C&W negotiates sale of 189-unit Lake Mann Gardens Apartments in Orlando, FL

  

Orlando, FL – December 16, 2011– Cushman and Wakefield of Florida, Inc. announced the sale of Lake Mann Gardens Apartments located in Orlando, Florida to Silver Lake Orlando, LLC.  

 Cushman & Wakefield’s Multifamily team led by Senior Director Jay Ballard (top right photo), Associate Director Ken Delvillar (top left photo), CCIM and Associate Lindsey Pfaender represented the seller, Potomac Realty Capital in the deal which closed on November 30. Silver Lake Orlando, LLC paid $1.5 million or approximately $8,000 per unit. The Property was only 30 percent occupied at the time of the sale

“The buyers were able to work through a number of hurdles to get the deal done,” said Ken Delvillar.  “It will be interesting to see the property change both in terms of curb appeal and performance in the near term.”

Completed in 1974, Lake Mann Gardens is a concrete built 189-unit bank-owned asset located in the South Orlando submarket.  The garden-style property is convenient to three major roadways: Interstate 4, East/West Expressway 408, and the Florida Turnpike.

C&W negotiates new lease for litigation management practice

 Orlando, FL – Cushman & Wakefield of Florida, Inc. (C&W) Senior Director Matthew McKeever (lower right photo), CCIM, SIOR, and Office Brokerage Associate Joe Abascal announced Hamlin and Burton Liability Management Inc., has signed a new lease in Tower II at Primera (bottom left photo) located in Lake Mary at 615 Crescent Executive Court. 

Mr. McKeever and Mr. Abascal negotiated the 3,436 sf long term deal on behalf of the tenant. DRA Real Estate Services represented the landlord.

 Hamlin and Burton Liability Management provides litigation management services in the area of medical malpractice.

Contact:

Brook Hines

Marketing Associate

Cushman & Wakefield

800 N. Magnolia Avenue, Suite 450

Orlando, Florida 32803

Tel: 407-541-4401

brookhines@cushwake.com

www.cushwake.com

HFF secures $50 million refinancing for Hotel Zaza in Houston

 HOUSTON, TX – HFF announced that it has arranged a $50 million refinancing for Hotel Zaza (top left photo), a 315-room luxury hotel in Houston’s Museum District.

HFF worked on behalf of the owners of Hotel Zaza to secure the 10-year, fixed-rate loan through Goldman Sachs Commercial Mortgage Capital, LP. 

Hotel Zaza is located at 5701 Main Street adjacent to the renowned Texas Medical Center and Rice University in Houston’s Museum District. 

Originally built in 1925 as the Warwick Hotel,  the property was substantially renovated, and reopened in 2007 as Hotel Zaza, a boutique hotel with 241 guest suites, 51 villas and suites, 10 concept suites and eight “Magnificent Seven” ultra-luxury suites.

 Hotel amenities include ZaSpa, a pool with private cabanas and full-service bar and grill, 21,000 square feet of meeting space and the Monarch Restaurant.

The HFF team representing the borrower was led by senior managing director Mark West (lower right photo), director John Bourret and associate director Colby Mueck.

Contacts:        

                 

JOHN BOURRET                                COLBY MUECK                              

HFF Director                                        HFF Associate Director                      

(214) 265-0880                                    (713) 852-3500

jbourret@hfflp.com                               cmueck@hfflp.com                           

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500                                   

krmurphy@hfflp.com

Colliers International closes $1.5M sale of shopping center with outparcel in Fort Myers, FL

FORT MYERS, FL  (Dec.  20, 2011) – After tracking the property as it went through the foreclosure process, Colliers international Southwest Florida represented the buyer in a $1.5M sale of a 10,724-square-foot retail center with a 12,000± square-foot land outparcel.

Karen Johnson-Crowther (top right photo),, Director of Retail Services for Colliers International Southwest Florida, represented the buyer, Central Line Properties LLC. The seller, Iberia Bank, was selfrepresented.

In the current environment, buyer representatives often find it necessary to follow a property

through foreclosure and sale to the lender, knowing that there may be a good buying

opportunity afterwards. Johnson-Crowther had completed lease transactions in the retail center, and her knowledge of the property’s rental rates and net operating income helped her to

negotiate a favorable price.

“In situations with distressed properties, it’s important to take a long-term approach,” said

Johnson-Crowther. “This retail strip center and outparcel were definitely in line with what Central

Line Properties was looking for as an investment.”

Central Line has plans to develop the land outparcel as retail facility with a drive-thru, while

working to fill the vacant space in the retail center.

The shopping center, located at 8291 Dani Drive in Fort Myers, was 50 percent occupied at the time of the sale, with tenants includingSubway and Mattress Firm.

The land outparcel, at the corner of Colonial Boulevard and Metro Parkway, would work for a

4,000-square-foot building with a drive-thru or a 5,500-square-foot free-standing building.

 Contact:

Leah Saunders

Bayview Public Relations

(727) 895-5030 ext 104 (office)

(813) 924-0367 (cell)

Leah@BayviewPR.com

HFF secures permanent refinancing for Square One Mall in Saugus, MA

  

PITTSBURGH, PA – HFF announced that it has secured a permanent loan for the Square One Mall (top left photo) a regional mall in Saugus, Massachusetts.

Working on behalf of Mayflower Square One, LLC, HFF placed the 10-year, fixed-rate loan with Deutsche Bank. 

 The loan replaced maturing debt on the property.  Mayflower Square One, LLC includes entities partially owned by Simon Property Group, Teachers Insurance and Annuity Association of America and Canadian Pension Plan. 

The securitized loan will also be sub-serviced by HFF.

Square One Mall is located off Route 1 in Saugus about nine miles north of Boston.  The property is anchored by Macy’s, Sears, Best Buy, T.J. Maxx & More and Dick’s Clothing & Sporting Goods. 

Additional retailers at the well-leased mall include The Gap/GapKids, American Eagle Outfitters, The Children’s Place, Express, Old Navy and H&M. 

The HFF team representing the borrower included executive managing director John Pelusi (middle right photo), managing director Claudia Steeb and director Lauren O’Neil.

Contacts:

JOHN H. PELUSI, JR.          

HFF Executive Managing Director        

(412) 281-8714                                        

jpelusi@hfflp.com                                  

CLAUDIA A. STEEB                           

HFF Managing Director                      

 (412) 281-8714                                   

csteeb@hfflp.com                                 

LAUREN E. O’NEIL

HFF Director

(617) 338-0990

loneil@hfflp.com

                       

KRISTEN M. MURPHY

HFF Associate Director, Marketing

 (713) 852-3500    

krmurphy@hfflp.com

HFF arranges $37 million in financing and joint venture equity for luxury multi-housing development in Orlando

                                 

ATLANTA, GA – HFF announced  that it has arranged a construction loan and joint venture equity totaling $37 million for the development of Steel House, (top left photo), a 326-unit, Class A multi-housing community in Orlando, Florida.

HFF worked on behalf of Pollack Shores Real Estate Group to secure a $25 million construction loan through a national commercial bank and $9 million in joint venture equity with an institutional private equity firm.

Steel House is situated on a 4.8-acre site at the intersection of North Orange Avenue and West Colonial Drive in the Uptown neighborhood of Orlando.  Upon completion in February 2013, the property will feature 326 one- and two-bedroom units. 

Community amenities will include a sports club, business center, media room, pool, grilling area, fourth floor clubroom and lounge with downtown views, and controlled access parking garage.

The HFF team representing Pollack Shores Real Estate Group was led by senior managing director Mark Sixour (middle right photo)

Pollack Shores Real Estate Group is an Atlanta-based investor/developer of multifamily properties throughout the Southeast.  Pollack Shores has overseen the development, acquisition and disposition of 35,000 residential units representing more than $3.2 billion in value over the past 30 years.

Contacts:                       

MARK D. SIXOUR                                         KRISTEN M. MURPHY

HFF Senior Managing Director                      HFF Associate Director, Marketing

(404) 832-8460                                               (713) 852-3500    

msixour@hfflp.com                                         krmurphy@hfflp.com

Colliers International Designates New Leadership for Hotels Group in U.S

.

SEATTLE, WA  /PRNewswire-USNewswire/ -- Colliers International today announced Executive Managing Directors Mike Mixer (top right photo) and Dharmesh Patel  (top left photo) will lead Colliers International Hotels | USA.  Colliers International Hotels specializes in hospitality real estate investment advisory services.

Created in response to a growing need for commercial real estate and lodging investment services, particularly in the mid-tier segment, Colliers International Hotels provides brokerage services to hospitality owners and investors, financial institutions, funds and REITs. Given the improvement in fundamentals in the hospitality sector, the group's leadership sees this growth trend continuing in the coming year.

Mixer is the managing partner and founder of the Colliers International Las Vegas office, and an expert in the resort and gaming market. Patel, based in the San Francisco Bay area, is an experienced hotel owner-operator with a diverse background in hospitality investment, development, and finance.

"As we looked at expanding our hotel brokerage services, it became evident that we needed strong day-to-day leadership for the group," said Dwight Hotchkiss (lower right photo), Executive Managing Director of Client Services for Colliers International.

 "We are fortunate that we have within our organization two highly respected professionals in Mike Mixer and Dharmesh Patel, both of whom focus on the hospitality industry. We are excited to have them leading this group and growing it to be an industry leader."

Mixer said in addition to luxury and upscale listings, his team offers a full range of services for independent, economy, midscale and upper midscale properties.

"This dynamic economic climate offers quality investment opportunities, and the mid-tier market is a prime space for hospitality investors," Mixer said. "Our team is unique in that we are proficient in all aspects of hotel services, which provides excellent value for investors in this industry."

  

Contact:: Christine Schultz, Marketing Director | USA, Colliers International, +1 206-695-4245, christine.schultz@colliers.com

Lennar Announces Entry Into the Pacific Northwest

MIAMI, FL  /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today the company is expanding its homebuilding operations into the Pacific Northwest, in both the Seattle and Portland markets.

Lennar acquired control of approximately 650 finished homesites in 20 communities, for an undisclosed price, from Seattle-based Premier Communities. 

A privately-held company led by Ryan McGowan (top right photo), Premier Communities has delivered more than 1,600 homes in the Seattle area since 1998.

These communities are ideally situated with home prices ranging from approximately $150,000 to $460,000. Mr. McGowan will be responsible for Lennar's operations in Seattle.

 Mr. McGowan stated, "Lennar and Premier Communities share a common commitment to provide the highest standard of quality homes and services to our buyers. We are excited for the significant potential of combining our local strengths and relationships with Lennar's balance sheet and operating efficiencies."

Lennar's start-up operations in Portland are being led by Ryan Selby, a 22-year Portland homebuilding veteran.  Mr. Selby comes to Lennar from D.R. Horton where he served as Division President for nine years.

Under Mr. Selby's leadership, Lennar has been able to purchase primarily distressed finished homesites in 11 communities. Homes to be built by Lennar in the Portland area will be focused on first-time, move-up, active adult and luxury homebuyers.

These two new opportunities are expected to add approximately 200 deliveries in the second half of 2012.

Jon Jaffe (lower right photo), Lennar's Chief Operating Officer, stated "We are excited to be bringing our Lennar Everything's Included Homes to the Pacific Northwest.

“ We have been evaluating the Seattle and Portland markets for more than a decade and believe that this is a perfect time to enter these markets with the right opportunities.

“ Both Seattle and Portland are currently benefiting from diversified economies and stabilizing home prices, and combined with the local experience of Ryan McGowan and Ryan Selby, we are well positioned to grow a successful Pacific Northwest homebuilding operation in 2012 and beyond."

The move into the Pacific Northwest is the first entry by Lennar into a new market since entering Atlanta as a start-up operation in early 2010. With this move, Lennar now has homebuilding operations in 18 states and 44 markets across the nation.

Contact:: Diane Bessette, Vice President and Treasurer, Lennar Corporation, +1-305-229-6419

Web Site: http://www.lennar.com

EastGroup Acquires 1.1 Million SF Tampa Industrial Portfolio

JACKSON, MS /PRNewswire/ -- EastGroup Properties (NYSE: EGP)  announced the acquisition of an industrial portfolio consisting of 16 buildings with 1,147,000 square feet in Tampa, Florida. 

After the eventual disposition of six non-core buildings, EastGroup will retain 1,078,000 square feet with a projected total investment of approximately $55,400,000 which includes estimated first year capital improvements.

 The core portfolio is currently 92% leased and is projected to generate an annualized 7.3% yield at a stabilized occupancy of 95%.

David H. Hoster II (top right photo), President and CEO, stated, "This portfolio acquisition increases EastGroup's ownership to 3.9 million square feet in the market and makes us the largest industrial owner-operator in Tampa. 

“These newly acquired business distribution assets complement our existing properties in Tampa's two primary infill industrial submarkets which historically have averaged higher occupancies than the overall metro Tampa industrial market.  We now own over 9 million square feet in Florida."

Contact:  David H. Hoster II, President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer, +1-601-354-3555

Web Site: http://www.eastgroup.net

In Third Quarter, CRE Markets Continued Many Trends Seen in First Half of 2011, Mortgage Bankers Association Reports

                                       

  WASHINGTON, DC, Dec. 20, 2011 -- The Mortgage Bankers Association (MBA) released its third quarter Commercial Real Estate/Multifamily Finance Quarterly Data Book.

 The third quarter brought with it a continuation of many of the commercial real estate trends seen through the year - moderate economic growth, property fundamentals thriving for apartment buildings and stabilizing for other property types and progress in loan performance.

Impacts from the financial unrest associated with US and European sovereign debt markets were also evident - pushing interest rates lower and sidelining the CMBS market that is most closely tied to the broader capital markets. The net result has been low overall yields and increased overall financing, but uncertainty about where future risks and opportunities may (or may not) lie.

The Data Book compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry participants and observers, including trends in property sales, originations, delinquencies and mortgage debt outstanding. 

 If you have any questions, please contact Matt Robinson at (202) 557-2727 or mrobinson@mortgagebankers.org.

Archstone Sponsored Partnership Acquires 252-unit Community in Southeast Florida

BOCA RATON, FL— Dec, r 20, 2011 — Archstone, a leader in apartment investment and operations, today announced the acquisition by an Archstone sponsored partnership of Vinings at Town Center (top left and middle right photos), a 252-unit apartment community in Palm Beach County, from AEW Capital Management.

The community was acquired for a purchase price of approximately $42 million and will be renamed Archstone Boca Town Center.

Archstone Boca Town Center, which is located at 5881 Town Bay Drive, will undergo a comprehensive renovation of its amenities and units over the course of the next year. The fitness center and several common areas will be upgraded, while the units will be fitted with brand-new kitchens and bathrooms.

“We continue to be committed to the continual improvement of our portfolio of apartment communities in the nation’s best cities,” said R. Scot Sellers (middle  left photo), Archstone’s chief executive officer. “Archstone Boca Town Center will be an excellent addition to our portfolio and our strategically located communities in Southeast Florida.”

Archstone Boca Town Center is adjacent to the Town Center at Boca Raton, which features more than 220 upscale retailers and restaurants. Nordstrom, Neiman Marcus, Bloomingdale’s and Saks Fifth Avenue anchor the 1.75 million square foot mall. In addition, the mall showcases a number of well-known dining options, including Grand Lux Café, Legal Sea Foods and The Capital Grille.

Nearby entertainment destinations include the Boca Raton Resort and Club, Mizner Park, Cinemark Palace 20, Boomers and the Morikami Museum and Japanese Gardens. That’s not to mention the great Florida beaches that are less than four miles from the community.

Archstone Boca Town Center offers easy access to a host of major employers in several large office parks, including Arvida Park of Commerce and Boca Corporate Center & Campus. The site is also a short drive to Office Depot’s new global headquarters.

 “Archstone Boca Town Center is located in a highly desirable upscale neighborhood with expensive single family homes and limited land available for new residential development, which is very consistent with our investment strategy,” said Charles E. Mueller Jr. (lower right photo), Archstone’s chief operating officer.  “Our operating team in Southeast Florida is looking forward to producing very strong results at this fantastic community.”

The community currently offers several amenities including a 24-hour fitness center, clubhouse, tennis court, resort-style pool and picnic area with barbecue grills. Among the features inside the Boca Raton apartments are washers and dryers, walk-in closets and private balconies and patios. Select units feature vaulted ceilings and lake views.

The Boca Raton-based ARA sales team of Principal, Avery Klann (bottom left photo), Senior Vice President Hampton Beebe (bottom right photo), and Principal Marc deBaptiste represented AEW Capital Management in the sale. AEW sold the property on behalf of one of its institutional clients. 

“Multifamily investment in Boca Raton continues to be extremely attractive,” said Avery Klann, lead broker on the transaction. “Archstone Boca Town Center has been institutionally owned for more than 23 years, which has helped the property maintain stabilized long-term occupancy and premium rental rates.”

 For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com

Local Contact:                                                National Contacts:

Marti Zenor                                                        Amy Morris or Lisa Robinson

ARA Florida                                                      ARA National

(561) 988-8800                                                (404) 495-7300

mzenor@ARAusa.com                                   amorris@ARAusa.com

http://www.arausa.com/                                           lrobinson@ARAusa.com

.

Sun Hospitality Sells Homewood Portfolio in Florida and Georgia

Tampa, FL (Dec. 20, 2011) – The Plasencia Group’s Sun Hospitality division is pleased to announce the sale of two Homewood Suites hotels totaling 222 rooms.  

The 116-room Homewood Suites by Hilton® Jacksonville – Baymeadows (top left photo) and the 106-room Homewood Suites by Hilton® Savannah (middle right photo)were acquired by a New York-based investment fund. 

The new owner plans to renovate both properties and continue to operate under the Homewood Suites brand.  Terms of the deal were not disclosed.

Sun Hospitality Advisors, a subsidiary of The Plasencia Group that handles select-service hotel transactions, was engaged by Dimension Development as its exclusive advisor in the sale of the two extended-stay properties.

The Jacksonville hotel represents the 12th asset sold by The Plasencia Group in Florida within the last 24 months.   Located at 8737 Baymeadows Road, the hotel enjoys a strategic position within Southside, a primarily corporate area within the region.

The Savannah property, at 5820 White Bluff Road, is located in midtown just four miles from the historic district, and in close proximity to Savannah Technical College, Savannah State University, and St. Joseph’s/Candler Hospital.

The disposition assignment was handled by Robert Wiemer (lower left photo), Senior Vice President of TPG’s Southwest Region, and Robert O’Leary, VP of Sun Hospitality’s Southeast Region.

The Plasencia Group is anticipating that 2012 will be an increasingly active year for transactions.   “We expect to see higher disposition prices than in the recent past.  This should be welcome news to owners after what has been one of the most challenging periods in hospitality industry history,”  stated O’Leary.

For more information: http://www.tpghotels.com/.

Contact:

Karen Brand

Vice President, Marketing & Communications

4107 N. Himes Avenue, Tampa, FL 33607

203.202.4549 Cell

kbrand@TPGhotels.com

www.TPGhotels.com

McCarthy Building Companies Completes Construction of Methodist Hospital’s New Patient Tower in Arcadia, CA

           

ARCADIA, CA and NEWPORT BEACH, CA, Dec. 19, 2011—McCarthy Building Companies Inc., one of Southern California’s preeminent healthcare builders, recently completed construction of a 154,486-square-foot patient tower at Methodist Hospital of Southern California in Arcadia. (top left and lower right photos)

 The North Tower is the latest addition to the 122-acre Methodist Hospital campus, which originally opened in 1957 and has undergone building additions and renovations over the years.

 The $140 million project included construction of the Hollfelder Emergency Care Center on the first floor; a 20-bed ICU and pharmacy on the second floor; 40 medical/surgical beds each on the third, fourth and fifth floors; support services on the basement level; and a new entry structure to include a covered drop-off area at the building’s main entrance.

McCarthy also constructed a 90-foot-long underground tunnel at the basement level to connect the existing Hoefflin Building to the new North Tower. Because of its size and location, the eight-foot-wide by eight-foot-high tunnel posed an interesting challenge to the project team.

“We needed to construct 60 feet of the passageway below the foundations and floor slab of the existing building, where extensive underpinning was required to support the existing structure prior to tunneling activities,” said Andy Liu, McCarthy’s senior project manager.

Liu said construction of the tunnel was complicated because the work was performed immediately beneath the existing ER, which remained operational during construction. “Extra precaution had to be taken to ensure no disruption to the ER, and also to maintain safe conditions for the workers below,” said Liu. The tunnel work took about three months to complete from start to finish.

 More information about the company is available online at http://www.mccarthy.com/ .

 For more information please call (626) 898-8000 or visit www.methodisthospital.org.

Contacts: 

Laura Mickelson (LM Communications)

(949) 453-0851

Susan Garritano (McCarthy Building Companies, Inc.)

(314) 968-3300

Annaly Capital Management, Inc. Announces 4th Quarter 2011 Dividend of $0.57 per Share

     

 NEW YORK, NY--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the fourth quarter 2011 common stock cash dividend of $0.57 per common share.

This dividend is payable January 26, 2012 to common shareholders of record on December 29, 2011. The ex-dividend date is December 27, 2011.

The Company distributes its fourth quarter dividend based on its current estimate of taxable earnings per common share for the year, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as unrealized and realized gains and losses, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses.

Dividends may be reinvested through the Company's Dividend Reinvestment and Share Purchase Plan. Plan information may be obtained from the Plan Administrator, Mellon Investor Services at 1-866-353-7849, at www.annaly.com, or by contacting the Company.

Annaly manages assets on behalf of institutional and individual investors worldwide. The Company’s principal business objective is to generate net income for distribution to investors from its investment securities and from dividends it receives from its subsidiaries. Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”).

Contact:

Annaly Capital Management, Inc.

Investor Relations, 1-888-8Annaly

www.annaly.com

Voit Completes Two Industrial Owner/User Sales Encompassing 48,000 SF in Greater Los Angeles, CA

Los Angeles, CA  (Dec. 19, 2011) – Voit Real Estate Services’ Anaheim office has completed two industrial property sales encompassing 47,620 square feet for a total consideration of $4.8 million in Greater Los Angeles. 

 Transaction #1

Cameron Driscoll and Luke McDaniel, both Senior Vice Presidents in Voit’s Anaheim office, completed the $2.7 million sale of a 28,300 square-foot, free-standing industrial building located at 16000 Phoebe Avenue (top left photo) in La Mirada, Calif. Voit’s Driscoll and McDaniel represented the seller, InSite Realty Advisors.

“This property was originally listed for lease, however, the Voit team knew there was stronger activity in the sale market, so we advised our client to shift the focus to buyers in the region,” said Driscoll.  “As a result, we were successful in achieving a sale price at the higher end of the market on behalf of the seller.”

The buyer, Evergreen Packaging, acquired the space to expand its operations, while adding additional machinery.  Evergreen Packaging was represented Grubb & Ellis in the transaction.

Transaction #2

Voit’s Anaheim office also completed the $2.1 million sale of a 19,320 square-foot, free-standing, single occupant industrial building located at 9046 Sorensen Ave. (lower right photo) in Santa Fe Springs, Calif.  Voit’s Cameron Driscoll and Luke McDaniel represented the seller, Kearny Real Estate Company.

“In this REO sale, Voit was able to quickly identify a qualified buyer that closed the deal in a timely manner, and without any re-trades,” stated Driscoll.

The buyer, Steven Label, is a printing company that plans to use the space as its headquarters.  Steven Label was represented by Lee and Associates.

Further information is available at http://www.voitco.com./

Contact: 

Judith Brower

Brower, Miller & Cole

949) 955-7940

JBrower@browermillercole.com

http://www.browermillercole.com/