Tuesday, March 13, 2012

Berger Commercial Realty Corp. Reports New Transactions



 FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced one new sale and four new lease transactions.

 Senior Vice President Steve Hyatt (top right photo) represented SA Challenger, Inc. in the sale of an 8-unit apartment building, located at 2239 N.W. 87th Street in Miami, to Eugenie Levy for $180,000.

Vice President Judy Dolan (middle left photo), Principal Keith Graves (lower right photo) and Broker Associate Greg Milopoulos represented Oakland Center Associates, LTD. in the lease of 2,290 square feet of space, located at 3409 N.W. 9th Avenue in Fort Lauderdale, to SPA Defense.

Dolan, Graves and Milopoulos also represented Oakland Center Associates, LTD. in the lease of 4,676 square feet of space, located at 3233 NW 10th Terrace in Fort Lauderdale, to Cornerstone Recovery Center, Inc.
 
Dolan and Milopoulos represented Merrill Industrial Center in the lease of 4,071 square feet of space, located at 3402 S.W. 26th Terrace in Fort Lauderdale, to Toys “R” Us-Delaware Inc.

Graves represented 1600 17th Street Causeway, LLC in the lease of 4,352 square feet of space, located at 1600 17th Street Causeway in Fort Lauderdale, to South Florida Materials Corp, doing business as Vecenergy.

Contacts: 

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Lindsey Marmorstein
Pierson Grant Public Relations
6301 NW 5th Way, Suite 2600
Fort Lauderdale, FL 33309
P:  954-776-1999, ext. 255
F: (954) 776-0290



Marcus & Millichap Sells 188-Unit Apartment Building in Dunedin, FL



 DUNEDIN, FL, March 13, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Logarto Apartments (top left photo), a 188 unit Apartments property located in Dunedin, FL, according to Bryn D. Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $7,300,000.

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 partnership. 

The buyer, a private investor, was also exclusively secured and represented by Michael P. Regan and Francesco P. Carriera.

Logarto Apartments is located at 257 Milwaukee Avenue and is comprised of 188 units.  The property is ideally located one mile east of US-19, a short drive from some of the area’s top beaches and in close proximity to numerous national and regional companies’ headquarters.
  
“This is a sheer example of how well located assets are in high demand and will demand a high price. This asset was only 70% occupied at the time of the sale and there were several down units” comments Carriera.

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

Lincoln Property Company Southeast Wins Leasing Contracts Totaling 450,000 SF of Metro Atlanta Office Space



ATLANTA, GA (March 13, 2012) – Lincoln Property Company Southeast has won leasing assignments for four metro Atlanta office properties owned by OA Development and totaling nearly 450,000 square feet.

 OA Development is based in Atlanta and has more than two decades of experience in the commercial real estate industry. In the last 13 months, OA Development has acquired 400,000 square feet of commercial real estate properties.

The properties Lincoln will handle include:

2400 Lake Park Drive (top left photo), a four-story, 104,000-square-foot building in Smyrna. The property is 82 percent leased.

Lakeview 400 (top right photo), a 135,000-square-foot office park in Alpharetta consisting of two, one-story buildings. The park is 93 percent leased. The payroll services firm ADP is the anchor tenant.

Northwoods Business Center (middle left photo), a 111,000-square-foot office park featuring three, one-story buildings in Norcross. The center is 70 percent leased.

Bluegrass Promenade (middle right photo), a one-story, 99,000-square-foot building at 1200 Bluegrass Lakes Parkway in Alpharetta. The building is presently 76 percent leased.

Michael Howell (lower left photo) and Hunter Henritze – both vice presidents, office leasing, for Lincoln Property Company Southeast – will oversee the leasing for OA Development.

“We believe that Lincoln Property Company Southeast’s experience, knowledge and talents are the perfect fit for these four properties,” said Brian Granath, a partner with OADevelopment. “We could not be more excited about the leasing future of these sites. They are in great hands.”

 “We are honored by OA Development awarding us these contracts,” said Tony Bartlett, senior vice president of Lincoln Property Company Southeast. “I know Michael and Hunter will do a fantastic job with these properties and will create great value for OA Development’s assets.”

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

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

Contact:

Stephen Ursery
Wilbert News
(404) 965-5026


HFF secures $43 million financing for Encinitas Village in Southern California



IRVINE, CA – HFF announced that it has secured a $43 million financing for Encinitas Village (top left photo), a 183,675-square-foot retail center in Encinitas, California.

HFF worked exclusively on behalf of Terramar Retail Centers to secure the 10-year, fixed-rate loan through an affiliate of Hartford Investment Management Company. 

Encinitas Village is located at 105-133 North El Camino Real, north of the intersection of Encinitas Boulevard.  The retail center serves a residential population of more than 147,000 within a five-mile radius, with a median household income of $133,000. 

The center is 98 percent leased, and is anchored by Ralph’s Supermarket.  Additional tenants include CVS Pharmacy, Trader Joe’s, Citibank, US Bank, Chase Bank and Souplantation.

The HFF team representing Terramar Retail Centers was led by senior managing director Don Curtis (middle right photo).

“This latest financing is one of four loans HFF has placed with Hartford (the lender) in the San Diego area in the past seven months,” said Curtis.  “These loans represent $163 million of the more than $1 billion in life company business that HFF closed on the West Coast from the beginning of 2011 to the present.”

Terramar Retail Centers is a privately-held commercial investment, management and development company. 

Terramar has acquired, managed and leased more than 6.5 million square feet in its 15-year history.  The company currently owns and operates 22 neighborhood, community, specialty and power centers.  Terramar’s operating and development portfolio includes more than 3.7 million square feet of retail area throughout the western United States.

 For more information about the company, visit http://www.terramarcenters.com/. 
  
Contacts:     
     
DONALD J. CURTIS                                       
Ca. Lic. #00883924                                          
HFF Senior Managing Director                         
(949) 253-8800                                                   
dcurtis@hfflp.com          

KRISTEN MURPHY
HFF Associate Director, Marketing
 (713) 852-3500

HFF arranges $11.75 million refinancing for Whole Foods-anchored center in Marlton, NJ

                       

FLORHAM PARK, NJ – HFF announced that it has arranged an $11.75 million refinancing for Greentree Square (top left photo), a 110,296-square-foot, grocery-anchored shopping center in Marlton, New Jersey.

HFF worked exclusively on behalf of the borrower, Mainardi Management Company, to secure the 10-year, fixed-rate loan through Allstate Investments, LLC.  The loan will be serviced by HFF and is replacing an existing first mortgage loan on the property also arranged by HFF.

Greentree Square is situated on a 12.6-acre site at the intersection of Greentree Road and Route 73 in Marlton, about 10 miles east of Center City Philadelphia.  The 92 percent leased property is anchored by Whole Foods plus two pad sites occupied by TGI Friday’s and Citizen’s Bank.

The HFF team representing Mainardi Management Company was led by senior managing director Thomas Didio and senior real estate analyst Michael Cerulo. 

“The property is an example of how aggressive lenders will get to originate low leverage retail loans in our market.  Allstate secured a loan on a quality asset and we were pleased to arrange the debt for the Mainardi Family and Allstate,” said Didio.

The Mainardi Management Company is a family owned and operated commercial real estate investment, management and leasing firm located in Wayne, New Jersey. The firm, whose origins date back to 1929, currently manages approximately 1.25 million square feet of commercial space in the New York metropolitan area.


Contacts:     
          
THOMAS R. DIDIO                                         
 HFF Senior Managing Director           
(973) 549-2000                                                
 tdidio@hfflp.com                    

KRISTEN MURPHY
HFF Associate Director, Marketing
 (713) 852-3500

HFF closes $54 million sale of Penn Avenue Place in Pittsburgh’s central business district



PITTSBURGH, PA – HFF announced today that it has closed the sale of Penn Avenue Place (top left photo), a 558,000-square-foot, Class A office building in Pittsburgh’s central business district.

HFF marketed the property exclusively on behalf of the seller, an affiliate of Oxford Development Company.  Healthcare Trust of America, Inc. purchased the property for $54 million.

Penn Avenue Place is located at 501 Penn Avenue in Pittsburgh’s Golden Triangle district, near Allegheny General Hospital.  Originally built in 1907, the eight-story property was renovated in 1997 and is 99.6 percent leased to tenants including Highmark, Inc.

The HFF investment sales team representing the seller was led by senior managing director Mark Popovich (middle right photo).

Oxford Development Company is one of the largest privately-owned real estate services firms in Pennsylvania with its headquarters in Pittsburgh.  The company provides a wide variety of real estate development, asset/property management, real estate brokerage and investment advisory services.

Healthcare Trust of America, Inc. is a fully integrated, self-administered, self-managed real estate investment trust. Since its formation in 2006, HTA has built a portfolio of acquisitions that totals approximately $2.4 billion based on purchase price and is comprised of approximately 11.5 million square feet of GLA/

For more information on Healthcare Trust of America, Inc., please visit www.htareit.com.

Contacts:     
          
MARK POPOVICH  
HFF Senior Managing Director          
(412) 281-8714        
 mpopovich@hfflp.com  
                        
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
krmurphy@hfflp.com

McKenna Long & Aldridge LLP Completes Merger with Luce Forward Hamilton & Scripps LLP



ATLANTA, GA — McKenna Long & Aldridge LLP announced  that it has completed its merger with California-based Luce Forward, Hamilton & Scripps LLP (Luce Forward). 

The combined firm will continue to be known as McKenna Long & Aldridge (MLA), and building on the Luce Forward legacy, will have more than 575 attorneys and public policy advisors in 13 offices and 11 markets.  

“Our merger is about creating more value for our clients through an expanded network of attorneys and public policy advisers whose experience and expertise are exponentially more powerful when working together,” said MLA Chairman Jeff Haidet (top right photo).

 “Our complementary cultures and commitment to public service strengthen our ties to each other and to our communities.  Furthermore, our thought leadership and ability to leverage economies of scale enable us to deliver innovative opportunities and solutions for our clients.”

The combination of legal and public policy capabilities creates a firm that ranks among the top 70 largest law firms in the U.S. The firm has expanded legal capabilities in California and nationally, in real estate, litigation, corporate, family wealth, environmental, and employment practices.

 In addition, the integrated firm solidified its foothold as the top insurance practice in the U.S., representing some of the largest insurance carriers on the West and East coasts.

In California, MLA is now expected to rank among the 20 largest law firms, and the firm’s real estate practice, which is one of the oldest and most recognized in the state, will rank among the top three largest practices on the West Coast.  In Atlanta, the combined firm will be ranked in the top 15, based on revenue, and the firm’s leading real estate practice will be strengthened through a larger national presence.

“Our focus for the past 138 years has always been to provide our clients with the highest level of service and legal experience,” said Luce Forward Managing Partner Kurt Kicklighter (middle left photo), now Executive Partner at MLA for California.  “In combining with McKenna Long & Aldridge, we are able to build on the Luce Forward legacy and provide our clients with legal and business solutions across multiple legal specialties and on a national platform.”

The combined firm has extraordinary depth and breadth of legal and public policy talent, along with a significant focus on community service.  Through pro bono legal services, community service efforts, and the MLA Foundation, the combined firm supports over 230 charitable organizations each year.

 For more information on MLA and to view the firm’s new website, go to www.mckennalong.com.

Media Contacts:

Sabrina McGowan,
McKenna Long & Aldridge LLP
202-496-7796,

Michael Guzzo,
 Berkman PR           
610-999-5387

Monday, March 12, 2012

Serene Haven Inc. Acquires Third Los Angeles Property to House Homeless U.S. Veterans and Their Families

  

LOS ANGELES, CA (March 12, 2012) – Serene Haven, Inc., a 501c3 non-profit organization that acquires and renovates residential facilities to provide safe housing to homeless military veterans and their families, has acquired a property located at 2501 West 54th Street (middle right map) in Los Angeles.

 This is the third LA-area, multi-unit residential facility the organization has acquired to house veterans in just under two years, according to Matthew J. Heslin (top right photo), Co-Founder and Chairman of Serene Haven, Inc., and partner in Heslin Becker Properties.

“Serene Haven renovates these properties and provides a secure and comfortable transitional living environment for our military heroes,” said Heslin. 

“Housing is a major issue in the fight to eradicate homelessness amongst veterans, as most accommodations made available to physically disabled veterans are improper and sub-standard.  At Serene Haven, our mindset is ‘if we won’t live there, we won’t allow a veteran to live there.’”

Heslin says the problem of homelessness among veterans is growing in Los Angeles.

“There are more than 20,000 homeless veterans in LA County alone, and with the winding down of the Iraq war, it is estimated that an additional 14,000 military heroes may be facing homelessness in the very near future,” commented Heslin. 

“We are always seeking companies and organizations that will donate funding for additional properties, critical services for these at-risk heroes, or obsolete properties we can revitalize.”

Critical services, which include supportive programs such as mental health counseling, physical therapy, drug and alcohol rehabilitation, and job placement services, are available to all veterans who reside at Serene Haven facilities, according to Heslin.  The organization also provides property redevelopment services and transportation via shuttle service to veterans.

Serene Haven’s newly acquired property is made up of 15 apartment units situated on eight retail spaces below, and will become a field office for the non-profit organization.

“The mixed-use makeup of this newest Serene Haven facility is unique, and will allow our organization to provide on-site opportunities for job placement and job training to assist our veterans,” said Heslin.  “The Serene Haven team will work tirelessly over the coming months to remodel this property and make it a safe, clean, and supportive community for these at-risk military veterans.”

In addition, Serene Haven owns and operates residential facilities at 4416 Arlington Ave. (middle left map)  and 2608 Ridgeley Drive (lower right map) in Los Angeles.  These properties have been completely remodeled and are fully occupied by veterans and their families.  Funding for the first two properties was provided by Heslin.

“Serene Haven is planning at least one more acquisition in 2012, and we will continue to seek opportunities to create safe, transitional housing.  We are humbled by the opportunity to serve these men and women who have sacrificed so much for the safety of our country,” said Heslin.

Serene Haven Inc. is a 501c3 non-profit organization that acquires and renovates residential facilities to provide safe, low-cost housing to homeless military veterans and their families.  Each Serene Haven facility is self-sustaining, and all revenues net of expenses are applied to the acquisition and development of additional transitional housing to take veterans directly off the streets of Southern California. 

For more information or to make a donation, visit www.serenehaven.org.

Contact:

Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940

Voit Real Estate Services Expands Inland Empire Brokerage With New Senior Associate



INLAND EMPIRE, CA – Voit Real Estate Services has announced the addition of Dennis Keane (top right photo) as a Senior Associate in Voit’s Inland Empire office.  Keane brings his expertise in tenant and buyer representation to Voit.

In his new role, Keane will be responsible for providing value-added services to assist local business owners, both large and small, with resources that are essential to improve their operations, according to Walt Chenoweth, (lower left photo) Executive Vice President in Voit’s Inland Empire office.

“Voit recently relocated and expanded our Inland Empire office, with the goal of re-investing in our people and making room for our growth over the next few years.  As a result, we are actively recruiting the industry’s best and brightest,” said Chenoweth. “Dennis’s extensive experience and knowledge in the industrial market of the Inland Empire and San Gabriel Valley make him a valuable asset to our team and clients.”

Prior to joining Voit, Keane served as a Senior Associate at Lee & Associates, where he successfully completed over two million square feet of industrial transactions throughout Southern California.

Keane earned his degree in Communications from Vanguard University.

Contact:

Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940

Interstate Hotels & Resorts Opens Holiday Inn Express Amsterdam-Sloterdijk Station in the Netherlands



ARLINGTON, Va., March 12, 2012—Interstate Hotels & Resorts today announced the opening of the 252-room Holiday Inn Express Amsterdam-Sloterdijk Station (top left photo) in the Netherlands.

 The hotel is the second of a nine-hotel portfolio currently being developed across the Netherlands.  As previously announced the portfolio is jointly owned by Interstate and TVHG Budget Group Beheer BV (TVHG) and operated by Interstate Hotels & Resorts under long-term contracts.

“One of the pillars of success of our global management model is the Company’s long and strong relationships with top international hotel brands,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer.

 “The Holiday Inn Express at Sloterdijk Station is now one of the newest hotels in the market and, with its convenient location at this major transportation hub and high value offering, will quickly become a magnet for business and leisure travelers.” 

Located adjacent to Sloterdijk Station (middle left photo), one of the main train stations of Amsterdam, the Holiday Inn Express offers convenient access by rail to Amsterdam City Center, Amsterdam Schiphol Airport and Amsterdam RAI Convention Center.  Hotel amenities include extensive lobby level lounge spaces for work or relaxation, a lobby bar, complimentary Wi-Fi and continental breakfast served daily.

The nine properties in the Netherlands portfolio, comprising 1,800 rooms, are all well-located, close to railway stations and airports or along main highways, and will be branded under the Holiday Inn, Holiday Inn Express or Hampton Inn by Hilton flags.

“Another key aspect of our successful global management platform is our ability to make selective investments in key markets to support our growth, with a focus on partnering with experienced local companies,” said Leslie Ng (lower right photo), Interstate’s chief investment officer.  “We have a strong relationship with TVHG, a very experienced, highly regarded hotel developer, and look forward to building on it in the future.”

For more information about TVHG Budget Group Beeher BV,  please call +31 20 301 22 55.

For additional information about Interstate Hotels & Resorts, please, contact Interstate’s Senior Vice President, Development-Europe, Aaron Greenman, aaron.greenman@ihrco.com or +32 498127973, or visit the company’s website:  www.ihrco.com.


Contacts:

Jerry Daly, Carol McCune                              
Media                                                              
Daly Gray, Inc.                                              
(703) 435-6293                                              

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Charles Dunn Co. Completes $2.29 Million Sale of an 18-Unit Multifamily Property in Los Angeles



 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2.29 million sale of an 18-unit multifamily property that is located at 2469 S. Robertson Blvd. (top left photo) in Los Angeles near the cross streets of National Blvd. and Cadillac and in close proximity to the 10 Freeway.

Michel Hibbert (lower right photo) of Charles Dunn Company represented the Los Angeles-based buyer, 6656 Fountain LLC, as well as the seller, Los Angeles-based 2469 S. Robertson Associates, LP in the transaction. The closing cap rate was 5.3 percent.

“This multifamily property recently underwent a major renovation making it an attractive asset in a prime Los Angeles submarket that is seeing a three percent vacancy,” said Hibbert.

The property was 100 percent occupied at the close of escrow and includes 17 one-bedroom/one-bathroom units, and one two-bedroom/one-bathroom unit.  It has a secured entrance and a pool.

Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Friday, March 9, 2012

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

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