Central Texas Multifamily Community Changes Hands in Deal Brokered by Marcus & Millichap

The Residence at Central Texas Marketplace, Waco, TX

WACO, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Residence at Central Texas Marketplace, a 216-unit apartment community in Waco, Texas. The terms of the sale were not released.

Joe James

            Joe James and Kent Myers, both associate vice presidents investments in Marcus & Millichap’s Austin office, represented the seller and procured the buyer.

“Investor demand for apartments in Texas’ secondary markets like Waco remains high with more and more buyers aggressively seeking opportunities in such markets,” says James. 

“This asset received a great deal of interest due to its location adjacent to the large Central Texas Marketplace shopping center and proximity to Waco’s healthcare job centers,” adds Myers.

            Built in 2005 on 11 acres at 5210 Bagby Ave. in Waco, the community is located at Waco’s most prominent highway exchange, the intersection of Interstate 35 and Loop 340/Highway 6. 

The Central Texas Marketplace is an 800,000-square-foot open-air retail center is within walking distance, and employers such as Baylor University, L-3 Communications Integrated Systems and the Waco Independent School District are nearby.

Kent Myers

Apartments at The Residence at Central Texas Marketplace feature crown moldings, built-in computer desks and kitchens with faux-granite countertops and black Whirlpool appliances.

 Select units have nine-foot ceilings and vinyl wood-plank flooring. 

Community amenities include controlled access gates, a resort-style swimming pool, a fitness center, a business center, detached garages, covered parking, a car wash, social areas with grills and exterior storage units.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Award-Winning Multifamily Property Sold by IPA Texas in Bryan, TX

Park Hudson Place, 4050 Pendleton Drive, Bryan, TX

BRYAN, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Park Hudson Place, a 232-unit multifamily asset in Bryan, Texas. The terms of the sale were not released.

           

Will Balthrope

IPA executive director Will Balthrope and IPA directors Drew Kile and Nester Clark represented the seller, an entity led by Klabzuba Realty, and procured the buyer.

          

  “Park Hudson Place is situated within the Bryan/College Station metropolitan statistical area, which is one of the fastest-growing secondary markets in Texas,” says Balthrope. “The acquisition provides the new owner with a first-generation value-add opportunity and excellent revenue growth potential.”

 “This transaction represents the completion of a successful business plan that generated attractive returns to our investors,” adds Klabzuba executive vice president Clint Corn. “The property execution team, led by Alamo Manhattan and Myan Management, was able to stabilize the asset and capitalize on the growth in the market.”

         

   Park Hudson Place is located at 4050 Pendleton Drive in Bryan approximately three miles from Texas A&M University and near the intersection of Texas State Highway 6 and University Drive. 

Science Park at Research Valley, a 53-acre master-planned development created to serve as a hub for scientific innovation and technology transfer is less than four miles from the property.

Drew Kile

Park Hudson Trail, which is approximately two miles long and expands over 59 acres and connects to 12-acre Tiffany Park, is across the street. 

Also across the street is the Brazos County Tax office which is under construction. The Physicians Centre Hospital is a half-mile away.

            “Buyer interest for this asset was very strong as investors recognized the strength of the Bryan/College Station market,” notes Kile.

            Apartments at Park Hudson Place feature full-size washers and dryers, laminate wood floors, carpet and tile, ceiling fans, crown molding, linen cabinets and walk-in closets. 

Community amenities include a limited-access gate, detached garages, carports, a resort-style swimming pool, a fitness center, a business center, a conference room, a clubroom and a barbecue and picnic area.

            “Our team’s activity in all of the major markets in Texas allowed us to introduce this top secondary market to new buyers,” concludes Clark.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$45.8 Million North San Fernando Valley, CA Multifamily Sale Arranged by IPA

Rockwood at the Cascades, 16601 Foothill Boulevard, Sylmar, CA

SYLMAR, CA– Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Rockwood at the Cascades, a 223-unit apartment community located in the North San Fernando Valley city of Sylmar, Calif. The $45.8 million sales price equates to $205,000 per unit.

Ronald Harris

            IPA executive vice presidents investments Ron Harris and Greg Harris, along with IPA directors Paul Darrow, Kevin Green and Joseph Grabiec and associate director Michael DiSimone, advised the seller, Fairfield Sylmar LP. The buyer is J&B Asset Management.

“Rockwood at the Cascades is a low-density, upscale living option located within a rapidly growing Los Angeles submarket,” says Ron Harris. 

“The property’s luxury finishes, premier amenities and rents priced below that of its major competitors place it in a position to provide the new owner with a long-term income stream with consistent rent growth.”

“This multifamily asset is a commuter’s haven,” adds Greg Harris. “The property is proximate to five major freeways and there is a Metrolink station about two miles away that gets residents into downtown Los Angeles in less than 40 minutes.”

Constructed in 2007 on 12.7 acres at 16601 Foothill Blvd. in Sylmar, the property is approximately 12 miles northwest of downtown Los Angeles and near Interstate 5, Interstate 210, Interstate 405, and California state routes 14 and 118. The San Fernando Valley is home to more than 86,000 businesses, 686,000 jobs and Fortune 500 companies such as The Walt Disney Company, Anheuser-Busch, Nestle, and Health Net.

Greg Harris

Rockwood at the Cascades is composed of 10 three-story buildings with 118 one-bedroom/one-bath apartments, 15 two-bedroom/one-bath units and 90 two bedroom/two-bath apartments.

Unit interiors feature nine-foot ceilings, cherry wood-finish cabinetry, tile laminate flooring, washer/dryers, cable TV and Internet, oversized double-paned windows and a black General Electric appliance package.

 Select units feature private detached garages, oversized walk-in closets, and French doors leading to private patios and balconies. 

Common area amenities include a resort-style swimming pool and spa with cabanas and poolside Wi-Fi, a high-tech fitness center, clubroom with demonstration kitchen, plasma TV, courtyard with fireplace, dog park and playing field, and picnic area with barbecue grill.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$22.1 Million Multifamily Property Sale Arranged by IPA in Mesa, AZ

Cortona at Dana Park Apartments, Mesa, AZ

MESA, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cortona at Dana Park, a 222-unit multifamily community in Mesa, Ariz. The $22.1 million sales price equates to $99,550 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Virtú Investments. The buyer is Green Leaf Capital Partners.

Steve Gebbing

            “Developed by Hrebec Properties in 1986, Cortona at Dana Park’s design and functionality are unparalleled in comparison with other assets of its vintage,” says Gebing. “The previous owner upgraded approximately 70 percent of the unit interiors and further opportunities for value enhancement remain.”

            The apartment community is located at 1440 South Alma School Road in Mesa near Village Square at Dana Park, an urban lifestyle center with a mix of upscale retailers. 

Banner Gateway Medical Center’s 60-acre campus is two miles away and the Falcon Field Employment Center, a 5,100-acre area with more than 10 office and industrial parks is approximately six miles away. 

Access to U.S. Route 60, (the Superstition Freeway), and Arizona State Loop 202, is nearby.

           

Cortona at Dana Park’s apartments feature kitchen-garden windows, oversized walk-in closets, built-in bookshelves, ceiling fans, covered patios or balconies and washers and dryers. Select two-bedroom units have walk-in pantries and wood-burning fireplaces. 

Community amenities include two swimming pools and spas located along a spacious pool deck with resort-style furniture; a playground, lighted courts for basketball and volleyball, barbecue grilling stations with picnic areas, a 24-hour fitness center, a clubhouse with kitchenette and resident lounge, reserved covered parking, and controlled gated access.

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF arranges $18.32 million refinancing for Dallas-Fort Worth-area retail center

Grapevine Towne Center, Grapevine, TX

DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged an $18.32 million refinancing for Grapevine Towne Center, a 207,004-square-foot retail center in Grapevine, a Dallas-Fort Worth-area suburb.

Steve Heldenfels

Working on behalf of the borrower, a joint venture managed by Cencor Realty Service, HFF placed the 10-year, fixed-rate loan with Morgan Stanley Bank.  HFF will service the securitized loan.  Loan proceeds will be used to refinance the borrower’s existing debt.

Grapevine Towne Center is located along State Highway 114 between William D. Tate and Ira E. Woods Avenues (State Highway 26) in the Mid-Cities retail submarket, the second largest retail hub within the DFW area.  Grapevine Towne Center’s main building and five outparcel pads are 87.5 percent leased.

 Shadow-anchored by Target, the property maintains a national tenant lineup that includes Office Depot, Ross Dress for Less and Big Lots in addition to Vision Works, Weight Watchers, Hallmark Creations and Bealls. 

The HFF team representing the borrower was led by managing director Steve Heldenfels, senior managing director Travis Anderson and real estate analyst Joe Lerer.

Cencor Realty Service (Cencor) offers statewide property management, asset management and development operations.  Cencor currently manages a retail property portfolio of more than 22 million square feet.

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

HFF secures financing for Ventana Apartments in San Antonio, TX

Ventana Apartments, 11020 Huebner Oaks, San Antonio, TX

HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured fixed-rate financing for Ventana Apartments, a 390-unit, Class A multi-housing community in San Antonio, Texas.

Cortney Cole

Working on behalf of the borrower, Venterra Realty, HFF placed the five-year, 3.06 percent fixed-rate loan with a life company correspondent lender.  Loan proceeds were used to acquire the asset.

Ventana Apartments consists of 25 two- and three-story residential buildings containing one-, two- and three-bedroom units totaling 380,076 rentable square feet.

  Community amenities include two swimming pools with cabanas, a fitness center, clubhouse and gated access. 

The 95-percent-leased property is located at 11020 Huebner Oaks near the intersection of Huebner Road and Interstate 10, proximate to retail and entertainment venues including Huebner Oaks Center, which provides an exceptional mix of more than 50 stores and restaurants within walking distance of the property. 

Ventana is also located minutes from the South Texas Medical Center (30,000 employees) as well as other major employers, including USAA.

The HFF debt placement team representing the borrower was led by director Cortney Cole and real estate analyst Jordan Finch. 

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

HFF arranges $20.35 million acquisition financing for 2-building industrial portfolio in Kansas and Kentucky

1260 Aviation Boulevard, Hebron, KY

DENVER, CO  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $20.35 million in acquisition financing for a portfolio consisting of two newly-built, 100-percent-leased, single-tenant industrial buildings totaling 643,386 square feet in Kansas and Kentucky. 

HFF worked on behalf of the borrower, a partnership between EverWest Real Estate Partners and Olympus Ventures, to arrange the seven-year, fixed-rate loan through a regional bank. 

The portfolio consists of 9525 Woodend Road in Edwardsville, Kansas, and 1260 Aviation Boulevard in Hebron, Kentucky. 

Completed in 2014, the Class A, 369,786-square-foot Woodend Road property is 100 percent leased to Alphabroder, a sportswear manufacturer. 

Eric Tupler

The one-building warehouse and distribution facility is a cross-docked building that is part of a two-building development in Edwardsville, a suburb less than 15 miles west of Kansas City, Kansas.  

Located on 23 acres, the asset is less than a mile from Interstate 435 and within five miles of Interstate 70, the primary east-west highway that connects Denver to St. Louis.

The one-building Aviation Boulevard property has 273,600 square feet and was completed in 2015.  One hundred percent leased to UPS Supply Chain Solutions, the Class A distribution center is situated on 16 acres in the Cincinnati suburb of Hebron.  

The property is less than three miles from the Cincinnati/Northern Kentucky International Airport and provides access to Interstate 275.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and real estate analyst Matt Gangaware. 

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.everwest.com.

HFF hires Scott Bales as managing director in its San Francisco office

                               

Scott Bales

SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced Scott Bales has joined its San Francisco office as a managing director focused on multi-housing investment sale transactions in the San Francisco Bay Area and Northern California. 

Mr. Bales has more than 25 years of experience in the commercial real estate industry with a particular focus on multi-housing investment sales.  He has closed more than $2 billion in transactions encompassing over 5,000 multi-housing units.  

For the past 10 years, he has been the president and owner of Atlas IREG, a commercial brokerage firm offering strategic financial services to multi-housing investment and development companies.

  Prior to that, he was a senior managing director at Insignia/ESG.  Mr. Bales is a member of the National Association of Real Estate Trusts (NAREIT) and the International Council of Shopping Centers.  He graduated from the University of Colorado at Boulder. 

“Scott brings with him a great deal of knowledge not only in multi-housing investment sales but on the development side of the industry as well with a background in site location, feasibility analysis and debt and equity placement,"  said Michael Leggett, senior managing director and co-head of HFF’s San Francisco office. 

 "His depth of experience combined with his wide network of relationships throughout the entire West Coast will provide a remarkable amount of value for HFF’s multi-housing clients throughout the Bay Area,”

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

HFF New York announces continued growth to its capital markets team with hiring of Geoffrey Goldstein and Isaac Shabot

                           

Eric Anton

NEW YORK, NY  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has expanded its capital markets teams with the hiring of Geoffrey Goldstein and Isaac Shabot in its New York office.

Mr. Goldstein joins HFF as a director responsible for debt and equity placements in the greater New York City market with a particular focus on construction lending. 

He was a vice president at Helaba Bank for the past eight years where he was responsible for originating and underwriting more than $1 billion of commercial real estate loans as part of four-person team.

 While completing his MBA in Real Estate and Finance from Columbia Business School he interned at Forest City Ratner Companies and Sonnenblick Goldman Company.  

Mr. Goldstein also holds an MPA in Public Finance from Columbia University’s School of International and Public Affairs and a BA from Dickinson College. 

He is a member of Urban Land Institute and Young Real Estate Professionals New York and also sits on the board of Arbor Brothers, Inc. (a New York City-based philanthropic foundation). 

Mike Tepedino

Mr. Shabot will be an associate director focused on urban retail investment sales and development primarily in Brooklyn and Queens.

 He brings more than 10 years of real estate experience with him to this role and most recently worked as a retail leasing associate at Ripco Real Estate while pursuing his Masters in Real Estate from Baruch College.  

He began his commercial real estate career at Marcus & Millichap and has held positions at Prime Capital Advisors, LLC and United Equity Investments/Faded Glory Capital.

  Mr. Shabot is an ICSC member and also holds a Bachelor of Business Administration in Finance degree from Baruch College.

“The additions of Goldstein and Shabot provide proven expertise and a skill set in both construction lending and urban retail; two areas that we are continuing to expand upon in 2015 and which will allow us to better serve our clients,” said Mike Tepedino, senior managing director and co-head of HFF’s New York office.

“I have known Isaac for several years and look forward to helping him apply his expertise in the retail space to advance our clients’ objectives in the greater NYC market,” added Eric Anton, a senior managing director in HFF’s New York office.

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

HFF closes sale of 400 North Belt in Houston, TX

400 North Belt, Greenspoint Office Submarket, North Houston, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 400 North Belt, a 230,872-square-foot, Class A office project in Houston’s Greenspoint office submarket in north Houston.

Dan Miller

HFF marketed the property on behalf of the seller.  Hartman 400 North Belt, a subsidiary of Hartman Short Term Income Properties XX, Inc., purchased the asset for an undisclosed amount free and clear of debt.

400 North Belt is located at the southeast corner of the Sam Houston Parkway/Beltway 8 at Imperial Valley Drive equidistant between the Houston central business district and the Woodlands. 

The property is close to George Bush Intercontinental Airport as well as Interstate 45, The Hardy Toll Road and Interstate 69.  Originally built in 1982, the 12-story property has undergone more than $2 million in capital upgrades during the last 10 years.  

Building amenities include a deli, bank facility with drive through motor bank, and a fitness center planned to open in 2015.  400 North Belt is 64 percent leased.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Trent Agnew.  Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer.

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

HFF closes $63.5 million sale and arranges acquisition financing for downtown Bethesda, MD office building

Bethesda Office Center, 4520 East-West Highway, Bethesda, MD

WASHINGTON, D.C. – June 4, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Bethesda Office Center, a 174,449-square-foot, Class A office building in downtown Bethesda, Maryland.

Jim Meisel

HFF marketed the property on behalf of the seller, AEW Capital Management, L.P.  AEW sold the property on behalf of one of its separate account investors.  

The buyer purchased the asset for $63.5 million and was assisted by HFF in securing the fixed-rate acquisition loan through JP Morgan Chase Bank, National Association. 

Bethesda Office Center is situated on a corner lot at 4520 East-West Highway at the intersection of East-West Highway and Waverly Street.

  This location is just one block from the Bethesda Metrorail Station and within close proximity to Woodmont Triangle’s numerous restaurants and the retail offerings at Bethesda Row. 

The HFF investment sales team representing the seller included senior managing directors Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley as well as associate director Matthew Nicholson and senior real estate analyst Robert Jenkins.

HFF’s debt placement team was led by managing director Cary Abod and senior real estate analyst Robert Carey.

“This offering represented an exceptional opportunity to acquire a value-add, institutional quality, Class A office building in a highly sought after submarket,” said Meisel.  “We anticipate continued rental rate growth and increased leasing activity in Bethesda, which has historically been one of Washington, D.C’s strongest and most stable markets.”

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.aew.com.

HFF secures $15 million financing for grocery-anchored retail center in suburban Chicago

Main Street Marketplace, 2400--2438 Main Street,  Evanston, IL

 CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $15 million in financing for Main Street Marketplace, a 126,311-square-foot, grocery-anchored retail center in Evanston, a suburb north of Chicago.   

Amy Sands

HFF worked on behalf of the borrower, Kap-Sum Properties, LLC, an affiliate of Bond Companies, to place the seven-year, fixed-rate loan with a program managed by Ares Management LLC’s Real Estate Group. 

Anchored by Food 4 Less and Marshalls, Main Street Marketplace is 96.9 percent leased to Planet Fitness, Little Wok, Great Clips, Sarpino's Pizzeria, Wing Stop, LifeSource Bank and the Food 4 Less Fuel Station.  

Shadow-anchors Sam’s Club and Fifth Third Bank share the 546 surface parking spaces with the center’s tenants.

  The property is situated on 12 acres at 2400-2438 Main Street in Evanston, Illinois, at the southeast corner of Main Street and McCormick Boulevard. 

The HFF debt placement team representing the borrower was led by managing director Danny Kaufman and directors Amy Sands and Clinton Mitchell. 

 “It has been a pleasure working with the Bond Companies and Ares Management’s real estate lending team on this financing,” Kaufman said.  “Main Street Marketplace is a critical retail asset serving Evanston’s dense trade area.  The property is one of suburban Chicago’s best-performing grocery-anchored shopping centers.”

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.bondcompanies.com.

Multi Housing Advisors Arranges $13.9 Million Sale of Cary, NC Apartment Community

  

Marc Robinson

CHARLOTTE, NC — MHA has arranged the $13.9 million sale of the 137-unit Northwoods Townhomes, located at 411 Gregory Drive in Cary, North Carolina.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte, North Carolina, office represented the seller, QR Capital, in the transaction. The buyer was a New Jersey-based private investor.

“The Triangle apartment investment market continues to attract capital from both domestic and international investors, with offerings receiving tremendous interest,” Robinson said. 

“Northwoods Townhomes’ prime location and exceptional operating history should make this an excellent long-term investment for the new owner.” 

Amenities at Northwoods Townhomes include a state-of-the art fitness center, outdoor kitchen, Olympic-sized swimming pool and lighted tennis court. The property also offers desirable, spacious townhome floor plans.

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

PKF Hospitality Research Issues Consistent U.S. Lodging Forecast

R. Mark Woodworth

ATLANTA, GA  – The outlook for the U.S. lodging industry continues to be extremely strong, according to the recently released June 2015 edition of PKF Hospitality Research’s (PKF-HR) Hotel Horizons® (PKF-HR is a CBRE company). 

The report forecasts that U.S. hotels will continue to enjoy revenue per available room (RevPAR) growth more than twice the long-run average (7.2 percent increase in 2015 and 6.8 percent in 2016). 

The slowdown in 2016 should not worry hoteliers because the growth in average daily room rate (ADR) will drive the increase in RevPAR, which ultimately is more profitable for hoteliers.

“I look back 90 days ago at our March 2015 forecasts and see that our expectations for hotel performance have not changed that much,” said R. Mark Woodworth, senior managing director of PKF-HR.  “The consistency of our forecasts is an indication that the U.S. lodging industry is now in that part of the business cycle where performance is highly predictable.”

 In March of 2015, PKF-HR forecast RevPAR growth of 7.3 percent for 2015 and 6.5 percent for 2016.

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

Lauralee@dalygray.com

True North Management Group Selects Lincoln Harris to Lease Two Office Buildings in Raleigh, NC

Kaler Walker

RALEIGH, NC — True North Management Group has selected Lincoln Harris to lease two office buildings in Raleigh: the 68,394-square-foot Interchange Plaza II, located at 801 Jones Franklin Road, and the 88,674-square-foot Centerview I, located at 5540 Centerview Drive.

Kaler Walker and John Mikels of Lincoln Harris’ Raleigh office will oversee leasing at the properties and the firm will retain the property management services.

“These office buildings offer prime locations in West Raleigh with convenient access to Interstate 40,” Walker said. “Both buildings feature updated common areas, and high parking ratios.

" With the new ownership and attention to detail, we anticipate high demand for the remaining spaces, and believe that with our large network we will be able to lease the space quickly.”

New York-based True North Management Group purchased the buildings from Archon Group, an affiliate of The Goldman Sachs Group Inc., for $19.1 million in late April.

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