Thursday, April 17, 2014

PM Hospitality Strategies Opens First Westin in Delaware

     
Westin Wilmington

                       
 WILMINGTON, DE, April 17, 2014—Officials with PM Hospitality Strategies (PMHS), a leading, national hotel management company, along with officials from a joint venture ownership group comprised of Buccini/Pollin Group and Westport Capital, today announced that the 180-room Westin Wilmington will open April 17.

Joseph Bojanowski
Connected to the Chase Center on the Riverfront in Delaware, the hotel is the first Westin-branded hotel in the state and the first new-build hotel in Wilmington since 1980.  PMHS will operate the hotel under a long-term agreement.

            "The opening is another important step in the revitalization of Wilmington's riverfront, and we are delighted to play a role," said Joseph Bojanowski, president of PMHS.

 "This project has allowed us to showcase all of our management skills from planning to brand selection, from construction oversight to pre-opening.  With the opening of this four-star hotel, Wilmington and the Chase Center are well positioned to be major players in the meetings and convention industry in the Mid-Atlantic region.” 

            “The new Westin may well be the most important Wilmington project in recent memory," said Michael Purzycki, executive director of the Riverfront Development Corporation of Delaware, the state-funded, non-profit corporation which owns and operates the Chase Center. 

Michael Purzycki
 "A catalyst for Chase Center business, it is a symbol of Riverfront’s dynamic future, and surely will further enhance Wilmington’s reputation as an attractive, regional visitor destination.”

“We are thrilled to debut Westin Hotels in Wilmington’s dynamic Riverfront district, which has been transformed into a leading entertainment and cultural center,” said Brian Povinelli, Global Brand Leader for Westin Hotels & Resorts and Le Meridien. 

“Business and leisure travelers are invited to recharge and revitalize at The Westin Wilmington with the help of all the Westin brand’s signature programs and amenities, designed to send them home feeling better than when they arrived.”

The hotel's full-service restaurant, River Rock Kitchen, serving locally sourced and seasonally selected small plates, is led by chef David Lattomus and also will offer the Westin brand’s signature SuperFoodsRX® menu.



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

Chris Daly, Jerry Daly
 media
 (703) 435-6293

 chris@dalygray.com

Wednesday, April 16, 2014

Charles Dunn Co. Completes $1.63 Million Sale of 24-Unit Multifamily Property in Los Angeles

  
844 and 846 West Martin Luther King Jr. Boulevard Apartments, South Los Angeles, CA

  
Mario Gallo
 LOS ANGELES, CA, April 16, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.63 million sale of a fully occupied, 24-unit multifamily property located at 844 and 846 W. Martin Luther King Jr. Blvd. in south Los Angeles.

Ramin Gheitanchi and Mario Gallo of Charles Dunn Company represented buyer, Full Moon Management LLC. Gheitanchi also represented the sellers, Hertz Family Trust and MSM Trust. The closing cap rate was 5.9 percent.

Built in 1924 and 1925, the two 12-unit sister buildings are located across the street from the Los Angeles Memorial Coliseum and just south of University of Southern California (USC). 

There are 21 studio units and three one-bedroom units.



Ramin Gheitanchi
“The sellers needed a quick closing due to a balloon payment coming up on their loan,” said Gheitanchi. “We procured an all-cash buyer that made a non-contingent offer and closed escrow in less than 30 days.

"The buyer is a long-term holder who plans to renovate the property and add value by bringing the rents up to market rates.”

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

CBRE Orlando Lists Three Prime Properties in Maitland Center Office Submarket

  



ORLANDO, FL -- CBRE, as exclusive advisor, is pleased to offer Maitland Green I & II together with Southpoint Executive for sale in the prestigious Maitland Center office submarket, one of the most established suburban submarkets in the Southeast.

Maitland Center’s large concentration of institutional developers and owners has historically been a strong draw for credit tenants.

Investment Highlights

Ron Rogg

 Leasing Momentum—The Portfolio has consistently demonstrated its desirability within the market by attracting 14 new tenants including 125,092 square feet since mid-2012, and a total of 134,493 square feet when accounting for renewals and expansions.
  
 Credit Tenant Base—137,967 square feet, approximately 50 percent of the portfolio, is occupied by credit tenants, including two government credit tenants and seven public companies with a combined market cap of more than $60 billion.

  Predictability of Cash Flow —The average remaining lease term for the Portfolio is 4.0 years, thus providing investors with predictable cash-flow while maintaining the opportunity to take advantage of market rent growth in the future. There is less than 4% rollover in the first year of the analysis, while averaging only 8.1% annual rollover during the first three years. The five largest tenants (128,249 SF) have an average remaining lease term of 4.9 years.    
  
 Value Enhancement—The Portfolio is poised for significant value enhancement through the marking to market of certain in-place tenant leases. Average in-place rents are below the weighted average future market rent projections, allowing an investor to unlock significant value from the re-leasing of future rollover and leasing of vacant space.

 Upside Potential—With no new large office building construction in the entire Orlando MSA, the Portfolio's approximately 60,708 square feet of vacancy will be perfectly positioned to capture tenant demand.

 Barriers to Entry—There are no remaining available land sites within Maitland Center that will support large office building construction, which results in product scarcity, and promotes strong, sustainable rent growth.

 Positive Job Growth—Orlando leads the State in number of jobs created and on a growth percentage basis.

 Unencumbered/Market Financing—The property is offered unencumbered by existing financing. The combination of credit occupancy, strong in-place income, and upside potential will enable investors to maximize returns through aggressive financing alternatives.

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

Ronald J. Rogg, CCIM
Executive Vice President
+1 407 839 3194

CoreNet Global Southern California Chapter Names 201402915 Board of Directors


Kelly Reenders
Southern California – The Southern California chapter of CoreNet Global, the world’s leading association for corporate real estate (CRE) and workplace professionals, service providers and economic developers, announced the appointment of its 2014-2015 Board of Directors.

 The board is led by Chair Kelly Reenders, economic development agency administrator, County of San Bernardino, and President David Callahan, senior vice president, Avison Young. 

The Southern California chapter represents the third largest CoreNet Global chapter in the nation. For 2014 the chapter will be focused on adding significant value to its corporate real estate members through education, peer-to-peer networking and industry leadership.

“Supporting the corporate real estate function as well as building our base in Southern California remains central to our focus this year. We’re committed to being a source of education, networking and career advancement for our industry.

David Calllahan
“We have a full slate of educational programs critical to advancing the business goals of our members and we’re working to bring together resources to tackle issues impacting today’s workplace,” said Reenders.

Callahan added, “CoreNet will continue to provide a forum in which corporate real estate professionals are encouraged to share ideas, experiences and best practices with their peers. 

“As an organization, we are always searching for new ways to deliver value to our members.  This year, we’ve added several strong corporate real estate executives to our board.  Their input, based upon real world experiences, will prove valuable in shaping the direction of the chapter.”

Serving on the 2014-2015 Board are the following industry professionals:



•             Immediate Past Chair/Treasurer: Tommaso Trinchieri, CBS Corporation.
•             Immediate Past President/Summit Liaison:  John Clement, VenturePoint Property
•             Secretary: Fernando Villa, Allen Matkins
•             VP Sponsorship/Chair Elect: Elise Luckham, First American
•             VP Special Events-REmmys/President-Elect: Megan Hebdon, City of Ontario
•             VP Special Events - Golf: Frances Pawlak, Herman Miller
•             VP Education/Professional Development: Karen Vincent, Cushman & Wakefield
•             VP Young Leaders/ Mentorship: Chirs Bald, Unisource Solutions Inc.
•             VP Communications Jessica Thompson, Spaulding Thompson & Assoc.
•             VP Social Media: Emilie Cope, EdgeCore Real Estate Group
•             VP Los Angeles: Rachael Zanetos, Brookfield Office Properties
•             VP Los Angeles: Laurel Harrison, Gensler
•             VP Inland Empire: Joe Cesta, CBRE
•             VP Orange County: Jo-E Immel, Snyder Langston
•             VP Orange County: Jeff Manley, Cresa
•             VP Orange County: Russell Tieman, Experian
•             VP San Diego: Alex M Perry, Northern Trust
•             VP Ambassador / Membership: Scott Steuber, Avison Young
•             VP Ambassador / Membership: Gary Gerson, Irvine Company
•             VP Ambassador / Membership: Terri Johnson, Avery Dennison
•             VP Ambassador / Membership: Peter Kristensen, Warner Bros. Studios


CoreNet Global Southern California Board of Directors 

Two of the chapter’s most popular events will be held this year. They include the CoreNet Global Southern California Golf Tournament, to be held May 29 at the Resort at Pelican Hill, and the REmmy Awards and Charity Gala, to be held November 6 at the Vibiana in downtown Los Angeles.

 The Southern California chapter of CoreNet Global is focused on advancing real estate knowledge, connecting people, and promoting personal excellence through programs focused on the needs of its 400 local members.

For information about members, programs or sponsorship, contact the chapter office at 714.282.8480 or go to www.sccorenet.org.

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224


Marcus & Millichap Lists Development Opportunity on Biscayne Boulevard in Miami, FL Priced at $6 Million


The land is located on Biscayne Blvd. between NE 30th and NE 31st Street
 at 3023 Biscayne Boulevard in Miami, FL.

  
MIAMI, FL, April 16, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has received the exclusive listing for two land parcels totaling 20,240 square feet in downtown Miami, FL. The asset is priced at $6,000,000.

Ryan T. Shaw
Ryan T. Shaw, a Senior Associate in Marcus & Millichap’s Miami office, has the exclusive listing to market the property on behalf of a local private party seller. 

“The property is located within blocks of new luxury development projects including: Paraiso Bay, Biscayne Beach and Icon Bay as well as class-A office buildings. 

“With several national retailers located nearby and easy access to the interstate, it is the prefect mixed-use development opportunity for national tenants entering the market. The residential component will capitalize on the demand of renters who wish to live where they work and play,” says Shaw.

The zoning, under Miami 21, is T6-36A-O. The zoning allows for a development of 242,880 square feet with a total height of 36 floors. The zoning buildable units is approximately 69 units.

 The land is located on Biscayne Blvd. between NE 30th and NE 31st Street at 3023 Biscayne Boulevard in Miami, FL.

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

Kirk A. Felici
First Vice President/Regional Manager
Miami, FL

(786) 522-7000

Thursday, April 3, 2014

MBA to Host 2014 Strategic Markets & Diversity Conference in Washington, DC


Debra W. Still
WASHINGTON, D.C. (April 3, 2014) – The Mortgage Bankers Association (MBA) announced today that it would host the 2014 Strategic Markets and Diversity Conference, June 25-27 at the Westin City Center in Washington, DC.  

The conference is designed to bring together industry leaders, community organizations, hiring and recruiting specialists and others interested in increasing diversity among real estate finance company personnel, vendors and homebuyers.  More information can be found here.

At the same time, MBA also announced the members of its appointed Board of Directors Diversity and Inclusion Committee as well as four strategic areas of focus that will drive the group’s work in 2014.

Committee Members are:

Debra W. Still, CMB, President & CEO, Pulte Mortgage (Chairman)
Gary Acosta, CEO, Community Asset Solutions
Teresa Bazemore, President, Radian Guaranty Inc
Brad Blackwell, EVP, Wells Fargo Home Mortgage
Byron Boston, President & CEO, Dynex Capital, Inc
E.J. Burke, EVP, Key Bank Real Estate Capital
Daryl Carter, CEO, Avanth Capital Management, LLC
Craig Chapman, CEO, Salataris


Teresa Bazemore
Kyung Cho-Miller, VP & Assistant General Counsel, Chase
Bill Cosgrove, CMB, CEO, Union Home Mortgage
Rodrigo Lopez, CMB President & CEO, Amerisphere Multifamily Finance, LLC
Don Maxwell, Principal, Genesis
Betty Shaw, SVP – Head of Mortgage Lending, Bank2 Native American Home Lending
David Willmarth, VP, OSM and ISD Business Solutions, Pulte Mortgage LLC


For a complete copy of the company’s news release, please contact:
   
John Mechem
(202) 557-2924


Marcus & Millichap Capital Corp. Arranges $14.15 Million in Financing in New York and Florida

  


NEW YORK, NY, April 3, 2014 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, arranged two loans totaling $14.15 million.

A New York City property was refinanced for $7.15 million, while an acquisition in Coral Gables, Fla. was funded by $7 million in financing. Jerry Kray, a senior originator in the firm’s Manhattan office, handled both assignments. 

            The New York City property is a six-story, modern mixed-use building, and features apartments over ground floor retail.

Gerald Kray
“The borrower wanted to take advantage of a discounted payoff opportunity with the existing lender,” says Kray.

“The property was stabilized less than a year ago, which was a challenge for many lenders but we were able to find one who offered very attractive terms.” MMCC sourced a 10-year, fixed rate loan at 4 percent. The loan amortizes over 25 years with a 75 percent loan-to-value. 

            The Coral Gables property is 40,370-square-foot portion of a new condominium of office and retail space. It was only 30 percent occupied, on five floors within the mixed-use development.

“The borrower is an experienced real estate developer,” says Kray. “He required a highly leveraged, nonrecourse loan and we closed the transaction in 30 days. We secured an 80 percent loan-to-value, interest only, non-recourse loan.”

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

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

Cuhaci & Peterson Architects completes design of a New Wawa and a Gordon Food Service near its Baldwin Park headquarters in Orlando, FL


Jed Downs
ORLANDO, FL - Cuhaci & Peterson Architects Engineers Planners was recently awarded contracts to design a new Wawa facility and Gordon Food Service (GFS) operation.

Jed Downs, president of the Baldwin Park based architectural firm, said the Wawa facility offering 6,500 square feet and Gordon Food Service with 16,000 square feet are located next to one another on Colonial Drive at Bennett Rd. in Orlando.

“We love working for retail clients on jobs that we not only design and oversee construction for, but can visit regularly when they are so close to our office,” said Downs.

Cuhaci & Peterson Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

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

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

Tolaris Homes to Start Construction of Luxury Custom Homes at Sand Hill Cove in Lake Mary, FL

  

Rick Bavec

Lake Mary, FL --- Tolaris Homes will start construction of a luxury custom home in May at Sand Hill Cove, located on a private cul-de-sac off Country Club Road and Linda Lane near downtown Lake Mary.

Rick Bavec, a principal with Tolaris Homes, said he plans to build six luxury custom homes at Sand Hill Cove priced from $600,000 to more than $1 million.

Two home sites at Sand Hill Cove are already under contract.

“We are in the design stage now on the first home and we expect to start construction in May,” Bavec said.

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

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




Daniel Polfer Joins SightPlan in Orlando, FL as Chief Technology Officer


Daniel Polfer
ORLANDO, FlL– Daniel Polfer has been named chief technology officer for SightPlan an Orlando-based company that provides resident and service management software solutions to the multifamily industry.

Polfer comes to SightPlan from Voxeo, a multi-channel communications provider to more than half of the Fortune 100, where he was senior vice president of engineering since 2007 and helped to transition the company through their recent 160M acquisition by Aspect Software.

 At SightPlan Polfer will be responsible for the strategic direction and expansion of the company’s product engineering team.

“Daniel is the rare combination of technical depth and business awareness,” according to SightPlan President Joseph Westlake. “He shares our values, our focus on innovation, and cares deeply about the details of our customers’ experience. Throughout his career, Daniel has proven himself a strong leader focused on engineering excellence.”

Joseph Westlake
Before joining Voxeo, Polfer spent 12 years leading the development of industry-defining applications for Yahoo!, Musicmatch, and Roxio.

 In 1995 he founded Moxie Technologies, which developed CD/DVD recording engines and device drivers. 

Moxie Technologies was acquired by Musicmatch in 2000, which was subsequently acquired by Yahoo! in 2004. 

As the VP of OEM Engineering at Musicmatch and Director of Engineering at Yahoo!, Polfer managed the development and deployment of multimedia solutions used by millions of users.

SightPlan is revolutionizing Multifamily Resident and Service Management with its modern approach to managing work orders, resolving resident issues and improving asset value. SightPlan is Modern Multifamily.
  
SightPlan is a member of the University of Central Florida Business Incubation Program.

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


Charlene Hager-Van Dyke, Larry Vershel Communications, 386-532-8862 or 407-644-4142; chagervandyke@yahoo.com  

Lawson Dann of Morrison Commercial Real Estate Completes 20,560 SF industrial investment sale in Orlando, FL for $725,000



Lawson Dann

 ORLANDO, FL (APRIL 3, 2014):  Morrison Commercial Real Estate negotiated the sale of a 20,560 SF industrial investment sale for $725,000.

 11236 Satellite Boulevard, a 20,560 SF single-tenant light industrial building located in the Regency Industrial Park, just off Central Florida Parkway on Satellite Boulevard, was purchased by CWN Holdings – Satellite, LLC for $725,000.

The seller was Regions Bank.  Lawson Dann, Vice President of Morrison Commercial Real Estate, represented the seller in this transaction.

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

Gina Wade
Phone: 407.440.6651

  
Rendering of Lexington Hills townhome development in Palatine, IL


Jeff Benach
Chicago (April 2, 2014) – Chicago-based Lexington Homes has announced that despite a frigid winter, home sales have been hot at its Lexington Hills townhome development in Palatine,Ill., with 95 percent of the community’s “phase one” homes already sold.

The builder has also announced that it has broken ground on three new models that will showcase the townhomes’ fluid floor plans and high-end finishes.

“We did a soft launch in September and sales took off,” said Jeff Benach, co-principal of Lexington Homes. “I believe the quick sales at Lexington Hills shows signs that the housing market is turning a corner. We even had a handful of buyers who bought a home at Lexington Hills before selling their current home. That hasn’t happened for years, and it’s a sign that buyers’ confidence in the housing market is continuing to increase.”

Lexington Hills is just 30 miles from Chicago’s Loop and 14 miles from O’Hare International Airport. 

The community is located in the renowned Community Consolidated School District 15, a winner of the Malcolm Baldrige National Quality Award, a prestigious award few school districts in the nation have won. 

For more information about Lexington Hills of Palatine, call (847) 818-0800 or visit www.lexingtonchicago.com.

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

Kelly Shumaker kshumaker@taylorjohnson.com, 312-267-4519
Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522


Universal’s Cabana Bay Beach Resort Opened


ORLANDO, FL -- Loews Hotels & Resorts and Universal Orlando Resort opened Universal's Cabana Bay Beach Resort, their fourth on-site hotel, on March 31.




From left: Adnan Bizri, Managing Director, Universal's Cabana Bay Beach Resort, the Hicks family, the first family to check in to the new hotel, David Bartek, Vice President of Operations, Loews Hotels at Universal Orlando and Tom Roditus, Senior Vice President, Loews Hotels & Resorts

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

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Charles Dunn Company Completes $2.7 Million Sale of 8-Unit Multifamily Property in Los Angeles

  
1937 Pelham Avenue, West Los Angeles, CA

Ramin Gheitanchi
 LOS ANGELES, CA, April 3, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.7 million sale of a fully occupied, eight-unit multifamily property located at 1937 Pelham Ave. in west Los Angeles.

Ramin Gheitanchi of Charles Dunn Company who specializes in listing and selling multifamily properties in the prime Westside market, represented the buyer, Chateau Pelham LLC, as well as the seller, 1937 Pelham LLC. The closing cap rate was 4.2 percent.

Built in 1961, the fully renovated property consists of four one-bedroom units and four two-bedroom units. The well-located asset is near Santa Monica Blvd. and is within the Westwood sub-market. 

“The buyer owns other multifamily properties in the area and wanted to expand his portfolio.  With such a low turnover of apartment buildings in the prime Westside market, this was a rare opportunity for the buyer to acquire a luxuriously renovated turnkey property that will appreciate in value as rents continue to rise in the local area,” said Gheitanchi.

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Capital Square Realty Advisors Acquires CVS on Las Vegas Strip

  
Louis Rogers
LAS VEGAS, NV – Capital Square Realty Advisors, LLC announced today that an affiliate of the company has purchased a 14,378-square-foot CVS retail facility on the Las Vegas Strip.

Located at 2700 S. Las Vegas Blvd., the retail facility is situated on the ground floor of Sky Las Vegas, a 45-story high-rise luxury condominium development on the north end of the Las Vegas Strip.

“This retail facility is 100 percent net leased on a long-term basis to a CVS entity and guaranteed by CVS Caremark Corporation, the largest provider of prescriptions and related healthcare services in the U.S. with an annual revenue base approaching $100 billion per year

“ The facility also benefits from a strategic location on the rapidly-developing north end of the Las Vegas Strip,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

The property is surrounded by new development activity, including the SLS Las Vegas currently under construction on the site of the former Sahara Hotel & Casino.

Yogi Singh
 This 1,600-room boutique resort with an estimated $300 million in construction costs is scheduled to open in 2014. 

The property is also near Resorts World Las Vegas, currently under construction at the previous site of the Stardust Hotel and Casino. The project is estimated to cost between $2 and $7 billion and is scheduled to open in 2016.

Yogi Singh, vice president of acquisitions, added, “Capital Square placed highly accretive debt on the property based on the credit of the tenant, CVS Caremark Corporation.” 

“Financing a CVS on the Las Vegas strip provided a unique opportunity for a lender that understands not only the valuation methodology of a credit tenant lease but also the condominium structure,” said Adam Levinson, managing director of BGC Capital Partners, who procured the senior debt for Capital Square. 

 “This deal combined both certainty of cash flow from an investment grade tenant and upside from billions of dollars of new development activity in the area.”

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

Julie Leber                                                                         
Spotlight Marketing Communications                    
949.427.5172, ext. 703