HFF secures $23 million refinancing for student housing community serving University of Oklahoma

SAN DIEGO, CA – HFF announced it has secured a $23 million refinancing for Crimson Park (top left aerial photo), a 268-unit, 792-bed student housing community serving The University of Oklahoma in Norman, Oklahoma.

Working exclusively on behalf of Pierce Education Properties, HFF placed the 10-year, 3.8 percent securitized loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Completed in 2005, community amenities include a 24-hour fitness center, basketball court, sand volleyball court, putting green, three-tier resort-style pool, hot tub, fire pit, tanning bed and media room.

The HFF team representing the borrower was led by senior managing director Timothy Wright (middle right photo) and associate director Zack Holderman (lower  left photo).

Pierce Education Properties is a San Diego-based owner, manager and developer of Class A, purpose-built student housing and education-based real estate. 

Pierce owns and manages a $275 million national portfolio of approximately 5,600 beds.  According to data from Real Capital Analytics, Pierce ranks as the sixth largest buyer of student apartments over the past five years (2007-2011).

Visit www.pierceeducationproperties.com for more information.

Contacts:                         

TIMOTHY D. WRIGHT                                 

HFF Senior Managing Director                                                                    

 (858) 552-7690                                                

twright@hfflp.com                                             

                            

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Sperry Van Ness Names David Wells to Head Investment Sales Net Lease Division in Miami

  

MIAMI, Fl --The real estate market is heating up again and Sperry Van Ness of Miami, one of the nation’s largest full service commercial real estate full service firms, is taking action.

The firm has just named David Wells (top right photo), a 10-year industry veteran, to head up the investment sales Net Lease Division for the Miami office. He will be in charge of expanding the firms presence in selling net leased & retail investment properties throughout the Southeast and Nationally.

Many real estate firms across the country have begun to ramp up as investment sales have increased 25% in the past quarter and prices have been skyrocketing over the past year by 30% to 40% for premium assets.

David Wells has been involved in over $500 million worth of commercial transactions throughout the country.

 Based in Miami,  Mr. Wells represents a unique mix of investors from both the US and South America, working with them directly and with several top offshore investment managers who have offices in Miami.

 “Being positioned in Miami gives our clients from across the country a unique advantage when marketing their property for a potential disposition. We provide the best national exposure like many of our competitors, but we also provide international exposure, resulting in higher prices due to foreign money.”

David Wells has worked in both brokerage and the private equity side.

 “I am very excited to join Sperry Van Ness," Wells says. . "They have a tremendous national platform in place that benefits both buyers and sellers. They have a culture based on collaboration which serves the best interests of the client.”

For more information ,contact David Wells directly, david.wells@svn.com, 305.498.6095

www.svnauctions.com.

www.svn.com

Marcus & Millichap Arranges Sale of Stoll Manor Mobile Home Park for $2.1 Million

  

 LAKELAND, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Stoll Manor Mobile Home Park (top left photo), located in Lakeland, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,150,000.

Dan Mulkey (middle right photo), a vice president investments and a National Director of the Manufactured Housing Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller and the Illinois-based buyer.

Stoll Manor Mobile Home Park is located at 1123 Walt Williams Road.  Developed by the seller in 1993, this all-age community is situated in a middle-class residential neighborhood, offering its residents a great place to live.  Park amenities include a clubhouse, pool, playground and a basketball court. 

 “Stoll Manor’s buyer is an investment firm specializing in the operation of mobile home communities,” says Mulkey.  “They are one of the largest park owners in Florida. 

"Their intent with Stoll Manor is to back-fill the existing vacant sites which, when completed, will easily provide more than double the value of their investment.”

 Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Regency Centers to Develop a 280,000 SF Community Shopping Center in Seattle

SEATTLE--(BUSINESS WIRE)-- Regency Centers (NYSE:REG), a national owner, operator and developer of grocery-anchored shopping centers, will begin construction of Grand Ridge Plaza (top left rendering), a 280,113-square-foot shopping center, anchored by market-dominant grocer Safeway, on 24.58 acres.

 

Located in the heart of Issaquah Highlands, a master planned community east of downtown Seattle, Grand Ridge Plaza will be the only major retail center to serve the community and will draw shoppers from around the region.

Regency will build a 280,113-square-foot open air, pedestrian-friendly center that includes a 44,543-square-foot Safeway and a 56,820-square-foot, 12-screen Regal Cinemas.

 The center’s merchandising will focus on convenience retail, restaurants, entertainment and destination retailers in order to create a regional draw from the nearby Sammamish Plateau, greater Issaquah and Interstate 90.

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

The Hoffman Agency

Bonnie Hayflick, 904-398-9663

bhayflick@thehoffmanagency.com

or

Regency Centers

Craig Ramey, 503-603-4726

Senior Vice President, Senior Market Officer

CraigRamey@RegencyCenters.com

Mercantile Capital Corp. Has its Biggest Month — Reports Record Number of Commercial Real Estate Loan Closings in May

 ORLANDO, FL — Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans to small business owners who want to acquire or develop their own facilities, reports it closed a record number of commercial loans in May.

Chris Hurn (middle right photo), chief executive officer of Mercantile Capital Corporation, said the firm closed 11 loans to finance real estate projects valued at more than $33.2 million.

Hurn said May ranks as Mercantile Capital Corporation’s biggest month in nine years of operation.  He added that 2012 is shaping up to be a record year for the company.

“Since Jan. 1, Mercantile Capital has closed 44 commercial loans,” Hurn said, “which is double what we closed by this time in 2011, 2010, or any other calendar year in our history.” Mercantile Capital closed 57 loans during all of 2011, its highest yearly total ever.

Hurn said many of the new loans help small business owners refinance their current commercial mortgages at lower rates and more favorable terms.

“There is a big demand for the refinancing of commercial property loans,” Hurn said. “Last year, the SBA issued new rules that include the ability to refinance commercial debt with SBA 504 loans, and that’s proving to be a huge relief to small businesses that have weathered the recession,” he said.

Hurn said the largest single loan Mercantile Capital provided in May helped finance the $10.4 million acquisition of a hotel in the historic village of Roslyn, New York. 

For more information about this press release contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, ChrisHurn@MercantileCC.com, 407-786-5040

Geof Longstaff, Chairman, Mercantile Capital Corporation, GLongstaff@MercantileCC.com, 407-786-5040

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

USF Health Renews and Expands at University Professional Center in Tampa, FL

  

 TAMPA, FL – [June 22, 2012]  Cassidy Turley, a leading commercial real estate services provider in the U.S., has brokered University of South Florida Health’s lease of more than 15,000 square feet at University Professional Center (top left photo), a 97,875-square-foot medical office building in Tampa.

 USF Health renewed its lease of 6,010 square feet on the fifth floor of University Professional Center. The company also expanded its occupancy by leasing 9,762 square feet on the third floor of the center. The renewal and expansion each feature 5-year terms.

Juan Vega (lower right photo) of Cassidy Turley’s Tampa office represented USF Health in the transactions. Shellie Davis of HealthAmerica Realty Group represented the landlord, AB HealthAmerica II.

 “University Professional Center has been a good location for our client, and we are pleased to be able to help them expand their presence in this facility,” Vega said. “This renewal and expansion are examples of the tremendous service and value we offer our clients at Cassidy Turley.”

 Please visit www.cassidyturley.com for more information about Cassidy Turley.

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

IDI Markets New Metro Atlanta Business Park as Mission Critical

Atlanta, GA– IDI, a leading full-service industrial real estate company, has broken ground on a speculative building in Riverside Business Center (top left rendering) which encompasses many elements beneficial for data center and mission critical uses.

Located in Lithia Springs in the I-20 West submarket of Atlanta, the 653,000-square-foot Riverside Business Center Building A is IDI’s first speculative development start in Metro Atlanta since 2008.

 In addition to Building A, which will deliver in the fourth quarter of 2012, IDI also has sites available ranging from five acres to 30 acres for custom-built mission critical facilities.

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

 

 Charlotte Marie Sturtz

Jackson Spalding for IDI

404-214-3555

csturtz@jacksonspalding.com

 Laura Ann Thompson

Jackson Spalding for IDI

404-419-9340

lthompson@jacksonspalding.com

 

www.idi.com

Marcus & Milllichap Promotes John Susank to Vice President Investments

  

 NEWPORT BEACH, CA –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted John Susank (top right photo) to vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Joseph V. Cesta, vice president and regional manager of the firm’s Newport Beach office.

Chris Pecoraro Joins Marcus & Millichap Capital Corp. as Director in Los Angeles

LOS ANGELES, CA– Marcus & Millichap Capital Corporation (MMCC) has named Chris Pecoraro (lower left photo) a director in the firm’s Los Angeles office, according to William E. Hughes, senior vice president and managing director of MMCC.

 In his new position, Pecoraro will arrange debt and equity financing for all types of commercial real estate assets, including multifamily, retail and office and industrial properties.

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

Stacey Corso

Public Relations Manager

(925) 953-1716

  

James R. Wolford Promoted to President and Chief Operating Officer of Thompson National Properties

IRVINE, CA – Thompson National Properties, LLC, (TNP) one of the fastest growing international real estate companies, has promoted James R. Wolford (top right photo) to president and chief operating officer.

In addition to his new responsibilities, Wolford will continue to serve as executive vice president and chief financial officer of TNP, as well as treasurer and secretary of TNP Strategic Retail Trust.

 Ryan Lodes,  Brian Sidman and Don Ferrari Promoted  to Expanded Executive Roles

 

IRVINE, CA – Thompson National Properties, LLC, (TNP) announced it has promoted three professionals, including Ryan Lodes, who will serve as senior vice president of sales and national sales manager, Brian Sidman, who will serve as senior vice president of sales and marketing, and Don Ferrari, who as senior vice president will lead relationship management.

“Each of these professionals brings an impressive skill set to their expanded roles and have proven themselves not only as team players, but as team leaders,” said Anthony W. “Tony” Thompson (lower left photo), Thompson National Properties’ CEO.

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

Jill Swartz

949-485-1552,

jill@spotlightmarcom.com

http://www.tnpre.com/

HFF closes $21.3 million sale of 11800 Tech Road in Silver Spring, MD

WASHINGTON, DC– HFF announced it has closed the sale of 11800 Tech Road (top left photo), a 228,179-square-foot flex office building in Silver Spring, Maryland.

HFF marketed the property exclusively on behalf of the seller, Corporate Office Properties Trust (COPT).  A joint venture between Finmarc Management and the Goldstar Group acquired the property for $21.3 million free and clear of debt.

The building is located in the North Silver Spring/Route 29 submarket of Silver Spring approximately 14 miles north of Washington, D.C.  Originally built in 1969, approximately $2.3 million has been spent on capital improvements and building renovations since 2003.  The property is 83 percent leased to tenants such as Comcast, U.S. General Services Administration and Holy Cross Hospital. 

The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel (top right photo), Dek Potts (middle left photo) and Andrew Weir (middle right photo) along with executive managing director Stephen Conley (lower left photo) 

 Finmarc Management Inc., formed in 1987, provides management services for retail, hotel, office, flex and warehouse properties.  The firm concentrates on well-located properties that can be reshaped, re-merchandised and repositioned to meet local market dynamics.  They currently manage a portfolio in excess of five million square feet in the Washington, D.C. metropolitan area. 

The Goldstar Group, based in Bethesda, Maryland, was formed in 1995 to focus on value creation through opportunistic situations within the commercial real estate industry.  Focusing on assets in the Mid-Atlantic region, the firm invests on behalf of its clients including discretionary Goldstar Real Estate Funds I & II—dedicated capital sources for commercial acquisitions, institutional capital investors (opportunity funds, life insurance companies, etc.) and high net worth individuals. 

Contacts:

JAMES A. MEISEL                                                

HFF Senior Managing Director             

(202) 533-2500                                       

jmeisel@hfflp.com  

STEPHEN D. POTTS, JR

HFF Senior Managing Director             

(202) 533-2500

dpotts@hfflp.com                                   

ANDREW M. WEIR

HFF Senior Managing Director

(202) 533-2500                                       

aweir@hfflp.com

        

STEPHEN C. CONLEY                               

HFF Executive Managing Director        

(202) 533-2500                                       

sconley@hfflp.com  

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

TNP Strategic Retail Trust Acquires Bloomingdale Hills in Tampa, FL Suburb

IRVINE, CA – TNP Strategic Retail Trust, Inc. (the “Company”), a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, announced the completion of the Company’s 19th acquisition, Bloomingdale Hills, a nearly 13-acre retail center located in the Tampa suburb of Riverview, Florida.

Bloomingdale Hills was constructed in 2002 at the intersection of West Bloomingdale Avenue and Providence Road, where approximately 62,500 cars pass each day. The property comprises approximately 78,500 square feet of rentable space, as well as a fully improved, undeveloped land parcel.

The center is anchored by Wal-Mart Neighborhood Market and is 100 percent leased to multiple tenants, including St. Joseph’s Children’s Hospital of Tampa.

“The anchor tenant, Wal-Mart, is signed to a 15-year lease and holds a Standard & Poor’s ‘AA’ credit rating as one of the world’s largest retailers,” said Steve Corea, senior vice president of acquisitions for Thompson National Properties.

 For more information regarding TNP Strategic Retail Trust, please visit www.tnpsrt.com.

Contact:

Jill Swartz

949-485-1552

 jill@spotlightmarcom.com

PKF Lodging Forecast for U.S. Remains Strong Despite Lingering Levels of Uncertainty

Atlanta, GA. – Despite news that will likely influence the short-term economic performance of the U.S. economy, PKF Hospitality Research, LLC (PKF-HR) affirms its strong forecasts of RevPAR growth for the nation’s lodging industry. 

According to the recently released June 2012 edition of Hotel Horizons®, PKF-HR is projecting RevPAR for U.S. hotels will increase by 5.8 percent in 2012, and another 6.6 percent in 2013.  These forecasts are identical to the RevPAR forecasts presented in the March 2012 edition of Hotel Horizons®.

 “Given the headlines of late, I understand why our clients are concerned about the future health of the economy and the U.S. lodging industry,” said R. Mark Woodworth (top right photo), president of PKF-HR.

“However, the fundamental questions should focus on how many of these headlines were a surprise.

 “Sluggish job growth and economic chaos in Europe have been in the news for a while, and despite these conditions, the performance of the U.S. lodging market during the first quarter of 2012 was just as strong as we had forecast. 

“Therefore, we see no reason to change our opinion regarding the remainder of the year.”

The 2012 annual RevPAR growth forecast of 5.8 percent is the result of a projected 1.6 percent increase in occupancy and a 4.1 percent gain in average daily rate (ADR).

 PKF-HR is forecasting average quarterly RevPAR gains of 4.9 percent during the second half of 2012.  This is less than the estimated 6.9 percent RevPAR growth enjoyed during the first six months of the year.

  “We are projecting a bit of a slowdown in performance during the second half of 2012,” Woodworth noted. “.Some of the more critical uncertainties throttling demand growth will not be resolved until after the presidential election and decisions are made regarding tax legislation.”

One of many economic measures monitored by PKF-HR is The Conference Board’s Leading Economic Index® (LEI).

 “We believe there is a six to eight month lag between changes in the LEI and movements in lodging demand,” said John B. (Jack) Corgel  (lower left photo) Ph.D., the Robert C. Baker professor of real estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR.

 “The decline in the LEI observed during the last quarter of 2011 suggested a softening in the demand for hotel rooms during the third quarter of 2012.  However, the LEI bounced back nicely during the first half of 2012, thus perpetuating our optimism for 2013.  Recoveries from economic recessions are usually not even.”

To purchase a June 2012 Hotel Horizons® report, please visit www.hotelhorizons.com.  Reports are available for each of 50 major metropolitan areas in the U.S., and contain five year projections of supply, demand, occupancy, ADR, and RevPAR.

For a complete copy of the company’s news release, 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
http://www.dalygray.com/

Beech Street Capital Closes $21.25 Million Fannie Mae Loan to Acquire Class A Orlando, FL Apartments

BETHESDA, MD – Beech Street Capital, LLC announced it has provided a $21.25 million Fannie Mae conventional loan for the acquisition of Vista at Lost Lake (top left photo), a Class A, 276-unit apartment complex in Clermont, Florida—located to the northwest of Orlando. 

The transaction was originated by Jacob Katz and was financed by Beech Street Capital.

The repeat borrower was actively looking to expand into the greater Orlando market with the purchase of Vista at Lost Lake, while taking advantage of the low interest rate environment.

Having previously secured financing for the borrower in June 2011 to refinance a 166-unit apartment complex in Zionsville, Indiana, Beech Street was familiar with the borrower’s expectations.

“Constant communication between the Beech Street team and the sponsors allowed for a seamless execution,” states Katz. “Beech Street was able to meet the client’s needs by providing a very low rate while meeting the acquisition timeline.”

 Built in 2007, Vista at Lost Lake is situated in a newer area of development within the Clermont community neighboring other residential, retail, and office development, including a Wal-Mart Supercenter located next door.

 Amenities include gated entry, free surface parking, resort-style swimming pool and clubhouse with free Wi-Fi, fitness center with fitness classes and children’s play room, playground area, sauna, theatre, executive conference room, business center, billiard tables, lounge with fireplace, veranda, car care center, indoor basketball court, cyber café and coffee bar.

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

  

Contacts:

Courtney Lewis

 240-507-1948

clewis@beechstcap.com

Jenifer Bernardi

 240-507-1946.

jbernardi@beechstcap.com

Web site: www.beechstcap.com  

MACK Companies Surpasses 100 Single-Family Home Investment Sales in Past Fiscal Year

CHICAGO, IL June 21, 2012 /PRNewswire/ -- MACK Companies, the largest owner of single-family investment properties in the Midwest, has announced it completed 102 investment sales between June 1, 2011 and May 31, 2012, the company's fiscal year.

This was an increase of 540 percent over the previous year. James McClelland (lower left photo), president and CEO of MACK Companies, and Eric Workman (lower right photo), vice president of sales and marketing for the Tinley Park, Ill.-based firm, made the announcement.

"For more than 15 years, we've been buying foreclosed single-family homes and turning them into rentals because we knew this was one of the best ways to enhance an investment portfolio," said McClelland. "But it's really only in the past year that investors have paid attention to this asset class as they see the news headlines reporting how many foreclosures are on the market."

According to housing data firm CoreLogic, the rise in foreclosures over the past five years has turned more than 3 million homeowners into potential renters, which means the single-family rental sector has the potential to be a $3 trillion market.

Prior to June 1, 2011, 95 percent of MACK Companies' investors were from the Chicago area. Today, out-of-towners purchase 80-85 percent of the firm's investment properties, while Chicago-area investors account for approximately 15 percent of its sales. International investors also find MACK's successful business model hard to resist, as they purchased almost 22 percent of its investment properties in the past fiscal year.

"One of the reasons why investors like MACK is because we serve as the property manager for their investment," said McClelland. "To be a successful real estate investor, property management has to be a priority. Brick and mortar has never made a mistake. Any piece of real estate has to be managed and maintained in order for it to perform. Without great property management you won't have great tenants. And great tenants are the key to a successful real estate investment."

Through MACK's AAA+ Investment Properties program, investors can buy a tenant-occupied, single-family rental home and receive the financial benefits of being an owner without the responsibilities of being a landlord. MACK oversees all maintenance needs for its investors' properties, hand-collects rent and guarantees its investors a positive monthly cash flow for the first two years after an investment purchase.

"Most investors want to enjoy the returns real estate offers, but don't have the expertise to ensure they are successful," said Workman. "Our turnkey investment program makes owning a rental property as easy checking your online statements and direct deposits from MACK."

MACK Companies currently manages approximately 600 single-family rentals. For more information on MACK Companies and its investment program, visit http://www.MACKcompanies.us.

Media contact:

 Kim Manning,

kmanning@taylorjohnson.com,

312-267-4527

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