Sale of Hampton Inn in Portsmouth, NH closed by HFF

Hampton Inn Portsmouth Central Hotel, Portsmouth, NH

Denny Meikleham

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Hampton Inn Portsmouth Central, a 125-room hotel located off the Spaulding Turnpike in Portsmouth, New Hampshire.

HFF marketed the property on behalf of the seller, Mercury Investment Co.

  Giri Hotels purchased the asset for an undisclosed amount, with the acquisition financed by Kennebunk Savings, a full service mutual savings bank with offices in Rockingham and Strafford Counties and throughout Southern York County, Maine. The property is unencumbered by management.

The Hampton Inn Portsmouth Central is located at 99 Durgin Lane, adjacent to and visible from the Spaulding Turnpike, and close to the Interstate 95 interchange in Portsmouth.  

Local demand drivers include downtown Portsmouth; Pease International, a 3,000-acre community home to more than 250 companies and the Portsmouth International Airport; the University of New Hampshire; and The Kittery Outlet Mall.  The hotel offers guests complimentary breakfast, complimentary shuttle service, an indoor pool and whirlpool, sports court, fitness room, business center and hospitality room. 

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

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

Kristen M. Murphy

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

New Wet Lab Space, part of $5 Million Expansion and Renovation of UCF Business Incubator in Research Park, Orlando, FL, already fully occupied

                                                                             

Carol Ann Dykes

ORLANDO, FL -- The long awaited wet lab¹ space at the UCF Business Incubator at Research Park opened and four client start-up companies moved in almost immediately.

Carol Ann Dykes, site manager for the Research Park incubator, said the wet lab space allows the innovative companies to expand their R&D operations.  

The new state of the art wet lab is an endeavor that’s been five years in planning and it’s already fully occupied. 

The $5 Million 49,000 square foot renovation project at the Incubator is totally complete after 14-months and the unveiling was recently held for local officials, partners and vendors.

The Research Park incubator houses nearly 50 early stage technology and soft landing client companies.  

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

Carol Ann Dykes, Site Manager, UCF Business Incubation Program, 407-207-7426 carolann.dykes@ucf.edu

Sedgwick Properties Breaks Ground on 60 Luxury Apartments at 1325 N. Wells Street in Chicago’s Old Town Neighborhood

 

Marty Paris

 CHICAGO, IL – Developer Sedgwick Properties has broken ground on a 60-unit luxury apartment building in Chicago’s Old Town neighborhood, expected to deliver in the spring of 2017.

Located at 1325 N. Wells St., the seven-story building will offer a mix of one-, two-, and three-bedroom luxury apartment rentals, with individual units ranging from 601 to 1,400 square feet.

“With a highly sought-after location in the heart of Old Town, 1325 N. Wells St. will offer residents a strong, vibrant Chicago neighborhood just steps from some of the city’s most popular dining, nightlife and recreational attractions, along with easy access to the Loop and Chicago’s central business district,” said Marty Paris, president of Sedgwick Properties.

 “For those seeking the active, urban lifestyle the Near North Side offers, this building will truly provide residents the best of both worlds. Old Town is one of Chicago’s most established neighborhoods, making it a highly desirable location for residents seeking new luxury development.”

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

Lehia Franklin Acox, lfacox@taylorjohnson.com, 312.267.4511

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Emerson International Negotiates Three Long-Term Leases at office developments in Longwood, FL, Maitland, FL and Southwest Orlando, FL

  

 

Zac Starkey

 Altamonte Springs, FL -- Emerson International recently negotiated long-term lease agreements totaling 6,603 rentable square feet at three of  its Class A office developments located in Maitland Center, Longwood and Southwest Orlando.

Zac Starkey, leasing associate for Emerson, negotiated a new lease with Group 10 Financial at 2600 Maitland Center Parkway. The financial planning company leased 2,044 square feet.

Starkey also negotiated an expansion lease agreement with eClat Law who doubled its size to total 3,598 square feet at Emerson’s Sanlando Center II located at 2180 W. State Road 434 in Longwood. 

Director of leasing Kenneth Koch negotiated a lease agreement with Ashton Accounting a new tenant for 961 square feet at Emerson’s Major Center Plaza I, 5728 Major Blvd. in southwest Orlando.

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

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

Berkadia Originates $68.8 Million in Financing on Senior Housing Portfolio in Southeast Region

 

Marcus Lyons

CHATTANOOGA, TN — Berkadia recently originated $68,800,000 in financing for a portfolio of eight senior housing communities with a total of 474 units in three states across the southeast.  

The senior housing communities included are located in Lexington and Frankfort, Ky., Knoxville, Tenn. and Johnson, Ind.   

Marcus Lyons, Director, Chris Fenton and David Oakley, Managing Directors, of Berkadia, LLC represented the transaction through Freddie Mac.

The owner plans to use the funds to kick start future development across the Southeast.

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

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

Crossman & Co. Names Two New Professionals to Orlando, FL Staff

Kyrstin Friebis

ORLANDO, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently welcomed Garrett Moise as Development Specialist and Kyrstin Friebis as Marketing Analyst.

 In his new role as Development Specialist at Crossman & Company, Moise works with consultants, subcontractors and government agencies in the development and construction process for the firm’s commercial projects.  

Moise, a graduate of University of New Mexico, is currently working on his MBA at the Rollins College Crummer Graduate School of Business. 

As Marketing Analyst, Friebis will be specializing in commercial real estate leasing and sales, while providing executive support to company president John Crossman.

 A graduate of the University of Central Florida, she was formerly a certified agent with Keller Williams Realty, producing over 2.5 million dollars in sales within the first two months of her tenure in Daytona Beach.

Garrett Moise

“Garrett and Kyrstin’s skills are perfectly suited for their positions here and we look forward to their growth with Crossman & Company,” said John Crossman, president.

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

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

Bay Harbor Islands Developers Join Forces to Draw Buyer Traffic to the Florida Island

  

Robert Morales

BAY HARBOR ISLANDS, FL – A newly-formed task force of Bay Harbor Islands developers have come together to draw buyer traffic to the 383-acre island. 

The like-minded developers of this task force, called the Island Living Council, are dedicated to increasing the island’s visibility as it is often overlooked by brokers and buyers.

Bay Harbor Islands is a secluded, yet centrally located, waterfront oasis that is experiencing a major resurgence. The town offers a friendly neighborhood environment, fine dining, excellent schools and more, with destinations just a short walk or bike ride away.

  

“From the eyes of a developer, this is a great event to bring buyers to the island,” said Robert Morales, Ability of Acierto’s vice president of operations. Ability by Acierto is the development team behind Bijou Bay Harbor. “All of us have something to bring to the table that will highlight the beauty of Bay Harbor Islands.”

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

BoardroomPR

Sandra Reichman/Ashley Fierman

sreichman@boardroompr.com

afierman@boardroompr.com

(954) 370-8999

RealtyTrac Ranks Best Markets for Buying Single Family Rentals in 2026

       

Daren Blomquist

 IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q1 2016 Single Family Rental Market Report, which ranks the best markets for buying residential rental properties in 2016.

The report analyzed single family rental returns in 448 U.S. counties each with a population of at least 100,000 and sufficient rental and home price data. 

Rental data was from the U.S. Department of Housing and Urban Development, and home price data was from publicly recorded sales deed data collected and licensed by RealtyTrac markets.

“Rapidly rising home prices and tepid wage growth have dampened single family rental investment returns and growth potential in many markets, but there are still plenty of solid opportunities available for real estate investors willing to cast a wider geographic net,” said Daren Blomquist, senior vice president at RealtyTrac.

 “Rents are rising faster than median home prices in 45 percent of the markets analyzed — indicating continued strong demand for rentals in those markets — while annual wage growth is outpacing rent growth in 43 percent of the markets — indicating room for rising rental returns in those markets.”

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

Jennifer von Pohlmann

Sr. Public Relations Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

http://www.facebook.com/realtytrac

  http://www.twitter.com/realtytrac

Lincoln Property Company Completes Record Breaking 2015

David Krumwiede

PHOENIX, AZ – Final year-end data has confirmed a record-breaking year for the Phoenix office of Lincoln Property Company (LPC), who in 2015 generated more than $233 million in investment and development activity, and substantially advanced its local property management portfolio and development pipeline.

The momentum has continued into 2016 as well. Since the first of the year, LPC has already closed on $69.59 million in new building investments (Gainey Center II in Scottsdale and Riverview Point in Mesa). 

It has also officially broken ground on the first phase of a planned 1.8 million square feet of new office space at The Grand at Papago Park Center, and on Waypoint Two, its final building at the Mesa, Arizona Waypoint office campus.

“Our team’s history in Phoenix runs deep and wide,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “Every project we’re involved with has its own unique value that moves the commercial real estate market forward in a positive and strategic way, and reflects our commitment to the communities that we serve.”

“We take a very personal approach to property management assignments as well, creating tailored plans that bring assets to new levels of success,” said Lincoln Property Company’s Director of Management Services Alisa Timm. “Our growth is a result of these individual stories and the trust that clients place in Lincoln. We are grateful for both.”

Highlights of LPC’s record 2015 include:

 •       Biltmore Commerce Center, a 259,000-square-foot, Class A office building located on the Camelback Corridor – purchased in April for $58 million by LPC and Oaktree Capital Management.

•       Promenade Corporate Center, a 256,175-square-foot, two building office campus in the North Scottsdale/Kierland market – purchased in March for $65 million by LPC and Goldman Sachs.

•        Luhrs City Center, two historic Downtown Phoenix towers with 140,500 square feet of creative office space, 18,500 square feet of ground-floor retail and a 6-story parking garage – purchased in December for $44 million by LPC and Invesco Ltd.

•        Camelback Square, a 174,917-square-foot, Class A office building purchased by LPC and Oaktree Capital Management in 2011 and sold by the partnership in February 2015 for $42.3 million, after an aggressive lease-up and management program.

Alissa  Timm

•        Waypoint One, a $24 million, 108,000-square-foot modern office project developed and delivered by LPC and Harvard Investments in November. Waypoint One is adjacent to the 1.3 million-square-foot, mixed-use Mesa Riverview and is fully pre-leased to American Traffic Solutions.

•        Approximately one million square feet of new property management assignments, including El Dorado Tech Center, Biltmore Commerce Center, Promenade Corporate Center and Luhrs City Center. During 2015, LPC also retained multiple properties through ownership transitions. This brings the company’s Phoenix property management portfolio to more than 8 million square feet.

•        The Grand at Papago Park Center, a 60-acre, urban mixed-use project on the last developable site within Papago Park Center. In March, LPC was was selected to develop the first phase of a planned 1.8 million square feet of Class A mixed-use office space.

To discuss investment opportunities or leasing at LPC’s Phoenix projects, contact David Krumwiede at (602) 912-8888. For property management services, call Alisa Timm at (602) 912-8864.

For more information, visit www.lpc.com or www.lpcphx.com.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

First Quarter Sales Commercial Real Estate Sales Fell Below 2015 Record Levels, Reports Real Estate Capital Institute

 

Jeanne Peck

Chicago, IL -- The Fed's decision to maintain rates

during the mid-March meeting illustrates that global economic issues

outpaced any fears of domestic inflation, as mortgage markets and bond

investors are adding yield premiums in anticipation of further hikes later

in the year.

 During the month benchmark five and ten-year treasuries

modestly dropped by just over ten basis points.

Early signs of "price discovery" influence investor behavior and

expectations as first quarter sales activity for commercial real estate fell

well below 2015 records levels.  Investors are taking a breather from

bidding wars as debt availability tightens due to conduit pricing

volatility.  Meanwhile banks adjust loan exposures slightly downward

pressured by new regulations initiated this year.  Yet investor demand for

high-quality assets continues unabated by foreign investors seeking safe

haven, even as domestic investors retreat.

As spring begins, the conduit markets are showing some signs of improvement

with Triple-A traches of debt selectively trade over 30 basis points lower

than earlier this year.  Mortgage bond investors prefer the improved

collateral offered in the most recent issuances, as conduit lenders become

more selective with choosing loan opportunities.  Also, fewer loan pools

have hit the markets in recent months, creating limited supply of offerings.

Other noteworthy trends within the debt markets include:

*    Despite a Treasury rally with declining rates, lenders are

establishing benchmark floor rates for various types of properties. (e.g.,

3.75% to 4%).

*    As CMBS players thread cautiously and widen spreads, agencies, banks

and life insurance companies are experiencing backlogs with loan requests;

the trend is shifting towards a "lenders market" versus "borrowers market."

*    Mortgage rates at very favorable levels especially for lower

leverage debt, despite tightening underwriting requirements.

*    Current banking and conduit regulations along with changes in public

market that pricing further constrained mortgage capital formation. Expect

more nonregulated private capital sources to fill the void, but at pricing

premiums, generally 5% or higher for longer term fixed-rate debt.

*    Pricing volatility for CMBS debt creates widening of at least 75 to

200 basis points or higher than similar bank and life insurance company

debt. Full transparency is the hallmark for working with conduit loans for

helping to manage pricing expectations in the midst of uncertainty.

The Real Estate Capital Institute's(r) director, Jeanne Peck, claims "Spring

brings more clarity to the capital markets, as both debt and equity

investors tread carefully." 

She adds, "Tertiary markets and more challenging properties will witness wider pricing, a healthy phenomenon, as the markets return to more 'rational' underwriting levels."

For daily rate updates, please call the Real Estate Capital RateLine at

7RE-CAPITAL (773-227-4825)

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

Jeanne Peck, Executive Director, director@reci.com

www.reci.com

 

Newly Formed RAF Pacifica Group Acquires 277,040 square-foot Industrial Portfolio in San Diego County, CA

Adam Robinson

 SAN DIEGO, CA – Newly formed RAF Pacifica Group has acquired a 277,040 square-foot portfolio consisting of 16 individual buildings throughout six multi-tenant industrial business parks in San Diego County. 

The acquisition price was not disclosed.  The firm secured a $19.6 million loan at 50 percent leverage for the acquisition.  All buildings are 100 percent occupied.

“This portfolio is a rare find in the market,” explains Adam Robinson, Principal of RAF Pacifica Group. “The current market for quality industrial products is extremely competitive in the San Diego area. RAF Pacifica Group, however, was able to secure six quality, tenant-diversified, full-occupancy multi-tenant business parks in San Diego County.

“This first acquisition is a testament to our firm’s strong relationships with local brokers, as well as our expertise in this market, both of which are essential to acquiring this product type.”

The Portfolio

            The acquisition consists of six fully-occupied projects with a total of 87 tenants.  The six projects included in the portfolio are Carroll Way Industrial Park, Rancho Pacifica Business Center, Sorrento Mesa Commerce Center, Enterprise Business Center, Oceanside Business Park I and Oceanside Business Park II.

CJ Stos

            RAF Pacifica Group purchased four of the six projects from a private international real estate investment firm, and the remaining two projects – Oceanside Business Parks I & II – from a private owner.  CJ Stos of Stos Partners is a partner with RAF Pacifica Group in the transaction.

Based on each project’s multi-tenant structure, excellent location and range of unit sizes, RAF Pacifica Group views the portfolio as a cash-flow, low-risk asset and anticipates long-term ownership of these properties. 

In addition, RAF Pacifica Group plans to draw upon its expertise in asset renovation and repositioning in order to implement exterior and interior enhancements that will enable the firm to increase current tenant rents to market rate, according to Robinson.

            “Maintaining high occupancy was the primary objective of the prior owners,” explains Robinson. “RAF Pacifica Group views its long-term hold assets with a long-term vision, however, and sees a strategic opportunity in this portfolio to create value upon tenant roll over. 

"We want to ensure that our assets are well-positioned for the future, and we plan to make as-needed improvements that will drive high yields.”

Lori Wendel

            Robinson notes that this portfolio is the perfect first investment for RAF Pacifica Group, providing the firm with the opportunity to implement and grow its business strategy, which focuses on acquiring, renovating and growing a pipeline of industrial, flex and office assets, as well as developing new product in Southern California.

Brokers involved in facilitating this portfolio transaction for RAF Pacifica Group include:

·         Randy LaChance, SIOR, a Senior Vice President with Voit Real Estate Services

·         Bob Willingham, SIOR, a Senior Vice President and Partner with Kidder Matthews

·         John Witherall, an Associate Vice President with Colliers International

·         Josh McFadyen, a Senior Vice President with Colliers International

·         Joe Crotty, a Senior Vice President with Colliers International

 James Ruiz and Lori Wendel with Keystone Mortgage Corporation provided acquisition financing to RAF Pacifica Group.

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

Jenn Quader

Brower, Miller & Cole

(949) 955-7940

jquader@browermillercole.com

JLL Reports 80 Percent of 2.2 Million SF of New Office Space Construction Already Pre-Leased

Karsten Peterson

PHOENIX, AZ – JLL reports new commercial construction is still going strong in Greater Phoenix, AZ markets.

• More than 2.2 million square feet of office space (including 439,530 square feet of speculative space) is currently under construction in Greater Phoenix. An impressive 80 percent of that space is pre-leased.

• Almost 82 percent of space under construction (1.8 million square feet) is represented in three projects: Marina Heights, Arizona Department of Economic Security (build-to-suit in Chandler) and Skysong 4.

Expansion and absorption continue:

• A healthy 423,748 square feet of office space was absorbed in Phoenix during Q1, a 48.5 percent increase from one year prior.

• Overall vacancy is expected to decline in 2016 as office-using employers continue to expand and relocate to the Valley.

But the dynamics of spec development may be shifting:

• Speculative office development is declining as developers assess the market, taking note of how long the over 1.0 million square feet of vacant space delivered in 2015 stays on the market before kicking off new projects.

Here’s what JLL Managing Director Karsten Peterson says about Q1 office market trends from the landlord’s perspective:

“This recovery has seen a greater percentage of build-to-suits than previous Phoenix market rebounds. 

"We are hearing loud and clear that Corporate America wants buildings that meet the needs of today’s tenants – larger floorplate buildings with higher parking ratios and finished with a creative interior improvements including open ceiling environments, indoor/outdoor connectivity and walkable amenities.

“Expansions, consolidations and relocations still support the speculative office development pipeline, but that side of the market may begin to slow as capital becomes harder to secure.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Winston-James Completes New / Expansion Lease for Orlando Furniture Exchange at Aloma Commerce Center in Oviedo, FL

 

Winston Schwartz

ORLANDO, FL  ---  Winston-James Development, Inc. recently negotiated an expansion lease agreement at Aloma Commerce Center, its office/warehouse development located at 2785 Wrights Rd. off Aloma Ave. and S.R. 417 in Oviedo.

Winston Schwartz, a principal at Winston-James Development, based in South Daytona, said Orlando Furniture Exchange, a tenant in 1,200 square feet at Aloma Commerce Center, leased another 940 square feet for a total of 2,140 rentable square feet.  The tenant specializes in quality modern and contemporary refurbished furniture. 

The 75,000 square foot Aloma Commerce Center is nearly 100 percent leased.

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

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

The Partyka Group at NAI Realvest completes Building Sale in Palatka, FL

Paul Pasrtyka

PALATKA, FL – NAI Realvest recently closed on the investment sale of a 4,754 square foot, flex/warehouse building at 2626 Reid St. off US 17 in Palatka.

The Partyka Group – Paul P. Partyka, partner at NAI Realvest, and associate Juan Jimenez – brokered the sale representing the landlord, Opportunity Fund USA, LLC of Odessa, Fla. 

Buyer Revital Moskowitz of Brooklyn, NY paid $170,000 for the free-standing building built in 1957 on a quarter-acre site in a high-traffic area.    

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

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

HFF secures $43.3 million refinancing for 100 Peachtree in Atlanta’s CBD

100 Peachtree, Central Business District, Atlanta, GA

Gregg Shapiro

 ATLANTA, GA -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $43.3 million refinancing for 100 Peachtree, a 625,424-square-foot, Class A office tower in Atlanta’s central business district.

Working on behalf of the borrower, an affiliate of Five Mile Capital Partners LLC, HFF placed the four-year, floating-rate loan with Principal Global Investors.  Loan proceeds were used to retire existing debt and will provide future funds for base building capital improvements as well as tenant improvements and leasing commissions. 

The property’s location along Peachtree Street NW in downtown Atlanta provides tenants with excellent access to public transportation including two Marta stations within blocks of the property, vehicular access to the Downtown Connector (Interstates 75 & 85), an Atlanta streetcar stop at the property’s doorstep, as well as easy access to the Hartsfield-Jackson International Airport, eight miles from the site.

 The iconic, 32-story tower features a conference center with a boardroom, three conference rooms and a mock courtroom; a fitness center; dry cleaner; florist; FedEx-Kinko’s; Dunkin Donuts; Starbucks and parking for 928 vehicles.  100 Peachtree is 61 percent leased to tenants including Koch Properties; Accenture; Fulton County Public Defender; Atlanta Beltline, Inc.; and McGuire Woods LLP.

The HFF debt placement team representing the borrower was led by senior managing director Mark Sixour and managing director Gregg Shapiro. 

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

Kristen M. Murphy

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