Friday, May 26, 2017

Marshall Hotels & Resorts Opens 162-Room Grand River Hotel, An Ascend Hotel Collection Member, in Grand Rapids, MI


Mike Marshall
SALISBURY, MD and GRAND RAPIDS, MI—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced that the company has opened the 162-room Grand River Hotel, an Ascend Hotel Collection Member, in Grand Rapids, Mich. 

“Grand Rapids’ first Ascend Hotel Collection Member, the Grand River Hotel is designed to appeal to lifestyle explorers seeking a modern retreat in their pursuit of experiential travel,” said Mike Marshall, president and CEO.

“This also marks the first, new full-service hotel to enter the marketplace in seven years, providing Grand Rapids with a much-desired destination for both leisure and business travelers to the area who are design conscious and social, mindful of health and wellness, have a desire to push personal limits and approach travel with a Millennial mindset.”

Located at 270 Ann Street NW just one mile from downtown, the seven-story hotel is near such local attractions as 20 Monroe Live, Van Andel Arena, DeltaPlex, Fifth Third Ballpark, Art Van Sports Complex, Downtown Market and the Gerald R. Ford Museum. 
  
For a complete copy of the company’s news release, please contact:

PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289




Wednesday, May 24, 2017

Affiliate of The Easton Group Buys Newly Constructed Warehouse in Doral, FL for $21.8 million

  
Edward W. Easton

 Doral, FL— An affiliate of The Easton Group, an established commercial real estate firm based in Doral,  has acquired a new, 182, 000 square foot warehouse/distribution facility in west Miami-Dade County.   

EWE Airport North Logistics Center, LLC paid $21.846 million in cash to the seller, Ridge Development, which recently built the Class A facility. 

The Easton Group, which is handling leasing and management, is currently talking with potential tenants and expects to make an announcement about that soon.    

“This was an opportunity to add a quality asset to our portfolio at a time when industrial real estate continues to fire on all cylinders,” said Edward W. Easton, founder and chairman of The Easton Group. “We still see huge tenant demand for new construction in desirable locations like this one.  As a result, we believe we can secure top-of-the-market rental rates with some room to grow.”

The distribution facility is located on 10 acres at the corner of 87th Avenue and 90th Street west of the Palmetto Expressway with easy access to Miami International Airport and Port Miami.

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

Todd Templin
Boardroom Communications

954-370-8999/954-290-0810

NAI Realvest Negotiates Sale of 64-Acre Residential Development Parcel for $3.85 Million in DeBary, FL


Michael Heidrich
DeBary, FL – NAI Realvest recently negotiated the sale of a 64.217-acre residential development parcel on Spring Vista Drive in DeBary for $3,850,000.00. 

NAI Realvest Associate Daniel Blackford, CCIM and Principal Michael Heidrich represented the Seller Springview Heights LLC of Orlando.  The buyer, Winter Park-based Henin Springview, LLC was represented in the transaction by Jerome Henin of Premier International Realty. 

The property was sold with entitlements in place and a preliminary approval and engineered site plan for 195 single-family residential lots.


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

More Than $1.4 Million in Longwood, FL and Lake Mary, FL


Nancy Pombo
Orlando, FL – NAI Realvest recently negotiated sales of two office properties – one in Longwood and one in Lake Mary – totaling $1,437,500.00.

Michael Heidrich, principal at NAI Realvest and Associate Patty Nolff represented local seller Zohner Development Inc. in the sale of a 5,000 square foot office building at 1928 Boothe Circle in Longwood.  

Jules Investment LLC of Lake Mary purchased the property for $862,500.00.    Nancy Pombo of NCP Global Realty represented the buyer.

NAI Realvest Principal Tom R Kelley, II, CCIM represented the landlord in the sale of 153 Parliament Loop in Lake Mary for $575,000.00.   

The 4,000 square foot office condo was purchased by Lake Mary Holdings Group represented by John Tsesmelis of Castle Rock Realty & Management.

 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

NAI Realvest negotiates $1.65 Million Sale of Winter Park, FL Industrial Property


Paul Partyka
ORLANDO, FL – Paul P. Partyka, CCIM, partner at NAI Realvest,  recently negotiated the $1,650,000.00 sale price for the industrial property located at 3454 Aloma Ave. in Winter Park.  .

Partyka represented the seller, Jacqueline Denton Trust of Indialantic, Fla.  Local businessman Faramarz Nasseri purchased the property consisting of a 22,600 square foot warehouse facility on 2.24 acres.  Abdel Kader of Premium Properties Real Estate represented the buyer  


 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

Meridian Capital Group Arranges $6.5 Million in CMBS Financing to Refinance the Oceanfront Lexington Hotel in Miami Beach, FL

  
Jacob Schmuckler
New York, NY, May 24, 2017 – Meridian Capital Group, America’s most active dealmaker, arranged $6.5 million in CMBS financing to refinance the oceanfront Lexington Hotel in Miami Beach, FL.

The 10-year interest-only loan, provided by a CMBS lender, features a fixed rate of 4.66% and full-term interest-only payments. This transactions was negotiated by Meridian Senior Vice President, Jacob Schmuckler, who is based in the company’s New York City headquarters.

The Lexington Hotel, located at 4299 Collins Avenue, is a 143-room oceanfront hotel in the heart of Miami Beach. Guests enjoy direct access to Miami’s white sand beaches and the boardwalk.

Amenities include an outdoor pool and a poolside cafe, a guest laundry facility, a spacious meeting facility and secure off-site parking. 

The Lexington Hotel offers on-site dining at the Florida Grill Steakhouse and the outdoor Beaches Bar and Grill. Guests are in walking distance from four-star dining options at Blade, Scarpetta, and the Forge Restaurants. Nearby attractions include Jungle Island, Miami Children’s Museum, Bass Museum of Art and the Miami Seaquarium.

“The loan was maturing with the existing lender,” explained Mr. Schmuckler. “Thanks to Meridian’s excellent CMBS lender relationships, we were able to close the loan in 45 days on favorable terms,” he added.

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

Jonathan Stern
Meridian Capital Group
212-972-3600





EagleBridge Capital Arranges $3.5 Million For Milford South Plaza in Milford, MA


Milford South Plaza, Milford, MA


Ted Sidel
Boston, MA -- EagleBridge Capital has arranged permanent mortgage financing in the amount of $3,500,000 to refinance Milford South Plaza located in Milford, Massachusetts according to EagleBridge principals Ted Sidel and Brian Sheehan who stated that the lender was a leading Massachusetts thrift institution.

Milford South Plaza is a 44,270 square foot retail plaza situated on a 5.13 acre site with parking for 237 vehicles at 146 South Main Street, (Route 140).  

The plaza is 100% leased to four tenants including Big Lots, Dollar Tree, The Milford National Bank, and Dunkin’ Donuts. The Milford National Bank and Dunkin Donuts are located in separate free-standing building.  

The property is managed by an affiliate of Summit Realty Partners of Lexington, Massachusetts.

Other retailers located nearby include CVS, McDonald’s, AT&T, Papa Gino’s, Ace Hardware, Planet Fitness, and Olympia Sports.

Brian Sheehan

Mr. Sheehan and Mr. Sidel stated, “We feel that Milford South Plaza enjoys a very strong retail location.  We were pleased to play a part in the refinancing of this property by our client.”

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, condominiums, apartments, office, industrial, r & d buildings, hotels, and mixed use properties as well as special purpose buildings.

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

Stanley J. Sidel
Senior Advisor
EagleBridge Capital
33 Broad Street
Boston, MA 02109
Tel: 617-292-7177 Ext. 300

The Keyes Company Names Joan Richardson Wellington, FL Office Manager

  
Joan Richardson
Wellington, FL, May 24, 2017 – The Keyes Company has announced the hiring of Joan Richardson as District Sales Manager for its Wellington office, which has enjoyed significant growth over the past year.

Previously, Richardson served as Assistant District Sales Manager of the company’s Boca Raton office for nearly 12 years. 

While in that role, she was named a Multi-Million Dollar Producer as a full partner on the Fannie Mae Listing broker team. 

Richardson was also the recipient of the President’s Elite Award in 2006, 2010, 2011 and 2012, and received the Circle of Excellence Award in 2013, 2014, 2015 and 2016.

YTD 2017, the Keyes Wellington office has generated a 32 percent year-over-year sales volume increase. Closed units are up 18 percent, with a 19 percent closed volume increase.

“We are excited to have Joan on board as a manager for our Wellington office,” said Keyes President and CEO Mike Pappas. “I have no doubt she will continue to help the team both personally and professionally, and continue to drive business.”

“I am honored to have the opportunity to manage the company’s Wellington office,” said Richardson. “Customer service, superior marketing and team work have always been important to me. I look forward to incorporating these values into my work and leadership skills in my new role.”


Before her time with real estate, Richardson worked as an Account Coordinator for Professional Direct Marketing and an Event Coordinator for Peak Seven Graphic Design Studio.

Mike Pappas
Richardson earned her Bachelor of Arts in Communication from the University of Central Florida.

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate. In addition to Valore Group, Keyes has Platinum Properties, which is also a division of Keyes Luxury. The combined companies are a premier luxury leader.

Keyes annually sells $650 million in luxury homes priced at $1 million or more. The company expects to grow its annual sales volume in that category to more than $1 billion.

Keyes is a Founding Member and Shareholder of Leading Real Estate Companies of the World®, a global network of more than 550 premier real estate firms encompassing 4,000 offices and more than 128,000 Sales Associates in 55 countries.
  
In July 2016, Keyes and Illustrated Properties announced the completion of a merger between the two companies, which continue to operate under their existing brands.

Following the merger, Keyes and Illustrated are, together, the largest independently-owned real estate firm in Florida and a Top 25-ranked firm in the entire United States. In Palm Beach County alone, the companies have in excess of 1,100 Sales Associates and produce double the volume of their closest competitor.

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

Jasmin Curtiss
PR Coordinator, BoardroomPR

O 954-370-8999

Tuesday, May 23, 2017

Terwilliger Pappas Breaks Ground on Solis Decatur Apartments in North Decatur Square, Atlanta, GA


Alan Dean
ATLANTA, GA – Terwilliger Pappas has started construction on Solis Decatur, a 290-unit apartment community. 

Solis Decatur comprises the residential component of the North Decatur Square mixed-use development that includes 89,000 square feet of restaurant and retail – including a Whole Foods 365.

Terwilliger Pappas partnered with SJ Collins Enterprises on the 11-acre parcel. Terwilliger Pappas’ financial partners on this deal are JP Morgan and Atlantic Creek.

The residential portion will include a workforce component to provide affordable housing opportunities to the local neighborhood. 

The project is located directly across from North DeKalb Medical Center, approximately one mile from Downtown Decatur where residents will have the opportunity to walk, explore, shop and enjoy over 200 independent shops, restaurants, music venues, galleries and salons.

“Solis Decatur is located in one of Atlanta’s most historic and thriving neighborhoods, with access to culture, food and retail,” said Alan Dean, Region President at Terwilliger Pappas. “Walkability is a critical component in all Terwilliger Pappas communities. The restaurant and retail offerings, including Whole Foods 365, within North Decatur Square make this a very compelling offering.”

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

Taylor Rowden/Hilary Harmon
Liz Lapidus PR
404-688-1466
taylor@lizlapiduspr.com

hilary@lizlapiduspr.com

HFF closes $28.1 million sale of and arranges $20.3 million financing for mixed-use office and retail center in Palm Beach Gardens, FL


City Center, Palm Beach Gardens, FL                    Photo by Mark S. Gall)

Hermen Rodriguez
MIAMI, FL  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $28.1 million sale of and arranged $20.3 million in acquisition financing for City Centre, a Class A, four-building, mixed-use office and retail center totaling 93,563 square feet in Palm Beach Gardens, Florida. 

The sale also included a 20-year ground leased outparcel with a PNC Bank branch and a 3.2-acre development site approved for 61,800 square feet of office space.

HFF marketed the property on behalf of the seller, Lionstone Investments.  AW Property Co. purchased the asset free and clear of financing.  Additionally, HFF worked on behalf of the new owner to place the acquisition financing. 

City Centre’s four buildings have classical Mediterranean revival-style architecture that includes Spanish tile mansards, a central fountain and walking paths with brick pavestones. 

The low-rise buildings are home to a variety of multinational, national and local tenants, including PNC Bank; Oppenheimer & Co. Inc.; Wilmington Trust; Sabadell United Bank; Twisted Root Brewing; Ristorante Limoncello and Premier Custom Pharmacy. 


Daniel Finkle
Situated on 13.58 acres at 2000 PGA Boulevard, City Centre is at the southwest corner of PGA Boulevard and US Highway 1 on the east side of Ellison Wilson Road. 

The property is the North Palm Beach submarket in northern Palm Beach County and is located less than 10 miles from downtown West Palm Beach.

The HFF investment sales team representing the seller was led by senior managing director Hermen Rodriguez, senior managing director and co-head of HFF’s retail practice Daniel Finkle, director Ike Ojala and associate director Tracey Goo.

HFF’s debt placement team was led by senior managing director Paul Stasaitis and associate Maxx Carney.

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

Kristen M. Murphy
Director, Public Relations
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


  

HFF secures $40.7 million construction financing for Hyatt House hotel in Nashville, TN


Ed Coco
ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $40.7 million in construction financing for the development of a new 201-room, 15-story Hyatt House hotel in Nashville’s West End area. 

HFF worked on behalf of the developer, a joint venture between Atlanta-based Songy Highroads LLC and a Hyatt affiliate, to place the construction loan with Citizens Bank.

The new Hyatt House Nashville West End will be a midrise extended-stay hotel featuring full kitchen suites in select rooms, lobby lounge and H Bar, outdoor patio with fire pit and grills, complimentary Morning Spread breakfast, evening happy hour, 24-hour fitness center, outdoor pool with pool deck, meeting space and more.

 The hotel is expected to be completed in early 2019.  Situated on .62 acres at 21st Avenue North and Hayes Street, the hotel’s West End location places it in close proximity to Vanderbilt University, Vanderbilt University Medical Center and Children’s Hospital, Belmont University, St. Thomas Hospital and Tri-Star Centennial Medical Center.

The HFF debt placement team representing the developer was led by senior managing director Ed Coco and associate Matt Casey.

“This Hyatt House project is ideally located squarely in the heart of the West End’s largest demand drivers,” said Coco.  “Fundamentals for the extended-stay product continue to flourish in this incredibly strong submarket, and the collaboration between Songy Highroads and Hyatt will develop a best-in-class project to service this stable and growing demand.” 

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

Kristen M. Murphy
Director, Public Relations
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


  

HFF completes sale of 520 Post Oak Boulevard in Houston, TX


520 Post Oak Boulevard Office Building, Galleria Submarket, Houston, TX


HOUSTON, TX –- Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has completed the sale of 520 Post Oak Boulevard, a 155,147-square-foot, boutique office building in Houston’s Galleria submarket.

HFF worked on behalf of the sellers, balandis real estate AG and Griffin Partners. The project was sold to Griffin Partners Office Fund III.  balandis AG was advised by EII Realty Corp.

520 Post Oak Boulevard is situated in the heart of Post Oak Park in Houston’s Galleria submarket, a location that boasts unparalleled freeway connectivity via Loop 610, Interstate 10 and Interstate 69; access to more than 35 Fortune 1000 HQ within a 15 minute drive; direct access to Houston’s premier residential neighborhoods and an extensive retail amenity base, including River Oaks District, Highland Village, Uptown Park, BLVD Place and The Galleria Mall. 

The eight-story building is 90.1 percent leased to a diverse roster of tenants in the real estate, financial, professional services, energy and transportation service industries. 

The HFF investment sales team representing the seller was led by senior managing director Danny Miller and associate John Indelli.

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

Kristen M. Murphy
Director, Public Relations
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

Stepp Commercial Completes $4.1 Million Sale of Bay Shore Apartments in Long Beach, CA


Robert Stepp
Long Beach, CA -- Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.1 million sale of Bay Shore Apartments, a nine-unit apartment property adjacent to the Belmont Shore neighborhood of Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, a private investor from Los Angeles. Vice President Todd Hawke of Stepp Commercial represented the buyer, a private investor from Los Angeles.

The property closed at a 3.8 percent cap rate and a price per unit of nearly $456,000, which is a record high for the area.

Built in 1946, the two-story property is located at 20 Bay Shore Avenue and consists entirely of two-bedroom units. The asset includes a front porch, private garages and a laundry facility. Some of the units have been upgraded with hardwood floors, granite countertops and custom cabinetry.

"Bay Shore Apartments is just steps from the beach in the prestigious Belmont Shore neighborhood," said Stepp. "It offers the buyer a 15 percent rental upside and sold for full asking price."

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224



After Strong First Quarter, CBRE Forecasts Eighth Consecutive Year of Occupancy Growth for U.S. Hotels


R. Mark Woodworth
Atlanta, GA, May 23, 2017 – The U.S. lodging industry started 2017 on a strong note.  During the first quarter of 2017, hotel demand increased by 2.8 percent.  

The result was an occupancy of 61.1 percent, the highest first quarter occupancy rate reported by STR in the past 30 years.

 “Since bottoming out in the fourth quarter of 2009, U.S. lodging demand now has grown for 29 consecutive quarters, and led to the record occupancy levels we currently are observing,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research (CBRE).

 “We realize that favorable prior year comparisons contributed to the strong growth in first quarter demand, and that pace cannot be sustained through the rest of 2017. 

“However, given the positive economic outlook for the remainder of the year, we are projecting demand to outpace supply once again in 2017, thus resulting in an eighth successive year of occupancy growth for the U.S. lodging industry.”

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

Chris Daly
Daly Gray Public Relations
703 435 6293

National Retail Properties Inc. Declares Dividends for its 5.70% Series Preferred and 5.20% Series F Preferred Stocks


Kevin Habicht

Orlando, FL  - The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable June 15, 2017, to shareholders of record on May 31, 2017.

The Board also declared a cash dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 32.5 cents per depositary share payable June 15, 2017, to shareholders of record on May 31, 2017.

National Retail Properties invests primarily in high-quality retail properties subject
generally to long-term, net leases. As of March 31, 2017, the company owned 2,543
properties in 48 states with a gross leasable area of approximately 27.3 million square
feet with a weighted average remaining lease term of 11.4 years.

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

Kevin B. Habicht
Chief Financial Officer
(407) 265-7348