HFF hires Michael Ross as senior managing director in its Los Angeles office

 LOS ANGELES, CA – HFF announced today that it has hired Michael Ross (top right photo) as a senior managing director in its Los Angeles office. 

Mr. Ross will focus on office, industrial and land investment sales transactions in the Greater Los Angeles area and West Coast.  He has more than 30 years of experience in commercial real estate and has closed more than $6 billion in institutional property sales throughout his career.

 Prior to joining HFF, Mr. Ross was an executive vice president in Grubb & Ellis’ Institutional Capital Markets Group.  Before that, he held positions as a managing director at Colliers International and Coldwell Banker Commercial. 

Mr. Ross has served as the Chairman of Investment Properties for the Association of Industrial Realtors, is a member of Urban Land Institute and is a licensed California real estate broker.  He graduated from the University of Southern California with a Bachelor of Science in Business Administration.

“Mike is the fifth addition to HFF’s growing West Coast platform of investment sales professionals in the last five months and he is looking forward to being back with his former partners, Richard Plummer and Andrew Harper, who joined HFF in September 2011,” said Paul Brindley (lower left photo), senior managing director in HFF’s Los Angeles office.  

Contacts:    

   

PAUL C. BRINDLEY                                     

HFF Senior Managing Director                 

(310) 407-2100                                            

pbrindley@hfflp.com                                          

                                            

KRISTEN M. MURPHY

HFF Associate Director, Marketing

 (713) 852-3500

krmurphy@hfflp.com

HFF secures $32.5 million financing for United Health Group’s headquarters in Eden Prairie, Minnesota

              

DALLAS, TX – HFF announced today that it has secured $32.5 million in financing for the 473,325-square-foot headquarters (top left photo) for UnitedHealth Group’s health services business, Optum, in Eden Prairie, Minnesota. 

Working exclusively on behalf of AG Net Lease Fund II, an affiliate of Angelo, Gordon & Company, HFF placed the 10-year, 4.8 percent, fixed-rate loan with Bank of America Merrill Lynch - Real Estate Structured Finance Group.  The securitized loan will be serviced by HFF.

Completed in 2001, the property is fully leased on a triple net basis to UnitedHealth Group.  UnitedHealth Group’s Optum Campus is situated on a 55.2-acre site at 13625 Technology Drive close to Interstate 494 about 12 miles southwest of Minneapolis.

The HFF team representing the borrower was led by directors Brandon Chavoya (middle right photo) and Coler Yoakam (lower left photo) and senior managing director Mark West.

Angelo, Gordon & Company is a privately-held registered investment advisor dedicated to alternative investing.  The firm was founded in 1988 and currently manages approximately $24 billion.  The firm is currently investing its second dedicated net lease fund, the $560 million AG Net Lease Fund II.

Contacts:    

           

 C. BRANDON CHAVOYA                        

HFF Director                                                  

 (214) 265-0880                                             

bchavoya@hfflp.com       

                                           

KRISTEN M. MURPHY

HFF Associate Director, Marketing

 (713) 852-3500

krmurphy@hfflp.com

$400 million refinancing for five-property multi-housing portfolio closed by HFF

 WASHINGTON, D.C. – HFF announced today that it has arranged a $400 million refinancing for a five-property, 2,600-unit multi-housing portfolio located in Washington, D.C. and Hoboken, New Jersey.

HFF worked on behalf of Brookfield Real Estate Financial Partners to secure the floating-rate loan through M&T (FNMA). 

The properties average 98 percent occupancy overall and are located within the Washington, D.C. and New York City metropolitan statistical areas.

The HFF team representing Brookfield Real Estate Financial Partners was led by senior managing directors Bob Donhauser (top right photo) and Bill Asbill (lower left photo).

Brookfield is a global alternative asset manager with approximately $150 billion in assets under management.  The company has over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity.

Contacts:    

           

 ROBERT F. DONHAUSER                        

 HFF Senior Managing Director                     

 (202) 533-2500                                             

rdonhauser@hfflp.com  

                                           

KRISTEN M. MURPHY

HFF Associate Director, Marketing

 (713) 852-3500

krmurphy@hfflp.com

Philip Palmer Joins Avison Young in Chicago

 

CHICAGO, IL, March 9, 2012 /PRNewswire/ - Michael McKiernan (lower left photo), Avison Young Principal and Managing Director of the company's Chicago office, announced today that leading commercial real estate broker Philip Palmer (top right photo) has joined Avison Young's brokerage operations in Chicago.

Effective immediately, Palmer joins Avison Young as a Principal and will focus his efforts on tenant advisory services. He was most recently a Senior Vice-President with Grubb & Ellis in Chicago.

"We couldn't be more pleased to have Phil join the Avison Youngorganization,”.comments McKiernan. “His background and industry expertise will be of great benefit to Avison Young clients.

 "In his advisory role, Phil always brings a detailed management and service-oriented approach while emphasizing innovation, entrepreneurialism and the

bottom line. He consistently ranks among the top producers in Chicago and will bring a tremendous depth of real estate knowledge to our firm."

Contact:

Sherry Quan,

National Director of Communications and Media Relations,

 Avison Young,

(604) 647-5098,

cell: (604) 726-0959

Colliers International Closes $8.25 Million Sale of Industrial Multi-Tenant Project in Long Beach, CA

 LONG BEACH, CA, Mar. 8, 2012 – Colliers International, the third largest global real estate services organization, has completed the sale of a two-building multi-tenant industrial park (top left photo) totaling 121,127 square feet, located at 701-733 West Anaheim Street and 700-806 West 14th Street, Long Beach, Calif.

 The transaction is valued at $8.25 million.

Patrick Remolacio (middle left photo), Managing Director, and Bret Hardy (lower right photo), Executive Managing Director, based in Colliers International’s Irvine and Downtown Los Angeles offices, together with their co-listing partners, David Prior (lower left photo) and Murray Smith of the Klabin Company’s Torrance office, represented both the Seller and Buyer. 

The Seller was Bechler Corp of Long Beach Calif.   The Buyer was Rader Properties Group 14, LLC also based in Long Beach, Calif.   Bill Townsend, president of INCO Commercial in Long Beach, also assisted in the transaction and is the project leasing agent.

 “The Anaheim Street multi-tenant industrial park is the 14th asset that Colliers has successfully sold in Bechler Corp’s onetime 1,000,000 square foot Southern California industrial portfolio, since the marketing effort began in October 2009,” said Remolacio. 

For a variety of reasons, Bechler Corp had earlier made a decision to monetize the company’s investment real estate assets and distribute the sale proceeds as received to its 50-plus shareholders. 

“Through a series of one-off transactions to both users and investors over the past 28-months, Colliers efforts resulted in generating total sale proceeds in excess of $80-million”

 “At the time of sale, the project was operating at approximately 90% occupancy with 25 tenants occupying 34 of the 36 units.  Many of the tenants in this multi-tenant complex are engaged in businesses that support and fulfill the needs of a variety of operations taking place within the Ports of Long Beach and Los Angeles terminal operations.” said Hardy. 

 Contact:

Jennifer Hsieh

Regional Marketing Manager

+1 949 724 5545

Jennifer.Hsieh@colliers.com

Marcus & Millichap Sells 120-Unit Southern Oaks Apartments in Tampa, FL

 TAMPA, FL, March 8, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Southern Oaks (top left photo), a 120 unit Apartments property located in Tampa, FL, according to Bryn D. Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,050,000.

Michael P. Regan (middle right photo) and Francesco P. Carriera (middle left photo), investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also exclusively secured and represented by Regan and Carriera.

Southern Oaks is located at 13533 Gragston Circle.  This 120-unit apartment complex is located near Bearss Avenue and Fletcher Avenue and within easy access to I-275 and I-75.  It is just a short distance from the University of Southern Florida, a major national research university.

  

The property has on-site parking, laundry facilities and a pool and is situated on approximately 6.78 acres of land.

  “We were able to devise a marketing campaign to highlight the strong points of the deal. The fact that we had multiple offers from buyers throughout the Southeast is another sign that this submarket is stabilizing” comments Regan.

Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

Lincoln Property Company Southeast Begins Managing and Leasing Silhouette Midtown Atlanta

 ATLANTA, GA (March 9, 2012) – Lincoln Property Company Southeast has taken over the management and leasing of Silhouette Midtown (top left photo), a 10-story, 116,600-square-foot office building located at 1447 Peachtree Street in the heart of Midtown Atlanta. Wells Fargo awarded Lincoln the assignment after a competitive bid.

 Lincoln managed and leased the building, which sits between the High Museum and the Savannah College of Art and Design, from 2006 to 2008.

During that time, the company oversaw an extensive renovation of the property, which was constructed in 1964.

 The $3.2 million renovation was an effectiverepositioning effort that included a full replacement of the building systems, a new façade with energy efficient glass and glazing, extensive hardscape and landscape on the Peachtree Street frontage, a stylish new lobby, and distinctive murals painted along the south and west faces of the building, from which the building draws its name.

Since its renovation, the boutique office space has been marketed to technology and creative firms.

 The building is currently 74 percent leased and has one full floor totaling about 11,000 square feet available. Notable tenants include Digitas, TALK International and Farrington Design Group.

David Danhof, (top right photo), vicepresident for Lincoln, and Sabrina Altenbach (middle left photo) and Daniel Bamberger, leasing associates for the firm, will oversee the leasing of the property.

 “Silhouette Midtown is a wonderfully unique, ‘jewel box’ office building,” said Tony Bartlett, (lower right photo),  senior vice president of Lincoln Property Company Southeast. “We could not be more excited about the chance to be associated again with this asset and work with an important client like Wells Fargo to create value for this assignment.”

 For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpcsoutheast.com/.

To check out the blog, go to http://blog.lpcsoutheast.com.

Contact

Stephen Ursery

 Wilbert News Strategies LLC

404-965-5026

sursery@wnspr.com

Bull Realty Brokers Lease of 45,540-SF Former Havertys Retail Site in Birmingham, AL to Mercy Medical

  

ATLANTA, GA (March 8, 2012) – Bull Realty has brokered the lease of a 45,540-square-foot former Havertys Furniture store in Birmingham, Ala., to Mercy Medical.

 Mercy Medical (top right photo), which signed an 11.5-year lease, will renovate the free-standing building, which is located directly off Interstate 20 in Birmingham’s Irondale submarket, and begin operations of a senior-citizen medical clinic and physical therapy center there in the late fall of this year.

Michael Bull (middle left photo), joined by team members Theresa Johnson (middle right photo) and John Harrison (lower left photo) of Bull Realty, represented Havertys in the transaction, and Craig Dyas of DYAS LLC represented the tenant.

“This is an exciting and innovative use of a former retail site,” said Bull, the president and founder of Bull Realty.

“Shortly after taking over the leasing assignment of a property that had been vacant for several years, we were able to secure a first-class tenant that brings tremendous value to our client and the surrounding community.

“This transaction is another example of our ability to locate tenants in a tough market.”

Bull Realty Inc. is a full-service commercial real estate brokerage firm providing investment sales services throughout the nation and corporate services in the Southeast.

 The firm was founded 14 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation, and 2) to provide the best commercial real estate marketing in the nation.

For More Information, Contact

Stephen Ursery

 Wilbert News Strategies LLC

404-965-5026

sursery@wnspr.com

Ackerman Sells Camp Creek Medical Center III in Atlanta for $8.9 Million

Atlanta, GA, March 8, 2012 – Camp Creek Medical Center III (top left and middle right photos), the third of a four-building outpatient medical campus located in the new Camp Creek community of South Fulton County, has been sold to Arizona Real Estate Investment Trust, Healthcare Trust of America, Inc.

 The 30,000-square-foot, two-story medical building, developed by Ackerman & Co.’s healthcare division, Ackerman Medical, sold for $8.9 million.

 

Camp Creek III was developed in 2010 by Ackerman Medical in a venture with leading physician practices, Camp Creek Medical Center III, LLC.

Ackerman Medical also handled the leasing and management for the property.

“The fact that Camp Creek III was fully leased within 10 months of opening, in this economy, is a testament to Ackerman Medical’s leasing team and our unique understanding of physician needs,” said John A. Willig (middle left photo), principal of Ackerman Medical.

At closing, the building was 97% leased; leading tenants include Tenet South Fulton, Orthopaedics of Atlanta and Georgia Cancer Specialists.

In all, the three buildings at Camp Creek Medical Center feature 60 doctors, 21 specialties, a Women’s Center and a Diagnostic Imaging Center.  The final phase, Camp Creek IV, is on track to be developed later this year.

The Ackerman & Co. investment sales team of Andrew Murphy (lower right photo) and Spencer Coan (lower left photo) represented Camp Creek Medical Center III, LLC in the sale of the building.

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast.

The company, founded in 1967, retains an expert team of more than 100 real estate professionals.

To date, Ackerman & Co.  has developed and acquired more than 200 million square feet of office, medical, retail and mixed-use space, has nearly 4 million square feet under management, and maintains an investment portfolio valued at $750 million.

The company’s healthcare division, Ackerman Medical, has developed more than 1 million square feet to date and has more than 585,000 square feet of active medical listings.

For more information on Ackerman & Co., visit www.ackermanco.net

Contact:

Fara Wilson,

VP of Marketing,

Ackerman & Co.,

770. 913.3904    

fwilson@ackermanco.net

Marcus & Millichap Sells Two Broward County, FL Apartment Buildings

 FT. LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Andrews (top left photo), a 25-unit apartment building in Wilton Manors and Granada Hall, (middle right photo) a 10-unit apartment building in Ft. Lauderdale, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office.

The Andrews commanded a sales price of $2.0 million and Granada Hall sold for $1.15 million.

Senior Associate Joseph P. Thomas (middle left photo) of the Ft. Lauderdale office had the exclusive listings to market the properties on behalf of the seller, a well known private investor from Ft. Lauderdale, Fla.  The Andrews was purchased by a private investor from Ft. Lauderdale and Granada Hall was purchased by a private investor from Delray Beach, Fla.

 “Our marketing campaign generated considerable interest in each property,” says Thomas.  “We had multiple offers on both assets which resulted in Granada Hall selling for slightly above the asking price on an all-cash basis and The Andrews selling near the asking price with attractive new bank financing.”

The Andrews is a 25-unit mid-rise apartment building and consists of one two-bedroom/one-and-a-half bathroom townhouse, nine two-bedroom/two-bathroom townhouses and 15 two-bedroom/two-bathroom apartments.  It is located at 2520 N Andrews Avenue in an excellent Wilton Manors rental location.

Granada Hall is a 10-unit apartment building and consists of three studios, three one-bedroom/one-bathroom apartments, one one-bedroom/two-bathroom apartment, two two-bedroom/two-bathroom apartments and one two-bedroom/three-bathroom apartment. 

The property is situated between the Intracoastal Waterway and Atlantic Ocean on Fort Lauderdale Beach.  Granada Hall is located at 3000 Granada Street in Ft. Lauderdale.

Press Contact: Ashley Steele, (954) 245-3400

Marcus & Millichap Sells Miami Office Building for $4.6 Million

  

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 42,000-square foot vacant office building in Miami, according to Kirk A. Felici (middle right photo), Vice President/Regional Manager of the firm’s Miami office.

The asset commanded a sales price of $4,600,000 representing $99 per square foot. There was also an adjacent 8-unit apartment building included in the sale. 

Senior Associates Greg Zeifman (lower left photo) and Associate Benjamin H. Silver (lower right photo) in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, an international nonprofit organization headquartered in Miami, Fla. 

The buyer, a local developer from Miami, was also secured by Zeifman and Silver.

 “The four-story office building presented a unique opportunity for an investor to acquire a meticulously-maintained office building in an irreplaceable location.

The buyer plans on leasing the property as a multi-tenant office building with future development potential,” says Silver.

The office building is located at 550 LeJeune Road (Northwest 42nd Avenue) (top left photo) in close proximity to the Miami International Airport.

Press Contact:  Ashley Steele, (954) 245-3400

Forest City Announces Sale of Quebec Square Retail Center in Denver

CLEVELAND, OH /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB)  announced the closing of the sale of Quebec Square (top left photo), a retail "power" center in Denver, to Quebec Square, CMH, LLC. 

The sale price of $34.25 million generated net proceeds of approximately $8 million, representing an effective cap rate of 6.4 percent based on 2011 net operating income. 

"We're pleased to complete this sale," said David J. LaRue (middle right photo), Forest City president and chief executive officer.  "The disposition of this center is part of our retail strategy to focus on our regional malls and anchored lifestyle centers around the country, as well as urban retail in our New York core market." 

The company plans to use proceeds from this and future dispositions to pay down debt, reinvest in its portfolio, and selectively activate new development with a focus on existing entitlement. Forest City will continue to manage Quebec Square on behalf of the new owner. 

Quebec Square is located at the corner of Quebec Street and Smith Road in Denver, adjacent to Stapleton (lower left photo), Forest City's mixed-use redevelopment community. 

The center has a total of 739,000 square feet of space, with gross leaseable area (GLA) of approximately 217,000 square feet, including current tenants Famous Footwear, Ross Dress for Less, Big 5 Sporting Goods, Office Depot and PetSmart.  Anchors (not included in the GLA) are WalMart, Home Depot and Sam's Club.

 Contact:

 Robert O'Brien, Executive Vice President - Chief Financial Officer,

+1-216-621-6060;

Jeff Linton, Senior Vice President - Corporate Communication,

+1-216-621-6060

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

Carlyle Development Group Announces New Team at Metrocenter in Phoenix, AZ

 PHOENIX, AZ— New York-based Carlyle Development Group (CDG) today announced a new leasing and management team for the firm’s recently acquired Metrocenter (top left photo), a shopping, dining and entertainment landmark in Phoenix, Ariz.

This team includes the addition of Brent Meszaros as General Manager, real estate veteran Anita Blackford (lower right photo) as Senior Vice President of Leasing, and locally based Phoenix Commercial Advisors as Metrocenter’s exclusive retail broker representative.

CDG’s announcement comes just one month after it purchased Metrocenter out of three years in various stages of foreclosure and receivership. It is the owner’s first step in actively repositioning and redeveloping the property, a 1.3 million-square-foot regional mall located on Interstate 17 between Peoria and Dunlap roads in Phoenix.

“We understand Metrocenter’s perceived challenges, but we also believe in its potential as a very positive force in the community,” said Abdi Mahamedi (top right photo), CEO of Carlyle Development Group.

 “Families want Metrocenter back as a hub for shopping, dining, entertainment and culture. We are here to create that for them and to change the perception of this project.”

Macy’s, Sears and Dillard’s Clearance Center currently anchor the 1973-built Metrocenter. The mall is also home to a Harkins Theatre, the Phoenix Conservatory of Music and in-line retailers such as Aéropostale, Victoria’s Secret, Journey’s, Torrid, Charlotte Ruse, Vans and Finish Line.

“Our new team has the creativity and expertise to capitalize on opportunities that were not possible during Metrocenter’s last three years of receivership, and to restore the mall’s position in the marketplace,” said Warren Fink (middle left photo), Chief Operating Officer of Carlyle Development.

 “We have a strong tenant base to build from and we have a vision. We look forward to building on these with the addition of family friendly venues, restaurants, entertainment-oriented tenants and alternative uses that will re-energize this center as a fun, safe place for the community.”

Metrocenter’s new leasing and management team will combine their expertise with the experience and resources of CDG, a company who for more than 30 years has successfully revitalized value-add real estate assets across the U.S.

CDG’s development group adds additional resources in mixed-use land development, opening the door for a variety of projects at Metrocenter ranging from the addition of education and medical tenants to ground-up, stand-alone pad development.

 

The new Metrocenter team also will capitalize on a 2007, $32 million renovation that revitalized interior spaces, added a new children’s area and upgraded on-site security.

Prior to joining CDG as General Manager of Metrocenter, Meszaros worked for Vestar Property Management, responsible for a portfolio of 3 million square feet of retail and power centers.

Blackford joins CDG from her most recent position as Senior Vice President of Leasing and Mall Operations for Feldman Mall Properties.

Contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.carlyle-usa.com.

Newmark Knight Frank's Southeast Capital Group Negotiates $19.5 Million Price in Sale of Banks Crossing in Fayetteville, GA

ATLANTA, Ga. --- The Southeast Capital Group at Newmark Knight Frank in Atlanta recently negotiated the sale of the 256,930-square foot Banks Crossing (top left photo) retail center at 134 Banks Crossing in Fayetteville, Ga. for $19.5 million.

Whitney Knoll, who heads the Southeast Capital Group at Newmark Knight Frank, brokered the transaction representing seller Banks Crossing Associates, LLC along with Newmark Knight Frank associates Fred Victor, Mark Hillis and Andrew O’Brien.

Nightingale Properties acquired the neighborhood retail center, which is 97 percent occupied by anchors that include JC Penney, Kroger, Kroger Fuel Center, Guitar Center, Farmers House Furniture, CitiFinancial and Goodyear.

Knoll said Banks Crossing retail center was built in 1987 and renovated in 2005. 

“The sale of this core-plus property reflects that grocery anchored centers are in high demand,” said Knoll.

“This asset was a natural fit for the Nightingale Properties portfolio,” Victor said.

For more information about this press release,  contact:

C. Whitney Knoll, Principal/Managing Director of Southeast Capital Markets Group, Newmark Knight Frank, 201 17th Street, Suite 900, Atlanta, GA 30363; wknoll@newmarkkf.com; 404-926-1139

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.