ATTOM Data Solutions Finds U.S. Foreclosure Activity Decreases 13 Percent in April 2019

Todd Teta

IRVINE, CA, May 16, 2019 – ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its April 2019 U.S. Foreclosure Market Report.

The report shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 55,646 U.S. properties in April 2019, down 5 percent from the previous month and down 13 percent from a year ago for the 10^th consecutive month with an annual decline.

Christine Stricker

States with the highest foreclosure rates were New Jersey (one in every 980 housing units with a foreclosure filing); Maryland (one in every 1,218 housing units); Delaware (one in every 1,249 housing units); Illinois (one in every 1,371 housing units); and Florida (one in every 1,415 housing units).

  “While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on,” said Todd Teta, chief product officer at ATTOM Data Solutions.

 “For instance, Florida is seeing a steady annual increase in total foreclosure activity for the 8^th consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts.”

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

Chatham Lodging Trust Sells Western Pennsylvania Hotels for $10 Million

105-room Courtyard by Marriott Altoona, Pa

WEST PALM BEACH, FL, May 16, 2019—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has sold the 105-room Courtyard by Marriott Altoona, Pa., as well as the 86-suite SpringHill Suites by Marriott Washington, Pa. for approximately $10 million.

Jeffrey H. Fisher

Inclusive of brand required improvements of over $4 million, Chatham sold the hotels at an approximate six percent net operating income capitalization rate (after an assumed annual capital reserve of four percent of total hotel revenues). 

“We acquired these smaller hotels as part of a portfolio purchase in 2010, and the hotels had a pretty good run for five years, but no longer meet our long-term investment strategy,” highlighted Jeffrey H. Fisher, Chatham’s chief executive officer and president. 

86-Suite SpringHill Suites by Marriott Washington, Pa

 “These two non-core hotels, in very small markets and with combined RevPAR of $65, do not match the overall quality of our portfolio.

"Excluding the sold hotels, our comparable portfolio RevPAR increases to $135 from $133. Importantly, we do not have to invest over $4 million renovating these hotels.

"We will continue to opportunistically sell assets when we believe we can re-deploy those proceeds into high-quality hotel investments that earn higher yields in higher growth markets, thus enhancing our net asset value.”

The company estimates that the hotels would have contributed approximately $1 million of EBITDA in 2019. Net proceeds from the sale will be utilized to reduce borrowings on Chatham’s unsecured credit facility.

CONTACTS:

Patrick Daly

Office Manager

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

www.chathamlodgingtrust.com. 

Dennis Craven

 Chief Operating Officer

dcraven@cl-trust.com

(561) 227-1386    

                                                                      

NAIOP Florida 2019 Legislative Effort Leads to Tax Rollback, Permit Fee Transparency and Major Development Package

Yvonne Baker

TALLAHASSEE, FL (May 15, 2019) – For the third consecutive year, the Florida chapters of NAIOP, the Commercial Real Estate Development Association, have won a rollback in the business rent tax from 5.7 percent to 5.5 percent.

Office, industrial and retail tenants pay this sales tax on top of rent and common area maintenance. Florida is the only state in the nation to impose a sales tax on commercial leases.

Governor Ron DeSantis is expected to sign this bill and commercial tenants will begin to experience this additional tax relief on Jan. 1, 2020.

“This tax makes Florida’s development and commercial real estate sector less competitive,” says Yvonne Baker, NAIOP’s 2019 state president and regional managing partner of Franklin Street in Orlando.

“It zaps money that businesses could otherwise invest in growth and job creation. NAIOP made dropping more money to the bottom line of commercial real estate occupiers and owners a top 2019 legislative priority.”  

Darcie Lunsford

Leadership from the state’s five NAIOP chapters - Tampa, Central, Northwest, Northeast and South Florida - actively engaged Florida lawmakers with personal visits to the state Capitol and letter-writing campaigns aimed at lowering and eventually eradicating the business rent tax. 

Additionally, NAIOP won a major battle in its war against unreasonable governmental delays and rising costs of getting a building permit. Permitting fees charged by local governments are user fees.

Robust construction has counties and municipalities taking in more fee revenue, but their capacity to efficiently process and issue permits has not proportionately increased.

The new permit transparency legislation requires local governments publicly post permit and inspection fee costs and how that revenue is being applied within government functions.  

In a similar accountability initiative, NAIOP also supported legislation that prohibits a local government from collecting impact fees before issuance of a building permit except in the case of water and sewer connection. The new law is effective July 1.

NAIOP Florida also played a key role in passage of several pro-development provisions in a major property development package that emerged out the state’s 2019 legislative session.

Chief among them is financial relief to developers from governmental requirements that an affordable housing component be included within a new project.  The new law requires that this cost be fully offset.

 The package also mandates that local jurisdictions review and respond to development applications within 30 days and allows attorneys’ fees to be collected by the prevailing party in a development order challenge.   

Florida Gov. Ron DeSantis

“The regulatory and financial burdens thrust upon the shoulders of South Florida’s commercial real estate and development sectors, while often well intentioned, create unnecessary hurdles that are frequently counterintuitive to sensible development and increased prosperity across the board,” says Darcie Lunsford, president of the South Florida chapter of NAIOP and executive vice president of Butters.

“These are reasonable, but high-impact, reforms that will help ensure that South Florida remains an economic juggernaut.”

CONTACT:

Darcie Lunsford

NAIOP Florida President-Elect

954-312-2435

dlunsford@butters.com

 naiop.org.

Hold-Thyssen Negotiates Three Multi Year Leases at Phillips Place in Southwest Orlando, FL

Darby Hold

ORLANDO, FL --- Hold-Thyssen, a full service real estate firm in Winter Park , recently negotiated three multi-year lease agreements for professional office space at Phillips Place , 7575 Dr. Phillips Blvd. in Southwest Orlando . 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. negotiated the transactions on behalf of the Cincinnati, Ohio-based landlord, Financial Way Realty, Inc.  

Anthem Tax Services, with 30 plus years of experience in tax preparation and tax law licensed in 50 states leased an office with 4,376 square feet for three years. Anthem relocated their operations to Phillips Place and will employ up to 25professionals there.   

Phillips Place, 7575 Dr. Phillips Boulevard, Southwest Orlando, FL

Herndon Chiropractic Clinic leased 861 square feet for another three years.  Dr. James Herndon has been providing care to patients for over 30 years. 

Patten Law Firm, LLC, a boutique litigation firm representing businesses and individuals throughout the state for more than 20 years, leased 1,659 square feet for two years at Phillips Place . 

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place Office Building , which is currently 97 percent leased.

Hold-Thyssen is a full service real estate firm that provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

CONTACTS:

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services, 

407-691-0505,afisher@HoldThyssen.com  or

Robert P. Hold, Principal, Hold-Thyssen, Inc.

407-691-0505, bhold@HoldThyssen.com

Larry Vershel or Beth Payan, Larry Vershel Communications Inc.

407-644-4142 Lvershelco@aol.com.

HFF closes sale and arranges financing for urban infill office building in Charlotte, NC

Park Abbey, a 111,436-SF, Class A office building
at 4600 Park Road, Charlotte, NC

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale and financing of Park Abbey, a 111,436-square-foot, Class A office building located in Charlotte, North Carolina.

Rebecca Van Reken

HFF marketed the portfolio on behalf of the seller, Dilweg Companies, and procured the buyer, a partnership between Foundry Commercial and Riverstone Capital Group. 

Scot Humphrey

 Additionally, HFF placed the five-year, floating-rate acquisition loan on behalf of the buyer with a life company.

Located at 4600 Park Road, Park Abbey is positioned at the nexus of Southpark, South End and Uptown Charlotte, which together offer a plentiful retail and entertainment amenity base, including the Montford entertainment district and Park Road Shopping Center. 

The asset also benefits from its infill location in a rapidly growing live-work-play area.  Since 2013, residential units have increased by 40% within a half of a mile of Park Abbey, and an additional 1,020 units are currently under construction or proposed. 

Originally built in 1970, the five-story building has been institutionally maintained and most recently updated in 2008.  Currently, Park Abbey is 97% leased to a diverse tenant roster, including Horizon Professional Education, Inc. and Full House Marketing.

Ryan Clutter

The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, managing director Scot Humphrey, senior director Chris Lingerfelt and director Zack Drozda.

HFF’s debt placement team was led by senior managing director Travis Anderson, managing director Rebecca Van Reken and senior director Cory Fowler.

“Park Abbey benefits from a flourishing Park Road location and this investment opportunity was heavily pursued by local and regional investors,” Lingerfelt said.  “Park Abbey’s future is bright as it will be repositioned into one of the top office buildings in the submarket.”

“Urban-infill, well-located office buildings that are favorably positioned to capture strong rents and leasing activity going forward, are sought after investments in today’s market,” Clutter added. 

Chris Lingerfelt

“We witnessed this first hand as numerous groups saw the upside potential of the Park Abbey building.  As Charlotte and the Carolinas continue to have strong population and job growth, we anticipate investor demand for opportunities like Park Abbey to continue to be robust.”

About The Dilweg Companies

The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina.  

Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. 

Dilweg’s investors have sponsored over $1 billion in assets and more than 9.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. 

For more information, please call (919) 402-9100 or go to www.dilweg.com.

Zack Drozda

About Foundry Commercial

Foundry Commercial is a full-service real estate services and investment company with 330 associates and more than 55 million square feet of management and leasing across the Southeast and Texas. 

Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. 

Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to complete $1.3 billion in advantaged investment opportunities in partnership with its clients. 

Travis Anderson

Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. 

For more information, please visit foundrycommercial.com.

About Riverstone Capital Group

Riverstone Capital Group is a privately-owned real estate investment firm based in Coral Gables, FL focused on the acquisition and management of income producing retail, industrial, and office assets in the Southeast United States. 

To learn more, please visit

www.riverstonecapitalgroup.com.

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.  

Cory Fowler

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.comor follow HFF on Twitter @HFF.

CONTACTS:

RYAN CLUTTER

NC Lic. #172952

HFF Senior Managing Director

(704) 526-2800

rclutter@hfflp.com

TRAVIS ANDERSON

HFF Senior Managing Director

(704) 526-2800

tanderson@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

foundrycommercial.com.

www.riverstonecapitalgroup.com.

Pacific6 Revitalizes Two Oldest Buildings in Long Beach, CA -- The Breakers and Ocean Center

Holly Neber

Long Beach, CA (May 14, 2019) – Pacific6, a development firm based in Long Beach, California, is transforming The Breakers, a 100-year-old landmark hotel in the heart of Downtown Long Beach and the city’s oldest building, into an independent boutique hotel featuring best-in-class amenities, entertainment, and dining, according to Holly Neber, CEO at AEI Consultants.

“The work our firm has performed on The Breakers—including environmental assessments, property condition assessments, and other reports—allows Pacific6 to move forward with an extraordinary project,” says Neber. 

“The renovation of this historic property will restore it to its former purpose and glory while providing hundreds of jobs for local residents and a gateway for visitors to experience the city of Long Beach and witness its ongoing renaissance.

"Redeveloping these buildings goes a long way toward the revitalization of all of Downtown Long Beach.”

AEI Consultants completed comprehensive assessments on behalf of Pacific6 to help guide the redevelopment of The Breakers Hotel. Pacific6 recently acquired planning commission approval to begin construction and the project is scheduled for completion in early 2021.

     

The Breakers, a 100-year-old landmark hotel in the heart of Downtown Long Beach and the city’s oldest building, is being revitalized into an independent boutique hotel
at 210 East Ocean Boulevard

 AEI, a leading commercial real estate assessment and consulting firm, is assisting Pacific6 in its redevelopment efforts.

 AEI also completed assessments necessary for pre-purchase planning approvals for Pacific6 on Ocean Center, a project adjacent to The Breakers, for the historic conversion of an old office building into an apartment community.

“AEI was able to perform due diligence expertly, thoroughly, and quickly for The Breakers and Ocean Center—both built in the 1920s and designed by the same architect,” notes John Molina, Founding Partner of Pacific6,

Ocean Center  at 110 West Ocean Boulevard in Long Beach, CA and adjacent to The Breakers will  also be redeveloped at its current site.

“Due to the complexities of these projects, we required a very quick turnaround on the transactions and AEI came through time and time again. Their work was absolutely critical in taking these projects to where they are now.”

Molina explains that both buildings at The Breakers, as well as Ocean Center, have not been operational for several years. The project requires careful handling to assure proper management to preserve the historic components of the buildings.

CONTACTS:

Lisa James / Elisabeth Manville
Brower Group
(949) 438-6262

ljames@brower-group.com

pacificsix.com/.

aeiconsultants.com.

http://thenewbreakers.com/.

Ware Malcomb Announces Construction Completed on Neil Enterprises in Vernon Hills, IL

Dawn Riegel

Oak Brook, IL (May 14, 2019) – Ware Malcomb, an award-winning international design firm, today announced construction is complete on the new office and distribution warehouse of Neil Enterprises, Inc.,Neil Enterprises – Varsity Line, and Illini located at 1000 Woodlands Parkway in Vernon Hills, Ill.

Ware Malcomb provided architecture and interior design services for the project.

Neil Enterprises is a photo novelties and promotional product manufacturer, as well as a leading supplier/distributor of DNP media and special event printers.

Neil Enterprises – Varsity Line is a distributor of collegiate gift items to the college bookstore market.

Illini is a leading supplier of promotional products in the ad specialty industry. The company’s new build-to-suit office and distribution warehouse spans 110,000 square feet, including 20,000 square feet of office space on two floors and 90,000 square feet of production and warehouse space.

Cameron Trefry

The building functions as a working showroom for all three companies’ product offerings, incorporating them throughout the space. A striking two-story entry was also created to showcase the rich history of the company, which was founded in 1961 by Jerry Fine. 

The interior design features a mix of enclosed offices and meeting spaces within an open office floor plan. A large “town hall” serves as a multi-purpose space for break times and impromptu meetings for employees to engage with each other. The materials utilized on the exterior included precast concrete, aluminum store front glazing, and a stacked stone veneer. 

“The design solution reinforces the hard-working nature of this building as it accommodates the multi-faceted business needs of Neil Enterprises while also planning for the company’s future growth,” said Cameron Trefry, Principal of Ware Malcomb’s Oak Brook and Chicago offices. 

“It was an exciting challenge to bring so much functionality into one space, while increasing collaboration and engagement opportunities for employees,” said Dawn Riegel, Director, Interior Architecture & Design of Ware Malcomb’s Oak Brook and Chicago offices.

Experience the new Neil Enterprises space in a video here. The General Contractor for the project was Harbour Contractors, Inc. 

Ware Malcomb recently relocated to a new, larger office space at 1315 22nd Street, Suite 410 in Oak Brook, Ill., accommodating the growth of the firm’s employee and client base in the Chicago and Midwest markets. Ware Malcomb also maintains a second office located at 600 W. Jackson Blvd in Chicago.

CONTACTS:

Rachel Reenders

VP Public Relations

KCOMM for Ware Malcomb

Rachel@kcomm.com 

Kelly Teenor, Director, Marketing, 949.660.9128, kteenor@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

Ware Malcomb Oak Brook

1315 22nd Street, Suite 410

Oak Brook, IL 60523  

p. 630.218.0063

For more information, please visit waremalcomb.com/news and view Ware Malcomb’s Design video at youtube.com/waremalcomb.