HFF secures $5.9M financing for medical office building in Chicago’s Oak Lawn neighborhood

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $5.9 million in financing for the acquisition of Oak Lawn Medical Center, (top left photo)  a 28,000-square-foot, Class A medical office building in Chicago’s Oak Lawn neighborhood.

Working on behalf of Stage Equity Partners, LLC, HFF directors Matthew Schoenfeldt (top right photo)  and Daniel Kaufman  placed the seven-year, 5.89% fixed-rate loan with Wells Fargo Real Estate Group, Inc. Loan proceeds were used to acquire the property.

Oak Lawn Medical Center is located at 10837 South Cicero Avenue close to Advocate Christ Hospital, the Tri-State Tollway and 95th Street, approximately 14 miles southwest of Chicago’s city center in Oak Lawn.

 Completed in 2007, the property is fully leased to multiple tenants including Mid America Cardiovascular Consultants.

“Oak Lawn Medical Center was the first new medical office building constructed in the area in the last 20 years and as a result was fully leased within 15 months of completion,” said Schoenfeldt.

Stage Equity Partners is a Chicago-based, privately-held real estate investment company that specializes in healthcare real estate.

Contacts:

Matthew R. Schoenfeldt, HFF Director, (312) 528-3650, mschoenfeldt@hfflp.com
 Daniel A. Kaufman, HFF Director, (312) 528-3650,dkaufman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Mike Cohn Returns to Cousins Properties to Lead Retail Investments, Leasing and Asset Management

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that Michael Cohn (top right photo)  will rejoin the Company on August 2, 2010 as Executive Vice President of Retail Investments, Leasing and Asset Management.

He will replace Steve Yenser,  (top left photo) who has resigned, effective July 23, 2010. Cohn will be responsible for all facets of the Company’s retail portfolio, including leasing, asset management, strategic planning and new growth initiatives.

Cohn has been Senior Managing Director for Faison Southeast since October 2002. At Faison, he was responsible for procuring and executing all new business for Faison Southeast, as well as running the region’s day-to-day operations.

Under Mike’s direction, Faison Southeast has developed approximately 3 million square feet. Prior to joining Faison, Mike was a Senior Vice President at Cousins Properties, where he managed the retail leasing and management group, as well as the Company’s Western Region.

Mike was at Cousins from 1994 through 2002, during which time the Cousins retail group developed approximately 5 million square feet and launched the Avenue© lifestyle center brand.

He began his career in the commercial real estate department of Troutman Sanders, where he was an associate attorney from 1985 to 1990 before becoming counsel at New Market Development, which was subsequently acquired by Cousins.

Larry Gellerstedt, (lower right  photo)  Cousins President and Chief Executive Officer, noted, “We are pleased to welcome back Mike Cohn to the Cousins team.

"He is very familiar with our culture and portfolio and is well respected within the industry. His broad experience in retail acquisitions, development, leasing, and asset management will be beneficial as we look to build on our recent momentum in the retail portfolio.

"We would also like to thank Steve Yenser for his leadership over the past eight years and wish him well.”

Contact:
Cameron Golden, 404-407-1984
CameronGolden@cousinsproperties.com, http://www.cousinsproperties.com/

Arbor Closes Three Fannie Mae DUS® Loans Totaling $9,984,000

Uniondale, NY (July 12, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans under the Fannie Mae DUS® product line. These loans include:

La Joya Apartments, (middle left photo) Arlington, TX – A 185-unit complex in the amount of $3,419,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

Linda Vista Apartments, Fort Worth, TX – A 216-unit complex in the amount of $3,367,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

Bella Apartments, Fort Worth, TX – A 208-unit complex in the amount of $3,198,000 loan under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

The loans were originated by Anthony Tarter (top right photo) , Director, in Arbor’s full-service Dallas, TX lending office. “We were pleased with the opportunity to provide a streamlined refinance for each of these properties at a very attractive rate for a new Arbor client,” said Tarter.

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

Marcus & Millichap Sells $10.7M Luxury Condominium High-Rise in Philadelphia

PHILADELPHIA, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of American Lofts,(top left photo)  a 40-unit 45,825-square foot luxury condominium high-rise in Philadelphia.

 The sales price of $10.7 million represents $267,500 per unit and $233 per square foot.

Frederick Paisley and Kenneth Wellar, senior associates in the firm’s Philadelphia office, represented the seller. Abington Bank provided financing for the buyer.

“American Lofts is in the heart of Northern Liberties, which has been an up-and-coming area for the last 10 years,” says Wellar.

 “The views from the property are some of the best in Philadelphia. Originally built as for-sale condo units, the new owner will be operating American Lofts as an apartment building,” he adds.

“To achieve $267,500 per unit in today’s market shows that premium properties in great locations still command premium pricing,” says Paisley.

Built in 2009, the property is located at 212-20 Brown Street in Philadelphia.

American Lofts’ unit mix consists of 18 one-bedroom/one-bath units, 16 two-bedroom/two-bath units, two three-bedroom/2.5-bath units, two three-bedroom/2.5-bath penthouses and two three-bedroom/2.5-bath townhouses.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

CB Richard Ellis Brokers Sale of San Merano at Mirasol in Palm Beach Gardens, FL

MIAMI, FL--CB Richard Ellis, on behalf of our client, The Kolter Group, LLC is pleased to announce the sale of San Merano at Mirasol (top left photo) , a 476-unit Class-A multi-housing community completed in 2004 and located in Palm Beach Gardens, Florida.

TA Associates acquired this community for $69,062,500 or $145,089 per unit or $117 per sq. ft.

Contact: robert.given@cbre.com

More Price Cuts As ICON Brickell in Miami Reaches 33% Sold Milestone

 MIAMI, FL--It has taken 18 months and two price cuts but the nearly 1,800-unit ICON Brickell (top left photo)  condominium complex in Greater Downtown Miami is finally 33 percent sold, according to a new report from CondoVultures.com.

In an effort to accelerate the pace of future sales on the remaining 1,200 unsold units, prices have been slashed for a third time in the last 10 months in the three-tower ICON Brickell complex on the south bank of the Miami River,(middle right photo)  according to the licensed Florida brokerage Condo Vultures® Realty LLC.

This latest price cut announced this month shaves an additional $63 per square foot, or 15 percent, off of the average completed sales price of $430 per square foot in the complex, according to research for a soon-to-be-released Condo Vultures® White Paper™ analysis of second quarter new condo sales in Greater Downtown Miami.

The current prices vary by building with Tower One (North) asking an average of $402 per square foot, Tower Two (South) asking $363 per square foot, and Tower Three asking (West) $308 per square foot.

"ICON Brickell has experienced tremendous sales velocity in the first half of 2010, selling more than 500 units," said Peter Zalewski (lower left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The unknown is whether the sales velocity can continue at the same pace for the next few years to ultimately sell out the project.

"Industry watchers also do not know how many of the 500 sales completed this year were with original contract holders with 20 percent deposits who were offered discounted prices and other incentives to close."

This latest round of price cuts follows discounts of as much as 51 percent in February 2010, which were preceded by a 30 percent price cut in October 2009, according to a recent CondoVultures.com report.

ICON Brickell has experienced tremendous change in the first half of 2010 besides the price cuts.

In May, the project's developer, The Related Group, deeded over 870 units with more than one million square feet of saleable space in Towers One and Two to an entity controlled by the lending group headed by HSBC Bank USA, according to a recent CondoVultures.com report.

The Related Group continues to control Tower Three, which was financed by a lending group headed by Bank of America.

For Towers One and Two, HSBC has implemented an approach that maintains a higher price and offers in-house financing to buyers. For Tower Three which has a condo-hotel located within the building, the approach has been to sell the units at deep discounts to all-cash buyers who must close in 21 days.

As of July 7, buyers had purchased 622 units with more than 685,000 square feet livable space for nearly $295 million, according to the analysis conducted using the Condo Vultures® Official Condo Buyers Guide To Miami™.

In Tower One (North), there have been 342 sales out of 713 units at an average price of $483 per square foot with units selling from a range $331 per square foot to more than $915 per square foot, according to the report based on Miami-Dade County records.

In Tower Two (South), there have been only 93 sales out of 560 units at an average price of $443 per square foot, with prices ranging from $188 per square foot to nearly $850 per square foot.

In Tower Three (West), there have been 187 sales out of 520 units at an average price of $317 per square foot. The sales prices have ranged from $203 per square foot up to nearly $620 per square foot.

The ICON Brickell is the largest project to be constructed in Greater Downtown Miami during a boom that produced more than 80 project with more than 22,250 new units in a 60-block stretch from the Rickenbacker Causeway (midle left  photo)  north to the Julia Tuttle Causeway (middle right  photo), Interstate 95 east to Biscayne Bay, according to theCondo Vultures® Official Condo Buyers Guide To Miami™.

Between 1963 and 2002, developers constructed 11,500 units in the same Greater Downtown Miami area.

At the end of the first quarter, some 6,600 new condo units were still under the developers' control in Greater Downtown Miami but the number was decreasing at a steady pace.

 Buyers purchased nearly 720 units - 83 percent of the deals closed with cash - in the first quarter of 2010 at an average price of $326 per square foot, according to a recent Condo Vultures® White Paper™.

Contact: Peter Zalewski, Principal, Condo Vultures® LLC, Office: 305-865-5629
Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com
http://www.condovultures.com/

Marcus & Millichap Capital Corp. Arranges $8.8M Refinancing Package

LA VERNE, CA – Marcus & Millichap Capital Corporation (MMCC) has closed an $8,797,500 refinancing for a multi-tenant retail center in La Verne.

Erik Rogers, a director in the Ontario office of MMCC, arranged the loan for the Inland Empire property.

“The borrower assumed a conduit loan that was interest-only, with a maturity date of 2010. The transaction was challenging because the borrower had to pay down the loan considerably in light of current stringent underwriting standards,” explains Rogers.

“Since many of today’s retail loans are financed with 25-year amortization schedules, the borrower had to come out of pocket with the additional equity.”

A commercial bank provided the 10-year, fixed-rate loan, which has an LTV of 65 percent and a 25-year amortization schedule.

“We were able to structure a 10-year fixed rate loan with a 10-year term, even with 85 percent of the center facing lease-rollover risk in the next four years,” he notes.

Rogers discussed the proposal with more than 30 of the firm’s relationship lenders, including commercial banks, life insurance companies and private lenders. “In the end, an Inland Empire-based commercial bank MMCC has a strong relationship with provided the loan,” he says.

“The borrower initially took the transaction to the bank first and was not able to garner any interest from the lender,” Rogers notes. “By leveraging MMCC’s strong local relationships and creating a solid marketing package, we demonstrated to the lender that this is an excellent deal.”

The borrower’s track record of managing real estate also attracted the bank to this transaction.

“The borrower is a professional investor who manages eight retail centers in the Inland Empire, which is the lender’s primary market. The bank analyzed the properties and liked the historical operating performance of this center, as well as the performance of the entire portfolio.

“Both the lender and borrower understand that this was a win/win transaction in this challenging environment,” he adds.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Arbor Closes $3,373,000 Fannie Mae DUS® MBS Loan for Spring Hill Apartments in Houston, TX

Uniondale, NY (July 9, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,373,000 loan under the Fannie Mae DUS® MBS product line for the 228-unit complex known as Spring Hill Apartments in Houston, TX.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.67 percent.

The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided a rate and term refinance for this well-occupied property located in a golf course community near Houston,” said Porterfield.

Contact: Ingrid Principe, Marketing Manager, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555
http://www.arbor.com,/  Follow us on Twitter @ arbor1

Avison Young acquires Appian Realty Advisors

TORONTO, July 9 /PRNewswire/ -- Mark E. Rose, (top right photo)  Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that it has acquired Appian Realty Advisors, LLC, a Northern Virginia-based agency leasing, tenant representation and project management firm.

The acquisition expands Avison Young's market coverage by adding an office in Northern Virginia, the largest market in the Washington, DC region.

The change in ownership will add 16 employees -including 12 brokers and project management professionals led by Dan Gonzalez (top left photo)  and Tom Sandlin (lower right photo)  - to Avison Young's U.S. Capital Region operations.

Effective immediately, Gonzalez and Sandlin become Principals of Avison Young and Senior Vice-Presidents in the Northern Virginia office. Terms of the acquisition were not disclosed.

Avison Young opened its first U.S. office in Chicago, IL in 2009, followed by U.S. offices in Washington, DC, Atlanta, GA and Houston, TX over the past half year.

 In the last 18 months, Avison Young has grown from 11 to, now, 20 offices and from 300 to nearly 700 real estate professionals in Canada and the U.S.

"It is a privilege to have Dan and Tom become Principals of Avison Young and we welcome them and the Appian team to the Avison Young organization," comments Rose.

 "From the outset, we have consistently communicated our growth plan - to invest in the companies and top talent who believe in our client-service model. We have listened to the voice of the client, and it is clear that value is defined by strategic solutions. Our structure transcends the peer group's decades-old command and control silo structures that are more shareholder-based than client-centric."

In 2001, Gonzalez and Sandlin established their own organization, which they renamed Appian Realty Advisors, LLC in 2007, after successful careers at the Staubach Company where they consistently achieved national top production awards.

Contact: Media Relations: Sherry Quan, (604) 647-5098 or (604) 726-0959,

email: squan@ay-bc.com

Grubb & Ellis Opens Cincinnati Office; Former Vollmer Real Estate Professionals Join Firm

SANTA ANA, CA, (July 9, 2010) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Christopher Vollmer Sr.,  (top right photo) SIOR, principal of Vollmer Realty Inc., has joined the company as senior vice president, effective immediately.

Vollmer’s addition will serve as the foundation for a new Grubb & Ellis-owned office in Cincinnati.

Vollmer has more than 30 years of experience in office, medical and industrial sales and leasing. Reporting to Bob Nosal, executive vice president and managing director, Ohio,

Vollmer will be responsible for serving the needs of industrial and office clients, as well as leading Grubb & Ellis’ business development and recruiting efforts in the market.

Grubb & Ellis plans to expand the office by a total of four to five brokerage professionals by year-end.

Vollmer is joined by Christopher Vollmer Jr. (top left photo) as vice president, giving Grubb & Ellis a significant brokerage and management presence in Cincinnati. Grubb & Ellis currently manages approximately 1.2 million square feet of property throughout the Cincinnati area.

“The establishment of a Cincinnati office is in line with company’s growth strategy to operate owned offices in the top markets nationally,” said Jack Van Berkel, (bottom right photo)  chief operating officer and president, Real Estate Services.

“With the addition of the Vollmer team, Grubb & Ellis can immediately serve clients in the Cincinnati area. They bring a strong track record for service excellence and many established relationships. In addition, with this respected father-son team in place, we have a great foundation for growth.”

Vollmer Realty, which was created in 1986, will be folded into Grubb & Ellis.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Stirling Sotheby’s International Realty Selected to Lease Office Suites at 500 Delaney Ave. in Orlando

ORLANDO, Fla. --- Stirling Sotheby’s International Realty was recently named exclusive leasing agents at 500 Delaney Ave. (top left photo), a four-story, downtown Orlando office building.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said there is currently 7,000 contiguous square feet available for lease, which can be separated for multiple tenants into varied suites as small as 1,900 square feet.

The well-located building features an on-site private parking facility, lake and fountain views, Soderstrom said.

John Kurtz and James Mincy of Stirling’s Commercial Realty division negotiated the leasing agreement, and they are handling the leasing of the property on behalf of the landlord/owner, Canin Associates.

“The building has a lot of appeal because it’s still downtown but on the quieter outskirts of the central business district with scenic views,” Kurtz said.

For more information,  contact:
John Kurtz or James A. Mincy, Sales Associates, Stirling Commercial Group 407-581-5550
Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-588-1260;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Holly Sime Realty Now Leasing Grand Bay Plaza in Miami

MIAMI, FL - Holly Sime Realty, one of South Florida’s leading commercial real estate brokerage, investment and property management firms, has been appointed exclusive leasing agent for the Grand Bay Plaza (top left photo). The building is owned by Grand Bay Grove, LLC.

Holly will offer full floors up to 13,000 square feet to tenants for lease. The building has a total of 164,000 square feet and 52,000 square feet available for lease.

“We are pursuing an aggressive leasing strategy,” said William Holly (middle right photo), Founder and CEO of Holly Sime Realty. “Grand Bay is unique in that it offers tenants exceptional Biscayne Bay views in desirable Coconut Grove. The ownership is committed to striking attractive deals in this competitive market.”

Coral Gables-based Holly Real Estate/TCN Worldwide is an integrated commercial real estate company providing brokerage, investment/joint ventures, development and consulting services.

The company is known for its leadership in green building initiatives having developed Miami’s first ground-up LEED Certified green high-rise office building – Miami Green.

Holly Sime Realty handles all brokerage, leasing and investment sales while Holly Adler Property Management is a joint venture between Holly Real Estate and The Adler Group, offering full service commercial property management services throughout South Florida.

 Holly Real Estate is affiliated with TCN Worldwide, a consortium of independent commercial real estate firms ranked as one of the largest service providers in the industry covering more than 200 markets globally.

For more information on the company, visit its website at http://www.hollyre.com/.

MEDIA CONTACT: Don Silver or Carolyn Popescu of Boardroom Communications, 954-370-8999, or via email at donsilver@boardroompr.com  or cpopescu@boardroompr.com,  both for Holly Sime Realty.

Cambridge Arranges $8.46M HUD Construction and Permanent Mortgage Loan for Alden Estates of Skokie, IL

CHICAGO, IL--Cambridge Realty Capital Companies has arranged a 12-month construction and 40-year FHA-insured permanent mortgage loan for Alden Estates of Skokie (top left photo), a 56-bed skilled nursing home facility in Skokie, Ill.

Cambridge Chairman Jeffrey A. Davis (lower right photo)  said the $8.46 million HUD Section 232 loan will refinance and fund substantial rehabilitation work at the property.

The fully-amortized loan was arranged for the buyer, an Illinois limited liability company, and underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites HUD loans.

The interest rate was not disclosed.

Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.

Contact:
Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Arbor Closes $3,150,000 Fannie Mae DUS® Loan for Pine Trails Townhouses in Clinton, MS

Uniondale, NY (July 8, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,150,000 loan under the Fannie Mae DUS® product line for the 120-unit complex known as Pine Trails Townhouses in Clinton, MS.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.90 percent.

The loan was originated by Edward Petti (top right photo), Director, in Arbor’s full-service New York, NY lending office.

 “This experienced sponsor was looking to refinance an existing CMBS mortgage,” said Petti. “Other lenders were not able to be as competitive and Arbor’s experience came through, ultimately closing the deal.”

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

HFF arranges $35.4M acquisition financing for Fountain Square I and III in Tampa

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $35.4 million in financing for Fountain Square I and III, Class A office buildings totaling 311,816 square feet in Tampa, Florida.

Working on behalf of W. P. Carey & Co. LLC’s non-traded REIT affiliate, CPA®:17 – Global, HFF senior managing director Paul Stasaitis (top right photo)  placed the seven-year, fixed-rate acquisition loan with Prudential Mortgage Capital Company.

HFF managing director Hermen Rodriguez, (top left photo)  executive managing director Manny de Zarraga and director Ike Ojala (middle right photo)  were the brokers in the sale of the property from Brookfield Asset Management to the W. P. Carey affiliate.

Fountain Square I and III are located at 4915 Independence Highway and 4900 Memorial Highway, respectively, in the Westshore area of Tampa.

This location is adjacent to Tampa International Airport and close to Interstate 275, State Route 60 and Veterans Expressway.

 The four-story properties are fully leased to JP Morgan Chase on a long-term basis. Fountain Square I is a 135,666-square-foot building with a 708-space garage and a retail bank branch. Fountain Square III, completed in 2000, has 176,150 square feet plus a 912-space garage, a cafeteria, training rooms and a daycare facility.

“These assets were highly sought after by life insurance company lenders due to the creditworthiness of the tenant and the long term leases in place,” said Stasaitis.

Contacts:

Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333, pstasaitis@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852 3500,
krmurphy@hfflp.com


HFF arranges $10.3M financing for three Charlotte, NC office buildings

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $10.3 million in financing for Arrowpoint I, II and III, office buildings totaling 230,645 square feet in Charlotte, North Carolina.

HFF senior managing director Susan Hill (middle left photo)  worked exclusively on behalf of the borrower, BRI 1828 Arrowpoint LLC, to secure the fixed-rate loan through Unum Life Insurance Company of America.

 Loan proceeds were used to acquire the properties. BRI 1828 Arrowpoint LLC is a Florida-based investment management company.

Arrowpoint I, II and III are located at 9140 Arrowpoint Boulevard close to the Interstate 77 and 485 interchange southwest of downtown in the Arrowpoint Center Office Park.

Contacts:

Susan L. Hill, HFF Senior Managing Director, (713) 852-3500, shill@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF closes sale of and arranges financing for Atrium at Park Ten in Houston’s Energy Corridor

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged financing for Atrium at Park Ten, a 139,834-square-foot, multi-tenant office building in Houston’s Energy Corridor.

The HFF investment sales team was led by senior managing director Dan Miller (middle right photo)  and associate director Martin Hogan (middle left photo), who marketed the property on behalf of the seller, KBS Realty Advisors. Beacon Investment purchased Atrium at Park Ten for an undisclosed amount.

Susan Hill of HFF arranged the fixed-rate financing on behalf of Beacon. This was HFF’s 5th sale to Beacon and Beacon’s 11th office building purchase in the last 24 months.

Atrium at Park Ten is situated on six acres at 16340 Park Ten Place within the Park Ten office center in Houston’s Energy Corridor, west of downtown.

The property has undergone nearly $2 million in capital improvements in the past eight years and is 88% leased to tenants including RSC Equipment Rental, Dockwise USA and Trendmaker Homes.

“Atrium at Park Ten (lower right photo)  is uniquely positioned as the best Class B building within Park Ten, a 550-acre master-planned mixed use development in the Energy Corridor submarket.

Atrium at Park Ten provides a perfect alternative to tenants seeking a high-quality, well-maintained office environment at an attractive price relative to Class A rental rates,” said Miller.

KBS Realty Advisors, an SEC-registered investment advisor, and its affiliate, KBS Capital Advisors, are one of the nation's largest buyers of commercial real estate and structured debt investments, having consummated more than $16.5 billion in transactional volume.

Beacon Investment LLC is a privately-owned real estate investment management firm based in Miami.

Contacts:

H. Dan Miller, CCIM, SIOR,HFF Senior Managing Director (713) 852-3500dmiller@hfflp.com
Susan L. Hill,HFF Senior Managing Director (713) 852-3500 shill@hfflp.com
Kristen M. Murphy,HFF Associate Director, Marketing (713) 852-3500 krmurphy@hfflp.com

HFF closes sale of and arranges acquisition financing for REO multi-housing community in Houston

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of and arranged financing for Broadstone Walker Commons, a Class A, REO multi-housing community in League City, Texas.

HFF senior managing directors Craig LaFollette, Todd Stewart and Todd Marix, director Tre Banks and associate director Chris Curry led the investment sales team on behalf of the seller, a bank participation with Bank of America as the agent bank.

Sunstone Realty Advisors purchased the property and worked with HFF’s senior managing director John Brownlee (lower left photo)  and director Matt Kafka to secure the fixed-rate acquisition loan through Freddie Mac (Federal Home Loan Mortgage Corporation).

The loan will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program.

Situated on nearly 20 acres, Broadstone Walker Commons is located at 1751 West Walker Street close to Interstate 45 (Gulf Freeway), southeast of downtown Houston in League City.


 The 91% leased property was completed in 2008 and has 352 units averaging 928 square feet each. Community amenities include a resort-style pool and clubhouse with business and fitness center.

Based in Vancouver, British Columbia, Sunstone Realty Advisors invests in opportunistic properties in Canada and the United States.

Contacts:

G. Craig LaFollette, HFF Senior Managing Director, (713) 852-3500, clafollette@hfflp.com
John S. Brownlee, HFF Senior Managing Director, (214) 265-0880, jbrownlee@hfflp.com
Kristen M. Murphy,HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of 12-property student housing portfolio in Tallahassee, FL

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a 12-property, 1,702-bedroom student housing portfolio close to Florida State University, Florida A&M University and Tallahassee Community College in Tallahassee, Florida.

HFF director Brian Kelly (lower right photo)  marketed the portfolio on behalf of the special servicer and receiver, LNR Partners, Inc.

The properties were purchased by four buyers: Shady Lane Holdings, The Cottages of Tallahassee, LLC, AMCO Properties and Mesco, Ltd.

Individual property breakouts are listed below:
Buyer Properties # of Units/# of Beds

Shady Lane Holdings Jennings Place Cottages 6 Units/18 Beds
Cottages of Magnolia 38 Units/152 Beds
University Gardens II 20 Units/80 Beds
Cottages of Harrison 4 Units/16 Beds
The Cottages of Tallahassee, LLC Cumberland Forest 28 Units/112 Beds
Cottages of Rumba 14 Units/24 Beds
Cottages of Glenda 12 Units/20 Beds
AMCO Properties, LLC 1111 On High 136 Units/344 Beds
Villa Casa Cortez 138 Units/254 Beds
Mesco, Ltd. Osceola Village Hall 114 Units/334 Beds
Osceola Village Suites 46 Units/184 Beds
Sweet Bay Club 41 Units/164 Beds

“This portfolio represented a tremendous opportunity for income and NOI growth as all the properties were performing below market in terms of rent and occupancy rates,” said Kelly.

LNR Property Corporation is a diversified real estate, investment, finance and management company.

Contacts:
Brian J. Kelly, HFF Director, (317) 630-3191, bkelly@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com