Enstar (US) Inc. Takes Full Floor at Morgan Stanley Tower in Downtown St. Petersburg, FL

Morgan Stanley Tower
Downtown St. Petersburg, FL

ST PETERSBURG, FL – Enstar (US) Inc, the US operating subsidiary of the Enstar Group Ltd,  (Nasdaq:ESGR) whose core focus is acquiring and managing insurance companies, has leased 13,621 square feet at Morgan Stanley Tower in downtown St. Petersburg.

 The deal was brokered by Hal Piper of Cassidy Turley. According to Piper, Enstar is relocating and upgrading their offices with this move downtown.

 “Leasing momentum at the building has exceeded even our own expectations,” said co-owner Larry Feldman, CEO of Feldman Equities who spearheads leasing for the building.

“The Enstar lease brings total leasing to nearly 56,000 square feet since we bought the building in August of last year.  Companies are responding to the building’s outstanding location, aggressive rental rates and water views.” 

The 17-story, 187,000 square foot office building was purchased last year by a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners.

Larry Feldman

 “We purchased the building soon after Wells Fargo Bank vacated 22,000 square feet,” said Feldman. Just last month the building was officially renamed Morgan Stanley Tower after the building’s largest new tenant.

The Morgan Stanley name now graces the downtown skyline as new signage was erected.

 The building is one of downtown St. Petersburg’s best-located, premier Class A office buildings with water views of Tampa Bay and a premium downtown location across from the new Sundial Shops (formerly BayWalk).

  The group also owns the nearby, 242,000 square foot City Center office building.

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings.

Hal Piper

 Most recently the joint venture has partnered on City Center in downtown St Petersburg, Wells Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore Business District all with an eye towards maximizing value through renovations and upgrades.

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

Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com

IPA Sells Northern San Jose, CA Multifamily Asset for $86.7 Million

SAN JOSE, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of 121 Tasman, a 174-unit, market rate transit-oriented apartment community located in the “Golden Triangle” area of Silicon Valley in San Jose, Calif. The $86.7 million sales price equates to $498,000 per unit.

            IPA executive vice president Stanford Jones and IPA first vice presidents Philip Saglimbeni and Salvatore Saglimbeni advised the seller, a joint venture between developer LCOR Ventures LLC and Cigna Realty Investors. The buyer is Zurich Alternative Asset Management.

Zurich Alternative Asset Management, LLC (ZAAM) is the alternative investment advisor to Zurich North America (Zurich) and its affiliates, responsible for the group’s hedge fund, private equity and US real estate investments. 

Dating back to 1997, Zurich, advised by ZAAM and predecessor entities, acquired over $2 billion of assets directly with a focus on high quality commercial properties with high grade tenancy. 

Philip Saglimbeni

ZAAM currently manages approximately $2.5 billion of commercial real estate exposure in the United States for its various affiliated balance sheets.

The ZAAM team representing the buyer was led by managing director Sean Bannon and director Chris Edgar.

            “Core acquisition opportunities of this type in the northern San Jose market are limited because the majority of the residential developments in the area are controlled by institutions with long-term hold periods,” says Jones. 

“121 Tasman is a recently constructed asset with distinct advantages relative to the competitive set and an exceptional location in one of the nation’s most desirable investment markets.”

            “The multifamily housing market in San Jose has recorded a rent growth rate of 10.8 percent over the last 12 months and as of the fourth quarter of 2013, an average occupancy of 96.9 percent,” adds Philip Saglimbeni.

Salvatore Saglimbeni

“121 Tasman’s exceptional construction, ultra high-end finishes and top-of-market amenity package highlight its boutique feel, setting it apart from comparable assets and making it one of the premier rental communities in the Golden Triangle.”

            Completed in 2013, 121 Tasman was 95 percent leased by April 2014. The four-story apartment complex is located immediately across the street from the VTA Baypointe light rail station, allowing hassle-free access to key destinations throughout the South Bay. 

Unit interiors have fully equipped gourmet kitchens, solid surface countertops, designer fixtures and finishes, nine-to-12-foot ceilings, oversized windows, walk-in closets, technology docking stations and full-size front-load washers and dryers. 

Community amenities include a state-of-the-art fitness center with spin and TRX studios; an executive business center with video conferencing; a bocce ball court with a lounge area and fireplace; an outdoor barbecue and dining area; a large dog park; a lounge with a billiards table and demonstration kitchen; and a resort-style swimming pool and spa with a furnished sundeck.

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF closes $14.1 million sale of and arranges $10.58 million financing for multi-housing community in Clackamas, OR

Sunnyside Place apartments, Clackamas, OR

PORTLAND, OR – HFF announced it has closed the $14.1 million sale of and arranged $10.58 million in financing for Sunnyside Place, a 108-unit, garden-style multi-housing community in Clackamas, Oregon.

                HFF marketed the property on behalf of the seller, Wood River Properties.  Hamilton Zanze purchased the asset for $14.1 million free and clear of existing debt.

 HFF also secured a floating- to fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Ira Virden

                Sunnyside Place is located at 13300 SE 122nd Avenue between Clackamas and Happy Valley, approximately 12 miles southeast of downtown Portland. 

Situated on approximately 5.97 acres, the property is 95.4 percent leased and includes one-, two- and three-bedroom units averaging 1,025 square feet each.  Community amenities include a swimming pool, hot tub, fitness center, playground and clubhouse. 

                The HFF investment sales team was led by director Ira Virden and senior real estate analyst Kerry Hughes. 

                HFF’s debt placement team was led by managing director Tom Wilson and director Charles Halladay.

                “This value-add property proved attractive to investors due to its prime location near major area employers such as Kaiser Permanente’s Sunnyside Medical Center, the multitude of  nearby retail options and proximity to numerous transportation modes including the TriMet MAX Green Line light rail service,” commented Virden.

Tom Wilson

“Sunnyside Apartments represents a perfect opportunity to implement our value-add strategy and create yield for our investors.  Portland fundamentals continue to impress and we will continue to pursue similar acquisitions,” added David Nelson, director of acquisitions at Hamilton Zanze.

Founded in 2001, Hamilton Zanze is a commercial real estate firm focused on the pursuit, acquisition and hands-on management of multifamily housing in the western and southwestern United States. 

  Today, the firm manages more than 15,000 units across nine states and continues to add to its portfolio.  For more information, please visit www.hamiltonzanze.com.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

New England Construction Announces New Leadership Team; Matt Sluter Named President of Construction Management Firm

Matt Sluter

COHASSET, MA, July 24, 2014--–New England Construction announced the formation of a new leadership team to support the firm’s steady growth and ambitious goals moving forward.

 The move also marks a transition to the next generation of family owned leadership for the company.

Matt Sluter, son of founder and chief executive officer David Sluter, has been promoted to president of New England Construction.  He will assume decision-making authority over all aspects of the family-owned construction management firm.

George Malakidis

Matt Sluter has worked in the construction industry since graduating Bucknell University in 2001. His work for other firms moved him out of state for several years, and he returned home and joined New England Construction in 2005.

He began his career with the firm as an Assistant Project Manager and has held a number of different positions, most recently serving as Vice President.  His tireless contributions to every aspect of the company have continued to be recognized.

“Matt’s appointment is recognition of his ability to manage all key functional areas of the business,” said chief executive officer David Sluter.  “On a personal level, I am very proud of my son.  Everything that he’s accomplished he has earned, and his work ethic and leadership abilities are the right fit to guide the company moving forward.”

New England Construction is a reputable real estate and construction management firm that has nearly a 30-year history built on integrity, commitment and excellence.    Founded in 1985, the firm has continually earned their clients’ business by offering hands-on dedicated service that has ultimately resulted in strengthened client relationships, repeat business, and the delivery of high quality projects. The firm has grown from $10 million to $60m in sales annually. 

Wayne Grenon

Matt Sluter, 35, is the youngest of three sons that work for New England Construction. 

Steve Sluter is an estimator who has worked for the company for nine years, and Ethan Sluter joined the company six years ago after working for Peregrine Group, a real estate development company in Rumford, RI.  Ethan supports the real estate development side of the business.

“My brother Steve and I are very happy for Matt as he takes on this new leadership role,” said Ethan Sluter.  “Matt is a very bright man with the intelligence and passion to keep the company moving in the right direction.”

In addition to the elevation of Matt Sluter, the leadership team also added George Malakidis as Director of Operations and Wayne Grenon as Vice President of Finance.

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

Matt Watkins                                             

Watkins Strategies                               

617-571-4582                                      

Mwatkins@watkinsstrategies.com

                   

Thomas D. Wood and Company’s Tampa Office Secures $8,730,000 in Commercial Mortgage Transactions

Doug Rozzell

Tampa, FL – Tampa Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $8,730,000 in commercial mortgage transactions for properties throughout the state of Florida.  Interest rates continue to stay as low as 4%, contributing to the increase in successful closings.

 Senior Vice President Doug Rozzell, obtained bridge financing in the amount of $3,200,000 for the purchase and renovation of the River City Place Apartments, a 120-unit multi-family property in Jacksonville, Florida. 

The borrower, a fund based outside of the United States, was purchasing a Class C apartment complex that needed significant capital improvement dollars to convert it to a Class B property. 

Rozzell arranged the bridge loan based upon a long-standing relationship with a Florida-based capital source, who will also be funding 60% of the renovation funds to upgrade the apartment complex to a Class B status.

 Rozzell secured financing for University Terrace, a 7,426 square-foot retail plaza in Orlando, Florida, in the amount of $3,850,000.  The borrowers were seeking to refinance an asset that contained a credit tenant as part of the income stream, but had never built on the site it was leasing.  Rozzell secured a loan with a regional bank, providing the borrower a permanent fixed-rate loan with a term of 10 years, based on a 25-year amortization and an interest rate of 4.10%.

Shoppes at Vista Lakes, Orlando, FL

 Rozzell also obtained financing for the 2105 Building, an office building in Winter Park, Florida, in the amount of $780,000, and Shoppes at Vista Lakes, a multi-tenant retail plaza in Orlando, Florida, in the amount of $900,000.

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

Jessica Kinnee,

Director, Marketing & Public Relations,

Thomas D. Wood & Co.,

407 374 0251

Jessica@tdwood.com

SVN Crossroads Management Awarded 356,300 SF of Property Management Contracts in Greater Chicago Area

Kirsten Helma

Schaumburg, IL – Schaumburg-based SVN Crossroads Management, LLC has been awarded the property management contracts for eight separate properties comprising 356,300 square feet of space.

Located throughout the greater Chicago area, the properties consist of medical office, industrial flex, retail and commercial condominiums.

 “The goal for this year was to increase our market share in the Chicago area and this latest group of contracts delivers on that promise,” said Kirsten Helma, chief operating officer for SVN Crossroads, who is approaching her one-year anniversary with the firm.

“It’s been amazing what the team at SVN Crossroads has been able to accomplish in the past year. With more than 500,000 square feet of potential contracts still in the pipeline, we are confident that 2014 will be one of the firm’s strongest years.”

 In the medical office market, SVN Crossroads has agreed to provide property management services for a three-building portfolio at 115-125 Wilke Road in Arlington Heights, Ill., for a total of 123,000 square feet. The firm also has been awarded a 53,000-square-foot property at 1920 Highland Ave. in Lombard, Ill.              

Wayne Caplan

“Medical office properties require a unique management expertise and with our current successes, we look forward to expanding into this growing sector in the near future,” said Helma.

SVN Crossroads also picked up three separate retail centers, including a 66,000-square-foot facility at 2603-2709 W. Grand Ave. in Waukegan, Ill.; a 28,500-square-foot property at 435 Angela Lane in Crystal Lake, Ill.; and a 3,800-square-foot building at 1755 W. North Ave. in Chicago, which includes three commercial condominiums.

The company was referred to the Waukegan property by Wayne Caplan of SVN Chicago Commercial, the Crystal Lake property by Joel Miller of SVN Landmark Commercial Real Estate and the Chicago property by Brad Teitelbaum of Colliers International.

 In north suburban Libertyville, SVN Crossroads was awarded a contract for an 82,000-square-foot industrial flex building at 14000 Rockland Road. Crossroads was referred by Vince D’Amico of SVN Chicago Commercial. 

 “This diverse mix of property types speaks to the broad capabilities of SVN Crossroads and our ability to deliver efficient and cost-effective operations to multiple asset classes,” said Helma. 

Leasing activity    

Olivia Czyzynski

Crossroads Development Partners, the development arm of SVN Crossroads, has announced five lease transactions.

At the Medcoa Professional Building, located at 990-1000 Grand Canyon Parkway in Hoffman Estates, Ill., Crossroads has completed three lease renewals, one renewal and expansion and one new lease, totaling approximately 10,000 square feet of transactions.

Crossroads worked with Olivia Czyzynski of Sperry Van Ness, John Gussman of Century 21 Affiliated and Bob Markay of Gladstone Consulting to complete these transactions.

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

   Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

New Haven Apartment Building Sells for $2.8 Million; Northeast Private Client Group Represents Buyer and Seller

Edward Jordan

BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of 154 Fountain Street, a 54-unit apartment building in the Westville submarket of New Haven, CT. 

Edward Jordan, JD, CCIM, the firm’s managing director, represented the seller and Bradley Balletto, the firm’s regional manager for Connecticut, represented the buyer in the $2,800,000 transaction, which closed on June 30. 

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Mr. Jordan.  “With our regional brokerage platform, we were able to create tremendous competition for this asset among highly qualified buyers from Boston to New York.”

The Fountain Street property comprises 54 studio units and features ample off-street parking and on-site laundry facilities all within walking distance to Westville Village. 

Bradley Balletto

The seller, Lighthouse Group of New Haven, purchased the property in 2005 and repositioned the property during its ownership to capture strong apartment demand from young professionals eager to live in the Westville area. 

The buyer, Netz USA LLC, purchased the Fountain Street property for a price that equates to nearly $52,000 per unit, which represents a capitalization rate of 7.9% on the current net operating income.  

The transaction was made contingent on the assumption of the existing FNMA mortgage by the buyer.

 “High occupancy and growing rents in New Haven are driving strong demand for multifamily properties,” said Mr. Balletto.  “In today’s uncertain financial conditions, income-producing real estate is still the best vehicle for generating and preserving wealth.”

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

Randy Savicky

Strategy+Communications

randy@strategypluscommunications.com

203.226.6156

HFF secures construction loan and joint venture equity for luxury Class AAA Uptown Dallas, TX mixed-use development

Bill Fishel

DALLAS, TX – HFF announced today that it has arranged a construction loan and joint venture equity investment for the development of McKinney & Olive, a $225 million luxury, Class AAA, 530,000-square-foot, mixed-use project currently under construction in Uptown Dallas. 

                HFF worked exclusively on behalf of the borrower/developer, Crescent Real Estate Equities in arranging the 10-year, fixed-rate construction financing through New York Life Insurance Company.  J.P. Morgan Asset Management, acting on behalf of institutional investors it advises, provided the joint venture equity for the development.

                Designed by the world-renowned architectural firm, Pelli Clarke Pelli, McKinney & Olive will be a one-of-a-kind, 20-story tower with 480,000 square feet of office space, 50,000 square feet of premier lower-floor retail space and outdoor public space of nearly one acre that will set the project apart from other buildings in the area. 

Prestigious law firms Gardere Wynne Sewell LLP and Sidley Austin have both pre-leased a portion of the office space.  Gardere has signed on for 109,000 square feet and Sidley has leased 75,000 square feet. 

Mark Gibson

                The project sits on a 3.1-acre site at McKinney Avenue and Olive Street in Uptown Dallas with walkability to amenities such as the new Klyde Warren Park, Dallas Arts District and American Airlines Center. 

The project also has easy access to DART bus and light rail stations and the McKinney Avenue Trolley.  Upon completion in summer 2016, McKinney & Olive will be the tallest structure in Uptown Dallas and will redefine the Dallas skyline.

                According to HFF, the property will represent the newest sophistication of upper-tier office space in Uptown Dallas and is truly a “best in class” property in every respect.

                The HFF capital placement team representing the borrower was led by associate director Bill Fishel along with executive managing director Mark Gibson and senior managing director Trey Morsbach.

Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Goff Capital and Barclays Capital.  Through its subsidiaries, Crescent owns, manages and develops premier, Class A office buildings.  Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®.

Trey Morsbach

J.P. Morgan Asset Management – Global Real Assets has more than $74 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of March 31, 2014. 

  With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

IStar Residential Brings in the City’s Highest Volume of Sales at The Residences at Mandarin Oriental Atlanta

Karen Rodriguez

 ATLANTA, GA (July 23, 2014) – iStar Residential, a division of iStar Financial Inc. (NYSE: STAR), is pleased to announce nearly $16 million in sales in the first two quarters of 2014, more than any other residence building in Atlanta. 

Three additional residences are under construction and the sales will close this fall.

“The Residences at Mandarin Oriental, Atlanta are surpassing every other luxury residence property in the market in the number and velocity of sales, as well as price per square foot,” said John Kubicko, senior vice president for iStar Financial.

“It’s truly unlike any other luxury residence building in the city. Both local and international buyers are expressing interest in The Residences, and are ultimately choosing to live here.”

 After a period of time with little sales activity, The Residences are now in high demand as a result of the new sales and marketing team Karen Rodriguez, associate broker for Dorsey Alston Realtors, has put in place.

Armed with fresh ideas, new messaging and a new direction for the project, Rodriguez and her team have transformed The Residences into one of the most sought-after luxury residence buildings in the city.

John Kubicko

 “We were confident that once we implemented our strategy the project would be a success,” said Rodriguez, who successfully sold out the $100 million Ritz-Carlton Residences project before joining The Residences at Mandarin Oriental, Atlanta.

 “My team has a proven track record and we were ecstatic to be able to come in and do what we do best, which is sell luxury high condominiums for top dollar in the shortest amount of time possible.”

 The sales figures and renewed interest have also led to The Residences taking back five floors that were intended for hotel use. Plans have been approved and construction is already underway for the 10 additional residences.

 Each floor features a maximum of two residences, offering ultimate privacy and security for homeowners. Residences range from 3,000 square feet to 5,100 square feet for a full floor.

“We are excited at how quickly the Atlanta market reacted to the new direction of the property,” Rodriguez added. “We are selling them almost faster than we can build them, which is a good problem to have.”

Between the fresh contemporary interiors and huge expansive open floor plans designed by Harrison Design, The Residences at Mandarin Oriental, Atlanta have distinguished themselves from the traditional and more typical interiors found in most surrounding buildings. 

The Residences at Mandarin Atlanta

Featuring modern designs, high quality finishes and access to the hotel’s five-star amenities, the luxury property is on track to remain Atlanta’s top selling residence building.

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

Tony Wilbert

The Wilbert Group

Tel: 404-965-5022

E-mail: twilbert@thewilbertgroup.com

www.istarfinancial.com

www.istarresidential.com.

www.moresidencesatlanta.com

.

Kiser Group Brokers Six Property Sales of Apartment, Mixed-Use and Condominium Buildings; Recent closings in Evanston, Arlington Heights and Chicago surpass $13 million

  

CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, brokered the sales of six Chicago-area properties in June 2014.

 The suburban closings include two Evanston, Ill., apartment buildings, one with 25 units and the other with 12 units; and an 18-unit mixed-use building in downtown Arlington Heights, Ill.

The three Chicago properties include a four-unit apartment building in Lincoln Park; the bulk sale of seven condominium units in an eight-unit building in West Ridge; and a 14-unit apartment building in Auburn Gresham.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

7,553-SF Net-Leased Property Sale in North Palm Beach, FL Arranged by Marcus & Millichap

  

Ben Tashakorian

NORTH PALM BEACH, FL – Marcus & Millichap (NYSE: MMI), the nation’s largest real estate investment firm, has announced the sale of Ruth Chris Steak House, a 7,553 square-foot net-leased property located in North Palm Beach, FL, according to John Vorsheck, regional manager of the firm’s San Diego office. The asset sold for $4,140,000.

Ben Tashakorian, an investment specialist in Marcus & Millichap’s San Diego office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and represented by Ben Tashakorian. Kirk Felici, Broker, assisted in closing this transaction. The Marcus & Millichap approach facilitated a market which both strengthened the offer and qualified the buyer. This investment is a Pride of Ownership Trophy Property.

Ruth Chris Steak House is located at 661 US Highway 1 in North Palm Beach, FL, across from The Village of North Palm Beach, a residential community with a population of 12,582 and home to a Jack Nicklaus Signature Golf Course.

Kirk Felici

 As a result of the excellent location on this major commercial thoroughfare, the traffic count in the immediate is over 28,700 vehicles per day.

National tenants in the surrounding area include Sun Trust Bank on the southwest corner, National City Bank, Bank Atlantic, Publix, Riverside National Bank, Subway Sandwiches and Salads and The United States Postal Service. 

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

John Vorsheck

Vice President

San Diego, CA

(858) 373-3100

Charles Dunn Company Completes $3.37 Million Sale of 27-Unit Multifamily Property in Los Angeles, CA

  

4305 Gateway Avenue, Silver Lake submarket
Los Angeles, CA

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.37 million sale of a fully occupied 27-unit multifamily property located at 4305 Gateway Ave. in the Silver Lake submarket of Los Angeles, Calif.

Bryan Glenn, senior director with Charles Dunn Company, represented the buyer, 4305 Gateway, LLC from Los Angeles.

The seller, a private investor from Los Angeles, was represented by John Christopher & Esau Tenorio of Coldwell Banker Los Feliz. The closing cap rate was 5.1 percent.

Built in 1971, the property includes 24 one-bedroom units and three studio units. It offers a courtyard, ample parking, and an on-site management office.

Bryan Glenn

“The Silver Lake area is a very hot market for housing as it offers easy access to Hollywood, Echo Park and Downtown Los Angeles,” said Glenn. “The buyer saw value in that as well as the quality of the property and upside in rental rates.”

Glenn added that the buyer plans to implement a capital improvement program to upgrade the building systems, common areas and individual units.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Industry Veterans Ed Watkins, Jerry Daly and Randy Smith to be Honored at 20th Annual Lodging Conference in Phoenix, AZ

  

Jerry Daly

PHOENIX, AZ—Officials of the Lodging Conference, a national hospitality conference targeting hotel owners, operators, developers and investors, announced it will present Randy Smith, chairman and co-founder of STR, Inc., with its annual   "Above and Beyond Award,” a distinction is given to a hotel industry executive who has made a valuable contribution to his or her community and/or to society at large.  

Additionally, the conference will recognize Ed Watkins, editor-at-large for Hotel News Now, and Jerry Daly, co-founder and chairman of Daly Gray, Inc., with lifetime achievement awards.

“Over the years, Randy and his team at STR have developed and produced some of the most useful forecasting tools the hotel industry has ever had,” said Morris Lasky, conference co-founder.

 “Not only have his reports helped the industry predict and prognosticate every turn in the hospitality real estate cycle, but his commitment to the industry at large is well documented."

Ed Watkins

A 40-year hospitality veteran, Smith has received numerous accolades for his work in the industry.  In 2011, Smith was named one of the “Twenty-Five Most Influential Executives of the Business Travel Industry" by Business Travel News and was the recipient of the 2011 Stephen W. Brener Silver Plate Award presented by Lodging Hospitality.  

Additionally, he and his wife, Carolyn, were inducted into the Hilton Hospitality Hall of Honor that year. In 2010, he received the ALIS Lifetime Achievement Award.  

  Smith is a member and past co-chairman of the Industry Real Estate Financing Advisory Council (IREFAC) and the 2002 recipient of the group's prestigious Everett Johnson Award.  He also is vice-chair of the American Hotel & Lodging Foundation Funding Committee and a charter member of the International Society of Hospitality Consultants (ISHC). 

Randy Smith

Lifetime Achievement Award Winner Ed Watkins is editor-at-large for Hotel News Now. Before joining HNN in 2013, Ed served as editor of Lodging Hospitality Magazine for more than 40 years. 

After nearly five decades covering the industry, Watkins will retire from full-time industry reporting at the end of the year.  

“Ed has covered virtually every event of importance that has impacted the hospitality industry for the past four decades, and I’ve enjoyed reading his columns for years,” said Lodging Conference Co-Founder Harry Javer.  

“He has built a solid reputation as an impeccable journalist who asks thorough, thought-provoking questions.  Over the years, readers have benefited from his in-depth approach and insightful articles.”

Prior to founding Daly Gray, Inc., a communications firm that specializes in the business of hospitality, in 1987, Jerry Daly played a key role in the successful launch of the Embassy Suites, Hampton Inns and Crowne Plaza hotel brands as the senior communications officer for Promus Hotel Corporation, formerly Holiday Corporation.  

Morris Lasky

His work has been recognized for its results-oriented creativity, and he has received more than 50 international, national and regional communications awards, four Golden Quills and the Silver Anvil. 

A communications pioneer, Daly is credited with launching the first no-smoking campaign in 1970 and writing the hotel industry’s first crisis communications plan. 

                “Jerry has been active in all aspects of hospitality communications over the years, including everything from associate newsletters to taking companies public,” said Lasky.  “His thoughtful, creative, hands-on approach to public relations has helped companies grow and professionals flourish.”

The 20th Annual Lodging Conference will be held at The Arizona Biltmore Resort from October 20-23, 2014. The awards presentation will commence at 1:15 pm on Tuesday, Oct. 21. For more information, go to www.LodgingConference.com or call Brent Tinter at 800-252-3540

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

Meridian Capital Group Arranges $31 Million in Acquisition Financing for an Office Property in Norwalk, CT and Permanent Financing for an Industrial Property in Aiken, SC

Tal Bar-Or

New York, NY, July 23, 2014, – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $31 million loan to purchase an office property located in Norwalk, CT and to refinance an industrial property in Aiken, SC, on behalf of Matrix Investment Group.

 The two-year loan, provided by Jefferies LoanCore LLC, features a competitive fixed-rate and interest-only payments for the full-term.

This transaction was negotiated by Meridian Capital Group Managing Director, Tal Bar-Or, and Associate, Kyle Kite, who are both based in the Company’s New York City headquarters.

 The six-story office property, located at 535 Connecticut Avenue in Norwalk, CT, totals more than 179,000 square feet. The industrial property, Centennial Corporate Center, contains 205,000 square feet and is located at 1991 Corporate Parkway in Aiken, SC.

 “Given the sponsor's strong track record in turning around underperforming office properties, Meridian was able to structure a financing solution that allowed our client to purchase a 45% occupied office property and provide additional funds for CapEx, TI and LC using the imputed equity value from a separate property in a different market,” said Mr. Bar-Or.

“In this transaction, it was critical to build in maximum flexibility in property releases and operating cash flow so that the sponsor has the ability to improve the collateral to stabilization.

The loan was closed in under one month and we credit the excellent team at Jefferies LoanCore for this efficient execution,” he added.

Jonathan Stern

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.

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

Jonathan Stern

Meridian Capital Group, LLC

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

Hold-Thyssen Negotiates New Professional Office Lease with Harbor Community Bank in Winter Park, FL

  

Darby Hold

WINTER PARK, Fla. --- Hold-Thyssen Real Estate Services, recently negotiated a five-year lease agreement for 3,817 rentable square feet in Suite 200 at 243 W. Park Ave. in downtown Winter Park. 

Darby Hold and Therese Taylor, lease consultants for Hold-Thyssen, Inc., negotiated the transaction representing the local landlord, New England Partners, LLC.   

 The new tenant, South Florida-based Harbor Community Bank, will establish its Central Florida Administrative Center in Winter Park, effective Aug. 1.  The bank chose this building due to its excellent location in downtown Winter Park. 

 Other major tenants at the New England Building include Kelly Price and Company, Elizabeth Hawthorne Faiella, PA and Kracht Law Firm.

Therese Taylor

 Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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