Charles Dunn Co. Completes $3 Million Sale of Nine-Unit Multifamily Property in Los Angeles, CA

  

11235 Richland Avenue, West Los Angeles, CA

 

Michel Hibbert

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3 million sale of a fully occupied, nine-unit, non-rent controlled multifamily property located near Sepulveda Blvd between Pico and National Boulevards at 11235 Richland Avenue in West Los Angeles.

Michel Hibbert of Charles Dunn Company represented seller, KWP Investments from Los Angeles, as well as the buyer, Tai On Investments, LLC from Glendale. The closing cap rate was 4.7 percent.

Built in 1987 the two-story property was recently renovated and includes two, one-bedroom/one-bathroom units and seven, two-bedroom/two-bathroom units. The property also offers 17 parking spaces, a laundry facility, and secured entry.

“The seller needed to close before year-end to purchase an up leg property for his 1031 exchange said Hibbert. “We were able to identify an all-cash buyer who was also in a 1031 exchange and closed escrow in just two weeks at 98 percent of list price.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.charlesdunn.com

 

Vista Investment Group completes 12-year, 40,315-square-foot office lease renewal with Todd-Soundelux, LLC in Hollywood, CA

  

Todd-AO Studios, 900 Seward Street, Downtown Hollywood, CA

  

John Tronson

Los Angeles, CA – Santa Monica-based Vista Investment Group has announced a 12-year, 40,315-square-foot (sf) office lease renewal with Todd-Soundelux, LLC, the world’s largest independent provider of creative post production sound services to content creators working across all media platforms.

The firm occupies the Todd-AO Studios facility located at 900 Seward Street, in the heart of the Hollywood, CA production corridor.

Avison Young Principal John Tronson and Steven Tronson, a Vice-President in the company’s Los Angeles North office, represented the landlord, Vista Investment Group.

 “This lease extension, along with the significant improvements and technological upgrades being installed by both the ownership and the tenant, further solidifies Vista’s commitment to the Hollywood market where the firm has been an active investor over the last few years,” comments Steven Tronson.

Steven Tronson

 “Additionally, Todd-Soundelux is recognized industry-wide as a leader in post-audio production, serving the film and television industry, and this lease renewal shows the company’s commitment to this facility and presence in the industry.”

 "We are very happy to have reached an agreement with Todd-Soundelux to renew and extend the lease at the property,” says Jonathan Barach, President of Vista Investment Group.

“The deal provides Vista with an opportunity to increase investment value early on, while allowing the tenant to confidently make the necessary capital investment in its studios to retain its dominant position in the industry,"

 Todd-AO Studios consists of five mixing stages, two ADR stages, transfer facilities, production offices and editorial rooms along with a full kitchen and client lounges, offering a full-service experience to clients.

David F. Alfonso

 “The Todd-AO facility in Hollywood is an important part of our strategic plan to build on our position as the destination of choice for post production sound services,” said David F. Alfonso, the owner and Chairman of Todd-Soundelux.

“We are committed to envisioning and realizing the next iteration of a fully integrated and deeply guest-focused post production sound company.

“Todd-Soundelux has helped set the bar for excellence for more than 60 years in bringing content to life through sound, and we are preparing to carry that tradition forward, striving to provide a magical and inspiring experience for content creators.”

 For more than half a century, the world’s most visionary content creators have partnered with Todd-Soundelux to bring something unique and vital to their projects.

Arlene Sommer

In this partnership with many of the most important voices of their generations, Todd-Soundelux has helped create some of the most iconic moments in film and television history.

 Recognized for decades of groundbreaking innovation and creative leadership, Todd-Soundelux has been nominated for 54 Academy Awards – taking home the industry’s ultimate symbol of excellence an unprecedented 23 times.

 Todd-Soundelux was represented by Arlene Sommer and Mark Robinson of Cushman & Wakefield in the transaction.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Golub & Company and Alcion Ventures was represented by HFF in the sale of Willow Crossing Apartments in suburban Chicago

Marty O'Connell

CHICAGO, IL - Golub & Company announced the sale of Willow Crossing, a 579-unit multi-housing community in Chicago’s northwest suburbs.

HFF represented the seller, Golub & Company and Alcion Ventures, in the transaction.  Steadfast Income REIT purchased Willow Crossing for an undisclosed price.

Willow Crossing is situated on 27.5 acres at 1031 Charlela Lane is adjacent to Interstate 290 and close to Chicago’s O’Hare International Airport about 20 miles northwest of downtown Chicago in Elk Grove.

The property, which was most recently renovated in 2013, consists of 11 apartment buildings with one-, two- and three-bedroom units averaging 950 square feet each. 

Community amenities include a clubhouse, fitness center, two swimming pools, business center, playground, dog run, sand volleyball court and garage parking for 339 vehicles.

Matthew Lawton

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

O’Connell and Sean Fogarty, as well as executive managing director Matthew Lawton.

Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services.

Since its founding more than 50 years ago, the company has owned, leased or managed more than 45 million square feet of commercial and multifamily real estate properties valued in excess of $8 billion. For more information, visit www.golubandcompany.com.

Sean Fogarty

Alcion Ventures is an entrepreneurial real estate private equity firm that executes a high-yield investment strategy with uniquely positioned real estate in select North American markets.

 Steadfast Income REIT is a real estate investment trust that owns and operates a diverse portfolio of stable, income-producing apartment communities in 11 Midwestern and Southern states. 

Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment companies that acquire, develop and manage real estate in the U.S. and Mexico.

 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.twitter.com/hff.    

HFF closes $52.75 million sale of 10-story office building in Washington DC’s Central Business District

919--18th Street, Downtown Washington, DC

Jim Meisel

WASHINGTON, D.C. – HFF announced today that it has closed the sale of 919 18th Street, a 10-story, 105,965-square-foot office building located in the heart of Washington, D.C.’s Central Business District (“CBD”).

               HFF represented the seller, Clarion Partners in this transaction and procured the buyer, Epic LLC.  The property was acquired for $52.75 million free and clear of existing debt.

               919 18th Street is situated within Washington, D.C.’s Golden Triangle, an “amenity-rich” area of the city with more than 3,000 businesses, 350 shops, seven luxury hotels and numerous dining options. 

Dek Potts

Both the Farragut West Metro station and the Farragut North Metro Station are within walking distance, providing access to the orange, blue and red lines of Washington, D.C.’s metro rail. 

The property is also close to local transportation routes such as Interstate 66 and the George Washington Memorial Parkway.

 Originally built in 1981, 919 18th Street was most recently renovated in 2013 and is 94 percent leased to 20 tenants.  The property features a three-story, 85-space parking garage and the restaurant, Devon & Blakely.

Andrew Weir

The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir and executive managing director Stephen Conley.

“The property’s superb location and stellar occupancy history of approximately 95 percent over the last 10 years led to extremely competitive bidding,” said Potts.

Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico.

Stephen Conley

With $28.6 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.

 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

PKF: U.S. Hotels Poised To Resume Strong Growth

Atlanta, GA – After a slight deceleration in growth during the last half of 2013, PKF Hospitality Research, LLC (PKF-HR) is forecasting very strong gains in revenues and profits for the U.S. lodging industry in 2014 and 2015. 

R. Mark Woodworth

According to the recently released December 2013 edition of Hotel Horizons®, national revenue per available room (RevPAR) is projected to increase by 6.6 percent in 2014, followed by another 7.5 percent boost in 2015. 

Concurrently, hotel profits should enjoy growth of 12.8 percent and 14.5 percent respectively over the next two years.

 “As anticipated, RevPAR growth slowed down a bit in 2013 compared to the previous three years,” said R. Mark Woodworth, president of PKF-HR.

  “Entering the year, we knew fears of falling off the fiscal cliff would create uncertainty in the minds of potential travelers. 

“As the year progressed, the sequester and government shutdown caused additional angst.  However, despite the challenging economic environment, we observed above average growth in lodging demand, average daily rates (ADR), RevPAR and profits.”

 PKF-HR estimates that by year-end 2013, lodging demand will grow by 2.1 percent.  This is greater than the projected 0.8 percent increase in supply, thus resulting in a 1.3 percent gain in occupancy. 

The 62.1 percent occupancy level estimated for the year surpasses the long-run average of 61.9 percent as reported by Smith Travel Research (STR).

“Our firm’s forecast for nominal ADR growth in 2013 is 3.9 percent.  Given the fact that occupancy levels have finally eclipsed the long-run average, some hoteliers were expecting even greater rate growth,” said Woodworth. 

“Clearly this is the one measure that was impacted most by the economic uncertainty that characterized 2013.

“Industry participants need to temper their disappointment, though.  As we have noted in the past, hotels have been achieving highly desirable, real ADR growth during this low inflationary environment. 

“We also should note that evidence of greater future demand from meeting planners will lend tensile strength to revenue manager’s enhanced pricing power in 2014.”

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

R. Mark Woodworth                                               

PKF Hospitality Research, LLC.                          

Tel: 404 842 1150, ext 222                                    

 Email: mark.woodworth@pkfc.com                     

 Chris Daly

Daly Gray Public Relations

Tel: 703 435 6293

Email: chris@dalygray.com

www.pkfc.com                                                         

www.dalygray.com

Trepp Issues Year-End Report on Maturing CRE Loans - The Outlook for Refinance

NEW YORK, NY -- As the 10-year anniversary of the previous market peak in commercial real estate approaches, lenders and investors are looking ahead to a wave of refinancing that could spell trouble for the market.

An estimated $1.4 trillion in commercial mortgages will mature between 2014 and 2017, and CMBS loans represent about one fourth of the total. 

Trepp data shows about $346 billion in CMBS loans maturing between 2014 and 2017, with a peak of $113 billion maturing in 2016.

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

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

HFF advises Ashkenazy Acquisitions Corporation on equity raise for 625 Madison Avenue in Manhattan

625 Madison Avenue, New York City, NY

John Pelusi

NEW YORK, NY – HFF announced today that it has acted as an equity advisor to Ashkenazy Acquisitions Corporation for their purchase of 625 Madison Avenue in New York City. 

                625 Madison Avenue is a 17-story, trophy Class A office and retail building with 563,277 square feet.  

The property is master leased to an affiliate of SL Green Realty Corporation and serves as a headquarters location for Polo Ralph Lauren.

 Situated on a full block between 58th and 59th Streets, 625 Madison Avenue is across from the GM Building and close to Central Park in the Plaza District of Manhattan.

Michael Tepedino

                The HFF advisory team representing Ashkenazy Acquisitions Corporation was led by executive managing director John Pelusi and senior managing directors Michael Tepedino and Andrew Scandalios. 

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.

Andrew Scandalios

 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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

Cohen Real Estate Brokers Sale and Purchase of 633,498-SF Costco and Home Depot-Anchored Shopping Center in Nevada

  

Sparks Galleria Shopping Center, in Spanish Springs community, Sparks, NV

Michael Cleeman

NEW YORK – Cohen Real Estate (CRE), headquartered in New York, has announced the sale of Sparks Galleria Shopping Center, a 633,498 square-foot shopping center in Sparks, Nev., for $26.2 million.  

 Rick Kaiser of Cohen Real Estate represented the seller, a private investor based in North Carolina.  Michael Cleeman of Cohen Real Estate represented the buyer Pine Tree Commercial Realty, headquartered in Chicago, Ill.

 The Sparks Galleria is a retail power shopping center that serves much of the Sparks trade area.  It is strategically located at the intersection of Pyramid Highway and Disc Drive in the heart of Sparks’ “Spanish Springs” master planned community.

  The property is anchored by Costco and Home Depot that were not part of the sale, with co-tenants including Starbucks, Office Depot, Qdoba, GNC, Gamestop and a number of other national retailers.  The center was 57% occupied at the time of the sale having lost a couple of anchors during the real estate downturn.      

 “The buyer saw a great opportunity to acquire a well located property with strong anchors that offered tremendous upside with 43% vacancy,” said Cleeman..

“ While under contract the buyer was able to secure a lease for one of the anchor spaces.   

"Down the road there are additional development phases that will allow them to add approximately 200,000 square feet to the property adding more upside potential to the acquisition.

 “The property will fit in nicely with Pine Tree’s portfolio of properties and ability to turn around properties through their leasing and development expertise.”

  

Kaiser noted, “The owner of the property being based on the east coast felt they were not in the best position to revitalize the asset nor realize the future growth potential.”

 For additional information about this deal or any other properties for sale, contact Michael Cleeman or Rick Kaiser at 212-679-1222 or via email cleeman@cohenco.com or Kaiser@cohenco.com.

CRE, is among the leading full service brokerage firms specializing in shopping centers and retail properties throughout the United States and New York City.

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

Amy Hoffman

Pierson Grant Public Relations

6301 Northwest 5th Way  Suite 2600

Fort Lauderdale, FL  33309

v. (954) 776-1999  ext. 228

f. (954) 776-0290

ahoffman@piersongrant.com

www.highimpactdigital.com

Los Angeles Apartment Building Sells for $21.5 Million

  

Le Conte Westwood Village Apartments, 886 Hilgard Avenue
Westwood District, Los Angeles, CA

Tony Azzi

LOS ANGELES, Dec. 17, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Le Conte Westwood Village Apartments, a 60-unit apartment building in Los Angeles’s Westwood district. The sales price is $21.5 million.

            Tony Azzi, a senior vice president in Marcus & Millichap’s West Los Angeles office, represented both parties in the transaction.

            “The proactive marketing campaign we conducted for this property attracted buyers from throughout the investor spectrum,” says Azzi. “The resulting competitive bidding environment created excellent value for the seller.”

            “It is rare to find an asset of Le Conte Westwood Village Apartments’ vintage, quality and location on the market,” adds Azzi. “The property is extremely well positioned to capitalize on future growth.”

            The building is located at 886 Hilgard Ave. in Los Angeles at the northeast corner of Hilgard Avenue and Le Conte Avenue within walking distance of UCLA and the UCLA Medical Center. Interstate 405, shopping, restaurants, entertainment and prominent Los Angeles attractions such as the historical Fox Theater and the four-star W Los Angeles Hotel are nearby.

Fox Theater, Westwood Neighborhood, Los Angeles, CA

            Le Conte Westwood Village Apartments was built in 1976 and has been maintained by the original owner ever since.

 Every unit is equipped with a fireplace and each floor has two washers and dryers. 

Community amenities include two gated entry points, assigned gated parking, a swimming pool and a roof sundeck,

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

Gina Relva

Public Relations Manager

(925) 953-1716

Steven Kaiser Joins Newly-Named Hilton Meadowlands NJ as GM

  

Steven S. Kaiser

            MEADOWLANDS, NJ and WASHINGTON, DC, Dec. 18, 2013—Thirty-year hotel veteran Steven S. Kaiser has joined the 427-room Hilton Meadowlands as general manager.  

The hotel, which converted to the Hilton brand from the Sheraton Meadowlands on October 31, 2013, is located at Two Meadowlands Plaza in East Rutherford. 

            “Steve has worked for top-rated hotels on both coasts, the last 20 years on the East Coast, including multiple properties in New Jersey,” said Joseph Bojanowski, president of PM Hospitality Strategies (PMHS), operators of the property. 

“He most recently was general manager of our Hilton Baltimore BWI Airport property, which has consistently received high guest satisfaction ratings.  His in-depth experience with the Hilton hotel brand, as well as extensive background in meetings, events and food and beverage, are a perfect fit for the Hilton Meadowlands.”

Joseph Bojanowski

            Kaiser’s career includes leadership positions at some of the nation’s leading branded hotels and resorts, in New Jersey, Maryland, Florida, Colorado and California.  He holds a degree from the Culinary Institute of America.           

“The recent renovation, coupled with the strength of the Hilton brand and its HHonors guest frequency program, points to a great future ahead for the Hilton Secaucus Meadowlands,” Kaiser said.

 “We have a solid operations team in place, and I look forward to showcasing the property’s 30,000 square feet of meeting space, which is capable of hosting up to 1,000 guests.”

The hotel recently completed a multi-million dollar upgrade that included a make-over of nearly half of the hotel’s rooms, the lobby and hallways.  A second phase will complete the renovation later next year.  With the MetLife Stadium, literally across the street from the hotel, the property plans on being a major host during the upcoming Super Bowl XLVIII.

Newark Liberty International Airport

           The hotel features the 130-seat Chairman’s Grill, offering American cuisine; The Lounge, featuring light fare; and a Starbucks Café.  The amenity-rich property offers an indoor swimming pool, sauna and whirlpool, fitness room and business center.

            The Hilton Meadowlands is four miles from New York City and 15 minutes from Newark Liberty International Airport.

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

Chris Daly, Jerry Daly media

(703) 435-6293

chris@dalygray.com

www.pmhs.com

.

HFF closes sale of Preston Center Pavilion and Square in Dallas, TX

Rendering of Preston Center Pavilion and Square,
Park Cities Neighborhood, Dallas, TX

Barry Brown

DALLAS, TX – HFF announced today that it has closed the sale of Preston Center Pavilion and Square, a 230,842-square-foot urban infill shopping center in Dallas, Texas.

                HFF represented the seller, US Commercial, LLC (“USC”), on behalf of 35 tenant-in-common owners and procured the buyer, a private real estate fund advised by Crow Holdings Capital Partners, L.L.C.  The transaction involved the assumption of the existing CMBS mortgage. 

Jim Batjer

Redeveloped in 2000, Preston Center Pavilion and Square is anchored by national tenants including DSW Shoe Warehouse, Marshalls, Gold’s Gym, CVS Pharmacy, Office Depot, Pei Wei, Chipotle and Salata. 

The property is situated in Dallas’ affluent Park Cities neighborhood at the intersection of Northwest Highway, Preston Road and the Dallas North Tollway.

The HFF investment sales team representing the seller was led by senior managing directors Barry Brown, Jim Batjer and Doug Hazelbaker and managing director Ryan Shore.

Doug Hazelbaker

US Commercial, LLC is a full-service real estate advisory firm based in Ladera Ranch, California that has sponsored numerous tenant-in-common real estate investment programs.   

Crow Holdings Capital Partners, L.L.C. (“CHCP”) is the investment manager to a series of real estate private equity funds designed to generate current income and benefit from the capital appreciation of portfolio investments. 

Ryan Shore

The six funds have had total equity commitments from partners of approximately $4.1 billion, approximately $675 million of which was committed by Crow Family Holdings.

 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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

Trico Investments Purchases Estimated 500-Unit Self Storage Property in Homestead, FL

  

Self-Storage facility at 701 South Homestead Boulevard, Homestead, FL

IRVINE, CA (Dec. 17, 2013) -- Trico Investments, a real estate investment company specializing in value add self storage properties, has added another facility to its portfolio.

  The firm completed the purchase of an approximately 500-unit, two-story self storage property located at 701 S. Homestead Blvd. in Homestead, Florida.  The three-acre property was built in 1986.

Trico completed the all-cash purchase from Homestead US 1 Self Storage LLC for an undisclosed amount.  Trico plans to reposition the asset through its focused management and proprietary business plan.

According to Trico executives, the self storage industry is a strong sector, poised for continued growth due to solid tenant demand and the opportunity for rising rents. 

Looking ahead to 2014, the firm will continue to target self storage assets for acquisition and repositioning located within California, Florida and Texas, as these are strong population centers.

Based in Irvine, CA, Trico Investments has developed and acquired approximately 100 self storage facilities.  The firm targets infill properties within populated areas that have high barriers to entry.

For more information contact Kirt Boultinghouse at Trico Investments at (949) 313-6176 or kirt@tricoinvestments.com

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

HC Real Estate Capital Arranges $5,362,500 in Acquisition Financing for Terrace at Florida Mall In Orlando, FL

            

The Terrace at Florida Mall, 730 West Sand Lake Road, Orlando, FL

Orlando, FL – Dec. 17, 2013 -- Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,362,500 in acquisition financing for The Terrace at Florida Mall (“TAFM”) located at 730 West Sand Lake Road Orlando, FL.

Florida Mall

 HC Real Estate Capital worked exclusively with the borrower to secure fixed rate financing through a commercial bank. 

TAFM is a 146,764 square foot retail center leased to a roster of national, regional and local tenants.  Built in 1989 on a 27.31-acre parcel, the shopping center is dually anchored by Marshall’s and Bed Bath & Beyond. 

The property sits adjacent to the Florida Mall, one of the largest single-story malls in the nation at 1.9 million square feet and a 120,000 SF Target shadow. 

Chris Caveglia, Principal at HC Real Estate Capital states, “The borrower and lender worked well together. Both sides of the transaction stayed focused on successfully completing the financing.” Caveglia went on to say, “This property is well located and there is upside potential through lease up.”

Marshall's Department Store

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  

The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks. 

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

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com

Bull Realty Brokers $5.8 Million Sale of 38,000-Square-Foot Medical Office Building in Morrow, Ga.

  

Atlanta Medical Center, 1000 Corporate Center Drive, Morrow, GA

 ATLANTA, GA (Dec. 17, 2013) – Bull Realty brokered the $5.8 million sale of 1000 Corporate Center Drive, a 38,000-square-foot medical office building in Morrow, Ga., approximately 15 miles south of downtown Atlanta.

Paul Zeman

Paul Zeman, President of Bull Realty’s National Healthcare Capital Markets Group and a Partner at the firm, represented the seller. Skokie, IL-based Stage Equity Partners purchased the property.

The building, which was built in 1991, is fully occupied. Its tenants include Tenet Healthcare’s Atlanta Medical Center Family Practice and the Clayton Eye Center. 

“Medical office buildings have proven their resiliency, delivering solid net operating incomes in both good times and bad,” Zeman said.

 “We have seen intense investor interest in MOBs for a while and we expect that to continue as buyers seek assets that offer consistent performance in all types of economic conditions.”

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

Stephen Ursery •The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-549-7150  • M: 404-405-2354

thewilbertgroup.com

www.BullRealty.com

PM Hospitality Strategies Names Daniel Zwim General Manager of the Westin Wilmington in Delaware

  

Rendering of 180-Room Westin Wilmington Hotel, Wilmington, DE

                        

            WILMINGTON, Del./WASHINGTON, D.C., December 17, 2013—PM Hospitality Strategies (PMHS), a hotel management company, today announced that it has named Daniel Zwim general manager of the soon-to-open, 180-room Westin Wilmington in Delaware. 

Daniel Zwim

Scheduled to open in spring of 2014, the hotel is owned in a joint venture comprised of Buccini/Pollin Group and Westport Capital.  PMHS is overseeing construction, providing pre-opening services and will operate the hotel upon opening.

“David’s longstanding familiarity with the Westin brand, coupled with his regional expertise in the mid-Atlantic area, made him an ideal selection to lead this hotel to become the market leader,” said Joseph Bojanowski, PMHS president. 

“His leadership style of building energetic, motivated teams that in turn strive to provide the finest service to guests undoubtedly will help make this hotel the destination for business and leisure travelers to this waterfront district.”

A 30-year hospitality veteran, Zwim began his career in food & beverages, holding a number of increasingly important positions within Marriott Corporation that culminated in becoming the company’s executive chef.

 From there, he moved into operations, holding such positions as room service manager of the Four Seasons Resort Aviara, rooms division manager of the Westin William Penn Hotel and director of operations at the Westin Convention Center Pittsburgh.

Joseph Bojanowski

“I look forward to introducing the Westin brand and all it can provide both guests and the community to Wilmington,” said Zwim. 

 “Having worked exclusively with the Westin brand for the past 15 years, I believe I have a unique perspective on what this hotel is capable of becoming, and along with my team, we will work towards making that vision a reality.”

Connected to the Chase Convention Center on the Riverfront, the four-star hotel is located at 815 Justison Street, near such local attractions as Frawley Stadium, Delaware Theater Company, Delaware Children’s Museum, Delaware Center for the Contemporary Arts and a 15-screen IMAX theater.  The hotel will offer 100,000 square feet of state-of-the-art meeting space, as well as a legal center, full-service restaurant, Westin WORKOUT® Gym, indoor pool and 24-hour business center.

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

Chris Daly, Jerry Daly media

(703) 435-6293

chris@dalygray.com

www.pmhs.com

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