HFF secures $23.73M financing for Sydney, Australia multifamily facility

Triad Group of Boston brokers the transaction

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured $23.73 million in financing on behalf of TJAC International for a multifamily housing facility in Sydney, Australia. (skyline photo centered below)

HFF director Anthony Cutone (bottom right photo) worked exclusively on behalf of the borrower, TJAC International, to arrange the construction/permanent loan through CTL Capital, LLC. Andrew Mann, a partner at The Triad Group, represented the buyer, TJAC International, in the sale.

The property will be located at 15 Regent Street in Sydney, Australia. When completed, the property will consist of a seven-story structure with two levels of underground parking.

The building will include 44 residential apartment units and approximately 2,500 square feet of street-level retail.

The Triad Group, who exclusively represented TJAC International, was initially started by the late Richard Sternberg in 1985 and grew into one of the nation’s most respected retail real estate firms.

Now in 2009 under the leadership of Michael Sternberg and Andy Mann, The Triad Group has re-emerged and is poised to take its place among industry leaders; now with a global reach.

A full-service real estate firm with experience worldwide, The Triad Group offers clients a complete scope of services from landlord and tenant representation to construction and the long-term management of assets.

Recent transactions range from Boston-based retail and office leases to international buyer representation with projects throughout Europe, the United Kingdom and Australia. The Triad Group differentiates itself from competition by offering a truly one stop shop for all real estate needs

Contacts:

Anthony Cuton, HFF Director, (617) 338-0990, acutone@hfflp.com

Andrew Mann, The Triad Group Partner, (617) 739-0009, amann@thetriadgroup.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Florida's Existing Home, Condo Sales Up in July

ORLANDO, FL/PRNewswire/ -- Florida's existing home sales rose in July - the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).

Statewide existing home sales in July also rose over the previous month's sales level.Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR.

Statewide existing home sales in July increased 0.2 percent over June's statewide activity.

Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.Eighteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales.


A majority of the state's MSAs have reported increased sales for more than a year (13 consecutive months).

To gain insight into current trends in Florida's real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.


According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.

"I think we're on the road to recovery and even though most markets report they've seen the bottom, it's going to be a long climb," said Timothy Becker (top left photo) , the center's director.


He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.



Florida's median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease.



According to housing industry analysts with the National Association of Realtors (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

The median is the midpoint; half the homes sold for more, half for less.


The national median sales price for existing single-family homes in June 2009 was $181,600, down 15 percent from a year earlier, according to NAR.





(The 41-story, $355M, 200-unit Trump Hollywood condominium, Hollywood, FL, bottom left photo)





In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.Several positive market factors are influencing the housing sector, notes NAR's latest industry outlook.



"Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who've been on the sidelines," said NAR Chief Economist Lawrence Yun. (middle right photo)

"Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions."In Florida's year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase.


The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease.

The national median existing condo price was $183,300 in June 2009, according to NAR.Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 2008, according to Freddie Mac.



FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.Among the state's smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase.



The market's existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.


For a complete copy of the FAR release and full statistics, please contact Marla Martin, Communications Manager, or Jeff Zipper, VicePresident of Communications, both of Florida Association of Realtors,+1-407-438-1400, ext. 2326 or 2314


Web Site: http://www.media.floridarealtors.org/

Marcus & Millichap Sells 6,245-SF Single-Tenant Net Leased Building in Fort Myers, FL

FORT MYERS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wachovia - Wells Fargo - Ground Lease, (bottom left photo) a 6,245 square foot single-tenant net-leased property located in Fort Myers, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,750,000.

Ron Schultz, (top right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a national developer. The buyer, a private investor in a 1031 exchange, was also secured by Mr. Schultz.

Schultz utilized the firm’s national marketing platform to procure multiple offers for this asset.



“Buyers are scrambling to safer deals like the Wachovia-Wells Fargo ground lease in Ft. Myers and they are willing to compete”.

“The seller achieved a very aggressive cap rate and a quick close, despite the economy. Buyers are active and deals are still getting done” states Schultz.

Wachovia-Wells Fargo Ground Lease is located at 11801 Palm Beach Boulevard.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Names Rick Raymundo Vice President Investments in Los Angeles Office

LOS ANGELES, CA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Roderick “Rick” Raymundo (top right photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Stephen D. Stein, first vice president and regional manager in the firm’s Los Angeles office.

Raymundo began his career with Marcus & Millichap in 2002, specializing in the sale of multi-family properties in the San Fernando Valley.


Press Contact: Stacey CorsoCommunications Department(925) 953-1716

HFF secures bridge and mezzanine financing totaling $49M for Class A office tower in Hartford, CT

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $49 million in bridge and mezzanine financing for CityPlace I, (top right photo) an 885,000-square-foot, Class A office tower in Hartford, Connecticut.

HFF senior managing director Dana Brome (lower left photo) and senior analyst Carlos Febres-Mazzei placed a $39 million, three-year adjustable-rate bridge loan with People’s United Bank and a $10 million mezzanine loan through Buchanan Street Partners.

Located at 185 Asylum Street, CityPlace I is situated in Hartford’s central business district and is recognized as the tallest office building in Connecticut.

The property is 93% leased to tenants including Brown Rudnick, Morgan Stanley, Deloitte, Smith Barney,PricewaterhouseCoopers and United Healthcare Group.

“We are thrilled by the execution of both lenders in what has been an extremely cautious capital market. The local law firms of Mayo Crowe and Bingham McCutchen worked hand-in-hand to deliver a rapid closing for a very complex transaction,” said Brome.

“Given the current challenges in capital markets and the highly structured nature of this transaction, this closing was attributable to the creativity and hard work of everyone involved in the deal,” added Febres-Mazzei.
Contacts:

Dana E. Brome,HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

International Condo Investor Scoops Up 10 Units in Miami for a Record Low $156 Per SF

MIAMI, FL—Predictions that Miami’s discounted condo market would fall even further than it has, price-wise, bore fruit today.

The market rang up its lowest per-square-foot-price in at least five years today when international condo investor Rodrigo Nino (middle left photo) of New York purchased 10 units in the Brickell on the River South Tower condominium for $156 per square foot.

That price was a 43 percent discount off of the project's average closed price, according to a new report from Condo Vultures®.

A newly created Miami corporation, Prodigy Capital Investments LLC, paid $1.9 million for five one-bedroom units and five two-bedroom units with 12,081 square feet located on floors three to eight in the 49-story tower situated on the south bank of the Miami River.

Brickell On The River Inc., headed by Michael Bedzow was the seller. Nino is a managing member of Prodigy Capital.

"This is the lowest price paid per square foot by a bulk buyer in Greater Downtown Miami," said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.

"Prior to this transaction, bulk buyers accumulating product in Greater Downtown Miami have paid between $199 and $246 per square foot. A key reason for the discount realized on the Brickell On The River bulk deal is the location of the units."

It is unclear how the Chapter 11 bankruptcy filing on Aug. 18 by the developer of the Everglades On The Bay (bottom left photo) condominium project will impact future pricing, Zalewski says.

Despite being located on Biscayne Boulevard in Greater Downtown Miami, the Everglades On The Bay has closed only 9 percent of its 849 units at an average price of more than $425 as of June 30, according to Condovultures.com.

With this latest bulk deal, the Brickell On The River South Tower has now closed 92 percent of the 327 units in the loft-style building, according to the Condo Vultures® Official Condo Buyers Guide to Miami.™

On a transaction basis, this is the sixth bulk deal to close in Greater Downtown Miami and the 11th overall dating back to July 2008. Nine of the 11 transactions have occurred in Miami-Dade County, and two have closed in Palm Beach County, according to a recent Condovultures.com article.

With the Brickell On The River deal, bulk buyers have now acquired 613 units with 650,000 square feet for $129.4 million. This works out to an average price of $199 per square foot or $211,070 per unit, according to the Condo Vultures® Bulk Deals Database.

According to the New York Daily News, Nino controls the biggest international network of real estate salespeople representing some of the top new condominium projects around the world.

“He sells New York to the globe, and recently has diversified, selling the rest of the world to New York,” the newspaper reports.

With a network of 45,000 potential customers and 22,000 global real estate brokers, Prodigy has a history of selling out upscale international projects from Miami to Panama to Mexico. The company's SoHo office opensed in a loft in June of this year.

“There might not be a more knowledgeable person than Nino at understanding the global real estate market and what foreign buyers want,” the paper reports.
"Lifestyle is not just a word to the European or Latin American buyer," says Nino, sitting in the office of the Trump SoHo Condo-Hotel, one of the local projects his company represents.

"These buyers are sophisticated, wealthy and spoiled. They are used to the best. Manhattan has the best restaurants, culture, nightlife and shopping. It also has the best condos."

A former economist trained in his native Columbia and Switzerland, he's a self-admitted numbers man.

"Sales are the direct conclusion of a well-thought numeric strategy," says Nino, who has four offices worldwide and approximately 120 employees working for Prodigy. "Sales come when everything works exactly right."

"You have to work with people who know their countries. The key for us, though, is selecting the right condos to represent. We only do the best, and that's why they sell so well."
The "best" include 24 developments in more than eight countries.

In addition to the Balazs and Trump projects in New York, Prodigy represents developments in what Nino calls the three hottest international markets besides New York — Mexico, Panama and Miami.

Recession Hurls InterContinental Chicago O’Hare and Radisson Los Angeles Airport Into Chapter 11

CHICAGO, IL—The 21-month-old Recession has claimed two major U.S. hotels – the one-year-old, 556-room, 12-story InterContinental Chicago O’Hare (top right photo) and the three-year-old, 580-room Radisson Los Angeles Airport. (middle left photo)

Both hotels continue to operate normally while their bankruptcy petitions are being reviewed by the courts. The petitions were filed by the hotels’ owner, Harp Group of Oak Brook, IL.

With about $278 million in combined debt -- $158 million on the O'Hare property and $120 million on the Los Angeles property -- Harp is seeking a reorganization plan to continue operation of both hotels.

“Launched with high expectations less than a year ago, the newest luxury hotel at O'Hare (International Airport) is the latest victim of a crushing economic downturn that has devastated occupancy rates, forcing hotels to cut deals to lure customers,” the Chicago Tribune reports.

"It was absolutely necessary to request loan modification from our lenders," Harp Group president Peter Dumon (bottom left photo) told the Tribune. "Unfortunately, we had a very hard time even communicating with them."

The hotels were financed by San Diego National Bank, a unit of Oak Park-based financial-services firm FBOP Corp., and Amalgamated Bank, a New York-based lender owned by hotel workers union Unite Here.

Negotiations to refinance the debt began in October and broke down this spring, according to Dumon.

While the hotel industry has been rocked by the recession, the O'Hare market has been particularly hard-hit, according to Elmhurst, IL-based hotel consultant Ted Mandigo.
(middle right photo)

He told the Tribune that year-over-year airport hotel occupancy is down from 68.2 percent to 52.6 percent through June, while average room rates have declined from about $120 to $99 during the same period.

The InterContinental has been running at just over 50 percent occupancy, according to Dumon.

"They're struggling with everyone in that airport market area, offering discounts, cutting rates, packaging anything to stay alive during the recessionary period," Mandigo says.

He adds, “Many hotel owners across the country are in negotiations with lenders, hoping to rework financing that has become unsustainable during the recession.

“…Most banks would rather adjust the terms -- perhaps seeking lost revenue on the back end of the loan -- than take the keys to the property through foreclosure.

"Today, they're not getting checks. If they pick up the keys, then they've got to start writing checks."

When negotiations break down, filing bankruptcy is a way to get the lender back to the table, Mandigo says."Bankruptcy filing is just something that gets the attention of the banks and it pushes them to be more creative in the solution," he says.

"It puts pressure on the lender."Dumon agrees that Harp Group is still seeking new terms from its lenders, adjusted to reflect "more realistic values" than the current debt does.

Of the Chicago hotel, he says, "It's a beautiful hotel in what historically has been an outstanding market. We expect when the economy recovers, that will be true again."

He adds, "Our goal is to restructure the debt and the equity on each asset so that we can continue to own them on a long-term basis.

"We certainly understand that that obligates us to bring new equity to the table, and we're prepared to do that."

In addition to two of its own developments, the Harp Group acquired six properties for about $350 million between 2005 and 2007, including the Ambassador East in Chicago.

Dumon says the bankruptcy filing does not affect the other properties, but he acknowledges the prices of all hotels purchased during that (2005 to 2007) time frame now seem too high, given the current environment.

"If you had a crystal ball and a rear-view mirror, nobody would have bought anything," he says.

Marcus & Millichap Sells $28M Luxury Retail Asset in Beverly Hills, CA

BEVERLY HILLS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Hugo Boss department store, (top right photo) a Class A, 11,333-square foot net-leased property in Beverly Hills.

The sales price of $28 million represents a cap rate of 4.7 percent and $2,471 per square foot, both records in the current market.

David Feldman, sales manager of the Atlanta office of Marcus & Millichap, represented the seller, Lladro Realty Inc., in this transaction.

Additional representation was provided by Justin White, regional manager of the firm’s West Los Angeles office. Allied Golden LLC acquired the asset.

“This property is located on world-renowned Rodeo Drive in the heart of the Golden Triangle,” explains Feldman.

“Surrounded by other luxury retailers, the vacancy rate in this submarket remains extremely low.

"The sale indicates that investors are still interested in Class A assets occupied by strong credit tenants in prime locations.

"Over the long-term, the new ownership will capitalize on this property’s irreplaceable location in one of the most sought-after retail markets in the world.”

Located at 414 N. Rodeo Drive, the three-story, Hugo Boss department store was constructed in 1996 and has secured underground parking.

In 2006, Hugo Boss invested more than $3 million in tenant improvements to the property.

The Hugo Boss store is surrounded by other high-end luxury retailers including Cartier (top left photo), Gucci, (bottom left photo) Ralph Lauren, Chanel, Luis Vuitton, Giorgio Armani, and Tiffany & Co., thus attracting some of the most affluent shoppers in the world to the submarket.

For several years, Hugo Boss has ranked among the global market leaders in superior fashions, and has been progressively extending this position, according to Feldman.

Today the fashion company generates sales of approximately 1.6 billion EUR ($2.1 billion USD) with a workforce of more than 9,500.

Further indicators of the company’s strength are the high number (over 1,250) of Hugo Boss Stores operating worldwide. There are currently more than 1,250 stories spanning the globe.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Thomas D. Wood Brokers $2.87M Texas Restaurant Loan

ORLANDO, FL—Aug. 21, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,875,000 for Carino’s Italian Grill (top right photo) and Shoppes at Canopy Park.

Jeff Schnupp, (bottom left photo) Company Vice President, financed Carino’s Italian Grill in the amount of $1,900,000 through Thomas D. Wood and Company’s relationship with a local credit union at an interest rate of 6.875%.

The loan term is seven years, based on a 25-year amortization, and a loan-to-value of 76%. The 6,900 square-foot single-tenant restaurant was built in 1999 and is located at 106 E. Highway 332, Lake Jackson, Texas.

John Worrell, Company Assistant Vice President, financed Shoppes at Canopy Park in the amount of $975,000 through Thomas D. Wood and Company’s relationship with a local bank at an interest rate of 6.4%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 70%.

The 10,186 square-foot retail center is home to tenants Earth Pets and Spherion Staffing. Shoppes at Canopy Park was built in 1998 and is located at 500 NW 60th Street, Gainesville, Florida.

For further information, please contact:
Jeff Schnupp, (407) 937-0470, jschnupp@tdwood.com

John Worrell, (407) 937-0470, jworrell@tdwood.com

Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

First New Miami Condo Tower Files for Chapter 11

MIAMI, FL—The bankruptcy bell has rung in the Miami-Dade luxury condominium market for one of the highest-profile Downtown residential communities.

Saddled with estimated debt that could reach $500 million to 200 creditors, Cabi Downtown LLC, the Mexican owners of the one-year-old, $300 million

Everglades on the Bay (centered photo below) community have filed for Chapter 11 protection under the U.S. Bankruptcy Code.

The twin-tower, 49-story project has closed only 9 percent of its 849 units for an estimated total sales of $31 million, according to Bal Harbour, FL-based Condo Vultures® Bulk Deals Database.

A hearing is set for Sept. 2 to clarify the total debt and assets involved, as well as drafting a more complete list of creditors, according to court records.

The owners stated in their Aug.18 bankruptcy filing they owed between $100 million and $500 million.

A $256 million first mortgage was due in February of this year. The condo is located on the former site of the Everglades Hotel at 250 Biscayne Blvd.

"This is the first new condo tower in Greater Downtown Miami to seek bankruptcy protection," says Peter Zalewski, (middle right photo) a principal with Condo Vultures® LLC, a real estate consultant.

"The action must have become necessary as the number of closings at this Class A project slowed to a trickle in recent months. The primary reason is the current pricing at Everglades on the Bay is more reflective of the boom years rather than today's tumultuous market.”

"There is every reason to think this project will sell out rapidly to individuals and/or bulk buyers once the pricing is brought in line with current market conditions," adds Zalewski.

The average purchase price on the 75 units that have closed at the Everglades on the Bay project between November 2008 and June 30, 2009, is more than $425 per square foot, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

By comparison, many of the Greater Downtown Miami condo projects today are priced between $200 and $300 per square foot.

“Several of these projects are experiencing brisk sales as foreign nationals, investors, and first-time home buyers are increasingly entering the market looking for value,” says Zalewski.

The 20 largest creditors to be identified to date are owed more than $2.6 million, according to the filing.Gryphon Construction in Fort Lauderdale is the largest single creditor identified in the filing with an outstanding balance due of $912,272.25 for trade work.

The Coral Gables law firm of Siegfried, River, Lerner, De La Torre & Sobel PA is the second largest creditor with an unpaid balance of $395,456.98 for professional fees.

Rounding out the top three largest creditors is Holly Sime Realty, a Miami-based real estate brokerage that is owed $193,750 for professional services, according to the filing.

Many of the other large creditors are law firms, construction companies, and product/parts suppliers. Zalewski says “two sizable creditors worth noting are the separate condominium associations for each of the two towers in the complex.”

The Everglades on the Bay North Condominium Association is owed $106,394.10, and the Everglades on the Bay South Condominium Association is owed $38,283.73, according to the filing.

Bank of America, the lead construction lender on the project, is not named in the bankruptcy filing. Bank of America provided a construction loan of $243.4 million in December 2005 for a term of three years.

Under the mortgage terms, the loan amount could be increased to a maximum amount of $256 million and extended through February 2009, which it was in November 2008. It is unclear at this point how much is still owed to Bank of America as more than $31 million in sales have been recorded through the end of the second quarter, according to the Condo Vultures® Bulk Deals Database.

On Jan. 26, 2008, Cabi CEO Jacobo Cababie died, prompting a management change in the corporation that owns Everglades on the Bay.

Elias Cababie, chairman of Mexican development giant GICSA, took over as head of Cabi, the U.S. subsidiary of GICSA.

He also appointed two senior GICSA people to help him. Elias Amkie became senior VP of operations and Rafael Harari became senior VP of development. Misha Mladenovic continued as Cabi’s VP of development.

Cabi Downtown LLC, with member Elias Amkie Levy as signatory, filed the bankruptcy petition in the U.S. Bankruptcy Court's Southern District of Florida in Downtown Miami.

Cabi Downtown's members are Levy, Elias Cababie Daniel, Abraham Cababie Daniel, Rafael Harari Tussie, and Jaime Dayan Tawil, according to the Florida Secretary of State.

HFF retained to broker sale of former top national Chevrolet dealership in Orlando

MIAMI, FL – The Miami, Atlanta and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today they have been retained as the exclusive listing broker for the sale of a former “top national volume” Chevrolet dealership in Orlando, Florida.

HFF senior managing directors Whitney Knoll (Atlanta) (middle left photo) and Doug Hazelbaker (Dallas) (bottom right photo) and managing director Brad Peterson (Miami) (top right photo) will lead the investment sales team on behalf of the owner, GE Capital Real Estate, who recently foreclosed on the site.

Completed in 2001, the former dealership is situated on 27.7 acres at 127 North Oregon Street in Sanford, approximately 20 miles northeast of Orlando.

According to the 2008 edition of the Dealer 500 list published by Ward’s Dealer Business, the former Chevrolet dealership in Sanford had 2007 total volume of nearly $145 million, with 3,350 in new unit sales and 1,713 in used unit sales before it closed in September 2008.

“The former Chevrolet dealership may present an opportunity for a new auto dealer or auto dealer with multiple dealerships to upgrade location and consolidate operations.

Also, because of its outstanding Interstate 4 highway frontage, it could be an excellent redevelopment site for an office, multifamily, retail or hotel project,” said Peterson.

Contacts:

H. Bradley Peterson, HFF Managing Director, (407) 286-5224, bpeterson@hfflp.com

Kristen M. Murphy, HFF

Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

CB Richard Ellis and Maury L. Carter & Associates Broker Sale of Southpointe Commons in Fort Myers, FL

FORT MYERS, FL, Aug. 20, 2009 – CB Richard Ellis (CBRE), the world's leading commercial real estate services provider, and Maury L. Carter & Associates, Inc. announce the sale of Southpointe Commons, a neighborhood shopping center located on College Parkway in Fort Myers, Fla. (middle right map)

The property was acquired by 5999 South Point, LLC.

The CBRE Florida National Retail Investment Group exclusively represented the Chicago-based seller, which was a fund advised by Prudential Real Estate Investors. Daryl M. Carter (bottom left photo) and Orme Miller with Maury L. Carter & Associates, Inc. represented the buyer which was a family investment trust.

"Southpointe Commons is a Class A shopping center anchored by Publix. The property has a lengthy history of successful operations and an excellent location in its trade area," said Casey Rosen,(top left photo) senior vice president for CBRE.

"The buyer was interested in a stable, low-risk investment opportunity involving high quality real estate and this property met that criterion."

Anchored by a 44,270-sq. ft. Publix grocery store, the 58,670-sq. ft. shopping center features national and regional tenants including Blockbuster, GNC and Papa Johns.

The property is strategically located on the "going home" side of College Parkway, immediately east of the southernmost bridge between Fort Myers and Cape Coral serving a high-growth suburban trade area.

Contact: Rachel Andreozzi, 954.745.7464, rachel.andreozzi@cbre.com

Sale of Washington, D.C.’s Potomac Center North closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Potomac Center North, (centered photo below) a 497,196-square-foot, Class A office building in downtown Washington, D.C.

The HFF investment sales team was led by executive managing director Stephen Conley (middle right photo) and managing director Andrew Weir, (middle left photo) who represented the seller, investors advised by Prudential Real Estate Investors. Invesco Real Estate, working on behalf of a pension fund client, purchased the property free and clear of debt for an undisclosed amount.

Potomac Center North is fully leased to the United States Government through 2018 for the headquarters of Immigration and Customs Enforcement, a sub-agency of the Department of Homeland Security.

Redeveloped in 2005, the 11-story property is LEED-Silver certified and meets the Department of Justice Level IV security requirements for blast design.

Building amenities include a three-level, 350-space underground parking garage, a cafeteria, a conference/meeting facility and a fitness center. Potomac Center North is located at 500 12th Street, SW close to the L’Enfant Plaza Metro station, which provides access to four subway lines and the Virginia Railway Express commuter rail.

Established in 1993, Invesco Real Estate manages $23 billion of real estate investments in both direct property and real estate securities.

With 221 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence.

The firm manages approximately $19.4 billion in direct real estate portfolios and $5.5 billion in real estate securities portfolios. Invesco Real Estate is an investment center of Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd. (IVZ) which is a publicly traded money management firm.

Contacts:

Stephen C. Conley, HFF Executive Managing Director, (202) 533-2500, sconley@hfflp.com

Andrew M. Weir, HFF Managing Director, (202) 533-2500, aweir@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

$25.24M financing arranged by HFF for affordable housing community in northwest Orange County, CA

IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $25.24 million in financing for Continental Garden Apartments, (top left photo) a 297-unit affordable housing community in Stanton, California.

HFF managing director David Bleiweiss (bottom right photo) worked on behalf of Bertram Partners, Inc. to secure the 10-year, fixed-rate loan through Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).



The conventional loan was used to retire bond financing that was set to mature. Bertram Partners, Inc. is a private multifamily owner and operator based in Laguna Hills, California.



Continental Garden Apartments is located at 8101 Cerritos Avenue close to the Santa Ana and Garden Grove Freeways in the northwest Orange County town of Stanton.

The property has 98 buildings with one-, two- and three-bedroom units averaging 1,000 square feet each. Continental Garden Apartments is 99% leased and is an affordable project with rents set by regulatory agreements from both the City of Stanton and the California Tax Credit Allocation Committee at 60% of area media income (AMI).

“Despite the downturn in the economic climate, financing for multifamily properties has remained fairly steady, despite the credit squeeze for other property types,” said Bleiweiss.

“HFF has been very busy consistently arranging and closing both Freddie and Fannie loans for multifamily product across the country.”

Contacts:
David A. Bleiweiss, HFF Managing Director, (949) 253-8800, dbleiweiss@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com ,

$57.5M sale of Fairfax, VA luxury multifamily community closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of Post Forest, (top right photo) a 364-unit multifamily community in Fairfax, Virginia.

HFF directors Dave Nachison (middle left photo) and Alan Davis (bottom right photo) led the marketing efforts on behalf of the seller, Post Properties, Inc.

Pantzer Properties purchased Post Forest for $57.5 million free and clear and placed a new mortgage through Freddie Mac.

Post Forest is located at 12101 Pine Forest Circle adjacent to the Fairfax County Government Center in the Washington, D.C. suburb of Fairfax.

The 97% leased property has studio, one- and two-bedroom units averaging 835 square feet each. Residents have access to a community room, fitness center, swimming pool, business center, two tennis courts, laundry facility, car wash facility and an exercise trail.

“Post Forest is a community that blends core quality and location with the value-add potential to enhance rents through minor renovations, further increasing performance margins and ensuring the property’s continued position at the top of the market,” said Nachison.

Post Properties, Inc., founded more than 38 years ago, is a developer and operator of upscale multifamily communities throughout the United States.

The company is headquartered in Atlanta, Georgia and has operations in nine markets across the country.

Headquartered in New York City and Saddle Brook, New Jersey, Pantzer Properties is a fully integrated owner/operator of investment properties in the east coast of the United States.

Contacts:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com