HFF closes sale and arranges $25 million financing for Watertower Apartments in suburban Minneapolis

Watertower Aparttments
Minneapolis, MN

CHICAGO, IL – HFF announced today that it has closed the sale of and arranged acquisition financing for Watertower Apartments, a 228-unit, Class A multi-housing property with approximately 10,000 square feet of retail space in suburban Minneapolis, Minnesota.

                HFF marketed the property exclusively on behalf of the seller.  

KBS Legacy Partners Apartment REIT, Inc., through an indirect wholly owned subsidiary, purchased the asset for an undisclosed amount. 

Matthew Lawton

HFF also assisted the buyer in arranging a five-year, 2.46 percent, fixed-rate loan through Allianz of America, Inc.  The loan has two years of interest-only payments and will be serviced by HFF.

 Watertower Apartments is located at 12300 Singletree Lane within close proximity to Interstate 494, Highway 212 and the Eden Prairie Shopping Center in Eden Prairie, about 16 miles from downtown Minneapolis.

 Completed in 2004, the 95 percent leased property consists of a three-story residential building with a connecting single-story retail building and a four-story residential building that sits atop a two-level parking garage. 

 Units are offered in one-, two- and three-bedroom floorplans averaging 959 square feet each.  Residents have access to a fitness center, business center, community room, conference rooms, racquetball court, basketball court, sauna and hot tub and courtyards with grills. 

Marty O'Connell

The retail portion of the property is leased to the Old Chicago Restaurant.

The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.

  

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Owners of 321 North in Plantation, FL hire CBRE for Office Tower I leasing

Wei Chen

PLANTATION, FL, Jan. 28, 2013 – U.S.  Capital Holdings Group (USCHG) has engaged CBRE to lease its office tower at 321 North. The building is on the site of the former Fashion Mall, which USCHG is transforming into a vibrant live, work, play and shop destination.

 “CBRE can attract the major companies that we want to be part of our new town center,” said Wei Chen, U.S. Capital’s CEO. “We trust in the brokerage’s ability and experience to create a vibrant mix of tenants.”

321 North rendering, Plantation, FL

CBRE First Vice President Jay Adams and Associate Jarred Goodstein are leasing the seven-story, 160,000-square-foot tower, which is being upgraded to a Class A office space. 

Tenants have direct entry from a covered garage, a Sheraton hotel onsite, and easy access to Florida’s Turnpike.

Former Fashion Mall
Plantation, FL

The office building serves multinational corporations, professional firms, and businesses in western Broward County. The new tenants will boost Plantation’s position as a major employment center, Wei Chen said.

 The 1.5 million square foot project will be developed in five phases. Office workers will enjoy an affordable luxury experience with shopping, dining and entertainment within easy walking distance. 

Once the residential towers are built, the property at Broward Boulevard and North University Drive will serve as a centerpiece of urban living.

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

Boardroom Communications

Susan R. Miller

954-370-8999 (Office)

954-294-4973 (Cell)

Cousins Signs Colliers to 35,000-SF Lease at Promenade Tower in Atlanta, GA

  

Promenade Office Tower, Atlanta, GA

ATLANTA — (January 28, 2013) — Cousins Properties Incorporated (NYSE: CUZ) has signed Colliers International, a leading commercial real estate firm, to a new 35,000-square-foot lease at Promenade office tower in Midtown Atlanta.

The move to Promenade, scheduled for February 2014, will consolidate Collier’s Midtown and Central Perimeter offices into one location, leaving room to expand beyond its current roster of 150 Atlanta employees.  Colliers has been a prominent Midtown tenant since 1986. 

“We’re thrilled to consolidate our Atlanta operations at Promenade,” said Bob Mathews, President of Colliers International Atlanta. 

Bob Matthews

“The central location in the heart of Midtown - coupled with Cousins’ comprehensive improvements to the building - makes it a perfect place for Colliers to retain and recruit top talent while continuing to grow the business in the years ahead.”

Cousins’ improvements to the Promenade complex include a redesigned 15th street entrance and garden, an enhanced parking deck, a new fitness facility, the chef-driven Bistro 1230 and The Bean Counter coffee shop.

Larry Gellerstedt

“Having done business with Colliers for many years, we’re excited to expand our relationship with such a first class firm,” said Cousins CEO Larry Gellerstedt.  “We’re particularly delighted for Promenade to receive this type of endorsement from one of the most respected names in the real estate business.”   

Cousins acquired Promenade, the 774,000-square-foot Class-A office tower, in November 2011. The building now is 77 percent leased, up from 58 percent at the time of purchase. 

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

Cameron Golden

Vice President of Investor Relations and Corporate Communications

(404) 407-1984

camerongolden@cousinsproperties.com

Website: www.cousinsproperties.com

DoubleTree by Hilton Continues Rapid Global Expansion with 49 Hotels Added in 2012; Pace Expected to Continue for 2013

  

John Greenleaf

 MCLEAN, VA  (Jan. 28, 2013) – DoubleTree by Hilton today announced that through Q4 2012, it had added 49 hotels to its portfolio in one year, and that it expects to meet or exceed that pace in 2013 with both new-build and conversion hotels in the development pipeline.

Leading the brand’s growth are conversion projects, located predominantly in the Americas and Europe.

 “2012 was another in what we’re confident will be a number of consecutive milestone years for DoubleTree by Hilton,” said John Greenleaf, global head, DoubleTree by Hilton.

 “Since 2007, we have grown the brand by more than 70 percent to become the fastest-growing, full service brand in the Hilton Worldwide portfolio and one of the fastest-growing within the upscale, full-service segment. 

“We credit this success to a number of factors, including our brand restructuring with the addition of the ’by Hilton‘ endorsement to our name and the positive performance of Hilton Worldwide around the globe.”

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

Maggie Giddens

DoubleTree by Hilton Public Relations

+1 703 883 5346

Maggie.Giddens@Hilton.com

 Visit www.hiltonworldwide.com for more information and connect with Hilton Worldwide at

 www.facebook.com/hiltonworldwide,

www.twitter.com/hiltonworldwide,

www.youtube.com/hiltonworldwide,

www.flickr.com/hiltonworldwide and

 www.linkedin.com/company/hilton-worldwide.

North American Properties Breaks Ground at Avalon in Alpharetta, GA

Mark Toro

ATLANTA, GA (Jan. 28, 2013) – North American Properties (NAP) will officially break ground today at Avalon, an 86-acre, resort-inspired, mixed-use development.

When it opens in Alpharetta, Ga., Aug. 22, 2014, the $600 million project will be the Southeast’s preeminent experiential development — a place where specialty retail, entertainment, restaurant, residential, office, hotel and public spaces come together to create a truly unique destination.

Since receiving zoning approval from the Alpharetta City Council in April 2012, NAP has achieved many key milestones.

Avalon rendering, Alpharetta, GA

Accomplishments include commitments from 34 retail and restaurant tenants, securing all major approvals from the Alpharetta Design Review Board, enlisting best-in-class development partners for all mixed-use components, and creating a brand that defines the core values that will permeate the experience of the Avalon guest.

“Today is the culmination of a lot of hard work and countless wins during the past six months,” said Mark Toro, managing partner of North American Properties. “We are excited to share all our progress today and to start demolition and construction. I know the residents of Alpharetta are as eager as we are to begin moving dirt. The wait is over.”

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

Elizabeth Hagin

The Wilbert Group

O: 404-965-5023 

 C: 678-642-4301

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New Castle Hotels and Resorts To Open Four Hotels Over Next 18 Months

Gerry Chase

 SHELTON, CT, Jan. 28, 2013 - - New Castle Hotels and Resorts, a leading developer and converter of upper upscale hotels, today announced plans to open four hotels this year,  setting the stage for an unprecedented period of growth of the company’s portfolio of owned and managed hotels.  

                 “There are opportunities in every cycle, and we spent considerable time during the downturn strategically sourcing deals that would come online as the market regained full steam,” said David Buffam, CEO.

 “Those hotels, including new builds, historic renovations, luxury resorts and a select service combination property will expand the rooms in our portfolio by 20 percent.   We also have a substantial pipeline of diverse projects that will mature as the year progresses.”

David Buffam

Headlining the company’s plans is the reopening of the Algonquin Resort in St. Andrews by-the-Sea, NB, and with it, the Canadian debut of Marriott’s Autograph Collection.  New Castle acquired the landmark resort in April of 2012 and is undertaking a $30 million reconstruction that will be completed in Q2 2013.

“New Castle has a history of turning around Canada’s historic, iconic resorts and positioning them to meet the needs of a new century’s travelers,” said Gerry Chase, President and COO. 

“When the Algonquin became available, we knew that we had the background, the experience and the heart to properly restore and reposition a treasured Canadian landmark.”

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

Lauralee Dobbins

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

www.newcastlehotels.com

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Peachtree Hotel Group Finishes 2012 with 31st Acquisition in Last 24 Months

 

Greg Friedman

 ATLANTA, GA, Jan. 28, 2013—Officials of Peachtree Hotel Group, one of the nation’s fastest growing hotel acquisition, management, development and ownership groups, today announced that it closed 2012 by completing 31 acquisitions over the past 24 months.

 The most recent was the portfolio purchase of two non-performing hotel first mortgage notes – the 135-room Hilton Garden Inn – Virginia, and the 60-room Best Western – Florida from a regional bank. 

Company executives also divulged that Peachtree plans to maintain one of the industry’s most aggressive acquisition paces of one to three hotels per month for at least the next 12 to 18 months.

 “Our unique, two-fold acquisition strategy of purchasing both hotel real estate and discounted first mortgage notes has enabled us to grow rapidly over the past two years while most other industry players have been on the sidelines,” said Greg Friedman, Peachtree CEO. 

“To support this growth, we continuously have added bench strength to give our organization the strength and flexibility to handle the growth we’ve enjoyed. 

“Our core team has more than 150 years of collective experience, and we’ve added key players in all facets of the business, including acquisitions, asset management, operations, accounting and marketing to support our expansion.” five years,” Friedman said.

 “This is not a sideline business for us or a way to spread our overhead.  We believe we add significant value for our owners’ hotels through best-in-class practices and support, which will allow us to expand rapidly in this sector.”

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

www.peachtreehotelgroup.com.

Paramount Hotel Group Kicks Off 2013 with Three New Management Contracts

Ethan Kramer

 FAIRFIELD, N.J., Jan. 28, 2013—Paramount Hotel Group, an independent hotel management and ownership company, today announced the launch of a new expansion initiative with the addition of three new management contracts. 

Company officials said that the growth is being fueled by relationships with a select group of sophisticated hotel real estate capital partners who seek to acquire hotels with significant upside potential in this phase of the hotel real estate cycle.  Paramount expects to add 10 to 12 hotels to its management portfolio in 2013.

The three hotels recently were acquired by Lightstone Value Plus Real Estate Investment Trust, Inc., a non-traded REIT.  The properties include a SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott located in West Des Moines, Iowa, and a Courtyard by Marriott in suburban Cleveland, Ohio.

“More hotels are coming to market now and we expect to work closely with The Lightstone Group in the current year to help achieve their growth targets,” said Ethan Kramer, President of Paramount.

 “Our 30-plus years of hotel experience are a huge benefit for investors in sourcing and analyzing hotel investment opportunities, some of which have hard-to-identify, unique attributes.  These properties have intangibles that go beyond repositioning and strong management, often in markets that are overlooked.” 

Paramount and its investors/owners seek full-service and select-service hotels, primarily in secondary and suburban markets that have the “bones” to be premium-branded.  

“While these properties may not be as ‘sexy’ as a downtown urban hotel, we know that they can generate high returns with prudent risk,” Kramer added.  “The key is finding and unlocking the value that others do not see.”

Kramer noted that many hotels currently on the market have significant PIP requirements because upgrades were pushed back well beyond the normal cycle during the recent recession.  

“Those properties create both a dilemma and an opportunity.  Renovations can be costly and disruptive in the short-term which make these investments appear to be unattractive, but they also provide the opportunity to reposition and rebrand and become market leaders.  

"With strategic investment, smart positioning and strong management, those hotels can generate superior returns. We are fortunate to work with Hospitality CPM, a renovation management company, in quickly understanding the costs and opportunities of renovation and repositioning.”

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

Jerry Daly/Lauralee Dobbins

(703) 435-6293

Lauralee@dalygray.com

www.paramounthotelgroup.com

Number of East End Long Island, NY Sales Increases Again As Sellers Rush Close By Year End

  

Peter Turino

 New York, NY -- According to the fourth quarter market report for single-family home sales on the East End of Long Island released today by Brown Harris Stevens, the number of sales in the Hamptons rose 16% from the fourth quarter of last year, with the number of sales of $2.5 million and over up 98% over the same period.

Both the average and median price on the South Fork increased. At $2,171,928, the average price was 27% higher than the fourth quarter of 2011, while the median rose 16% to $975,000.

Long Island, NY, South Shore, Tobay Beach

"The increase in sales volume for 2012 indicates that the Hamptons market has stabilized since the recession and is returning to a normal growth cycle," said Peter Turino, president of Brown Harris Stevens of the Hamptons.

"While unlikely to explode with activity, the market is regaining lost momentum as many buyers and investors are willing to purchase at current price levels. This continued steady growth in sales is encouraging," 

 "Like many markets, we experienced a surge of closings in December due to pending tax law changes, however there are still plenty of buyers that are actively looking now. Sale transactions are being done this month during what is normally a quiet time which is additional evidence that this market is turning a corner."

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

Jennifer Little

Rubenstein Public Relations

212.843.8364

jlittle@rubensteinpr.com

               

Avison Young completes 19,279-square-foot office lease in Palmdale, CA with Child and Family Guidance Center

Michael Dettling

 Los Angeles, CA – Avison Young, Canada’s largest independently-owned commercial real estate services company, has completed a 19,279-square-foot office lease with Child and Family Guidance Center (www.childguidance.org).

The lease term is for eight years and is valued at approximately $4 million. The space is located at 40005 10th Street West in Palmdale, CA. Built in 2009, the two-story property totals 27,000 sf and is now fully occupied.

Avison Young Principal Michael Dettling, based in the company’s Los Angeles North office, represented the property owner, Dr. John Kayvanfar, MD, who is also a tenant in the building.

Jeff Adler

Child and Family Guidance Center, a non-profit organization providing family counseling, child mental healthcare, supportive social services, and linkages to needed community resources, was represented by Rick Pearson of Cresa Partners.

“This property offered Child and Family Guidance Center favorable lease terms, plentiful parking, sufficient contiguous space, and  an open design with floor-to-ceiling windows allowing for maximum natural light,” comments Dettling.

“The tenant will also be able to custom-create its new environment from raw space. Both the landlord and tenant were creative in negotiating the build-out according to the tenant’s specific needs.”    

“The center is increasing our office space by approximately 3,000 sf, resulting in a 17% increase in space. We are enlarging several areas, including the waiting room, adding a parent resource library, several group rooms, and a few extra offices,” states Jeff Adler, Director of Operations with Child and Family Guidance Center.

 "This move will allow for a modest increase in our capacity, both in terms of more children being served and greater program offerings."

  

Over the past four years, Avison Young has grown from 11 to 43 offices and from 300 to more than 1,100 real estate professionals across Canada and the U.S.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

HC Real Estate Capital Arranges $6 Million Financing for a Retail Property In Pembroke Pines, FL

Sedano's Plaza aerial
17001--17199 West Pembroke Pines Road
Pembroke Pines, FL

Pembroke Pines, FL –Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $6,000,000 in financing for Sedano’s Plaza  (“SP”) located at 17001-17199 West Pembroke Pines Blvd. Pembroke Pines, FL.

 SP is a 123,164 square foot retail center that is currently 99% leased and anchored by Sedano’s Supermarket.  Other notable tenants include Wells Fargo, Flannigan’s Seafood Bar and Grill, Burger King and La Granja.

 Nonrecourse financing was arranged through a correspondent Life Company relationship at a competitive rate with a term of 15 years.

Kurt Hoffmann, Principal at HC Real Estate Capital states, “The lender provided a 6-month, forward rate locking loan commitment at a very low interest rate.”

Hoffmann went on to say, “This property has always outperformed the market due to its superior location, experienced operators and excellent tenancy.”

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks.

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

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com

Colliers International Completes Lease of $5 Million Industrial Building in La Mirada, CA

14450 Industrial Circle, La Mirada, CA

SANTA FE SPRINGS, CA -- Colliers International, the third largest global real estate services organization, has completed the $4,998,720 lease of a 194,481-square-foot industrial building located at 14450 Industry Circle in La Mirada, Calif.

Clyde Stauff, senior executive vice president, and Ross Fippinger, associate of Colliers International represented the lessee, Marathon Distribution Services.  Rich McGeagh and Josh Bonwell of CBRE represented the lessor.

Clyde Stauff

Stauff believes the lease of 14450 Industry Circle is a great indication of the recovering health of the industrial market in the greater Mid Counties area.

Built in 1966, the industrial building offers a large yard, 26 dock high loading doors, 24 foot clear height, and is situated on 8.08 acres.

The building will be occupied entirely by Marathon Distribution Services, a third party logistics company, who will use the property for warehousing and distribution for major retailers such as Target, Costco, WalMart, K-Mart, and Nordstrom.

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

Rainee Tiske

Marketing Specialist | PR GLA| Torrance, CA

Dir +1 310 381 2413

Main +1 310 381 1000

Colliers International

3 Park Plaza, Ste. 1200, Irvine, CA 92614

www.colliers.com

www.twitter.com/colliersgla.

Faris Lee Investments Completes $4.75 Million REO Retail Center Sale in Indio, CA

Heritage Court, Indio, CA

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.75 million sale of a 41,438-square-foot portion of Heritage Court, a lender-owned retail center.

 Built in 2006, the property is situated on 10.18 acres of land and is located at 44100 Jefferson Street in Indio, Calif. The center was 54 percent occupied at the close of escrow and includes Subway, Anytime Fitness, and It’s a Grind.

Dennis Vaccaro

Dennis Vaccaro and Shaun Riley, senior managing directors with Faris Lee Investments, represented the seller, Sabal Financial as well as the buyer CADO Heritage LLC from Carlsbad. 

“This distressed property offered the buyer a strong upside potential in lease-up of the currently vacant shops.  It also offered a value-add opportunity through potential future development of two existing unimproved pad sites on the property.  Future build-out of those pads could eventually more than double the size of the existing property,” said Vaccaro.

Shaun Riley

Vaccaro added that Walgreens, which was not a part of the transaction, is the anchor tenant within Heritage Court offering a strong customer draw and cross over customers for the other retailers within the center.

“The asset definitely had its challenges. The shopping centers in the area have been significantly affected over the past several years by high vacancies, rent concessions, and decreasing lease rates. 

" Showing prospective investors that the fundamentals in the local market are starting to improve was instrumental in generating the kind of offer activity we had,” said Riley.

  “Ten offers were generated through a Best & Final bidding process with CADO Heritage LLC winning the deal and closing within a year-end, 10 day escrow period."

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Apartment Property in Chicopee, MA Sells for $5.4 Million

68--91 Edbert Street, Chicopee, MA

 FRAMINGHAM, MA – Investment sales broker Northeast Private Client Group has announced the sale of 68-91 Edbert Street, a 94-unit apartment building in Chicopee, Massachusetts.  

Colin Moynihan, regional manager of the firm’s Framingham office, represented the seller and the buyer in the $5,400,000 transaction, which closed on December 28th.

 “High occupancy and growing rents in Western Massachusetts are driving strong demand for multifamily properties,” notes Moynihan.  “This Chicopee asset is well positioned to benefit from a continued rebound in the local economy.”

Colin Moynihan

The seller, Mall Apartments Trust based in Cape Cod, was a long-time owner of the 94-unit Mall Apartment property.  Anticipating changes in the tax laws, the Trustee hired Northeast Private Client Group to source a competitive buyer capable of closing before the end of 2012. 

  The buyer, Chestnut Realty Partners of Springfield, MA, is a fund focused on long-term, stable cash-flowing real estate assets.  The purchase price equates to $57,446 per unit, and represents a capitalization rate of 7.5 per cent on 2012 net operating income.

Edward Jordan

"Coming out of the recession, there's been a tremendous appetite for apartment buildings, and investors are looking for cash-flowing assets," explains Edward Jordan, JD, CCIM, the firm’s managing director.

 “This challenging period has created opportunity in multifamily real estate, with fewer people qualifying for mortgages and more families renting for longer periods of time.”

 Contact:

Rick Leonard

 rleonard81@gmail.com

Charles Dunn Completes Sale of Milano Lofts, an Historic Residential/Retail Property in Downtown Los Angeles, in Off-Market Transaction

Milano Lofts, Los Angeles, CA

LOS ANGELES, CA – Janet Neman and Bryan Glenn of Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, completed the sale of Milano Lofts, a 12-story, art deco style, mixed-use property totaling 131,433 square feet.

The property consists of 99 luxury, residential apartment units and over 6,000 square feet of ground floor retail space occupied by two restaurants: Industriel and Yorkshire Grill. The property was 100 percent occupied at the close of escrow and is located at 609 S. Grand Avenue in the financial district of Downtown Los Angeles. 

Janet Neman

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented the seller, Grand Pacific Lofts, LP, as well as the buyer, Equity Residential in an off-market transaction.

“Our strong track record and intimate knowledge of the Downtown submarket allowed us to quickly identify a buyer that we knew would recognize the incredible location and historical value of this asset,”  said Neman. “It was a smooth, all-cash transaction with a buyer that sees the bright future for Downtown and for this property.”

Bryan Glenn

The Milano Lofts property was built in 1925 as the Edwards & Wildey building. 

The property was converted under the Downtown Los Angeles adaptive reuse ordinance to high-end, loft-style condominiums in 2005 by the developer, Grand Pacific Lofts, who later decided to lease them as luxury apartments.

 Additionally, the property benefits from the Mills Act Historical Property Contract Program which recognizes the historical and architectural value of the building and provides a reduced property tax basis.

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

 Darcie Giacchetto

 949.278.6224

D.G. Communications, Inc.