RKW RESIDENTIAL Expands Portfolio by More Than 1,700 Units; Makes Key New Hires to Support Rapid Growth

Marcie Williams

Charlotte, NC and Miami, FL — RKW RESIDENTIAL, a leading multifamily property management company, has continued the momentum from a historic 2018 with the addition of more than 1,700 units to its portfolio. The company was awarded seven new assignments in North Carolina and South Florida.

The new assignments include expanded relationships with existing clients such as Bluerock Real Estate and Greystone Development and a first-time partnership with Crescent Communities.

Elizabeth Vaccaro

“In a competitive industry, there is not a bigger vote of confidence in our people than having developers and operators we presently work award us additional management and leasing assignments,” said Marcie Williams, president of RKW. “It is also incredibly gratifying to form new relationships. We look forward to those evolving into long-term partnerships.”

To support the aggressive growth in two core markets, RKW hired three new regional managers.

Nahleena Moore

Nahleena Moore has joined the company’s Charlotte-based team to oversee its vast portfolio in the Carolinas. Julie Chu Zhang is also guiding operations throughout North Carolina, with a specialty in the Triangle and Triad markets.

In Miami, Elizabeth Vaccaro is on board to help guide the South Florida and Jacksonville portfolio of properties.

Moore, Chu Zhang and Vaccaro bring a combined 45 years of experience to RKW.

Julie Chu Zhang

Inspire SouthPark is one of RKW’s new apartment community assignments.
 The 369-unit luxury building at 345 Sharon Township Lane in Charlotte’s SouthPark neighborhood was completed in 2018 by development partnership Morgan Bond.

Inspire SouthPark is generating significant attention in the market for its array of amenities, including an on-site pet spa, dedicated yoga room, two dog parks and a coworking spaced called “Work Haus.”

The 90-unit Cade Boca Raton apartments is the seventh Bluerock-owned community managed by RKW. Cade is a Class A, townhome-style community located at Broken Sound Parkway and Yamato Road in Boca Raton, Fla.

Inspire Southpark, 345 Sharon Township Lane, SouthPark neighborhood, Charlotte, NC

In Miami, Fla., RKW oversees management and leasing at Greystone’s 14-story, 100-unit Aura Coral Gables. The company has launched pre-leasing at the 1501 SW 37th Ave. community.

Crescent hired RKW to manage Novel Research Park, a 280-unit luxury apartment community at the intersection of West Mallard Creek Church Road and Senator Royall Drive in Charlotte.

Additional new assignments include:

·         The Pointe at Crabtree, a 336-unit community located at 4800 Waterford Pointe Drive in Raleigh

·         Stone Ridge Apartments, a 318-unit community at 8940 Camden Creek Lane in Charlotte

·         Whitehall Estates, a 252-unit community at 2400 Whitehall Estates Drive in Charlotte

CONTACT:

Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.rkwresidential.com.

Tangram Studio To Become Independent Entity Named 'Studio Other' as Nationwide Growth Continues

Charlotte Wiederholt

SANTA FE SPRINGS, CA,  Mar. 19, 2019 – Tangram, a curator of highly creative commercial interior environments and workspaces, has announced that its Tangram Studio custom furniture unit is evolving to  become an independent entity and will operate under the name Studio Other.

Charlotte Wiederholt will continue to lead Studio Other as president and creative director.

“This step is very exciting for all of us at what will now become Studio Other,” noted Wiederholt. “We have been honored to create solutions for some of the most prestigious brands in the world and look forward to continued growth and opportunities.”

Joe Lozowski

“At Tangram, we are always excited to support and promote the entrepreneurial vision that continually emerges from our teams,” said Tangram President and CEO Joe Lozowski.

“We are very proud that the time has come to further empower Studio Other, Charlotte and her group as a preeminent creative resource in our industry and a preferred partner to the top architects and facilities directors in the country.”

Since its inception in 1996, Studio has built a reputation as a premier creator of innovative custom furnishings for a wide range of commercial interiors from corporate workplaces to educational institutions and healthcare facilities.

Its new status will enable Studio Other to operate independently under its own brand identity as it pursues ongoing expansion across the U.S.

For information on Studio Other, please visit www.studioother.com.  

To learn more about Tangram and its full capabilities, go towww.tangraminteriors.com.

Contact:

Rachel Reenders

VP Public Relations

949-443-9300

rachel@kcomm.com

https://www.linkedin.com/in/rachel-reenders/

www.tangraminteriors.com.

DONE DEAL OF THE YEAR

JLL to Accelerate Growth in Capital Markets Business Through Acquisition of HFF in Deal Valued at Estimated $2 Billion.

Mark Gibson
.

HFF capabilities will significantly bolster JLL’s full-service Capital Markets business -- Combination will create an industry-leading Capital Markets platform. 

CHICAGO, IL and DALLAS, TX, March 19, 2019 – Jones Lang LaSalle Incorporated (NYSE: JLL) and HFF, Inc. (NYSE: HF) today announced that they have entered into a definitive agreement under which JLL will acquire all the outstanding shares of HFF in a cash and stock transaction with an equity value of approximately $2 billion.

The transaction has been unanimously approved by the boards of directors of both companies.

 HFF is one of the largest and most successful commercial real estate capital markets intermediaries in the U.S., marked by decades-long relationships with clients, a talented leadership team and best-in-class capital markets advisors.

 Since 1998, HFF has closed more than $800 billion in over 27,000 transactions, achieving record revenue in 2018 of more than $650 million.

Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets, Americas and Co-Chair of its Global Capital Markets Board.

Christian Ulbrich

“Increasing the scale of our Capital Markets business is one of the key priorities in our Beyond strategic vision to drive long-term sustainable and profitable growth," said Christian Ulbrich, Global CEO of JLL.

"The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities.

“We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders.”

“This is a terrific transaction for our shareholders, providing them with an immediate cash payment and the opportunity to participate in the long-term value of the combined company,” said Gibson.

“In addition, we believe the combination with JLL will create a superior platform for our shareholders, clients and employees than either company would have independent of the other and will significantly accelerate our firm’s strategic plan.

"JLL’s team-oriented culture with the additional standards of high character and integrity are an excellent match with the HFF culture, which has been HFF’s fundamental differentiator since its inception.”

Transaction Details Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share.

Based on the closing price of JLL stock of $163.02 on March 18, 2019, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share.

The share price represents a premium of approximately 22 percent and 25 percent compared to the volume weighted average price of HFF over 60 and 90 trading days, respectively, and a premium of approximately 6 percent over the closing stock price on March 18, 2019 (before the positive impact of the $1.75 per share special dividend declared on January 31, 2019 and paid on February 27, 2019).

Upon closing of the transaction, JLL shareholders are expected to own approximately 87 percent of the combined company, and HFF shareholders are expected to own approximately 13 percent.

 All seven Executive Committee members of HFF have agreed to vote their shares, representing 3 percent ownership of HFF, in favor of the transaction.

Key HFF senior leaders and capital markets advisors have entered into 3-4 year commitments related to employment, non-competition and/or retention.

Finally, JLL anticipates adding one of HFF’s existing directors to JLL’s Board of Directors effective as of the closing of the transaction.

CONTACT:

Stacey Hershauer
 stacey@focusaz.com

HFF arranges $39.6 million construction loan for speculative boutique office building at 76 8th Avenue in Manhattan, NY

Rendering of Planned 76 8th Avenue,
 Meatpacking District, Manhattan, NY

NEW YORK, NY – – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged a $39.6 million construction loan for 76 8^th Avenue, a 10-story, 34,364-square-foot, speculative boutique office building with ground floor retail on the prime corner of 8^th Avenue and 14^th Street at the edge of Manhattan’s Meatpacking District.

Kristen Knapp

Working on behalf of the borrower, Noviprop, LLC, and co-developer Plus Development, HFF placed the construction loan with G4 Capital Partners.  

Gene Kaufman

Designed by Gene Kaufman with interiors by Raad Studio, the project is scheduled for delivery in Summer 2020. 76 8^th Avenue will feature ground floor retail, nine floors of office space and a common roof deck for tenants.

The modern design, boutique nature and prime location is expected to drive leasing interest from tech and financial firms.

The remarkable Meatpacking micro-market has garnered the attention of top tenants including Diane von Furstenberg, Alibaba and Google, which is located one block north of 76 8^thAvenue.

 76 8^th Avenue has immediate access to public transportation with the 14^th Street Subway station located directly in front of the property, connecting it to Williamsburg, Financial District and Midtown within minutes.

Peter Lotchford

The property is located near New York’s top amenities such as The High Line, Hudson River Park, The Whitney Museum and Chelsea Market. 76 8^th Avenue is situated at a five-way intersection at the edge of the Meatpacking District, which is known for its chic and trendy roster of hotels, restaurants and retail tenants, including The Standard Hotel, Bubby’s, Catch, Tory Burch and Restoration Hardware.

The HFF debt placement team representing the borrower was led by senior director Peter Rotchford, managing directors Chris Peck and David Giancola and analyst Kristen Knapp.

Christopher
Peck

“HFF was thrilled to play a role in the capitalization of 76 8^th Avenue,” Rotchford said.  “Noviprop has owned the site since the early 1980’s and we are excited to watch them contribute to one of Manhattan’s most popular boutique office markets.” 

About G4

G4 Capital Partners (“G4”) is an established middle-market real estate finance company focused on lending in the tri-state area.  Since its launch in 2005, G4 has originated and funded loans with a combined value in excess of $1.5 billion.

David Giancola

About Plus Development

Headquartered in Los Angeles with offices in New York and Dubai, Plus Development LLC was formed as a multi-disciplinary real estate company, with a primary focus on design-oriented projects in the residential, commercial, multi-family, hospitality and retail sectors.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

Diane von Furstenberg

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

PETER ROTCHFORD

HFF Senior Director

(212) 245-2425

protchford@hfflp.com

JOHN DUNNE

Plus Development Group

(917) 767-1971

John@plusdevelopmentgroup.com

ROBERT PALUMBO

G4 Managing Director

(516) 320-8732

Robert@g4dev.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

Marcus & Millichap Handles $2 Million Sale of 42-Unit Eastwood Apartments in Haines City, FL

Kristin Boekhoff

Adam Bass

 HAINES CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Eastwood Apartments, a 42-unit apartment property located in Haines City, FL, according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $2,000,000.

Adam Bass, Chris Travis and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

Chris Travis

The buyer, a private investor, was secured by Kristin Boekhoff, a multifamily specialist on the Turchi-Travis Team. 

Eastwood Apartments is located at 25 S 22nd St in Haines City, FL.  The property, built in 1978, had rural area rent restrictions that burned off in August 2018 for a value-add component and sold at 6.03% cap rate on current net income.

Contacts:

 Justin W. West

Vice President / Regional Manager

Ray Turchi

Orlando, FL

(407) 557-3800

Ocea Huggins
Operations Manager – Orlando and Jacksonville
Marcus & Millichap 300 South Orange Avenue Suite 700 Orlando, FL 32801 (407) 557-3840 direct (407) 557-3800 main (407) 927-0313 mobile (407) 557-3810 ocea.huggins@marcusmillichap.com

www.MarcusMillichap.com.

Marcus & Millichap Brokers $2.8 Million Sale of Still Waters West Seniors Housing Facility in Lake City, FL

Krone Weidler

LAKE CITY, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Still Waters West, a 21,711-square foot seniors housing property located in Lake City, Fla., according to Grant Fitzgerald, regional manager of the firm’s Tampa office. The asset sold for $2,800,000.

Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a not-for-profit corporation.  The buyer, a limited liability company, was also secured and represented by Weidler and Tsunis.

“We were able to successfully navigate the complexities of a not-for-profit operator selling to a for-profit buyer. Our expertise in underwriting and business standards of seniors housing allowed the buyer to purchase the property with financing. This involved the cooperation of both the seller and the buyer as well as other third parties,” saidTsunis.

Still Waters West, a not-for-profit assisted living facility located in Lake City Florida. The 21,711-square foot facility sits on 1.26 acres of land between Jacksonville and Tallahassee, just north of U.S. Highway 90. 

L.J. Tsunis

The facility is located in a lovely shaded woodland area, but is still just minutes away from restaurants, shopping centers, and medical facilities including Lake City Mediplex, which is directly across the street from the facility. 

Columbia County has recently been touted as the state's fastest growing county in terms of new business development. Also, the new Port of Columbia County is expected to bring in 3,000 new jobs to the area.

Contact: 

Grant Fitzgerald

Regional Manager, 
Tampa, FL
(813) 387-4700

HFF expands debt and equity placement team with addition of director Greg Gaughan in Atlanta office

Greg Gaughan

ATLANTA, GA, March 18, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has hired Greg Gaughan as a director focused on debt and equity placement transactions in its Atlanta office.

Mr. Gaughan has more than 12 years of capital markets experience and joins HFF from Grandbridge Capital, where he was most recently an assistant vice president/loan originator. 

 He began his career with Grandbridge in 2006 as a senior real estate analyst in the loan production group.  Mr. Gaughan has a Bachelor of Business Administration degree from the Terry College of Business at The University of Georgia (UGA). 

He is a CCIM candidate and an active member of industry organizations, including the National Association of Industrial and Office Properties (NAIOP) and International Council of Shopping Centers (ICSC). 

Ed Coco

 Additionally, Mr. Gaughan is on the Advisory Board of The Lionheart School and on the Alumni Leadership Team of the Catholic Center at UGA.

“We are pleased to welcome Greg to the HFF team,” said Ed Coco, senior managing director and co-head of HFF’s Atlanta office.  “Greg is a well-respected and successful capital markets advisor and he is a perfect cultural fit for HFF Atlanta and the firm at large.”

CONTACTS:

ED COCO

HFF Senior Managing Director

(404) 832-8460

ecoco@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

Thomas Prins Joins Hostmark Hospitality as Minority Partner

  

Thomas Prins

SCHAUMBURG, IL,  March 18, 2019—Thomas Prins, principal of TQP Capital Partners, a hotel real estate private equity firm focused on value-add and opportunistic investments, today announced that he has joined Schaumburg, Ill.-based Hostmark Hospitality Group, a leading third-party hotel management company, as a minority partner. 

 In his new role, Prins will be responsible for new business development on behalf of Hostmark and TQP Capital Partners. 

The affiliation of the two businesses will begin immediately.  The financial terms of the transaction were not disclosed.

               

 “We were looking to align TQP Capital Partners with a proven operator that shares many of our core values to work together to successfully execute the business plans for the hotel assets TQP Capital acquires,” Prins stated. 

Jerome T. Cataldo

“We look forward to supplementing Hostmark’s history, capabilities, bench strength and expertise in managing independent and soft-branded hotels.  We expect to accelerate Hostmark’s growth by using our capital and LP relationships to develop and acquire hotels and resorts.”

“As we embark on our next growth phase, Thomas and his TQP Capital platform will help us exceed owner expectations, augment our robust pipeline and lead us to new opportunities,” said Jerome Cataldo, president and CEO, Hostmark Hospitality Group.

  “The relationship builds upon recent additions to Hostmark's management portfolio which includes the award-winning Perry Hotel in Key West, the award-winning Merrill Hotel and Conference Center in Iowa and the under-construction Higgins Hotel, a Curio Collection by Hilton property in New Orleans.”

Contact:              

Chris Daly, Media

 (703) 435-6293

 chris@dalygray.com

www.hostmark.com 

RK Centers Acquires Walmart Supercenter in Chicopee, MA for $18.6 Million

Walmart Supercenter, 591 Memorial Drive, Chicopee, MA

NEEDHAM, MA  --  RK Centers of Needham, Mass. (www.rkcenters.com), a real estate development company which owns and manages over eight million square feet of commercial retail space in New England and South Florida, completed its acquisition of the Walmart Supercenter at 591 Memorial Drive in Chicopee on March 15.

Ken Fries

The 12.7-acre property is also home to a 99 Restaurant. The combined retail space totals 223,526 SF. The purchase price was $18,600,000.

 Making the announcement was Ken Fries, Director of Acquisitions for RK Centers, who noted the recent purchase occurred just a few months after RK’s acquisition of the 114,000 SF Walmart Supercenter in Saugus, Mass. 

Nat Heald

Seller of the Chicopee property was UE Chicopee Holding LLC. The purchasing entity is R.K. Chicopee, LLC. 

Brokers for the transaction were Nat Heald, Executive VP, and Chris Angelone, Managing Director, of Jones Lang LaSalle / N. E. Capital Markets.

RK now includes in its portfolio five properties anchored by Walmart stores. In addition to the new Saugus and Chicopee locations, the 387,000 SF RK Worcester Crossing; the 160,000 SF RK North Reading Plaza,  and the 275,000 SF RK Newport Towne Center in Newport, RI.

Chris Angelone

Fries said, “In the last three years, RK Centers has acquired more than 2.3 million square feet. Our investment formula focuses on open-air, well-situated, heavy traffic locations with good demographics – and respected credit tenants.”

Fries attributes the firm’s track record of over 35 years to its founder’s guiding principles:  minimal debt and close working relationships with tenants, customers, and local and regional vendors.

Kevin Belmont

About RK Centers

RK Centers is a privately held family-owned real estate development company which owns and manages over eight million square feet of commercial retail space, primarily ‘open air’ regional and community shopping centers in New England and South Florida.

With a minimal amount of leverage, the company  closes on acquisitions within 30 days with its own funds. With over 35 years of experience in real estate, RK Centers has a proven track-record of success with tenants, customers, and communities with all leasing and management functions performed in-house.

For company and property information, please visit  https://www.rkcenters.com

CONTACTS:

Property Owners:   Ken Fries, Director of Acquisitions – kfries@rkcenters.com

                    

Kevin Belmont, VP, Operations – kbelmont@RKCenters.com

(781) 320.0001    

                                                                                                               

Media: Stan Hurwitz  (for RK Centers)  stanhurwitz@gmail.com 

 www.rkcenters.com