-unit Seashore Club South motel-condominium at 18975 Collins Ave. that was terminated as an association on August 29, 2013, according to Miami-Dade County records.

As part of the paperwork filed, the termination plan disclosed that a Florida corporation - Dezer Larouche Holdings LLC - has a "purchase and sale agreement dated December 18, 2012" to acquire the Seashore Club South motel-condominium property for an unknown price, according to Miami-Dade County records.

Former Seashore Club South condominiums
Sunny Isles Beach, FL
The Dezer Larouche Holdings LLC has not taken title to recently terminated Seahorse Club South motel-condominium site as of November 8, 2013, according to Miami-Dade Property Appraiser records.

The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.

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

Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.
800-750-0517.


NAI Realvest negotiates New Lease of 150,000 square foot industrial facility in DeLand, FL




Paul Partyka
DeLand, FL – NAI Realvest recently negotiated a long-term lease for 150,000 square feet of industrial space at 2000 Brunswick Lane in DeLand. 

  Paul P. Partyka, managing partner at NAI Realvest, brokered the transaction representing the tenant, Ideal Deals, LLC and the new landlord Oscar M Clemmons Living Trust c/o Greene Realty of Florida, LLC based in DeLand. 

 Ideal Aluminum will continue to operate out of the facility it already occupied but started a new lease agreement with the new ownership, Partyka said.

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


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

NAI Realvest Negotiates $600,000 Sale Price for 1.08 Acre Retail Development Site in West Orange County, FL





Robert Blackwell
MAITLAND, FL– NAI Realvest negotiated the sale of 1.08 acres of vacant land at 10670 and 10680 West Colonial Drive in Ocoee in West Orange County for $600,000.

Robert Blackwell SIOR, principal, negotiated the transaction representing the seller Branch Banking and Trust Company of Winston-Salem, N.C. 

 Wendy’s International Inc., c/o The Wendy’s Company, a Dublin, Ohio-based firm, bought the site to build another restaurant.

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


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

HFF secures $22 million financing for grocery-anchored retail center in Chester, NJ


Chester  Springs Shopping Center, Chester, NJ

Eric Tupler
DENVER, CO – HFF announced today that it has arranged a $22 million financing for Chester Springs Shopping Center, a 223,068-square-foot, grocery-anchored shopping center in Chester, New Jersey.

Working exclusively on behalf of Heitman and Ramco-Gershenson Properties Trust, HFF placed the three-year loan with a national bank, at a floating interest rate of LIBOR plus 175 basis points.

Jon Mikula

Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue in downtown Chester. 

The center is 96.6 percent leased and is anchored by ShopRite, the dominant New Jersey grocer.  Other major tenants include Marshalls, Staples and CVS.

Kristian Lichtenfels
The HFF team representing the borrower was led by senior managing directors Eric Tupler and Jon Mikula and real estate analysts Kristian Lichtenfels and Michael Cerulo.

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


Richard Byers Joins Capital Square Realty Advisors as Controller

  
Richard Byers

 RICHMOND, VA (Nov. 11, 2013) – Capital Square Realty Advisors, LLC announced today that Richard Byers, CPA has joined the company as controller. He will also serve as controller of affiliated companies, Capital Square Holdings and Capital Square Management.

“Richard is a seasoned professional with extensive experience in commercial real estate, corporate, business and public accounting,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “Richard brings finance and accounting expertise at a time when Capital Square is growing rapidly to become a leading national real estate firm.” 

Byers joins Capital Square with more than 30 years of experience, including with his own CPA practice and a 17-year engagement at RF&P Corporation, a $700 million real estate company.

He played a significant role in converting the firm from a C-corporation to a real estate investment trust. Byers was also instrumental in numerous accounting, tax and fiscal analysis projects, including the Potomac Yard development analysis and economic impact study for the Redskins Stadium proposal, monitoring Crystal City partnership interests and debt restructure issues.

Redskins Stadium, Washington, DC
He also was involved in environmental remediation matters and contracts, leases and partnership agreements.

In addition to RF&P Corporation, Byers spent time as the controller for several real estate companies, including F. G. Pruitt Inc., Mark Properties and Zapolski Real Estate. He began his career with Ernst & Young.

Byers graduated from the University of Virginia and is a member of the American Institute of Certified Public Accountants.

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                                                            

HFF closes sale of two multi-housing communities in suburban Chicago


Woodlands of Crest Hill, Crest Hill, IL


Sean Fogarty
CHICAGO, IL – HFF announced today that it has closed the sale of the Woodlands of Crest Hill, a 730-unit multi-housing community in Crest Hill, Illinois and the Fountains at Stone Crest, a 400-unit multi-housing community in Westmont, Illinois. 

HFF marketed the properties on behalf of the seller, a joint venture between MetLife, Redwood Capital Group and Westdale Asset Management.  The transactions were part of a three-property portfolio with the third property sold in a separately marketed transaction.

The Woodlands of Crest Hill is located at 1615 Arbor Lane immediately north of Joliet and approximately 44 miles southwest of downtown Chicago.

Marty O'Connell
Situated on 26.65 acres, the garden-style property has undergone kitchen and bath renovations as well as other property upgrades throughout the past few years and includes a mixture of studio, one and two-bedroom units averaging 649 square feet each. 

Community amenities include a fitness center, clubhouse, swimming pool with sundeck, playground, sand volleyball court and jogging trails.

The Fountains at Stone Crest is located at 1 Fountainhead Drive approximately 10 minutes north of Argonne and 26 miles southwest of downtown Chicago in DuPage County. 

Matthew Lawton
The property was completed in two phases in 1966 and 1975, and has one- and two-bedroom units averaging 971 square feet each.  Community amenities include a 5,300-square-foot clubhouse consisting of a great room, business center, fitness center and indoor racquetball court as well as a swimming pool with sundeck, playground and picnic area.

The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton. 

Fountains at Stone Crest, Westmont, IL

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



Sunday, November 10, 2013

Trepp October Loss Analysis: Volume and Loss Severity Remain Below Average




NEW YORK, NY -- After a busy summer, September and October saw relatively low volume in terms of loans liquidated with losses.

Liquidation volume registered $960.1 million in October. While this number was up 10% from September's volume, it was still well below the 12-month moving average of $1.23 billion and 53% below July's $2.05 billion.

October loss severity landed at 38.58%, down from September's 43.30% and below the 12-month moving average of 43.78%. 

The number of loans liquidated in October was 76, resulting in $370.43 million in losses. These liquidations translated to an average disposed balance of $12.63 million, above the 12-month average of $11.39 million.

Since January 2010, servicers have been liquidating at an average rate of $1.17 billion per month.




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


Trepp Reports Percentage of Loans Paying at Maturity Dips after Hitting Multi-Year High in September




NEW YORK, NY -- The percentage of loans paying off on their balloon date slipped modestly in October to 68.6%.

The slide comes one month after the reading hit its highest level since December 2008, reaching 74.5%. However, the October payoff percentage is slightly above the 12-month moving average of 64.5%. (This number sums the averages of each month and divides by 12, there was no balance weighting across the months.)

By loan count (as opposed to balance), 68.1% of loans paid off, which is slightly lower then the September reading of 70.1%. The 12-month rolling average by loan count is now 67.5%.

The October percentage continues the recent trend of relatively higher payoff rates in 2013 compared to 2012. In 2012, many of the maturing loans were five-year balloons from the 2007 vintage. Most loans that are reaching their maturity now are 10-year balloons that were originated around 2003.

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


Grand Ridge Plaza in Issaquah, Washington to Celebrate Grand Opening with Seahawks Fanfare


Sky view of Grand Ridge Plaza, Issaquah, WA

Sea Gals Display New Uniforms
 ISSAQUAH, Wash.--(BUSINESS WIRE)-- Live appearances by Pro Football Hall of Famer Cortez Kennedy, Seahawks Blue Thunder and the Sea Gals, a special ribbon-cutting ceremony featuring City of Issaquah Mayor Ava Frisinger and other dignitaries, and other highlights will anchor three days of events to celebrate the official opening of Grand Ridge Plaza, the region’s newest destination retail and entertainment center.

More than 100 special guests have been invited to join Mayor Ava Frisinger, City of Issaquah, Craig Ramey, Senior Vice President/Senior Market Officer for Regency Centers, René Ancinas, President, Port Blakely Communities/CEO, Port Blakely Companies and Larry Norton, Chairman of Highlands Council, for a ribbon-cutting Friday, Nov. 15 that will hear remarks about the new center’s significance and impact on the community’s residents and the region’s economy.

Cortez Kennedy
Anchored by a custom-designed Safeway and a 12-screen Regal Cinemas, Grand Ridge Plaza serves Issaquah Highlands and the surrounding area.

With more than 35 shops and services, as well as 14 restaurants and cafés that have opened from July through early November, Grand Ridge Plaza is quickly establishing a reputation as the shopping and entertainment destination for the greater Eastside.

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

Regency Centers Corporation
Jennifer West, 509-475-1855

Annaly Capital Management, Inc. Reports 3rd Quarter 2013 Results


 
 NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE:NLY)  announced financial results for the quarter ended September 30, 2013.

Financial Performance

GAAP net income for the quarter ended September 30, 2013 was $192.5 million or $0.18 per average common share as compared to GAAP net income of $1.6 billion or $1.71 per average common share for the quarter ended June 30, 2013, and GAAP net income of $224.8 million or $0.22 per average common share for the quarter ended September 30, 2012.

The decline from the prior period was largely attributable to lower unrealized gains on interest rate swaps. Core earnings for the quarter ended September 30, 2013 was $282.3 million or $0.28 per average common share as compared to $294.2 million or $0.29 per average common share for the quarter ended June 30, 2013, and $306.3 million or $0.30 per average common share for the quarter ended September 30, 2012.

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

Annaly Capital Management, Inc.
Investor Relations, 1-888-8Annaly

Chatham Lodging Announces Monthly Dividend

  



PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, announced that its board of trustees has declared a monthly common share dividend of $0.07 for November 2013. 

The common dividend is payable December 27, 2013, to shareholders of record on November 29, 2013.







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

Jerry Daly                                                                                   
Daly Gray Public Relations                                                   
(Media)                                                                                       
(703) 435-6293
                                                                          
Dennis Craven
Chatham Lodging Trust
 (Company)
 (561) 227-1386  


Saturday, November 9, 2013

NAI Realvest negotiates sales valued at more than $2.9 Million for Industrial Buildings in Apopka, FL and Lake Mary, FL


600 Technology Park Drive, Lake Mary, FL


Tonya Giddens
ORLANDO, FL – NAI Realvest recently negotiated the sales of two buildings totaling 95,000 square feet of industrial space in Apopka and Lake Mary for more than $2.9 million.

 Michael Heidrich, principal in the firm who negotiated both transactions, represented Seller John H. Talton Enterprises, Inc. of Vidalia, Ga. in the sale of 600 Technology Park Drive in Lake Mary. 

 The buyer, Advanced Dental Materials, LLC who was represented by Michael Fronk of Fronk & Co., paid $1,951,475 for the 60,000 square foot building for the expansion and relocation of its operations from Altamonte Springs.  

Michael Heidrich




Heidrich also negotiated the sale of a 35,000 square foot industrial facility at 2104 and 2052 Platinum Rd. in Apopka to Rhyne Investment, LLC for $950,000 representing the seller, DMJ Investment Trust of Marion County, Fla.   Tonya Giddens of Michael O’Shaugnessy, Inc. represented the buyer.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc., 407-644-4142