Voit Real Estate Services Directs New 105,000-SF Industrial Lease in Riverside, CA

RIVERSIDE, CA (March 29, 2012) – Voit Real Estate Services’ Inland Empire office has directed a new five-year, 105,000 square-foot industrial lease in the Meridian Business Park (top left photo), on behalf of the lessor.

Voit was successful in securing a tenant within six months for this industrial property located at 14751 Meridian Parkway in Riverside, California, according to Patrick Wood (middle right photo), Senior Associate in Voit’s Inland Empire office.  

Wood worked with Walt Chenoweth, Frank Geraci, and Juan Gutierrez (lower left photo) of Voit’s Inland Empire office to represent the lessor, GE Capital Real Estate, a premier commercial real estate company with U.S. $60 billion in assets globally.

“The Voit team drew upon our knowledge of the region to successfully market the strategic location of this vacant space, and ultimately secured a tenant within six months,” said Wood.  “This was definitely a joint effort. GE Capital’s ability to spec tenant improvements in the building coupled with their understanding of current market dynamics helped make this a successful transaction.” 

 The lessee, Russell Sigler, Inc., is the sole distributor of Carrier products in the Western U.S. and is headquartered in Tolleson, Ariz. The company plans to use this location for its operations in Riverside. Russell Sigler, Inc. was represented by Herrick Johnson and Rocky Moran of Lee & Associates, Riverside in the transaction.

The property is one of three buildings the lessor owns in the Meridian Business Park, totaling 315,000 square feet. 

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  Contact:

Jenn Quader/ Judith Brower

 Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Voit Directs Acquisition of 62,000-SF Multi-Tenant Industrial and Office Park for Orange County, CA-based Investment Company

Santa Ana, CA (March 29, 2012) – Voit Real Estate Services’ Irvine office has successfully completed the $4.7 million acquisition of Edinger Business Park (top left photo), a 61,923 square-foot multi-tenant industrial and office park in Santa Ana, Calif., on behalf of the buyer. 

 

The three-building property was 91 percent occupied when it was acquired, according to Dan Vittone (middle right photo), a Senior Vice President in Voit’s Irvine office.

Vittone worked with Alan Pekarcik (lower left photo), an Executive Vice President in Voit’s Irvine office, to represent the buyer, Frome Developments Omega, LLC (www.fromeinc.com) - a family-owned, Orange County-based investment company that owns 28 business parks throughout Southern California.

“This transaction is unique, as very few multi-tenant office/industrial parks in Orange County have traded in the past 18 months,” said Vittone.  “We knew that our client, Frome Developments, owned other properties within the Santa Ana submarket.  When we identified this stable, value-add opportunity, we brought it to our client and successfully directed the acquisition on their behalf.”

Edinger Business Park is located at 1560, 1570 and 1580 E. Edinger Avenue in Santa Ana, Calif.

  Contact:

Jenn Quader/ Judith Brower

 Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Meet the Money® Conference in Los Angeles to Focus on Finding Solutions, Sourcing Capital and Creating Value

 LOS ANGELES, CA, March 28, 2012—Encouraged by positive metrics and the return of capital to the hospitality sector, the 22nd edition of Meet the Money®, the hospitality industry’s leading financial conference, is poised to bring together lenders, developers, hotel owners, operators and investors for two days of deal making May 7 – 9, 2012, at the Sheraton Gateway LAX Hotel in Los Angeles, California. 

“As the economy and hotel fundamentals continue to improve, there is a sea level change in the availability of hotel financing,” said conference founder Jim Butler (top right photo), author of www.HotelLawBlog.com and chairman of the Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM).

 “There is a lot of capital available to finance acquisitions, refinance existing loans based on current cash flow, and even some development opportunities, and it seems that interest is accelerating.”

More than 100 industry leaders are confirmed as speakers and scheduled to talk in more than 25 sessions at this year’s conference, under a theme of “Rise Above  the Global Financial Tempest.”

Attendees will hear from PKF Consulting’s Mark Woodworth (top left photo), Vail Brown (middle right photo) from Smith Travel Research, Suzanne Mellen(lower left photo) of HVS  and Greg Hartman (lower right photo) of Jones Lang LaSalle.

“Meet the Money® has evolved from a breakfast meeting in 1990 to a day and a half event attracting the leaders of the US hospitality industry and the investors who finance them,” Butler said. 

 “The scope of the conference has grown in direct proportion to the number and complexity of the issues the industry faces.   That’s why we consistently attract almost 400 senior hotel industry executives every year from around the world.” 

The conference registration fee is $950.  For more information, to register or learn how to become a Meet the Money® sponsor, please visit www.MeetTheMoney.com or contact Diane Phillips at (310) 785-5320 or at dphillips@jmbm.com.  

For more information, visit www.HotelLawBlog.com.

 To contact Jim Butler, who is recognized as one of the top hotel lawyers in the world and a hotel industry thought leader, contact him directly at 310.201.3526 or at jbutler@jmbm.com. 

Contact:  

Jerry Daly, Chris Daly

 Daly Gray Public Relations

(703) 435-6293

CCIM Institute Awards Sperry Van Ness®/Bluestone & Hockley’s Becky Potter Transaction of the Year Award

 VANCOUVER, WA – Sperry Van Ness International, one of the fastest-growing commercial real estate brokerage franchisors in the nation, announced that Becky Potter (middle right photo), senior advisor for Sperry Van Ness® / Bluestone & Hockley, was awarded “Transaction of the Year” by CCIM. 

The award was given for her extraordinary efforts in leasing the Riverview Bank Building (top left photo) located at the intersection of Highway 99 and 78th Street in Vancouver, Wash.

The 8,000-square-foot office building was leased to Grace Ministries/Exchange Church, a non-profit church organization, for a 60-month term valued at $504,000.  The tenant has the option to purchase the building for $1.3 million within the first 36 months.

  “One of the main challenges of this transaction was the neighborhood, which is plagued by economic stress with many dark shopping centers and a high crime rate.  Another obstacle was that Clark County recently took away street access from building in addition to part of the land,” said Potter, who represented the undisclosed landlord in the transaction.

“It took a considerable amount of patience and perseverance over the course of several years, but in the end the landlord was extremely pleased with the new tenant, which is now benefitting the region through drug and alcohol recovery outreach in partnership with the City and County.”

Each year CCIM Institute selects a single transaction for the “Transaction of the Year” award.  The lease or sale must have occurred in the Portland metro area, which includes the four counties of Multnomah, Clackamas, Washington and Clark.  The criteria for the award is based on the creativity, skill, professionalism, integrity and perseverance brought to the transaction by the broker involved. Commission and transaction size is not a factor in the decision-making process. 

Contact:

Darcie Giacchetto

(949) 278-6224

 darcie.giacchetto@svn.com

http://www.svn.com/.

Sperry Van Ness International Expands Presence in Nashville, TN

IRVINE, CA. (March. 28, 2012) – Sperry Van Ness International, a national commercial real estate brokerage franchisor, today announced the addition of a new franchise in Nashville.

 The new franchise is part of Sperry Van Ness International’s national expansion program, which started in 2001 and has grown to more than 1,000 advisors representing more than 150 markets today.

“SVNI continues to pursue a presence in strong markets across the nation. We are pleased to announce this new Nashville office which is led by some of the region’s top brokers as part of our strategic growth initiative,” said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International. 

Investec Realty Services will now operate as Sperry Van Ness® / Investec Realty Services. The new office is located at 2400 Crestmoor Road, Suite 327, Nashville, TN and is led by Anthony Lopes (middle left photo), CPM, CCIM,

John Snyder, CPM, SIOR (middle left photo), and Jon Albright, CCIM, SIOR (middle right photo), serve as managing directors. They also lead the firm’s Memphis location. Additionally,

Stephen Graw (lower right photo) will serve as a senior advisor with Sperry Van Ness / Investec Realty Services and comes to the firm from the Nashville office of Grubb & Ellis. 

Sperry Van Ness / Investec Realty Services will provide acquisitions, dispositions, landlord representation, tenant representation, development, consulting, project management and property management for office, industrial and retail properties. 

 “Nashville is experiencing excellent commercial growth.  In addition to increasing businesses, many young professionals are making it the city of choice when relocating to Tennessee,” said Lopes. 

“Since Nashville is the state capital it has the added advantage of both public and private sector job growth. We have had our eye on Nashville for more than five years and find that now is the time to take the plunge with an excellent partner in Sperry Van Ness.”

With more than 28 years of industry experience, Lopes has been involved in all phases of developing, marketing, leasing and managing commercial real estate.  Prior to starting Investec Realty Services, he spent 17 years at Koger Properties, Inc. and Koger Equity, Inc.

 Snyder has more than 27 years of commercial real estate experience.  He served as partner for Investec Realty Services, LLC, and principal broker for Office Locators, LLC, a real estate firm focused on tenant representation.

Albright, with more than 23 years of real estate experience, served as partner for Investec Realty Services since 2007.  Previously, he spent nine years with a national real estate developer in Memphis and owned his own real estate operation. 

 Contact:

Darcie Giacchetto

(949) 278-6224

 darcie.giacchetto@svn.com

www.svn.com.

Alexandria Real Estate Equities, Inc. Announces New Joint Venture Partnership, Construction Financing, and Long-Term Anchor Lease in Boston

PASADENA, CA, March 28, 2012 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) ("Alexandria"), through its affiliates, announced today a series of significant transactions resulting in the imminent development of the Longwood Center, an iconic and highly unique collaborative life science hub in the heart of Boston's Longwood Medical Area, one of the world's densest concentrations of academic, medical, and clinical care institutions.

 The announcement highlights Alexandria's financing of the project through the use of top-tier joint venture partners, National Development ("ND"), Charles River Realty Investors ("CR"), and Clarion Partners, LLC ("Clarion").

In addition, the partners announced the closing of non-recourse construction financing for approximately 60% of total project costs.

Alexandria also announced the signing of a long-term lease for approximately 154,000 square feet with Dana-Farber Cancer Institute ("Dana-Farber"), the top-ranked cancer center in New England and one of the largest research grant recipients among independent hospitals in the United States.

For a complete copy of the company’s news release, please contact:

 Joel S. Marcus (lower right photo)

 Chairman & Chief Executive Officer

 Alexandria Real Estate Equities, Inc.,

+1-626-578-9693

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

HFF secures financing for southwest Houston multi-housing community

 HOUSTON, TX – HFF announced today that it has arranged financing for Meyer Grove Apartments (top left photo), a 227-unit multi-housing community in Houston, Texas.

Working exclusively on behalf of Rockwell Management Corporation, HFF placed the 10-year, 4.37 percent, fixed-rate FNMA loan through Greystone Servicing Corporation, Inc.  Loan proceeds were used to acquire the property.

 

Meyer Grove Apartments is located at 4605 N. Braeswood directly across Loop 610 from Meyerland Plaza in southwest Houston.  The 7.34-acre site is close to the Texas Medical Center, The Galleria and Greenway Plaza. 

 The 99 percent occupied property has seven residential buildings with one-, two- and three-bedroom units.  Community amenities include three swimming pools and two laundry facilities.

The HFF team representing the borrower was led by director Colby Mueck (middle right photo).

Houston-based Rockwell Management Corporation currently manages 20 multifamily properties with more than 5,000 units and six office buildings totaling 530,000 square feet.

  

Contacts:

 M. COLBY MUECK                                        

 HFF Director                                                    

 (713) 852-3500                                                  

cmueck@hfflp.com     

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF closes $35.6 million sale of The Seneca in Chicago

CHICAGO, IL – HFF announced today that it has closed the sale of The Seneca (top left photo), a 264-unit property in Chicago, Illinois.

HFF marketed the property on behalf of the seller, IRMCO Properties & Management Corporation.  Waterton Associates, LLC purchased the Seneca for $35.6 million free and clear of existing debt.

The Seneca is located at 200 East Chestnut Drive close to Northwestern Memorial Hospital in downtown Chicago. 

The property was originally built in 1926 and is one of the oldest and “most well established” apartment-hotels along the Michigan Avenue corridor.  Going forward, Waterton Associates will operate the Seneca as luxury apartments.  

The HFF team representing IRMCO Properties & Management Corporation was led by executive managing director Matthew Lawton (middle right photo), senior managing director Dan Peek (middle left photo) and managing directors Sean Fogarty (lower right photo), Marty O’Connell (lower left photo) and Danny Kaufman.

IRMCO Properties & Management Corporation is recognized for its management of some of Chicago’s most renowned properties. 

These properties are located along Chicago's famous lakefront, where IRMCO has established its reputation for operating hotels, apartment buildings and retirement communities since 1951.

Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties.  Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.

Contacts:

MATTHEW D. LAWTON                      

HFF Executive Managing Director        

(312) 528-3650                                            

mlawton@hfflp.com                                 

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

LinkedIn Can Be A Powerful Social Media Site for Businesses, Say Guests at Atlanta's Commercial Real Estate Show

  

 ATLANTA, GA – LinkedIn may not be nearly as popular as Facebook and Twitter for personal use, but it is perhaps the most powerful social-networking tool for business use. And it’s growing: professionals are signing up to join LinkedIn at a rate that is faster than two new members per second.

 Guests of the most recent episode of the “Commercial Real Estate Show” shared those observations and others in an enlightening look at the benefits of and best practices for the social media site. Topics included perfecting a profile page, accepting connections, asking for recommendations and joining groups.

With more than 150 million members worldwide, including executives from every Fortune 500 company, LinkedIn is the world's social network site geared toward professionals.

 LinkedIn offers a “very targeted professional networking site,” said Neal Schaffer (top right photo) president of WindMill Marketing and author of “Maximizing LinkedIn for Sales and Social Media Marketing.” “It’s targeted on decision makers and individuals with a high annual household income … I think it’s a tremendous resource that has really gone under the radar.”

 

A person’s LinkedIn profile page should feature a photo to establish legitimacy with other users, and the 200-character headline next to the picture needs to brand the person in a way that makes him or her stand out from competitors, Schaffer added.

 Guests said users should be open to accepting as many connection requests as possible. “I generally accept requests from anyone who reaches out because you never know who they know,” said Stephen Jones (middle left photo), president of Growth Strategies.

 Having recommendations on a profile page makes a user more credible, and obtaining a recommendation can be as simple as asking, guestssaid. “On LinkedIn, everyone’s looking for recommendations, so if you ask for one, nine times out of 10, you’ll get it,” said Les Adkins (middle right photo) CEO of Orange SMS. “But only ask the people that you’re also willing to give a recommendation for.”

 Joining LinkedIn groups is a particularly effective networking tool, but users should exercise some caution when doing so. “Read the discussions. Don’t immediately jump in,” Adkins said.

“And then, don’t create your own discussions right away. Answer questions and add value to the conversations that are currently going. That will get you a lot further as a member of the group than” immediately touting what you can do for people.

For More Information, Contact

Stephen Ursery

Wilbert News Strategies

404.965.5026

sursery@wnspr.com

Voit Completes 34,006-SF Office Acquisition at MacArthur Center in Irvine, CA

Irvine, CA  (March 27, 2012) – Voit Real Estate Services’ Irvine office has successfully completed the $4.5 million acquisition of a 34,006 square-foot bank owned office building in the MacArthur Center (top left photo) located at 1420 Reynolds Avenue in Irvine, Calif. on behalf of the buyer.

 Originally built as a medical condo project, this property will be used as a church for a non-denominational religious organization, according to Skyler Serrano (middle right photo), a Senior Associate in Voit’s Irvine office. 

Serrano worked with Mike Dorsey (lower left photo), a Senior Vice President in Voit’s Irvine office, to represent the buyer, Radha Soami Society Beas America, Corp. The seller, Redus CA Properties, LLC, was represented by Jeff Chiate, Rick Ellison, and John Gallivan of Cushman & Wakefield.

“Our client had very specific requirements, and we drew upon our knowledge of the Orange County market to provide an out-of-the-box solution with this high quality office building. The property meets the client’s needs exactly by providing enough space for group seating, and a high parking ratio,” said Serrano.

According to Serrano, office buildings for sale in the 30,000 square-foot range are scarce in Orange County, especially buildings at this lower, bank-owned price point.

“There were several very interested parties ready to make offers on the building when we began our negotiations, but we worked quickly to secure this property for our client, who was an all-cash buyer,” Serrano explained.

Radha Soami Society Beas America, Corp., is a philosophical organization based on the spiritual teachings of all religions and the process of inner development. It is a registered non-profit society and is not affiliated with any political or commercial organizations.

 Contact:

Jenn Quader or Judith Brower

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

http://www.voitco.com./

Voit Helps National Auto Parts Retailer Expand Its Orange County, CA Presence With New 6,000-SF Lease

SAN JUAN CAPISTRANO, CA – Voit Real Estate Services’ Irvine office has successfully directed a new 15-year, 6,000 square-foot retail lease in San Juan Capistrano, Calif. for O'Reilly Automotive, Inc.

The building (top left photo), formerly a Sizzler, was in negotiations with a fast food chain for over two years until design permits caused a deal to fall through, allowing the Voit team to move quickly to secure the space for its client, according to Keith Kropfl (middle right photo), Senior Vice President in Voit’s Irvine office.

 Kropfl represented the lessee, O'Reilly Automotive, Inc., an auto parts retailer with over 3,600 locations nationwide. O'Reilly Automotive, Inc. currently has over 290 retail locations throughout California, and plans to use this property for its growing Orange County presence.  

“Voit has been tracking the San Juan Capistrano market for several years to find an ideal location to fit O'Reilly Automotive’s needs,” said Kropfl. “The company required a free-standing building with parking, located at a major arterial. We knew that this building and location was a great match for our client, and we diligently tracked the property and worked quickly to complete the lease once it became available.”

The lessor, Theodore H. Stroscher Investments, LLC, was represented by Jim Clarkson of Strategic Retail Advisors.

The property, located at 31863 Del Obispo in San Juan Capistrano, Calif., is situated on one acre of land, between I-5 and downtown San Juan Capistrano.

 Contact:

Jenn Quader or Judith Brower

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

http://www.voitco.com/.

Colliers International South Florida Represents World Wrestling Entertainment in Miami Lease Transaction

MIAMI, FL - Colliers International South Florida is pleased to announce a lease has been negotiated for World Wrestling Entertainment, Inc. at Courvoisier Centre II (top left photo), located at 601 Brickell Key Drive, Miami.

Joe Abood (lower right photo), Office Leasing Consultant, represented the tenant in the 2,000-square-foot transaction.

WWE is launching a new television network, and this location will serve as the Latin American sales office, says Abood.

"This requirement was very unique because the transaction and occupancy had to happen within 45 days," he says. "The tenant was originally focusing on a location in South Beach, but was drawn to Courvoisier Centre II on Brickell Key because of the unique tenant mix, including Latin American media companies such as CNN en Español."

  

For further information,  please contact:  

 Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Modus Hotels Bolsters Hotel Development and Acquisitions Team; Mark Morris Joins as EVP of Acquisitions

  

 WASHINGTON, D.C., March 27, 2012—Modus Hotels, an owner/operator of a collection of independent and branded hotels and a division of Cafritz Interests, a diversified real estate company,  today announced they have hired hotel real estate veteran Mark Morris as executive vice-president of acquisitions.

With two Washington, D.C. acquisitions, the Washington Suites Downtown hotel last year, and more recently the Chase Suites (middle right photo), Modus seeks to increase its investment activity.

 

 “With the industry outlook remaining strong and financing availability continuing to improve, we believe now is an ideal time to further ramp-up our acquisition program, especially in this early phase of the hotel real estate cycle,” said Aaron Katz, president & CEO of Modus Hotels.

 “With nearly 20 years of hospitality investment and real estate experience, Mark brings hands-on experience in virtually every meaningful U.S. hotel market, as well as an incredible database and the knowledge and skillset to creatively get deals done.” 

Morris’s career spans a wide range of real estate investment and development activities, predominantly in the hotel industry.  Prior to joining Modus, he was executive vice president of Molinaro Koger, a hotel real estate brokerage firm. 

While there, he was involved in transactions totaling more than $3 billion, with a focus on business class and extended stay hotels, as well as unique independent hotels. 

Contacts:

Chris Daly or Lauralee Dobbins, media

Lauralee@Dalygray.com

703-435-6293

http://www.cafritzinterests.com/

http://www.bemodus.com/

DiamondRock Closes Sale of Three Hotel Portfolio to Inland American

BETHESDA, MD  /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has completed the previously disclosed sale of a 3-hotel portfolio consisting of the 409-room Griffin Gate Marriott Resort & Spa (top left photo)in Lexington, Kentucky; the 521-room Renaissance Waverly (middle right photo) in Atlanta, Georgia; and the 492-room Renaissance Austin (middle left photo) in Austin, Texas. 

All of the hotels are subject to long-term management agreements with Marriott International, Inc.  Inland American, through its affiliates, acquired the portfolio for a contractual sales price of $262.5 million.

As part of the sale, the Company received approximately $10 million for hotel working capital and cash previously held in restricted escrow accounts, net of closing costs.

The hotels collectively generated $21.1 million of Adjusted EBITDA for the Company in 2011.  The Company expects to record a book gain on the transaction, which will be excluded from its reported Adjusted EBITDA.

"We are pleased to announce the completion of the sale of the three hotels to Inland American.

"We believe the disposition achieves three primary benefits for DiamondRock: (1) improves portfolio quality and market concentration; (2) enhances the Company's already best-in-class balance sheet by reducing debt by $180 million and increasing corporate cash by approximately $93 million; and (3) further positions DiamondRock to be an opportunistic acquirer of hotels in 2012," stated Mark W. Brugger (lower right photo), Chief Executive Officer of DiamondRock Hospitality Company.

Eastdil Secured advised DiamondRock on the sale of the hotel portfolio.

Contact:

 Chris King, +1-240-744-1150

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

Spence Hill Associates Arranges $1.4 Million Permanent Financing for Warrenton, VA Retail Center

FALLS CHURCH, VA – March 26, 2012 – Spence Hill Associates announced today that it has arranged $1,400,000 of permanent financing for North Rock Plaza (top left photo), a 9,300 square-foot retail center located at 484 Blackwell Road, Warrenton, Fauquier County, Virginia.

 Michael H. Trauberman, Managing Director of Spence Hill Associates, arranged and negotiated the financing on an exclusive basis on behalf of a Falls Church-based commercial real estate investor.

The loan was placed with a community bank, and refinanced an existing loan with a different bank.  The 78% loan-to-value financing features a fixed interest rate of 4.375%, a five-year term with a five-year extension option, 25-year amortization, and the ability to prepay without penalty.

 Mr. Trauberman commented:  “The loan drew the attention of a large number of lenders due to the property’s excellent sponsorship, location, demographics, and tenancy.  The bank that ultimately won the day offered an extremely attractive combination of pricing, structure, flexibility, and customer service.”

North Rock Plaza’s tenants include Northern Piedmont Federal Credit Union (lower left photo), MBH Settlement Group, Vocelli Pizza, and Nail Designs.

 Spence Hill Associates, a real estate investment banking firm founded in 1993, arranges the financing and sale of commercial real estate, and provides financial advisory services to real estate owners, developers, and institutions throughout the United States.  Spence Hill Associates is headquartered in Falls Church, Virginia.

For additional information, please contact:

Michael H. Trauberman

Spence Hill Associates

571-641-3050

trauberman@spencehill.com