Invesco and Zeller Partner to Acquire Fifth Street Towers in Minneapolis, MN at Foreclosure Auction

  

ATLANTA, GA  /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) announces that its wholly-owned subsidiaries, Invesco Advisers, Inc. and WL Ross & Co. LLC, in partnership with Zeller Realty Corporation, have teamed up to acquire Fifth Street Towers (top left photo), a two-tower class A office complex comprising 1.1 million square feet in downtown Minneapolis.

The purchase was completed at the foreclosure auction held on Thursday morning, April 19, at the Hennepin County Sheriff's office. The price was $110.7 million, $1 more than the credit bid offered by the lender that was foreclosing on the property.

The Fifth Street Towers were built in 1985 and 1989 by Opus Northwest. Located at 100 and 150 S. Fifth St., the complex is adjacent to a light rail transit station on South Fifth between Marquette Avenue and Nicollet Mall (lower right photo).

Building amenities include below-grade parking, a Caribou Coffee shop, deli on the skyway level, and tenant fitness and conference centers. Currently, the office space is approximately 65 percent occupied.

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

 Bill Hensel, +1-404-479-2886

Access Point Financial Provides Financing for Residence Inn by Marriott Hotel Development in Downtown Tempe, AZ

 ATLANTA, GA.and TEMPE, AZ, May 3, 2012—Access Point Financial, Inc., (APF) a direct full-service lending and advisory firm focused on the hospitality industry, today announced it has provided first mortgage financing for the 173-room Residence Inn by Marriott (top left photo) in downtown Tempe, Arizona being developed by Miami-based Finvarb Group, a leading hotel real estate development company.  The hotel will be managed by Marriott International.

The APF financing is the foundation of a multifaceted capital stack.

“Hotel development remains challenging as seasoned hoteliers and experienced lenders must thoughtfully structure transactions in order for projects to achieve attractive returns, yet remain a prudent risk,” said Jon Wright, president and CEO of Access Point Financial. 

“We have an agile underwriting team with more than 100 years of hotel industry finance experience that provides brands and hoteliers the confidence to proceed with developing intricate projects like this.”

Scheduled to open in Fall 2013, the hotel is located at 125 East Fifth Street in downtown Tempe, adjacent to Arizona State University (ASU) and Tempe City Hall (middle right photo), and is one block from the Mill Avenue shopping and entertainment district, and two blocks from ASU’s football stadium, basketball arena, and baseball stadium.

The hotel will feature guest suites containing fully-equipped kitchens and will offer state-of-the-art amenities, including an outdoor rooftop pool and fire pit with panoramic views of downtown, about 3,500 square feet of meeting space, and 5,700 square feet of ground-level retail space.  Hotel guests will have use of the adjoining city parking garage.

“Our knowledge of respected developers like The Finvarb Group, the markets and the brands give us the confidence to finance strategically smart ground up hotel projects,” Wright said.  “We are fully engaged in all types of hotel financing and on schedule with our previously-stated target of placing $1 billion in three years.”

 

“The Tempe market is poised for strong growth and we are confident that this is the best location in the market,” said Ronny Finvarb, Principal of the Finvarb Group. 

 “We believe we will be able to establish a market-leadership position given the outstanding quality of our location, brand and management team.  Access Point Financial immediately recognized the project’s strength and helped us structure a viable transaction.”

 Contact:

Jerry Daly, Chris Daly

(703) 435-6293

jerry@dalygray.com

www.finvarb.com, 305-861-3500.

 www.accesspointfinancial.com. 404-382-9599

Lincoln Property Company Southeast Brokers 215,000 SFof Office Leases in North Fulton, GA

 ATLANTA, GA (May 3, 2012) – In first-quarter 2012, Lincoln Property Company Southeast brokered 215,000 square feet of leases in the North Fulton office properties the firm is leasing onbehalf of Equity Office.

 Michael Howell and Hunter Henritize, both vice presidents of office leasing for the firm, represented the landlord in the transactions.

 The leases included the following deals:

 • Amdocs signed a renewal and expansion totaling 34,990 square feet in Northwinds VI (top left photo). Danny Granot of Joel & Granot represented the tenant.

 • AIM Systems Inc. signed a renewal for 13,816 square feet in Northwinds VI. Rob Metcalf of Jones Lang LaSalle represented the tenant.

• NobleTek signed a new lease for 11,656 square feet in Northwinds VI. Bennett Gottlieb and John Thornton of CBRE represented the tenant.

 • Brixmor signed a renewal for 9,496 square feet in Preston Ridge IV. Chad Koenig of NAI Brannen Goddard represented the tenant.

 • Merck signed a new lease for 7,305 square feet in Northwinds II. Brannon Moss of Jones Lang LaSalle represented the tenant.

 • Fullscope signed a renewal for 6,084 square feet in Northwinds III. Peter Webster of Davidson Webster represented the tenant.

 • Adecco USA Inc. signed a renewal and expansion totaling 4,028 square feet in Northwinds III. Ben Onerdonk of Mohr Parnters represented the tenant.

 In December, Equity Office awarded Lincoln Property Company Southeast contracts to manage 3.3 million square feet and lease 1.9 million square feet in suburban Atlanta.

The management assignment covers buildings in the North Fulton and Northeast submarkets, and the leasing assignment is for buildings in North Fulton. Lincoln began servicing the contracts at the start of the year.

“We are extremely proud of the work that Hunter and Michael have done in their first 90 days of leasing the North Fulton properties,” said Tony Barlett (lower left photo), senior vice president for Lincoln Property Company Southeast. “They have assembled an outstanding mix of tenants and have already demonstrated the top-flight ability and know-how that Lincoln brings to this assignment.”

 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 Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Voit Directs 13.26-Acre Land Sale for Development in the Inland Empire

   

  

 INLAND EMPIRE, CA. (May 3, 2012) – Voit Real Estate Services’ Inland Empire office has directed the $2.74 million sale of a 13.26-acre parcel of land (top left aerial)  in Redlands, Calif. on behalf of the seller. 

The raw, unentitled land is zoned for commercial/office use, and was purchased for future development, according to Patrick Wood (middle right photo), a Senior Associate in Voit’s Inland Empire office.

Wood represented U.S. Bank National Association as the seller in the transaction.  The buyer TREH Partners, LLC., is a Newport Beach-based developer.

According to Wood, Voit was successful in generating multiple competing offers on the property, which enabled Voit to secure pricing and terms that outpaced typical market conditions. In the end, the selected buyer provided a non-refundable deposit equal to the purchase price upon opening escrow, and the transaction closed four days thereafter. 

“While the development of this land is likely years away, we were successful in demonstrating the value of this strategically located land, and closed the deal in less than a month from taking the property to market,” commented Wood.

“This transaction demonstrates the bullish outlook the development community has on the future growth of the Inland Empire market,” said Wood. 

“As the health of the market continues to improve, we are starting to see increased competition among buyers to acquire the limited supply of quality land positions in the Inland Empire.  This competitive atmosphere will help to improve property values throughout the region.”

The property is located at the Northwest corner of San Bernardino Avenue and Interstate 210 in Redlands, Calif. 

This is the second land transaction Wood has completed for U.S. Bank National Association in the Redlands area over the past six months. 

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Firms with Female Board Members Outperform Peers by 3.6% Annually Over Five-Year Horizon, Ferguson Partners Ltd. Study Reveals

 CHICAGO, IL, May 3, 2012 – A national study of Real Estate Investment Trusts’ (REITs) Board structures by Ferguson Partners Ltd., a global executive recruitment consultancy, finds that firms that have had a female board member for more than three years have enjoyed materially higher returns than their counterparts without such gender diversity.

 Conducted to identify characteristics that closely aligned with performance in the REIT sector, the study revealed that firms with at least one female on their board garnered higher annual Total Shareholder Return (TSR) growth rates than their peers without a female Board member.  Specifically:

•    2.6 percent higher than peers over a three-year horizon;

•    3.6 percent higher than peers over a five-year horizon; and,

•    3.4 percent higher than peers over a ten-year horizon. 

These striking results underscore the importance of diversity on boards and further illustrate that boards that are proactive in the pursuit of diverse perspectives are most apt to succeed,” said William J. Ferguson (top right photo), Chairman and Chief Executive Officer of Ferguson Partners Ltd.

Notably, of those REIT boards included in the study, 44 percent did not have a single female board member. This number is high, especially in contrast to Fortune 500 companies where nearly 11 percent of boards include at least one female director.

The 2012 study is based on the analysis of 164 REITs spanning multiple property types: multifamily, for sale residential, retail, hospitality, mortgage, office, senior living, industrial, and diversified. 

The results are based on a cross data analysis of board membership and composition with firm performance and board tenures during performance horizons of three, five, and ten years.  Ferguson Partners Ltd. based its analysis on performance growth data from 2000 to 2010.

The study analyzed several characteristics including board size, meeting frequency, compensation levels and structures, average board member and CEO tenure, percentage of independent directors, average director age and more.

Across all these variables, it was whether or not the board had any female members that rose above the rest as having a significantly greater effect on performance.

Contact:

Amy Smolensky

amysmolensky@comcast.net

312-485-0053

Beech Street Capital Provides $16.3 Million Fannie Mae Loan for Plantation, FL Apartments

  BETHESDA, MD – Beech Street Capital, LLC, announced that it provided a $16.3 million Fannie Mae conventional loan to refinance Jacaranda Village at Plantation (top left photo), a 296-unit apartment complex in Plantation, Florida.

Brian Sykes (middle right photo), vice president out of Beech Street Capital’s Boston office, originated the transaction.

 Scully Company, based in Philadelphia and South Florida, a first time client of Beech Street, approached the lender with a request to pay off existing lower floating tax exempt bonds with low leverage fixed-rate debt.

Beech Street worked closely with the borrower and provided a variety of refinancing options at different terms and leverage points.  The borrower selected a seven-year fixed-rate option with Fannie Mae. 

 “The Beech Street team did a fine job,” stated Michael Scully, principal of the Scully Company.  “They were able to rate lock and close the loan with higher proceeds and at a lower rate than what was quoted at application.”

 Built in 1985, the property is located in the Plantation submarket of the Fort Lauderdale MSA.  The area is comprised of residential housing neighborhoods with plenty of retail shopping centers within walking distance that include convenience stores, restaurants, offices, grocery stores, and various other retail and services.  

Amenities include a community pool, children’s pool, heated spa, two tennis courts, playground, volleyball court, fitness room and a combination leasing/clubhouse with a full-size kitchen and several small offices.

 The fixed-rate loan has a seven-year term and four years interest-only with a 30-year amortization thereafter, payable on an actual/360 basis. 

Contact: 

Jenifer Bernardi,

240-507-1946.

jbernardi@beechstcap.com

Courtney Lewis,

240-507-1948

clewis@beechstcap.com

NAI Realvest Completes Sublease Agreement for Class A Office Space in the Lake Mary--I-4 High Tech Corridor in Central Florida

 MAITLAND, FL. – NAI Realvest recently negotiated a long-term sublease for 1,938 square feet of Class A office space in the Frontline Building at 7131 Business Park Lane in Lake Mary.

 Senior Associate Mary Frances West (top right photo), CCIM negotiated the sublease representing the sublessor Frontline Insurance Managers, Inc. 

 Sublessee Transportation Insurance Advisors was represented by Chuck Rudis of Coldwell Banker Commercial AI Group.

 For more information, contact: 

Mary Frances West, CCIM, Senior Associate NAI Realvest, 407-875-9989 mwest@realvest.com  

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com  

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

Sperry Van Ness International Names Diane Danielson Chief Platform Officer

 IRVINE, CA – Sperry Van Ness International Corporation, a franchisor for commercial real estate brokerages, announced it has named Diane Danielson (top right photo) as the company's first chief platform officer.

She will serve the organization in leadership, business development, and growth capacities. Danielson is a former attorney, accomplished speaker, published author, and widely recognized social media expert.

“Bringing Diane on board represents a big win for the company,” said Kevin Maggiacomo (middle left photo), chief executive officer and president of Sperry Van Ness International. “She will be an integral player in Sperry Van Ness International’s aggressive expansion program.”

Maggiacomo added that this expansion began in 2001 and has grown to more than 1,400 advisors and staff representing more than 150 markets today.

Most recently, Danielson was consulting for companies on growth strategies that integrate technology platforms with marketing and business development outreach.

Past positions include serving as vice president of business development for corporate services and strategy at Spaulding & Slye/Colliers (now Jones Lang LaSalle) and, as head of marketing for Meredith & Grew/ONCOR (now Colliers International Boston).

Danielson has also published several books – including The Savvy Gal’s Guide to Online Networking (or What Would Jane Austen Do)?. She also founded the award-winning Downtown Women's Club national network. In 2006, she launched the first social network for businesswomen in the United States.

Contact: 

Darcie Giacchetto

(949) 278-6224

darcie.giacchetto@svn.com

ARA Announces 118-Unit Bulk Sale in Miami’s South Beach

Miami, FL — The Boca Raton office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multi-housing industry, recently brokered the sale of Alton Pointe’s 118 units, positioned on a two-acre site in the heart of South Beach.

 The asset was originally built in 1939 and then carefully restored in 2011. The buildings are quintessential examples of the Streamline Modern Art Deco architecture in Miami Beach.

The Boca Raton-based sales team of Principal, Avery Klann (middle left photo), Principal Dick Donnellan (lower right photo) and Senior Vice President Hampton Beebe represented Ram Realty Services in the sale to an undisclosed buyer.

 “Alton Pointe resonates with residents who can live car-free, relying on the superb location of the community. Alton Pointe has a “Walk Score” of 88 out of 100 on walkscore.com, one of the top scores in Miami Beach,” noted Avery Klann.

 “A Publix supermarket is next door to Alton Pointe, and residents can walk less than a mile to the Lincoln Road Mall, Miami Beach, Epicure Gourmet Market, the famous Collins Avenue and Flamingo Park.”

 Alton Pointe offers one of the most luxurious interior finishes in South Beach, including washers and dryers, hurricane impact rated windows, high-end kitchen finishes, hardwood floors, solid surface counters and stainless steel appliances.

“The Downtown Miami Office Submarket is less than five miles from Alton Pointe and offers over 18.5 million square feet of office space,” noted Hampton Beebe.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.

Summit Medical Center in Tampa, FL Area to be Managed and Leased by Cassidy Turley

 TAMPA, FL –  Cassidy Turley, a leading commercial real estate services provider in the U.S., said  it has received an assignment to manage and lease Summit Medical Center (top left photo), a three-building, 49,925-square-foot complex in suburban Tampa, Fla.

The medical office complex features a broad mix of medical tenants, including surgical clinics and practitioners of family medicine, dermatology, orthopedics and diagnostics.

 Summit Medical is located near several hospitals and emergency centers and draws tenants from Hudson, New Port Richey and the surrounding areas. The buildings feature abundant parking, and tenants have a number of signage options.

 Juan Vega (middle right photo) and Pam Pester (middle left photo) of Cassidy Turley’s Tampa office are the leasing agents for the property.

 “Summit Medical Center has an established presence in metro Tampa and enjoys an outstanding reputation for housing top-notch medical clinics,” Vega said.

 “We could not be more excited about the opportunity to use our medical office expertise to bring more outstanding tenants to this property and create value for the owner.”

 Cassidy Turley entered the Tampa market in September 2011, with its acquisition of the property management and brokerage divisions of Carter, and has been working aggressively to win new management and leasing assignments.

  

Public Relations Contacts:

 Tony Wilbert

Wilbert News Strategies

404-965-5022

twilbert@wnspr.com

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

sbe & Stockbridge Secure $300 Million For Redevelopment Of The Sahara Into The SLS Las Vegas Hotel & Casino

LAS VEGAS, NV  /PRNewswire/ -- sbe, an industry-leading hospitality, lifestyle and real estate development company, and Stockbridge Capital Group, LLC, a real estate investment firm, announced  they have secured $300 million in new funding for the redevelopment of the Sahara Hotel & Casino (top left photo) into the highly anticipated SLS Las Vegas.

 The news of the funding marks a major milestone for Las Vegas and the north end of the Strip, signaling renewed economic growth for the community and the hospitality and gaming industries. 

J.P. Morgan Securities LLC raised the funds in less than two weeks, underscoring investor confidence in the project and in sbe's track record of operating successful hotel, restaurant and nightlife brands.  The redevelopment is anticipated to create thousands of local jobs beginning in the next two years.

"We see the northern end of the Strip as the future of Las Vegas, and we're pleased to be positioned at the forefront of that growth," said sbe Founder, Chairman and CEO Sam Nazarian (lower right photo).

 "Las Vegas has recovered steadily in the past year, and we're excited to be able to inject capital back into the local economy through the adaptive reuse of the famed Sahara."

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

Robbie McKay, sbe Director of Communications,+1-323-655-8000, Robbiem@sbe.com; or

Natalie Mounier of Kirvin Doak Communications, +1-702-737-3100, nmounier@kirvindoak.com, for sbe

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

HFF arranges $8.75 million loan for two property office park in central New Jersey

FLORHAM PARK, NJ – HFF announced that it has arranged an $8.75 million financing for Bedminster II (top left photo), a two-building, 73,130-square-foot business park in Bedminster, New Jersey.

Working on behalf of Advance Realty, HFF placed the 10-year, fixed-rate loan with Nationwide Life Insurance Company.  HFF will also service the loan.

Bedminster II is located at 1420 – 1430 US Highway 206 close to the Interstate 78 and 287 interchange in central New Jersey about 30 miles west of New York City.

  

 Completed in 2000, 1420 US Highway 206 has 40,910 square feet and the 1430 building has 32,220 square feet including an on-site conference center and a gym.  Overall, the properties are 97 percent leased to tenants including The Investment Center, Inc., Actel Corporation, Amarin Pharmaceuticals, UBS and QRX Pharma.

The HFF team representing Advance Realty was led by senior managing director Jon Mikula (middle right photo) and managing director Jim Cadranell (lower left photo).

Headquartered in Bedminster, New Jersey, Advance Realty is a privately-held real estate development, investment and management company.  Since its inception in 1979, Advance Realty has acquired or developed more than seven million square feet of commercial, residential, mixed-use and industrial projects.

Contacts:

                     

JON MIKULA                                   

HFF Senior Managing Director        

(973) 549-2000                                   

Jmikula@hfflp.com                           

JAMES CADRANELL              

HFF Managing Director           

(973) 549-2000                            

jcadranell@hfflp.com                 

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Commercial Real Estate Lending Survey Shows Compensation Rising as Business Activity Grows

  

 OAKBROOK TERRACE, IL, (May 1, 2012) – Christenson Advisors announced today the results of its 2012 Commercial Real Estate Lending Compensation Survey, which show an increase in compensation, recruiting activity and business activity across the commercial real estate lending industry, when compared to 2011.

The survey assessed organization metrics, compensation program structure and pay levels for leadership positions within executive management, originations, asset management and other key functional areas. 

 “While we continue to face a bumpy road ahead, we saw an increase in transactional activity last year which, in turn, had a positive impact on the debt side of the business” said Kevin Christenson, founder and managing principal of Christenson Advisors. “Notwithstanding further economic or financial mishaps, we expect to see continued improvement across the commercial real estate lending industry during 2012”.

The average total compensation for chief executive officers at companies with more than $2 billion in assets under management was approximately $3.2 million in 2011, while average total compensation for the same position at companies with $2 billion or less in assets under management was slightly above $1.1 million.

 The survey included public and private national companies and commercial real estate lending groups that provide first mortgage loans, bridge loans, preferred equity, joint venture equity, mezzanine financing, senior debt and B-notes, amongst other lending products. 

 Nearly two-thirds of the participants identified themselves as a commercial real estate lender, while the remaining participants classified themselves as an investment manager with a debt focus.  A majority of participants provided higher compensation in 2011 when compared to 2010 and anticipate further escalation in performance year 2012.

For results from Christenson Advisors’ 2012 Commercial Real Estate Lending Compensation Survey, or to view other results from surveys conducted by the company, go to http://www.christensonadvisors.com/surveys.

 Christenson Advisors is a full service real estate consultancy firm which provides customized, hands-on executive recruiting, compensation consulting, financial advisory and management consulting services to the global real estate industry. The Company was founded in early 2008 and is headquartered in Chicago with satellite offices in Dallas, Los Angeles and New York.  CA is a recognized leader in providing creative, strong, and enduring solutions to public and private real estate organizations in an ever-changing market. 

 Additionally, CA Funds Group, Inc., a sister company of CA, is an SEC registered broker-dealer focused exclusively on providing capital raising and related advisory services to the global real estate industry.

 For more information, go to http://www.christensonadvisors.com/.

  

Contact:    

         

Julie McCartney                                                                          

509-338-5676

julie@christensonadvisors.com

U.S. Hotel Profit Recovery Widespread; PKF Trends® Survey Reports 12.7 Percent Profit Growth In 2011

  

 Atlanta, GA, May 1, 2012.--  The U.S. lodging industry recovery may have begun in 2010, but it wasn’t until 2011 that the improved prosperity was shared by nearly all hotels in the country. 

In 2011, 80.5 percent of the properties that participated in the PKF Hospitality Research, LLC (PKF-HR) Trends® in the Hotel Industry annual survey enjoyed an increase in total revenue, while nearly three-quarters (72.3%) of the participants achieved growth in profits.

 The recently released 2012 edition of Trends® presents aggregate average changes in unit-level revenues, expenses and profits from 2010 to 2011.  The data come from a sample of nearly 7,000 financial statements received from hotels located throughout the United States.

For the Trends® report, hotel profits are defined as net operating income (NOI) before deductions for capital reserves, rent, interest, income taxes, depreciation, and amortization.

 “On average, hotels in the 2012 edition of Trends® sample saw their profits increase by 12.7 percent in 2011.  The good news is not isolated to a select few property categories, but rather, all hotel types were able to enjoy gains on the bottom-line,” said R. Mark Woodworth (top right photo), president of PKF-HR.

Resort hotels led the way with an NOI gain of 18.1 percent, followed by full-service hotels which posted a 14.7 percent increase in profits.  “Not surprisingly, these two property types also achieved the greatest gains in average daily room rates (ADR) from 2010 to 2011,” Woodworth noted.

 Lagging in profit growth were suite hotels.  Both extended-stay and full-service suite hotels were unable to leverage their lofty occupancy levels into the magnitude of ADR gain required to significantly drive profitability.

 “While news of growing profits is welcome, longer-term U.S. hotel owners know that their investment still has a ways to go to achieve the annual dividends that were earned prior to the recent recession,” Woodworth added.

“In 2011, the average Trends® hotel achieved a profit level equal to $12,972 per available room.  In nominal dollars, this is roughly 25 percent short of the peak profit levels achieved in 2007.”

For a complete copy of the PKF report, please contact:

R. Mark Woodworth                                                

PKF Hospitality Research                                     

Tel: 404 842 1150, ext 222                                    

Email: mark.woodworth@pkfc.com                     

http://www.pkfc.com/                                                         

Chris Daly

Daly Gray Public Relations

Tel: 703 435 6293

Email: chris@dalygray.com

www.dalygray.com