HFF named to market for sale KBR former headquarters in Houston, TX

 HOUSTON, TX – HFF announced it has been named to market for sale 135.76 acres of land, which served as the former KBR headquarters (top left aerial photo), in Houston, Texas.

HFF is marketing the property on behalf of the seller, KBR, for an undisclosed amount free and clear of debt.

The property is located at 4100 Clinton Drive less than one mile from downtown Houston and contains nearly a mile of water frontage on Buffalo Bayou. 

 In addition, the location provides access to the area’s major freeways and mass transit facilities. 

Five existing office buildings totaling approximately 720,000 square feet, and a 36,000-square-foot employee center that includes a cafeteria, gymnasium and day care facilities are currently situated on the site. 

The HFF investment sales team representing the seller is led by managing director Davis Adams (lower left photo).

 “We are very pleased to announce this extremely rare opportunity.  This is one of the largest land sites in the United States with immediate proximity to a major metropolitan area’s central business district, which makes it a prime location for major infill redevelopment,” commented Adams.

 “The site is fully open to a wide variety of development opportunities, particularly considering Houston’s standing as one of the best performing markets with some of the strongest job growth in the nation.”

KBR (NYSE: KBR) is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial, and commercial markets. For more information, visit www.kbr.com.

  

Contacts:    

 

DAVIS ADAMS                                                    

HFF Managing Director                                                                              

(713) 852-3500                                                     

dadams@hfflp.com                                            

     

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF closes sale of Class A office and industrial development in Alameda, CA

SAN FRANCISCO, CA – HFF announced it has closed the sale of The Waterfront at Harbor Bay (top left photo), a Class A suburban office and industrial development totaling 381,439 square feet in Alameda, California.

HFF marketed the property exclusively on behalf of the seller, ALAMEDA WATERFRONT INVESTORS, LLC, L.P. an affiliate of BPG Properties, Ltd. 

An unnamed buyer acquired the property for an undisclosed amount free and clear of debt.

The development is located within the Harbor Bay Business Park at 1601-1851 Harbor Bay Parkway near Oakland International Airport to the east of San Francisco Bay. 

The development encompasses five Class A office buildings and one Class A industrial building.  The property was originally completed in 2000 for Lucent Technologies.  Currently at 85 percent occupancy, tenants include Simco Ion, ABB Concise, Webcor Builders and Citibank.

The HFF investment sales team representing the seller was led by managing director Steven Golubchik (middle right photo) and senior managing directors Michael Leggett (middle left photo) and Gerry Rohm (lower right photo).

“With stable in-place cash flow, improving market fundamentals and the highest quality project in Harbor Bay, the Waterfront at Harbor Bay attracted a multitude of institutional value-add investors, providing the opportunity to purchase the asset at a very attractive price-per-square-foot basis compared to historical trades in the submarket,” commented Golubchik.

For additional information on BPG Properties, please visit the company’s website at www.bpgltd.com.

Contacts:    

           

 STEVEN E. GOLUBCHIK                             

HFF Managing Director                                      

(415) 276-6300                                                    

sgolubchik@hfflp.com                                      

                                       

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF arranges construction financing and joint venture equity for development of student housing project at the University of North Texas in Denton, TX

DALLAS, TX – HFF announced it has arranged construction financing along with joint venture equity for the development of 33° North, a 139-unit, 427-bed student housing project at the University of North Texas (top left photo) in Denton.  

HFF worked exclusively on behalf of the borrower, a joint venture between Fountain Residential Partners, LLC and Crosswind Development, LLC, to secure the construction loan through American Bank of Texas.  In addition, HFF assisted in securing the joint venture equity on behalf of the borrower through a private investor.

33° North is located at 919 Eagle Drive on the southeast corner of the University of North Texas campus in Denton.  Due for completion in the fall of 2013, the community will be the first of two student housing assets currently in development within walking distance of campus and will consist of one-, two-, three- and four-bedroom units. 

Amenities will include fully furnished units featuring granite countertops and 50-inch flat screen televisions in addition to a pool area and clubhouse. 

The HFF team representing the borrower was led by associate director Adam Herrin (middle left photo).

Fountain Residential Partners, together with the Dallas-based Carl Westcott Family, was founded by principals Brent Little, Jon Clayton and Trevor Tollett, each seasoned real estate professionals that have more than 40 years combined experience in student housing development.  The principals have built over $1 billion in student housing developments across the country. 

Crosswind Development Partners is a Dallas-based real estate investment and development firm with experience investing in multi-housing projects including development, construction and asset management. 

Contacts:    

           

 ADAM F. HERRIN                                   

 HFF Associate Director                          

(214) 265-0880                                              

aherrin@hfflp.com                                    

                                       

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Faris Lee Investments Completes Sales of 10 Ruby Tuesday Properties

  

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has announced it has completed the sales of ten properties occupied by Ruby Tuesday restaurants for a total of $22 million.

Six of the eight properties were sold for $12.8 million to a private investor from Southern California. The properties included:

• Pooler, GA: 110 Pooler Parkway (4,645 SF)

• Rock Hill, SC: 1410 Old Springdale Road (5,655 SF)

• North Charleston, SC: 7400 Northside Dr. (4,658 SF)

• Durham, NC: 210 NC Highway 54 (4,959 SF)

• Wytheville, VA: 145 Commonwealth Ave (5,097 SF)

• Harrisonburg, VA: 111 Burgess Road (5,084 SF)

The properties are all located in strong locations, include new, NNN absolute 15-year lease terms and annual rent increases, and were sold at record-breaking cap rates.

 

Matt Mousavi (middle right photo), director with Faris Lee Investments, represented the seller, Ruby Tuesday, Inc. (NYSE: RT). In December 2011, Faris Lee had been named the exclusive broker to market a portfolio of properties occupied by Ruby Tuesday throughout the Eastern United States.

According to Mousavi, 21 of the properties have now sold or are currently in escrow.

For more information, please visit http://www.farislee.com/.

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

                              

Fortress Construction Group Breaks Ground on 12,000-SF Medical Facility in Downtown, Orlando, FL

ORLANDO, FL --- Fortress Construction Group, Inc. has started construction of a new 12,000 square foot medical facility (ltop left rendering  at 326 N. Mills Ave. for the Central Florida Pulmonary Group (CFPG).

Charles Ayers (middle right photo), president of Fortress Construction Group, Inc. said the project includes the state-of-the-art medical facility along with new parking and complete renovation of existing medical offices.

The project is a challenging one, Ayers said.  The site is relatively small, with an existing 7,500 square foot medical office building that will remain open while construction is under way, Ayers explained.

James Garritani (middle left photo) R.A. of DDP Architects P.A. designed the new facility. “Our focus was to soften the transition between the commercial buildings of Mills Avenue and the adjacent historic residential areas,” Garritani said.

“The City of Orlando was very helpful in accommodating the needs of the client and helping to craft a compatible design at the streetscape level,” he said.

Ayers said the new medical facility is expected to open by the end of this year.

Central Florida Pulmonary Group specializes in Internal Medicine, Pulmonary Disease, Critical Care Medicine, and Sleep Medicine.

The new facility will provide a variety of services including Respiratory Therapy, the CFPG Institute of Sleep Medicine, CT Scan, DEXA Scan, and a Drive-Through Pharmacy.

Visit www.Fortressconstructiongroup.com

 For more information about this press release, contact

Charles Ayers, President, Fortress Construction Group and Charles Ayers Custom Homes, 407-467-7696 Charles@ayerscustomhomes.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644 4042 Lvershelco@aol.com

Commercial Real Estate Industry Veteran Ed Alegre Joins Colliers International in Irvine, CA

SEATTLE, WA, June 18, 2012 /PRNewswire-USNewswire/ -- Colliers International announced today that Ed Alegre (top right photo), a top appraisal, consulting and brokerage executive in the commercial real estate industry for more than 25 years, has joined Colliers International as President of Valuation and Advisory Services in the U.S. He will be based in Irvine, Calif.

Alegre's role will involve leading the Valuation and Advisory Services division in the U.S., and coordinating its efforts with the global organization. Alegre said his vision for the company is to remain the most trusted, experienced advisors, and take the firm's high quality capabilities to the next level.

"I am extremely excited to take on this new leadership role with Colliers International and work with such a great group of people around the world," said Alegre.

"Colliers is a top-of-the-line firm in terms of performance, and because the company already has an established footprint globally, we have the ability to efficiently service clients regardless of size.

“ Colliers has a reputation for striving to be the best with a strong team approach and dedicated specialty areas, which will allow Colliers to continue to capture high growth potential opportunities." 

Prior to joining Colliers International, Alegre served as executive managing director at Grubb & Ellis Landauer.

For more information about Colliers International, please connect with us on Facebook, LinkedIn, Twitter, YouTube and SlideShare.

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

London’s Fitzrovia Apartments Shortlisted in Prestigious ULI Global Awards for Excellence

LONDON, June 18, 2012/PRNewswire/ -- Fitzrovia Apartments (top left rendering), developed by London-based property firm Ridgeford Properties(http://www.ridgeford.com/ ] in Joint Venture with Manhattan Lofts, has been shortlisted as a finalist in the prestigious Urban Land Institute Global Awards for Excellence.

Selected from over 200 global awards entries, Fitzrovia Apartments has been recognized for a high standard of design, construction, economics, planning and management.

Fitzrovia Apartments is located on Bolsover Street, London W1. Due for completion in September 2012 the development comprises 66 private apartments, 4 penthouses, The Royal Orthopaedic Hospital and commercial studio space.

The development designed by HOK International features distinctive multi-coloured glass fins on the ground floor, offset against the strong geometric cladding and Caliza Capri limestone and zinc panels on the floors above.

Both the architecture and the interior design are strikingly contemporary and stylish with immaculate detail setting new standards for residential developments in London. A dramatic double height Lobby leads into a beautiful landscaped garden. This focal point of the development provides a discreetly luxurious retreat from the bustle of the capital.

Chris Murray (lower right photo), Managing Director of Ridgeford Properties Ltd [http://www.ridgeford.com/) commented: "We are extremely proud to have been nominated for such a prestigious award. Fitzrovia Apartments is a world class development and the result of another successful joint venture."

ULI Global Awards for Excellence competition, now in its 34th year, promotes leading practices across all fields of real estate development. The winners of the award will be announced in October during ULI's 2012 Fall Meeting in Denver.

Press Office - +44(0)7929-565-349, press@ridgeford.com

Marcus & Millichap Announces Sale of Palm Breeze Apartments in Tampa, FL for $1.275 Million

TAMPA, FL, June 18, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Palm Breeze Apartments (top left photo), a 63-unit multifamily property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The sales price of $1,275,000 equates to $20,238.10 per unit and $22.49 per square foot.

Michael P. Regan (middle right photo), a vice president investments and Francesco P. Carriera (lower left photo), associate vice president investment 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.

 Palm Breeze Apartments is located at 8014 Tommy Court, Tampa, Florida.  Built in 1985, the complex consists of 16 two-story buildings housing four units per building. 

The buildings are of wood frame construction with pitched shingle roofs and are situated on a 3.74 acre parcel of land.  Amenities include a laundry facility, stackable washer and dryer connections and ample parking. 

Press Contact:  Richard D. Matricaria, Regional Manager, Tampa

(813) 387-4700

Loews Completes Acquisition of Renaissance Hotel & Spa in Hollywood, CA; Converts to Loews Brand

 HOLLYWOOD, CA and NEW YORK, NYJune 18, 2012 — Loews Hotels & Resorts today announced that the company has completed the acquisition of the 632-room former Renaissance Hotel & Spa in Hollywood, Calif. from CIM Group.  The hotel has been rebranded the Loews Hollywood Hotel.   Terms were not disclosed. 

 The hotel will undergo an estimated $26 million renovation which will be completed in the summer of 2013.  The renovation will be completed in phases to minimize guest disruptions.  Loews Hotels & Resorts will oversee the renovation and operate the hotel.  

  “This acquisition represents the start of our program to double the size of our branded hotel portfolio over the next three to five years,” said Paul Whetsell (middle right photo), president and CEO. 

 “Our primary focus is to continue expanding our portfolio into major North American gateway cities, such as Boston, Chicago, San Francisco, Washington, D.C., New York, Dallas, Toronto and Seattle, as well as select destination resorts.”

Located in the heart of Hollywood, the hotel anchors the connecting mixed-use Hollywood & Highland Center (lower right photo), a 460,000-square-foot, five-story structure featuring more than 80 specialty retail outlets. 

 For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: www.loewshotels.com. 

Like Loews Hotels & Resorts on Facebook: www.facebook.com/LoewsHotels

Follow Loews Hotels & Resorts on Twitter: www.twitter.com/loews_hotels

Watch Loews Hotels & Resorts on YouTube: www.youtube.com/LoewsHotels

Contact:

Loews Hotels                                                 Daly Gray Public Relations

Lark-Marie Anton                                            Jerry Daly, Chris Daly

(212) 521-2779                                               (703) 435-6293

lanton@loewshotels.com                               jerry@dalygray.com                                            

 Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

 chris@dalygray.com 

Gaedeke Redefining Northbridge Centre's Interior Spaces

 WEST PALM BEACH, FL – Inspired by the city's glistening sand-and-sea backdrop, Gaedeke Group LLC is in the middle of a $2.5 million redressing of its downtown landmark, Northbridge Centre (top left photo), blending in spec suites with breathtaking views of the Intracoastal Waterway and newly renovated interior common areas.

Interior updates include stylish wall coverings and brushed nickel fixtures to lighten the spaces. The timing was right to introduce spec suites to the 288,233-sf Northbridge Centre at 515 N. Flagler Dr.

 "We thought we would get some offices ready for the marketplace for tenants to occupy immediately," says Kirk Fetter (middle left photo), Vice President of Leasing in Florida for Dallas-based Gaedeke Group. "We're just trying to capture market share with more modern and new finishes to appeal to prospective tenants in the marketplace."

Gaedeke is improving a 1,733-sf spec suite on the Tower's eighth floor, with a northern view of the Intracoastal Waterway (lower right photo), and a 2,356-sf spec suite, expandable to 3,545 sf, on the seventh floor, featuring a water view from the south.

Technological upgrades are being made in conference rooms on the third floor of the 21-story high rise and first floor of the four-story pavilion – wireless connectivity, display equipment, drop-down screens and new telephone systems.

Overall, the common areas of the Tower and pavilion are being updated have undergone a  dramatic cosmetic overhaul.

The improvements are coinciding with Fetter's aggressive search to find a single tenant for the pavilion with the opportunity of signage privileges for the 35,496-sf pavilion vacancy.

Gaedeke's $2.5 million package includes the under-construction 5,715-sf fitness center, representing $500,000 of the total allocation (which is to debut in September 2012) as well as the recent $1.5 million upgrade of the elevators' mechanical systems and cabs.

As the work progresses, Gaedeke anticipates LEED Certification for Existing Buildings' from the U.S. Green Building Council and a BOMA 360 designation for excellence in property management to go along with Northbridge Centre's Energy Star label, first earned in 2008.

Contact:  Kirk Fetter, 561-515-7407

Fast-Growing Technology Company eMason Completes Deal to Move into 40,647-SF Office Space in St. Petersburg, FL

ST. PETERSBURG, FL. (June 18, 2012) – Taking steps to accommodate its rapid growth, eMason has signed a long-term lease for 40,647 square feet of space in the Roosevelt Technology Center (top left photo).

The company, which helps improve clients’ efficiencies by automating business processes, has added 100 jobs in the past 12 months.

Jim Parker (middle right photo), CCIM, of Colliers International Tampa Bay represented eMason in the transaction, while Mike Talmadge (middle left photo) of Echelon Real  Estate Services represented the landlord, Pointe 16th Court St. Pete, LLC.

Planning to move into the new facility in July, eMason was attracted to the space by its location, easy access on one floor, and quality technology features.

“We have employees who drive to our office from Pasco, Hillsborough and Manatee counties,” said Jane Mason (lower right photo), President and CEO of eMason, “so this mid-Pinellas location was important to us. Also, having contiguous space on one floor is very convenient, and the facility has high-quality backup generators, a must for a company like ours.”

The company has grown quickly and now has 175 employees. Growing solely from word of mouth and referrals, eMason helps a wide range of companies that want to simplify their business processes and save money.

“It was very satisfying to help find eMason such a perfect space for them in the exact part of town where they wanted to be,” said Colliers’ Parker. “As they are all about increasing efficiencies, we are pleased that this new office will help them make their own operation even more efficient.”

The new office will be located at 11399 16th Court N in St. Petersburg.

 Contact:

Kyle Parks

Bayview Public Relations

(727) 895-4030, #101 (office)

(813) 352-1325 (cell)

Kyle@bayviewpr.com

$10.5 Million Houston Apartment Complex Listed by Marcus & Millichap

 HOUSTON, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to market Savannah Apartments (top left photo), a 306-unit Class B complex in Houston.

 The listing price of $10,500,000 represents a price of $34,414 per unit and a cap rate of 7.8 percent.

Jeffrey Fript (top right photo) a senior associate in the Houston office of Marcus & Millichap, is representing the seller.

 “This property presents a savvy investor with the opportunity to own a multifamily asset with significant upside potential in Houston, one of the healthiest rental markets in the United States,” says Fript.

“The property’s location near some major employment centers and Hobby International Airport (middle right photo), which has plans in place to expand its Southwest Airlines terminal, further enhances its investment appeal.

“The site is a prime candidate for redevelopment into workforce housing for Southwest employees or a mixed-use, rental project. In addition, the property has a five-year IRR of over 21 percent.”

The 231,792-square foot property is located at 8800 Broadway St. on 9.4 acres. Constructed in 1978, the asset includes a mix of one- and two-bedroom units directly across the street from Hobby International Airport.

 Renovations to the property include new roofs, boilers, perimeter fences, an updated clubhouse and laundry facilities, new security cameras and a new pool. Unit upgrades include new appliances, cement balconies, kitchen cabinets and tiles.

The property has a loan assumption that matures in July 2016 and is being offered with in-place financing.

 Hobby International Airport employs 7,000 people and the city of Houston recently approved plans by Southwest Airlines to expand its international gates, which is expected to generate approximately 10,000 new jobs in the region.

Savannah Apartments’ convenient location provides residents easy access to Interstate 45, the 601 Loop, the Sam Houston Toll Road and Highways 288 and 59.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Kitty Whitney Appointed Executive Director Of Sandestin Real Estate on Florida's Emerald Coast

DESTIN, FL /PRNewswire/ - Kateri "Kitty" Whitney (top right photo) has been appointed executive director of Sandestin Real Estate, it was announced

today by Tom Becnel, chairman of Sandestin Investments LLC.

With more than 13 years in the real estate industry, Ms. Whitney has extensive experience in various areas of residential and commercial real estate.

Her goal for Sandestin Real Estate is to be the top producing company on Florida's Emerald Coast, ranging from Destin through eastern Walton County. She and her team plan to further revitalize the area's real estate market while communicating the value and positive lifestyle that the community offers.

For additional information visit www.SandestinRealEstate.com or call 1-800-277-0801.

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

SarahBrazwell@Sandestin.com

850.267.6131

TimKramer@SandestinRealEstate.com

850.267.5785

Marcus & Millichap Names Derek Hargrove Senior Associate in Houston, TX

 HOUSTON, TX, June 15, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Derek Hargrove (top right photo) as a senior associate in the Houston office, according to David Luther (lower left photo), regional manager of the office.

In his new position, Hargrove focuses on the sale of multi-tenant shopping centers throughout southwest Texas. He also holds the title of associate director of Marcus & Millichap’s National Retail Group (NRG).

Derek’s in-depth knowledge of the retail investment sales market make him a tremendous asset to our private investor clients and our firm,’ says Luther.

 “His thorough understanding of land development, retailer co-tenancy preferences, site layout fundamentals and financial modeling allow Derek to provide unique perspective on the sale of retail properties.

“Furthermore, as a Houston native, Derek brings exceptional insight on the market forces shaping the region’s submarkets,” Luther notes.

  

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

Stacey Corso

Public Relations Manager

(925) 953-1716