Tuesday, November 12, 2013

Prestigious Law Firm Moving to Museum Tower in Miami's Legal District


Museum Tower, 150 West Flagler Street, Downtown Miami, FL

Adam Beighley
MIAMI, FL – The distinguished law firm of Beighley, Myrick & Udell will relocate within Miami's legal district, selecting the premier Museum Tower as its new address for the long term.

The 15-year-old firm has leased 4,830 sf on the 20th floor of the 29-story, class A office tower at 150 W. Flagler St., owned by Dallas-based Gaedeke Group LLC. The law firm will occupy the new office in late winter, relocating in tandem with its lease expiration at 66 W. Flagler St.

"This decision was based on the quality of the building, the efficiency of the space and the availability of parking," says Adam Beighley, one of the partners and founders of the firm, which also has offices in Boca Raton and Pompano Beach.

The 234,104-sf Museum Place has a four-level parking garage, with valet service, for tenants and visitors. It's also just steps from a Metrorail station and directly across the street from the Miami-Dade County Courthouse.

Kirk Fetter
The law firm's search began six months ago.

 "We had two geographical choices. We decided we wanted to stay downtown and near the courthouse," Beighley says. "Because there are so few class A buildings in the district, it ultimately got to the point of which office did we want in Museum Tower."

The winning space was a 20th floor suite, with views of the water from one side and the Miami Marlins' baseball stadium on the other.

Among the perks of relocation is access to the high rise's best-in-class amenities, such as a 3,500-sf fitness center with 24/7 access, video conferencing, the Mindy Wu restaurant, retail bank and concierge service.

Russell Bornstein
"Museum Tower is a great building in terms of quality, location and image," Beighley says, "and it can handle our future growth." 

Representing Gaedeke was its vice president of leasing, Kirk Fetter. Russell Bornstein of CBRE negotiated on behalf of the law firm.

Beighley, Myrick & Udell has nearly 20 attorneys in its three offices. Its specialty practice areas are general litigation, insurance, commercial real estate and transactions, construction and corporate law.

Miami Marlins Baseball Stadium
Gaedeke Group, founded in 1995, is a full-service real estate firm that provides investment, acquisition, management, leasing construction management and portfolio management services. 

Headquartered in Dallas, Gaedeke's current portfolio encompasses three million square feet of class A office properties in Arizona, Florida, Tennessee, Texas, Washington, D.C. and Germany.

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

Kirk Fetter, 561-835-0100

NAI Realvest Negotiates $455,000 sale price for cell tower on International Drive in Orlando, FL


International Drive, Orlando, FL

Paul Partyka
MAITLAND, FL  -- NAI Realvest recently negotiated the sale of a cell tower for $455,000.  The property is located on International Drive in Orlando.

 Paul P. Partyka, principal and managing partner at NAI Realvest brokered the transaction on behalf of the buyer, Land Leases LLC of Charlotte, N.C. and the seller, Southeastern Conference Association of Seventh Day Adventists, Inc.

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

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

NAI Realvest Negotiates Two New Industrial Leases Totaling More Than 56,900 Square Feet in Apopka, FL


1715 South Orange Blossom Trail, Orlando, FL

Juan Jiminez
ORLANDO, FL --- NAI Realvest recently completed two new lease agreements totaling  56,916 square feet of industrial space on S. Orange Blossom Trail in Apopka.  

 Michael Heidrich, Sr., principal at NAI Realvest represented the landlord Kagan Orlando, LLC of Palm Coast in a lease agreement with Kroy Crofoot for 47,076 square feet at 1715 S. Orange Blossom Trail.   The local tenant was represented in the transaction by Wally Henderson of J. Wallace & Associates. 

 NAI Realvest Associate Juan Jimenez negotiated a new lease for 9,840 square feet in the industrial facility located at 1839 S. Orange Blossom Trail representing the tenant Apopka Estate Auctions, LLC.  The landlord is Weller Pool Constructors, Inc.

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

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

NAI Realvest Negotiates Two Leases totaling 6,200 Square Feet at Hanging Moss CommerCenter in Orlando, FL

Hanging Moss CommerCenter, Orlando, FL

ORLANDO, FL – NAI Realvest recently completed two lease agreements for 6,200 square feet of industrial space at Hanging Moss CommerCenter in Orlando.

Michael Heidrich
Michael Heidrich, Sr., principal at NAI Realvest, negotiated both transactions representing the local landlord Hanging Moss SPE, LLC. 

 City Electric Supply Company is the new tenant who leased suite 570 with 4,200 square feet at 6100 Hanging Moss Rd.  City Electric was represented by Dave Axel of Axel Real Estate Inc.

 Carol Bradford Land Management Group, Inc. renewed its lease of suite 420 with 2,000 square feet at 6112 Hanging Moss Rd.   The tenant was represented by Danny Rice of Colliers International. 

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

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

Meridian Capital Group Arranges $19.5 Million in Acquisition Financing for a Four-Property Multifamily Portfolio Located in Houston, TX


Valencia at Springs Branch Apartments, 9550 Long Point Road, Houston, TX

Boca Raton, FL, Nov. 12, 2013,– Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $19.5 million mortgage for the purchase of four multifamily properties located in Houston, TX.

The five-year, non-recourse loan features a fixed-rate of 5.10% and was provided by a CMBS lender. This transaction was negotiated by Meridian Managing Director, Michael Brown, and Associate, Brad Beattie, who are located in the Company’s Boca Raton, FL office. 

The portfolio is composed of four properties totaling 984 units including: the 228-unit Valencia at Spring Branch Apartments located at 9550 Long Point Road, the 300-unit Pine Creek Apartments located at 470 Maxey Road, the 192-unit Forest Apartments located at 22820 Imperial Valley Drive, and the 264-unit Kirkwood Landing Apartments located at 9850 South Kirkwood Drive.

 “Meridian arranged this financing package prior to the full renovation and re-stabilization of the assets,” said Mr. Brown. “The sponsor acquired the debt, foreclosed on the loan and was well into the repositioning and lease-up of these assets at the time of this sale,” he added.

 “In addition to negotiating financing for the portfolio at this stage of its repositioning, Meridian was able to close the loan in 35 days from start to finish,” Mr. Beattie added.
  
                For a complete copy of the company’s news release, please contact:


Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181

Charles Dunn Company Tapped by G.H. Palmer Associates to Market 95,300 Square Feet of Retail Space in Downtown Los Angeles


Downtown Los Angeles, CA luxury apartments

LOS ANGELES, Calif. November 12, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has been selected by G.H. Palmer Associates to market its portfolio of Downtown Los Angeles retail space.

Geoffrey Harrison Palmer
The available space totals 95,300 square feet and is situated on the ground floor of six luxury apartment projects spanning from Sunset Blvd. to the north, to Adams Blvd. to the south in locations just off the 110 Harbor Freeway.

The Charles Dunn leasing team includes Chris Runyen, Mark Takeichi, and Tracy Taft who are out of the firm’s Downtown Los Angeles headquarters.

“With an ever-increasing residential, business, and visitor population, Downtown LA currently has an unmet consumer demand for a wide variety of retail needs,” said Tracy Taft, director with Charles Dunn.

“The quality space that is offered in G.H. Palmer’s portfolio is poised to help meet that demand with locations situated in growing neighborhoods that are largely retail deficient.”

Chris Runyen
G.H. Palmer’s six high-end luxury apartment projects total 4,338 residential units. Two of the projects are currently under construction with delivery in 2014.

G.H. Palmer began making its investment in Downtown LA in 2003 with The Medici, its first residential/retail project. Over the years, as downtown has grown in population, its projects have attracted residents, bringing their occupancy to approximately 90 percent.

“We selected Charles Dunn to lease our retail portfolio because the firm is a proven market leader and we’re optimistic the leasing team will attract the right retailers to our buildings.  Being locally based in downtown was also a big plus—they can walk to our assets,” said Geoffrey Harrison Palmer, owner of G.H. Palmer.

Mark Takeichi
Palmer added: “Our properties offer an elegant resort-style experience for our residents and the retail component is not only an important amenity, but also a huge asset to the overall community. 

“This is an exciting time for G.H. Palmer Associates—our portfolio of mixed-use projects in Downtown LA is growing, and our unique retail space presents an opportunity to bring new and vibrant retailers into the market.”

Charles Dunn will seek to attract a diverse tenant mix of local, regional and national retailers throughout the various properties.

Tracy Taft
The properties in the portfolio include:

1.       The Orsini, 505, 550 & 606 North Figueroa Street. The property includes 1,073 apartment units and 42,562 square feet of available retail space.

2.       The Piero, 609-616 St. Paul Avenue. The property includes 825 units and 7,170 square feet of available retail space.

3.       The Da Vinci, 909 West Temple Street. Currently under construction with completion in 2014, the property will include 526 units and 10,255 square feet of available retail space.

4.       The Visconti, 1221 West Third Street. The property includes 297 units and 6,506 square feet of available retail space.

5.       The Medici, 722-725 South Bixel Street. The property includes 632 units and 6,897 square feet of available retail space.

6.       The Lorenzo, 325 West 23rd Street. Currently under construction with completion in 2014, the property includes 913 units and 27,366 square feet of available retail space.


The Piero Apartments, Downrtown Los Angeles

 The downtown area is continuing its trend of gentrification and revitalization. In a 2013 Downtown Los Angeles demographic study conducted by The Downtown Center Business Improvement District (BID), there are approximately 52,400 residents in the area, which is up six percent from 2011.

Additionally, there are 30,600 residential units – up 15 percent from 2011. Downtown also boasts a high median annual income of residents and its 500,000 daily employees at more than $98,000. There are also an estimated 10 million visitors to downtown per year.
 
                For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224


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