HFF arranges $38.9 million acquisition financing for Hanover Marriott in Whippany, NJ

Steven Klein

NEW YORK, NY – HFF announced today that it has arranged a $38.9 million acquisition financing for the Hanover Marriott, an eight-story, 353-room full-service hotel in Whippany, New Jersey.

HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company.

The Hanover Marriott is located at 1401 Mount Pleasant Avenue (Route 10) near Interstate 287 in Whippany.  

John Bourret

The property underwent a comprehensive $15 million renovation in 2011, which included a complete redesign of its main restaurant and lobby, full guestroom, bathroom and corridor renovations, pool and fitness center upgrades and building system improvements.

The HFF team representing the borrower was led by managing directors Steven Klein and John Bourret.

“The Hanover Marriott’s substantial renovation enhanced the luxury accommodations for its strong corporate clientele base. Additionally, the hotel’s position in the market as the only full-service Marriott within a 20-mile radius offered an ideal opportunity for the sponsor,” commented Klein.

Hanover Marriott, Whippany, NJ

Clarion Partners has been a leading U.S. real estate investment manager for more than 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in S͠ão Paulo, Brazil and London, England as well as a presence in Mexico. 

With more than $27 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.  More information about the firm is available at www.clarionpartners.com.

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

HFF closes $21.5 million sale of a 19.15-acre development site in downtown Naples, FL

Manny de Zaraga

MIAMI, FL – HFF announced today that it has closed the sale of a 19.15-acre landmark development site in downtown Naples, Florida.

                HFF marketed the site on behalf of the seller, who recently acquired title via a foreclosure action.  A joint venture between Ronto Group, Inc. and Wheelock Street Capital purchased the site for $21.5 million.

                The site is located one block off Fifth Avenue South between Tamiami Trial and Goodlette-Frank Road in downtown Naples. 

Jaret Turkell

In 2005, the property was approved and slated for development of a mixed-use project called Renaissance Village, with 300 residential units and 205,000 square feet of commercial space, including a 1.9-acre adjacent site owned by Florida Gulf Coast University.

Those plans were halted by the downturn in the real estate market and in May 2012, the property, excluding the parcel owned by FGCU, was foreclosed by the lenders.

The HFF team representing the seller was led by executive managing director Manny de Zárraga and directors Jaret Turkell and Matt Mitchell with support from real estate analysts Scott Wadler and Maurice Habif. 

Matt Mitchell

HFF’s Florida multi-housing and land group has closed more than $700 million of multi-housing transactions for the 12 months ending December 31, 2012.

                “This is a trophy site within the Naples market and its ultimate development will generate a significant positive impact for the 5th Avenue shopping corridor,” said Turkell. 

Since 1967, The Ronto Group, Inc. has acquired residential, commercial and retail projects in both Canada and the United States.  With its U.S. headquarters in Naples, The Ronto Group is recognized as a premiere developer in Southwest Florida.

Wheelock has been an active investor in the residential and hospitality sectors during the last 36 months. The firm has closed on land approved for more than 19,000 residential units and is actively developing “best in class” master-planned communities in the Sunbelt.

 Wheelock purchased the assets of Atlanta-based John Wieland Homes in joint venture with the Wieland family in November 2012 and is now actively building homes in the southeastern United States.  Wheelock has acquired 22 hotel properties containing 4,580 rooms across the country, and owns 1,828 apartment and student housing units across five properties.

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

HFF arranges $10.5 million financing for University Plaza in Winter Park, FL

University Plaza, Winter Park, FL

MIAMI, FL – HFF announced today that it has arranged $10.5 million in financing for University Plaza, a 77,918-square-foot, grocery-anchored neighborhood center in Winter Park, Florida.

                HFF worked exclusively on behalf of the borrower, North American Development Group (NADG), to secure the 15-year, fixed-rate loan through Prudential Mortgage Capital Company. 

Paul Stasaitis

                University Plaza is located at 4000 North Goldenrod Road at the intersection of University Boulevard in Winter Park, which is approximately 10 miles northeast of downtown Orlando.  Redeveloped in 2011, the 95 percent leased property is anchored by Publix.

Chris Drew

                HFF director Chris Drew, senior managing directors Paul Stasaitis and Danny Finkle, and senior real estate analyst Jose Carrazana led the HFF team representing NADG. 

                “NADG is a sophisticated borrower that is taking advantage of historically low interest rates to lock in highly accretive long-term, fixed-rate financing for a core asset in their portfolio,” said Drew.    

“We continue to see incredible demand from top-tier life insurance companies for fixed-rate loans on grocery-anchored retail throughout the state,” continued Drew.  

Daniel Finkle

 HFF’s debt placement team has secured more than $3.9 billion in financing for retail assets nationally in 2012.  HFF closed more than $680 million in retail transactions across all capital markets platforms in the state of Florida during 2012.

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

www.nadg.com

Robert Sheppard Named Marcus & Millichap’s Top Agent for Fourth Consecutive Year

Robert Sheppard

 CALABASAS, CA, March 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2012.

Robert Sheppard, an executive vice president investments and executive director of the Tax Credit Group of Marcus & Millichap, has ranked as the firm’s top-performing agent out of more than 1,000 investment specialists nationwide.

John J. Kerin

This marks the fourth consecutive year in which Sheppard has earned the company’s highest ranking, according to John J. Kerin, president and chief executive officer of Marcus & Millichap.

Armand Tiberio, a senior vice president investments, and Spencer Hurst, a first vice president investments, both national directors of the firm’s Tax Credit Group , ranked No. 7 and No. 11 in the firm, respectively.

Armand Tiberio

          Sheppard is also the firm’s top multifamily investment specialist nationwide, a position he has attained for the past five consecutive years.

            “We are proud to recognize Robert for the fourth year in a row as the firm’s top agent nationwide,” says Kerin. “His consistently outstanding accomplishments and tax credit property expertise are a testament to his steadfast commitment to client service.”

Spencer Hurst

“Armand and Spencer have also achieved exceptional success this year,” continues Kerin, “working closely with Robert to provide unparalleled service and results to our tax credit apartment clients. We are very pleased to recognize Armand and Spencer for ranking among the firm’s top investment specialists nationwide in 2012.”

Sheppard joined Marcus & Millichap in December 1993 and was promoted to senior vice president investments in January 2008. He is the executive director of the Tax Credit Group, which is the leading specialty group dedicated exclusively to low-income housing tax credit (LIHTC) multifamily assets throughout the United States. In 2012, the group closed transactions valued in excess of $939 million.

Tiberio, a senior vice president investments, has been a Tax Credit Group member since its inception in 2001 and is currently a national director.  He joined Marcus & Millichap in July 2001, was promoted to vice president investments in July 2008 and to senior vice president investments in August 2012.

Hurst, a first vice president investments, has been a member of the Tax Credit Group from the outset and is now a national director.  He joined Marcus & Millichap in April 2001 and was promoted to vice president investments in July 2008 and to first vice president investments in July 2012.

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

Ben Johnson,

Marketing Director

(925) 953-1736

MBA Releases 2012 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes

  

Washington, DC (March 21, 2013)– Wells Fargo was the top commercial/multifamily mortgage originator in 2012, according to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA). 

Other top originators include Bank of America Merrill Lynch; HFF, L.P.; PNC Real Estate; Meridian Capital Group, LLC; CBRE Capital Markets, Inc.; Prudential Mortgage Capital Company; KeyBank Real Estate Capital; Jones Lang LaSalle; Walker & Dunlop; Northmarq Capital LLC and Berkadia.

 The MBA study is the only one of its kind and presents a comprehensive set of listings of 111 different commercial/multifamily mortgage originators, their 2012 volumes and the different roles they play.

The MBA report, Commercial Real Estate/Multifamily Finance Firms - Annual Origination Volumes, presents origination volumes in more than 140 categories, including by role, by investor group, by property type, by financing structure type, and by the location of the originating office.

The report is available at: http://store.mortgagebankers.org/ProductDetail.aspx?product_code=EC6-300033-RP-I

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

Matt Robinson,

 (202) 557-2727

Wyndham Hotel Group Surpasses the 500 Property Mark in China

  

Robert Loewen

 HONG KONG (March 21, 2013) – Wyndham Hotel Group, the world’s largest* hotel company with over 7,340 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced its continued expansion in China with the addition of eight new Ramada® properties.

 Currently, the company has 543 hotels and 67,559 rooms in the country.

 China now accounts for the largest number of Wyndham Hotel Group properties in the Asia-Pacific region with hotels under the Wyndham® Hotels and Resorts, Ramada®, Howard Johnson®, Days Inn® and Super 8® brands. Wyndham Hotel Group is also the largest* U.S.-based hotel company in China.

Wyndham Xiamen Hotel, China

 “Wyndham Hotel Group remains committed to continued, ambitious development within China,” said Robert Loewen, chief operating officer of Wyndham Hotel Group.

 “The lack of quality rooms in many second-tier and third-tier cities provides us with opportunities to further expand our presence. We are proud to announce these new additions which will help grow our footprint in the region.”

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

 Vicky Neill:

vicky.neill@cohnwolfe.com

Candice Lau:

 candice.lau@cohnwolfe.com

Tel: +852 3665 1000

Annaly Capital Management, Inc. Announces 1st Quarter 2013 Dividend of $0.45 per Share

 NEW YORK, NY, Mar. 21, 2013--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the first quarter 2013 common stock cash dividend of $0.45 per common share. This dividend is payable April 29, 2013, to common shareholders of record on April 1, 2013. The ex-dividend date is March 27, 2013.

  

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

Annaly Capital Management, Inc.

Investor Relations

1-888-8Annaly

www.annaly.com

Ackerman & Co. Sells Single Tenant ABRA Auto Body & Glass

   

Jason Powell

 Atlanta, GA– Ackerman & Co. has brokered the sale of a 27,500-square-foot retail building in Stone Mountain, Ga. for $1,150,000 to ABRA Auto Body & Glass.

The 2.2-acre property is located along the busy intersection of I-78 and Ross Road and is adjacent to major retailers Office Depot, The Sports Authority, Petsmart and The Home Depot, to name a few.

The seller, Summit Investments, was represented by the Ackerman & Co. investment sales team of Sean Patrick and Jason Powell.

Sean Patrick

The former Stone Mountain Harley Showroom was purchased by Realty Income.  ABRA Auto Body & Glass is a recognized leader in auto body, auto glass and paintless dent repair industry with more than 140 locations. 

This sale was a unique opportunity for a national user to take advantage of current market pricing and combine a number of local area facilities into their new prototypical layout. ABRA was represented by Bart Cross with Coro Realty.

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

Fara Wilson,

VP of Marketing

770. 913.3904

  fwilson@ackermanco.net

www.ackermanco.com

Dakota and Daisy Johnson, San Diego CA Realtors

EMERYVILLE, CA – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the leading online residential real estate brokerage and technology provider, is proving to be an attractive – and potentially lucrative – place to work for young, tech-savvy real estate agents, according to Pat Garner, Designated Broker of ZipRealty’s San Diego office.

Pat Garner

In February, 18-year-old Dakota Johnson, the youngest agent in Ms. Garner’s office, sold his first home in the booming San Diego market.

“With rising prices and limited inventory, the housing market in Southern California is definitely making a rebound,” says Ms. Garner. “Becoming a real estate agent is a great career choice for younger people, especially if you’re willing to work hard,” she says.  “And Dakota has made a commitment to work hard,” she notes.

Mr. Johnson started his career at ZipRealty in June 2012 and is expected to close his first sale on March 15: a two-bedroom home in Oceanside, Calif., for just under $300,000.

A Phoenix-based real estate agent and a firefighter acquired the house as an investment property with the intention of making future investments in Southern California.

 In mid-April, Mr. Johnson is slated to close his second home sale: a two-bedroom condo in San Marcos, Calif., an REO that sold for $204,000, well above its original asking price of $192,000. And he is currently working with a computer programmer in his 30’s who prefers to work with a tech-savvy agent.

Jack Maroney

Mr. Johnson attributes his successful experience as a real estate agent to two factors: his mentor and mother Daisy Johnson, and ZipRealty’s innovative, technology-enabled brokerage platform.

 “I have been around real estate my entire life,” Mr. Johnson says. “Seeing my mom’s success had a significant impact on my life and career choice. As a kid, I used to help my mom put up for-sale signs, and then it turned into helping her write blogs and do email marketing as a young teenager,” he shares. 

“I encouraged Dakota to start taking classes to get his real estate license at the age of 17 ½ so he could be fully licensed when he turned 18,” notes Mrs. Johnson, a nine-year veteran of the real estate industry. Ms. Johnson has sold nearly $100 million in real estate during her career. In 2012, she sold 16 homes valued at $6.5 million.

Another San Diego real estate agent, 22-year-old Jack Maroney, has also started to mentor under Mrs. Johnson. Maroney began working for ZipRealty in late August 2012 and just commenced closing escrow on his first home.

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

 Stacey Corso

510.735.2667

scorso@ziprealty.com

Historic Kansas City, MO Multifamily Asset Purchased for $12.7 Million

Library Lofts East, Kansas City, MO

 KANSAS CITY, MO, March 20, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Library Lofts East, two conjoined apartment buildings totaling 119 units in Kansas City’s redeveloped Library District.

 The $12,750,000 sales price equates to $107,143 per unit.

David Gaines, a vice president investments in Marcus & Millichap’s Chicago Downtown office and Alex Blagojevich, an associate vice president investments in the firm’s Tampa office, represented the seller, a Kansas City-based developer. The buyer is Steadfast Income REIT.

David Gaines

Matthew Fitzgerald, a first vice president and regional manager of Marcus & Millichap’s St. Louis, Mo. office, is the firm’s broker of record in Missouri.

“Apartment operations in Kansas City continue to firm as local employers add staff, driving new household formation and bolstering apartment demand,” says Gaines. “This year Kansas City employers will expand payrolls by 13,000 positions, the first annual increase since 2007.”

Alex Blagojevich

“Library Lofts East received a great deal of attention from the investment community,” adds Blagojevich, “especially from out-of-state investors seeking higher yields.”

The property location is 1004 Baltimore Ave. in Kansas City’s financial district, adjacent to the downtown branch of the Kansas City public library.

Library Lofts East is comprised of the 10-story Dwight Building, which was built in 1923, and the six-story 1906-built Burnap Building.  Both were retrofitted and renovated in 2003. 

Matthew
 Fitzgerald

The buildings feature a distinctive collection of one- and two-bedroom loft-style apartments with original hardwood floors, large windows, spacious closets and skylights. Community amenities include a connected parking structure, clubhouse and indoor pool.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Chris Parker Joins Marcus & Millichap Capital Corp. as Associate in Dallas, TX

         

Chris Parker

DALLAS, TX, March 20, 2013 – Marcus & Millichap Capital Corporation (MMCC) has named Chris Parker as an associate in the firm’s Dallas office, according to William E. Hughes, senior vice president and managing director of MMCC.

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

“Chris has a solid background in finance and financial structuring,” says Hughes. “His experience will be of great value to our clients in the Metroplex and throughout Texas.”

William E. Hughes

Prior to joining MMCC, Parker worked with BMC Capital LP as a loan officer in Dallas. He also worked for Berkadia Commercial Mortgage LLC as an asset analyst in Dallas and San Francisco, and as a client relations and portfolio manager in Tempe, Ariz.

            Parker graduated magna cum laude from Arizona State University, where he earned a Bachelor of Science degree in finance.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Marcus & Millichap Announces Sale of Wingate by Wyndham Hotel in Mobile, AL

Wingate by Wyndham Hotel, Mobile, AL

MOBILE, AL, March 20, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Wingate by Wyndham, an 82-room interior corridor, limited service hotel located in Mobile, Alabama, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Jonathan S.
 Ruprai

 The undisclosed buyer and seller was represented by Jonathan S. Ruprai, a senior associate in Marcus & Millichap’s Tampa office and Edwin Greenhalgh, Alabama broker in the firm’s Birmingham office. Matt Fitzgerald, broker, assisted in closing this transaction.

The Wingate by Wyndham was built in 2005 and is located at 516 Springhill Plaza Court, directly off Interstate 65 and within nine miles of both downtown Mobile and Mobile Regional Airport.

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

Richard D. Matricaria

Regional Manager,

Tampa

(813) 387-4700

$3.5 Million Multifamily Sale Arranged in South Pasadena, FL by Marcus & Millichap

  

Shore Drive Apartments, South Pasadena, FL

  

SOUTH PASADENA, FL,  March 20, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Shore Drive Apartments, a 50-unit multifamily property located in South Pasadena, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb

The asset commanded a selling price of $3,500,000, which equates to $70,000 per unit.

Casey Babb, CCIM a senior associate in Marcus & Millichap’s Tampa office, represented the seller, a St. Petersburg-based family partnership and the buyer, Weller Residential, also based in St. Petersburg, Florida. 

Shore Drive Apartments was built in 1972 and is located at 1824 Shore Drive South.

“Shore Drive presented an increasingly rare opportunity to acquire one of only a handful of remaining waterfront apartment properties in the Tampa Bay area and consequently, the deal transacted very quickly,” says Babb.

 “The property had been owned by the seller since they developed it back in 1972, but had never undergone a major rehab.  

"The incoming buyer is planning a major renovation of the property exteriors, common areas, amenities and unit interiors over the initial 12-months and the property will be rebranded as Liv @ Boca Ciega.” 

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

Richard D. Matricaria

Regional Manager,

Tampa

(813) 387-4700

Ackerman & Co. Announces Sale of Net-Leased Walgreens in Panama City, FL for $4.7 Million

  

Walgreens, Panama City, FL

Atlanta, GA – Ackerman & Co. has brokered the sale of a 14,820-square-foot, single-tenant, net-leased Walgreens in Panama City, Fla. for $4,660,000.

The Panama City Walgreens, built in 2006, is located at a highly traveled corner site in the Callaway submarket. The sale included the assumption of the existing CMBS mortgage. 

Jason Powell

The Ackerman & Co. investment sales team of Jason Powell and Andrew Murphy represented the seller, a private investor out of Los Angeles, California, in the transaction. The property was purchased by an affiliate of Moinpour Investments, LLC based in Santa Monica, Calif.   

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

Fara Wilson,

VP of Marketing

770. 913.3904 

 fwilson@ackermanco.net

www.ackermanco.com

$32.8 Million Government-Leased Office Complex Sold in Bakersfield, CA

100 East California Ave., Bakersfield, CA

BAKERSFIELD, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 100 East California Ave., a 166,565-square foot three-building office complex in Bakersfield that is 100 percent leased to Kern County, Calif. through 2028.

 There is no early termination clause in the lease.  The sales price of $32,825,000 equates to $197 per square foot.

Michael Lawrence

            Michael Lawrence, a senior vice president investments and Blake Bokosky, an associate, both in Marcus & Millichap’s Newport Beach office, represented the seller, an offshore investment company. Marty Cohan, a vice president investments in the firm’s West Los Angeles office, represented the buyer, an out-of-state private investor group.

Blake Bokosky

            “The investment provides the new owner with a well-located office asset that has an attractive current yield and requires little management,” says Lawrence. “With long-term tenancy, annual increases and an investment-grade tenant, 100 East California Ave. should continue to provide excellent returns well into the future.”

“The Bakersfield office market is currently one of the state’s best performing office markets with an extremely low 6.7 percent vacancy rate,” adds Cohan.

The complex is located on approximately 17.4 acres at the prominent commercial intersection of East California Avenue and Union Avenue; a signalized corner with a traffic count of 50,500 cars per day. The property has more than 450 feet of frontage on both avenues.

Marty Cohan

The office complex was designed and built for its current tenant, the Kern County Department of Human Services. The buildings serve as an administrative and service center for the delivery of social services to Kern County residents.

 The main building, which totals approximately 156,874 square feet and the 4,199-square foot family visitation building were built in 1988. The administrative annex totals approximately 5,492 square feet and was added in 2006.

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

Ben Johnson,

Marketing Director

(925) 953-1736