Charles Dunn Company Completes 21,257-Square-Foot Retail Lease for New Planet Fitness Location in Los Angeles

George Russell

LOS ANGELES, CA,  May 6, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a 10-year, 21,257-square-foot retail lease valued at approximately $5.7 million with Planet Fitness.

George Russell, director with Charles Dunn Company, represented the property owner, Miracle Mile Properties. 

SRS Real Estate Partners represented Planet Fitness, a rapidly growing fitness franchise with more than 900 locations across the country.

The space is located at 1000 E. Washington Blvd. just south of the 10 Freeway and the major cross street of S. Central Ave. near Downtown Los Angeles. 

It was previously occupied by Casa Linda Furniture which is relocating. Planet Fitness is undergoing significant renovations to the space and is anticipated to open in October 2015. 

Other tenants at the property include Auto Zone, Boost Cellular and Subway.

1000 East Washington Boulevard,
Downtown Los Angeles, CA

“Planet Fitness chose this location as it is within a densely populated area that has seen strong growth in retail amenity offerings over the past several years,” said Russell. 

“Superior Super Markets and Fresh & Easy have opened stores nearby, and vacancy rates are decreasing. 

"New retailers seek to be a part of the synergy created with a variety of shopping, dining and other service options for local residents and businesses.”

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

Darcie Giacchetto

949.278.6224

Former Pope & Land General Counsel Joins Morris, Manning & Martin in Atlanta, GA

Thomas Burch

Atlanta, GA – Real estate attorney Thomas Burch has joined Morris, Manning & Martin, LLP as Special Counsel in its Commercial Real Estate Development & Finance group. 

Burch arrives from Pope & Land Enterprises, Inc., a leading mixed-use developer based in Atlanta, where he served as General Counsel. 

Prior to joining Pope & Land in 2008, Burch was in private practice for 30 years working in Georgia, Illinois and Japan.   

 

“Tom has incredible experience with some of the largest mixed-use projects in the country, which fits perfectly with the scope of the clients we represent,” said MMM Founder John “Sonny” Morris.

“Morris, Manning & Martin has one of the leading real estate practices in the country,” offered Tom Burch. “It is the right fit for me. The firm’s full range of services and its commitment to clients convinced me I’d found the right home for my practice.”

John 'Sonny' Morris

Burch’s practice focuses on representing developers and investors in mixed-use and office developments, as well as in joint ventures and other equity investments.

 He earned his B.S. and J.D. degrees with honors from the University of Illinois. 

He is also a decorated military veteran who served as a Captain in the U.S. Army (Armor). His first day at MMM was April 27.

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

  Terri Thornton

Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com |w:www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Tampa, FL

The Grant apartments
1914 West Dekle Avenue, Tampa, FL

TAMPA, FL, May 6, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Grant, a 12-unit apartment property located in Tampa, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $1,050,000.

Casey Babb, CCIM and Ari Ravi, investment specialists in Marcus & Millichap’s Tampa 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 Casey Babb, CCIM and Ari Ravi.

Casey Babb

The Grant is located at 1914 West Dekle Avenue in Tampa, FL.  Originally built in the 1920’s, the property has been under the same ownership for 19 years.  It consists of four studios and eight, on-bedroom/one-bathroom apartments homes.  Units feature original wood floors and nine foot ceilings.

“The Grant was attractive to the buyer who was looking for a value-add asset located in a recession-proof submarket,” said Babb.  “

This property fit the criteria, being located in the Historic Hyde Park neighborhood, with the ability to dramatically increase cash flow through building and unit renovations. 

  Through an aggressive marketing plan we were able to show the property 13 times and generate 6 offers, ultimately closing with a 1031 exchange buyer at above 95% of the asking price”

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Rezoning Approved for Mixed-Use Development at Providence and Ardrey Kell Roads in South Charlotte, NC

John W. 'Johnny' Harris

CHARLOTTE, N.C. (May 5, 2015) — The Charlotte City Council has unanimously approved a rezoning request that will permit a new mixed-use development on 188 acres the Rea family owns at the intersection of Providence and Ardrey Kell roads in south Charlotte.

 Lincoln Harris is serving as an advisor to the Rea family during the development process and will partner with the family to develop the office and retail components of the project. Construction of the development is slated to begin early next year.

The rezoning request technically covered 194 acres, as it encompassed a six-acre plot featuring 50,000 square foot of existing office space that will remain unchanged.

“We have listened carefully to the comments and wishes of the surrounding residents and the city of Charlotte,” said Johnny Harris, president and CEO of Lincoln Harris.

 “First and foremost, the Rea family wants this property to be a benefit to the community, and the site plan is a response to what we heard from the public, which, in part, is a desire for more work options in the area, more opportunities for shopping and dining, and more classroom space.”

Part of Former Charlotte Golf Links Complex

The new 188-acre development, located on what was once the site of the Charlotte Golf Links complex, will encompass up to 200 single-family homes, up to 650,000 square feet of office space, up to 250,000 square feet of retail and up to 500 multifamily housing units.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Berkadia Southeast opens office in Chattanooga, TN; Names Marcus Lyons New VP / Managing Broker

Marcus Lyons

Chattanooga, TN--- Berkadia, which ranks as one of the nation’s leading brokers of multi-family properties and development sites and one of the nation’s largest and most active multifamily investment banking and research companies, has opened its 90th U.S. office in Chattanooga, Tenn.

Berkadia Southeast Partner Cole Whitaker, based in Orlando, said the new 2,500 square foot Chattanooga office will serve apartment owners and investors in the Chattanooga, Knoxville, Murfreesboro and southern Kentucky market areas.

At the same time Berkadia named Marcus Lyons Vice President of Investment Sales and Managing Broker in Tennessee, Whitaker said.

Lyons is the former owner and CEO of Lyons Group, Inc., which marketed and brokered multi-family and investment real estate assets throughout Tennessee.

Previously Berkadia Partner David Oakley who head’s the firm’s Birmingham, Ala. office, represented Berkadia for brokerage in the Tennessee market, Whitaker said.

Lyons has participated in sales and brokerage of properties valued at more than $75 Million during his career with both Hendricks & Partners and Berkadia.  Lyons attended the University of Tennessee at Chattanooga College of Business.

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

Cohen Commercial Realty Signs Clothes Mentor to 3,291-SF Lease in Tequesta, FL

Tequesta Shoppes, Tequesta, FL

TEQUESTA, FL  – Bryan S. Cohen and Travis Langhorst of Cohen Commercial Realty, Inc., announced today the signing of Clothes Mentor to lease a 3,291-square-foot unit at Tequesta Shoppes.

 Located at the intersection of Federal Highway U.S. 1 & Waterway Road, the center is home to Marshall’s, Tuesday Morning and Home Goods.

 Cohen Commercial Realty, Inc. represents the landlord.

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

Nicole Luciano

Cohen Commercial Realty, Inc.

5041 Okeechobee Boulevard

West Palm Beach, Florida 33417

Mailing Address:

P.O. Box 223244

West Palm Beach, Florida 33422

561.471.0212 Office

561.471.5905 Fax

nicoleluciano@cohencommercial.com

www.cohencommercial.com

George Smith Partners Secures $22 Million in Financing for Acquisition of a Newly-Constructed Los Angeles, CA Retail Center

Juanita Tate Marketplace, South Central Neighborhood
 Los Angeles, CA

LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged $22 million in financing for its client, Optimus Properties, LLC and Infinity Redevelopment, LLC, for the acquisition of Juanita Tate Marketplace, a 77,000 square-foot, newly constructed retail shopping center in the South Central neighborhood of Los Angeles, California, according to George Smith Partners’ Senior Vice President Shahin Yazdi.

The property was developed in partnership with the City of Los Angeles and the nonprofit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to this dense, low income area of the Los Angeles market.

Shahin Yazdi

According to Shahin Yazdi of George Smith Partners, the structure of the acquisition financing was focused on high debt and low equity.

“Our client wanted to secure as much debt as possible for this acquisition in order to conserve the company’s valuable equity,” explained Yazdi. 

“Ultimately, we were able to secure an impressive 90 percent loan-to-close, allowing our Client to bring the least amount of equity possible to the transaction in order to purchase the property.”

Yazdi notes that, when identifying acquisition financing for the property, one factor that made the investment stand out to potential lenders was the property’s valuation, which far exceeded the purchase price of $24 million.

  In fact, some appraisers estimated the property value in the $30 million range.

“In addition to the property’s high appraisals, the asset has strong in-place co-anchor tenants, including CVS and local grocery chain Northgate González Markets,” he said. “These tenants, coupled with the limited supply of nearby retail options made this investment particularly attractive to potential lenders.”

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Post Properties Announces First Quarter 2015 Earnings

Dave Stockert

ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $19.0 million, or $0.35 per diluted share, for the first quarter of 2015 compared to $13.3 million, or $0.24 per diluted share, for the first quarter of 2014. 

Net income for the first quarter of 2015 included a gain on the sale of a retail condominium of $1.8 million, or $0.03 per diluted share.

Said Dave Stockert, Post’s CEO, “The Company continues to produce strong growth in profits and cash flows through balanced contributions from our core portfolio, our development business and our capital and balance sheet management. 

"Conditions for the overall housing and apartment markets remain favorable.”

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

Post Properties, Inc.

Chris Papa, 404-846-5028

Chatham Lodging Promotes Dennis Craven to Chief Operating Officer; Jeremy Wegner Joins Company as CFO

Jeffrey H. Fisher

 PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced that it has promoted Dennis M. Craven from chief financial officer to executive vice president and chief operating officer.

The company also announced that Jeremy Wegner is joining the company as senior vice president and chief financial officer. 

“With our portfolio of owned and joint-venture hotels now exceeding $3 billion and more than 130 hotels nationwide, combined with our appetite to continue building Chatham into the premier upscale, extended-stay and select-service hotel REIT, it was important for us to add depth to our executive management team,” said Jeffrey H. Fisher, Chatham’s chairman, president and chief executive officer.

Dennis M. Craven

  “Dennis’ promotion recognizes the significant contributions he has made to the company since joining Chatham and Jeremy brings nearly two decades of sophisticated financial and hospitality expertise to Chatham.

“Dennis will remain responsible for Chatham’s overall financial  strategy, will lead our expanding asset management, investor and brand relationship functions and oversee the overall operations of Chatham.”

Mr. Wegner has a significant track record of involvement in more than $50 billion of mergers, acquisitions and equity and debt financings.  

Prior to joining Chatham, he served as vice president of mergers and acquisitions for Starwood Hotels & Resorts Worldwide where he was responsible for identifying and executing merger, acquisition, and divestiture opportunities. 

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

Chris Daly  

Daly Gray Public Relations                                  

(Media)   

 (703) 435-6293                                                                                                                 

chris@dalygray.com

SWBC Mortgage Takes Action to Help Families with Critically Ill or Injured Children

Susan T. Stewart

WASHINGTON, DC – Today, SWBC Mortgage Corporation, headquartered in San Antonio, Texas, made a sizable donation to the MBA Opens Doors Foundation in Washington, DC. Opens Doors is a non-profit organization run by the Mortgage Bankers Association (MBA) and dedicated to providing assistance to families with a critically ill or injured child by making their mortgage or rent payment.

“Opens Doors has an important mission, and we were honored to make a serious contribution to that mission,” said Susan Stewart, CEO of SWBC Mortgage. 

“When a family has to care for a child in a critical medical condition, they should be able to do so without fear that they will lose their home.”

SWBC Mortgage Corporation is a wholly-owned subsidiary of SWBC, a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals.

“On behalf of everyone working with the MBA Opens Doors Foundation, I want to thank Susan Stewart and the entire SWBC Mortgage team for this generous donation,” said Debra Still, Chairman of the MBA Opens Doors Foundation and President & CEO of PulteMortgage.

“Every penny of this significant contribution will go towards keeping families in their homes during one of the worst personal crises anyone can imagine and allow those families to focus one hundred percent of their energy on getting their child healthy again.”

Debra Still

For most families, the fear of losing a home is second only to the sense of panic that comes with the need to care for a loved one who is suffering from a major illness – especially if they are a child.

 The MBA Opens Doors Foundation was developed as an industry association model for utilizing both expertise and resources to help individuals and families facing housing challenges associated with the significant cost of care for a seriously ill child.

Opens Doors is currently able to pass 100 percent of the donations it receives on to families in need of assistance. The Foundation’s ongoing relationship with Washington, D.C.’s Children’s National Medical Center provides a partner organization to help identify potential grant recipients.

The MBA Opens Doors Foundation is a 501(c)(3) organization and all contributions are tax deductable. For more information about the Foundation or to make a donation, please go to www.mbaopensdoors.org.

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

Ali Ahmad

aahmad@mba.org

(202)557-2727

WOW Resort in Orlando, FL Sells for $11.2 million

WOW Resort, 6101 Sand Lake Road, South Orlando, FL

ORLANDO, FL, May 4, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the WOW Resort, a 334-room hospitality property located in Orlando, Fla. 

The asset sold for $11,200,000.

Ahmed Kabani, a senior associate and associate director of Marcus & Millichap’s National Hospitality Group in Miami, and J. Dominic Vito, an associate in Washington, D.C., represented the seller, a Boston-based investment fund. Kabani and Vito also procured the buyer, a private investor from the Arabian Peninsula. The transaction closed within one week of the signing of the purchase agreement, and the buyer paid all cash.

Ahmed Kabani

“The property is located within the International Drive area of Orlando, which is in the midst of a billion-dollar development boom that includes the new $200 million entertainment destination I-Drive 360, and the I-Drive NASCAR Indoor Kart Racing complex,” says Kabani. 

“Already in an area close to popular tourist destinations, assets in the vicinity of International Drive are seeing increased interest from investors and an influx of foreign capital.”

“The size of the property and the strength of the market give the new owner many renovation options,” adds Vito, “all of which will be considered.”

“The fact that foreign investment capital won this opportunity further underscores the attractiveness of our industry as an investment vehicle and Marcus & Millichap’s ability to reach foreign capital,” concludes Gregory A. LaBerge, national director of the firm’s National Hospitality Group. 

Located at 6101 Sand Lake Road in Orlando, the property is one mile from the Wet ‘n Wild Orlando water park, three miles from the Universal Studios Florida theme park, and 10 miles from the Walt Disney World Resort entertainment complex. The 334-room exterior corridor hotel has a seasonally heated outdoor pool, a picnic area and a gym/fitness center.

This transaction marks the 46th hotel sold by Marcus & Millichap so far in 2015. The firm has an industry-leading hospitality team in more than 40 markets nationally.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Atlantic | Pacific Companies Expands in Atlanta

  

Mark Briggs

ATLANTA, GA, May 4, 2015 – Miami, Fla.-based Atlantic | Pacific Companies (A|P) is pleased to announce the acquisition of two multifamily communities in Atlanta, Georgia. 

The recently closed deals expand A|P’s regional reach to 12 multifamily communities within three years of opening its Atlanta office.

The investments increase A|P’s holdings in the Atlanta area to almost 3,000 units. A|P currently holds ten other communities in Georgia including four in Atlanta, one in Kennesaw, two in McDonough, one in Norcross, one in Dallas, and one in Duluth.

The two new multifamily acquisitions include:

Legacy Century Center,located at 100 Windmont Drive NE.

Carriage Place is located at 645 Dekalb Industrial Way in Decatur, Georgia.

A|P plans to make select capital improvements within the portfolio including interior upgrades and common area improvements.  Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P, will handle all property management responsibilities for all properties.

Mark Briggs, Senior Managing Director at A|P Management remarked “We’re extremely excited to take on these in-town Atlanta properties and expand our reach in Georgia.  

"A|P continues its strategic growth with a dozen multifamily communities now acquired in Atlanta within the past three years.”

For more information about A|P and its array of real estate services including development, property management, affordable housing, and construction, visit www.apmanagement.net  or call

 (800) 918 – 1145.

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

Jessica Wade Pfeffer | Jessica Wade Inc.

jessica@jessicawadeinc.com

 | 305.804.8424

www.apmanagement.net.

Margie Sernik  | Jessica Wade Inc.

margie@jessicawadein.com

 | 786.200.2516

Mortgage Bankers Association Reports Q1 Commercial & Multifamily Mortgage Originations Up 49 Percent Year-Over-Year

Jamie Woodwell

BOSTON, MA (May 4, 2015) - According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, first quarter 2015 commercial and multifamily mortgage loan originations were 49 percent higher than during the same period last year.

 Following the usual seasonal pattern, first quarter 2015 originations saw a 26 percent decrease from the fourth quarter of 2014. 

The survey results were announced at MBA’s Commercial / Multifamily Servicing and Technology Conference, being held May 3rd through 6th at the Sheraton Boston Hotel in Boston, Mass.

“The year-end momentum from 2014 carried into the first quarter of 2015, with year-over-year growth in lending for every major property type,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “Multifamily lending was a key driver of first quarter originations and the GSEs drove multifamily. The GSEs’ multifamily originations increased by 306 percent compared to Q1 2014, marking their second highest quarter on record, while multifamily originations for other capital sources appear to have remained flat or declined.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

Passco Companies Continues Expansion: Deepens Presence in Southeast with Addition of Atlanta-Based Acquisition Expert Colin Gillis

Colin Gillis

 IRVINE, CA. (May 4, 2015) – Passco Companies, LLC is continuing its national expansion, creating an on-the-ground presence in Atlanta, Georgia with the addition of senior real estate professional and area-acquisition expert Colin Gillis as Director of Acquisitions, Southeast.

“We are in a time of smart growth for our firm, and we continue to seek opportunities for strategic expansion,” said Gary Goodman, Senior Vice President Acquisitions for Passco Companies LLC.  “Our ongoing, active investment in the Southeast U.S. makes the addition of an Atlanta-based team member a natural next step for the company.”

Goodman notes that the addition of Gillis to Passco’s acquisition team will equip the firm with an acquisitions specialist that is especially experienced in the nuances of the Southeast region of the country.

“By deepening our local market knowledge even further with the addition of Mr. Gillis, we are poised to continue our success in acquiring core assets that will deliver strong value to our investors,” Goodman said.

In his new role, Gillis will oversee the firm’s Southeast operations, spearheading the identification and acquisition of multifamily product in the region.

Gary Goodman

According to Goodman, Gillis brings more than a decade of extensive acquisition experience to Passco Companies, including sourcing acquisitions, underwriting, due diligence, macro-and micro-level market analysis, property-level performance analysis, investment committee presentations, and broker/investor relations. 

Gillis previously served in acquisition roles for JRK Investors, as well as Atlanta-based The Lane Company. For these companies, he managed the identification and evaluation of all potential acquisitions in the Southeast.

Gillis noted, “Passco Companies has already demonstrated its strength as an investor in the Southeast U.S. and throughout the nation.  I look forward to the opportunity to take part in this firm’s ongoing success.”

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

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com

PKF Hospitality Research Releases 2015 Edition of Trends in the Hotel Industry

R. Mark Woodworth

 Atlanta, GA,  May 4, 2015 -- Results from the 2015 edition of Trends® in the Hotel Industry, an annual report recently released by PKF Hospitality Research (PKF-HR), a CBRE Company, reveal that U.S. hotels (on a unit-level same-store sales basis) achieved a 12.3 percent increase in net operating income (NOI) during 2014. 

This marks the fourth consecutive year of profit growth in excess of 10 percent, a trend that is forecast to continue through 2016.  

This six-year period (2011-2016) of continuous double-digit gains on the bottom line will be the longest such streak for the nation’s hotels since PKF began tracking the industry in 1937.

“In 2014, the average hotel in our Trends® sample achieved a bottom-line profit of $17,849 per available room.  

"This is nominally greater than their 2007 pre-recession peaks, but perhaps of greater importance is that hotel profits, in inflation-adjusted terms, will exceed 2007 levels in 2015,” said R. Mark Woodworth, senior managing director of PKF-HR.

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

R. Mark Woodworth                                                

Tel: 404 842 1150, ext. 222                                               

PKF Hospitality Research, a CBRE Company

Email: mark.woodworth@pkfc.com

 www.pkfc.com

                                                                           

Chris Daly

  Daly Gray Public Relations

Tel: 703 435 6293

Email: chris@dalygray.com

www.dalygray.com