HFF arranges $78 million refinancing for Alameda Square Campus in Los Angeles

Aerial of Alamedia Square Campus
Downtown Los Angeles, CA

LOS ANGELES – HFF announced today that it has arranged a $78 million refinancing for the Alameda Square Campus, an industrial and creative office campus totaling more than 1.6 million square feet in downtown Los Angeles.

HFF worked on behalf of the borrower, a subsidiary of EVOQ Properties Inc., to secure the three-year adjustable-rate loan through Olen Properties. 

The loan will be used to refinance first and second lien mortgages currently secured by the campus.

Paul Brindley

The new loan will also provide capital to pay tenant improvement and leasing costs for a recently executed 82,000-square-foot headquarters lease for Splendid® and Ella Moss®, two subsidiaries of VF Contemporary Brands.  

The Alameda Square Campus at 7th and Alameda in downtown L.A. is comprised of approximately 1.4 million square feet of creative office, retail and light manufacturing space situated next to the historic 7th Street Produce Market and a wholesale market comprised of more than 200,000 square feet of industrial space. 

Located near the Los Angeles Arts and Fashion Districts, the 32-acre campus is a prime location for the area’s growing enclave of fashion and creative companies.  The campus also serves as the world headquarters for major fashion label American Apparel, and up-and-coming fashion brand Groceries Apparel relocated to the campus in late 2012 to expand operations.

Groceries Apparel Clothing Line

The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.

  

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

The Down Hotel Co. Promotes Teresa Sims to Resident Manager for Hyatt North Houston

  

Teresa Sims

                  SEATTLE, WA, March 26, 2013—The Dow Hotel Company, LLC (DHC), a hotel ownership, investment and management company, today announced the promotion of Teresa Sims to resident manager for the Hyatt North Houston in Greenspoint, Texas. 

                A veteran of the Houston market, Sims most recently was the hotel manager for the Sheraton North Houston where she was responsible for substantial increases in guest satisfaction, profitability and employee retention and managed a $6 million post-hurricane renovation. Prior to joining Dow in 2008, she held numerous positions, at other full-service, Houston-area hotels.

Larry Bundy

 “Teresa understands the Houston market and has had great success in motivating associates to meet the expectations of today’s guests,” said Larry Bundy, general manager.

 “Her track record in improving guest satisfaction and reducing turnover is a testament to her focus on training and motivation.  Those skills, coupled with a keen understanding of maximizing economic returns, make her an exceptional addition to the hotel’s leadership team.” 

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

Chris Daly,

Lauralee Dobbins                    

Phone:  (703) 435-6293

Chris@dalygray.com

W3 Partners Names Peter Mette as Managing Partner

Diane Olmstead

SAN RAFAEL, CA (March 26, 2013) W3 Partners, a real estate investment operating company, has named Peter Mette as managing partner. In his new role, Mette is charged with sourcing new deals in Northern California and the Pacific Northwest.

With more than 20 years of industry experience, Mette comes to W3 from KBS Realty Advisors in San Francisco where he served for nearly eight years as senior vice president/director of acquisitions and dispositions. There he opened and managed the San Francisco office and led more than $860 million of investments totaling over 3.8 million square feet of office and industrial properties.

Peter Mette

“Peter brings with him a breadth of acquisition knowledge and experience, as well as a deep understanding of the key markets in which we are seeking to have a stronger ownership presence,” said Diane Olmstead, co-founding partner of W3 Partners. “He will focus on strategic value-add investment opportunities that point to promising returns for our investment partners and our company.” 

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

 For Faris Lee Investments

Faris Lee Investments Completes $4.27 Million Sale of Retail Center in Pico Rivera, CA

Pico Crossings, Pico Rivera, CA

RVINE, CA, March 26, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.27 million sale of an 11,722-square-foot portion of Pico Crossings, a retail center situated on 1.29 acres located at 9311-9333 Whittier Blvd., in Pico Rivera, Calif.

 Built in 2008, the property is 77 percent occupied and includes Starbucks, Subway, and Sherwin-Williams. Other tenants in the center that weren’t a part of the transaction include Rite Aid and Tommy’s. 

Nicholas Coo

                Nicholas Coo, Dennis Vaccaro and Ryan Tomkins with Faris Lee Investments represented the seller, Heslin Becker Properties. The buyer, who paid all cash, was CEO Huang and was represented by Jason Hong of Realty Executives.  The closing cap rate was 6.5 percent.

                “The success of this transaction was the direct result of strategic pricing which took into consideration our upward trending real estate market,” said Coo, senior managing director with Faris Lee.

 “After analyzing the property, we structured a rent guarantee with the seller that covered the vacant space’s rent for up to 12 months and secured a leasing team tasked with procuring tenant interest. This strategy allowed us to apply value to the vacant space and maximize value for the seller, via an all-cash buyer.”

Dennis  Vaccaro

Pico Crossings is located at the highly trafficked, signalized intersection of Whittier Blvd., and Durfee Ave. with nearly 50,000 vehicles per day and is less than a mile from Interstate 605.

The surrounding area features approximately 510,000 consumers and 220,000 day time employees within a five-mile radius. Home Depot and Target are within close proximity to the property.

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

 For Faris Lee Investments

Sheraton Bali Kuta Resort Announces Sunset Gatherings

Sheraton Bali Kuta Resort
Bali, Indonesia

BALI, INDONESIA, March 26, 2013 – Sheraton Bali Kuta Resort is pleased to announce Sunset Gatherings, a unique nightly culinary experience that showcases the dramatic sunsets of Kuta from the stunning venues at Sheraton Bali Kuta Resort.

Each evening, gather with fellow world travelers to enjoy great music, mouthwatering bites, and a selection of international wines and cocktails with unparalleled sunset views of the Indian Ocean on center stage, setting a beautiful, romantic scene for a perfect evening.

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

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Singapore 039190

Glodow Nead Communications • San Francisco • New York • Singapore
O: 65.9768.6087 or 1.415.394.6500 • E hweepeng@glodownead.com • FB: GlodowNead

Stirling Sotheby’s International Realty named exclusive sales agents for historic Titusville, FL home

Wager House, Titusville, FL

TITUSVILLE, FL --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for the historic Wager House, a restored three-story Colonial Revival style estate home located at 8 South Street, overlooking the Indian River in Titusville.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the Wager House was added to the National Register of Historic places almost 25 years ago and is one of the oldest structures in Titusville and Brevard County.

Joe Janson

Soderstrom said Florida Luxury Homes Specialist Joe Janson in the firm’s Brevard County division is representing the unique property listed for sale at $899,000.

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

Joe Janson, International Luxury Homes Specialist Stirling Sotheby’s International Realty, 321-338-5833 jjanson@stirlingsir.com and www.extraordinaryhomes.us

 Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty

407-333-1900 

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

Marcus & Millichap Sells 56-Unit Multifamily portfolio in South Florida

Prospect Apartment Portfolio
 Fort Lauderdale, FL and Oakland, FL

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Prospect Apartment Portfolio, a 56-unit multifamily portfolio comprised of three parcels in Fort Lauderdale and Oakland Park, FL.

The portfolio commanded a sales price of $2,700,000.


Joseph P. Thomas



Associate Vice President Investments Joseph P. Thomas and Associate Adam Duncan in Marcus & Millichap’s Ft. Lauderdale office, represented the seller, a local partnership based in Fort Lauderdale. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, FL.

Due to time constraints, the buyer could not close with conventional bank financing. Senior Associate Daniel Greenberg, along with Associate Director Steve Goldwyn of Marcus & Millichap Capital Corporation arranged a $1.85 million private bridge loan for the buyer which allowed the deal to close within two weeks.

Steve Goldwyn

The Prospect Apartment Portfolio consists of three separate parcels totaling 56 units in Fort Lauderdale and Oakland Park, FL. All buildings are two-stories with two-bedroom/one bathroom units and central air conditioning.

The portfolio includes:

--- 999 West Prospect Road – Oakland Park, FL (32 units)
---1007 West Prospect Road – Fort Lauderdale, FL (16 units)
--- 240 NW 42nd Street – Oakland Park, FL (8 units)



Press Contact:

Gregory Matus
Regional Manager / Vice President,
Fort Lauderdale, FL
(954) 245-3400

Fort Lauderdale Beach Condo Tower Site To Be Sold To Baltimore Developer

Orion Condos rendering
Fort Lauderdale Beach, FL

MIAMI, FL -- With more than 120 new condo towers proposed for coastal South Florida since the real estate crash of 2007, the developer of the proposed 170-unit Orion project planned for Fort Lauderdale Beach has identified a buyer to purchase the project's site with entitlements, according to a new report from CondoVultures.com.

The prospective buyer - Mah Cignal Holdings based in the Baltimore area - won the right to purchase the nearly two-acre site on Fort Lauderdale Beach Boulevard with a winning bid of $22.5 million in a U.S. Bankruptcy Court-ordered auction, according to the South Florida Business Journal.

Silvia Coltrane

The transaction is reportedly scheduled to be completed in March 2013 although no deed transfer has been recorded as of March 24, 2013, according to Broward County Clerk of the Court records.

Silvia Coltrane's Transacta Prive Developers - which in March 2012 obtained approval to build the planned 18-story Orion condo tower on a former Howard Johnson hotel property in Fort Lauderdale Beach - formally put the development site on the market in December 2012 for an undisclosed price, according to the South Florida SunSentinel.

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

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St., Suite 209B,

 Downtown Miami, Florida, 33137.

800-750-0517.

PM Hospitality Strategies Adds Two Contracts as Part of New Expansion Plan

  

Hampton Inn, Potomac Mills/Woodbridge 

WASHINGTON, D.C., March 25, 2013—PM Hospitality Strategies (PMHS), a hotel management and joint-venture investment company, today announced that it recently signed two hotels to its management portfolio, the first step in a new expansion program. 

The Hampton Inn and Fairfield Inn and Suites-branded properties are located in the Washington, D.C. Metro area.

“Our goal is to add 5 to 10 hotels in 2013, focusing on third-party management contracts with strong institutional investors,” said Joseph Bojanowski, PMHS president.  “We have extensive expertise in acquisitions, turn-arounds and repositionings, areas in which we expect to see a significant amount of activity over the next several years.” 

 Fairfield Inn and Suites by Marriott,
Dulles Airport Chantilly

The new management contracts include:

·         Hampton Inn, Potomac Mills/Woodbridge  -This 87-room hotel is located just off Interstate 95 between the Fort Belvoir and Quantico military bases and within close proximity to the massive Potomac Mills factory outlet mall complex.

  The hotel recently completed a comprehensive refresh program and is in peak physical condition.  Amenities include a fitness center and swimming pool, as well as a refrigerator and microwave in each room. 

·         Fairfield Inn and Suites by Marriott, Dulles Airport Chantilly -Located at 3960 Corsair Court in Chantilly, Va., just four miles from Dulles International Airport, this 84-room hotel offers a swimming pool, fitness facilities and business center.  

Dulles International Airport,
Washington, DC

Other amenities include a smoke-free environment, complimentary high-speed Internet, free breakfast, and toll-free telephone service. 

PMHS is headquartered in Washington, D.C.  Additional information about the company may be found at www.pmhs.com.    

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

 Chris Daly,

Jerry Daly, media

(703) 435-6293

chris@dalygray.com

Berger Commercial Realty Closes $4.925 Million Sale of Downtown Fort Lauderdale Law Plaza

Courthouse Law Plaza, Fort Lauderdale, FL

FORT LAUDERDALE, FL  (March 25, 2013) – Berger Commercial Realty President Lloyd Berger and Senior Vice President Steve Hyatt recently represented CBSA Law Plaza, LLC in the $4.925 million sale of the Courthouse Law Plaza, located at 700 and 750 S.E. 3rd Ave in Fort Lauderdale, to the AIDS Healthcare Foundation, which hired the firm to manage the 52,000-square-foot office property.

Last summer, CBSA Law Plaza retained Berger Commercial Realty to reposition the property after Jacksonville-based Everbank filed a foreclosure lawsuit against the company. 

Tim Hackett

After several months of improvements, managed by Berger Commercial Realty Vice President of Property Management Tim Hackett, the property was listed on the market. 

 "Our client CBSA had several significant offers on the property, and after we helped them evaluate their options, they selected the AIDS Healthcare Foundation," said Lloyd Berger.  "All stakeholders in the transaction were pleased with the result."  

 After the sale, Everbank withdrew its lawsuit and declared the loan satisfied.

Lloyd Berger

CBSA Law retained approximately one acre of land adjacent to the property, previously used as an overflow parking lot, which is now for sale. Hyatt is marketing the parcel. 

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

 Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Bull Realty Arranges $1.88 Million Sale of Georgia Verizon Wireless Store

Verizon Wireless Store, Macon, GA

 ATLANTA, GA (March 25, 2013) – Bull Realty has negotiated the $1.88 million sale of a 3,300 square-foot, freestanding Verizon Wireless store in Macon, Ga. Located at 6204 Zebulon Rd., the property was purchased by Cooper Industries.

Sheree Strome and Nancy Miller, vice presidents in Bully Realty’s National Net Lease Investment Group, represented the seller, Family Convenience Stores, in the transaction.

Sheree Strome

 “This property received a great deal of interest, including some full-price offers,” Strome said. “It’s a highly sought-after property type in a high-growth industry.” 

 One of the largest Verizon resellers with more than 530 locations nationwide, Cellular Sales entered into a 10-year, triple-net lease of the facility, which is located just off Interstate 475 and across from a Lowe’s Home Improvement Warehouse, a Kohl’s and a Walmart.

Nancy Miller

The seller owned the location for more than 15 years before re-purposing the building from the studs up, which was finished in September 2012. Represented by Marcelo Campos of First American Real Estate in Carlsbad, Calif., the buyer was completing a 1031 exchange. 

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

While Positives Abound for CMBS Market, 2007 Loans Continue to Lag, According to Trepp

NEW YORK, NY -- Over the last few months, the story in the CMBS world has been one of spread tightening, falling delinquency rates, and spikes in new issuance.

CMBS delinquencies peaked at 10.34% in the middle of 2012, largely due to a flood of maturing bubble-era loans, many of which were over-levered to start with and ultimately struggled to find refinancing.

As that tide receded in the second half of 2012, the delinquency rate slowly but surely dropped (to 9.42% in February), as did spreads on legacy and new-issue CMBS bonds.

All of these developments were positives for the industry, and the outlook for 2013 remains highly optimistic as investors expect $80 billion or more in new issuance on the year. That would b almost double the total for 2012 and the highest level since the peak of approximately $230 billion in 2007.

Despite all the good news, one category that continues to lag is the 2007 vintage. While we suspected this, one longtime reader urged us to look at the numbers. Their thesis was that for the 2007 loans, "the bathtub is still filling up as quickly as it is emptying."

This idea is largely correct. Despite a steady dose of modifications (which lead to loan cures) and resolutions of distressed assets, both of which should push the rate lower, the delinquency rate on 2007 fixed rate conduit loans remains well into the double digits.

Above is a chart of the delinquency rate, outstanding current, and outstanding delinquent balances since 2010. The universe is fixed rate, conduit loans that were securitized in 2007 deals.

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

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

Bidding Wars: The Formats and Energy of Commercial Real Estate Auctions Are Growing

Michael Bull

 ATLANTA, GA (March 25, 2013) – Owners of commercial properties or notes who are looking to sell their assets at auction now have a variety of formats to choose from – and they’re finding more potential buyers bidding for those assets.

 Those were some of the insights provided by a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

The episode provided an enlightening look at commercial real estate auctions. Topics included the different types of auctions, tips for buyers and sellers, and current activity levels at auctions.

Jeb Howell

 As a result of the slowly improving economy, there are more parties interested in buying and selling commercial real estate, and that has led to more properties being put up for auction and more potential buyers interested in snapping the assets up, said Jeb Howell, president of Auction Management Corp., which conducts live auctions.

 “We’ve seen a major sea change in the last year,” Howell said. “There’s a lot of people buying at auctions now. When we now hold an auction, we’re getting easily 30 to 45 percent more [bidders] than we got a year ago. What it’s telling me is we’ve passed the bottom, and now is the time to buy.”

Louis Fisher

A perception exists that only deeply troubled properties or loans are put up for auction, but that is not true, said Joe Cuomo, senior vice president of Auction.com. About 75 percent of the transactions that closed on the site last year were transactions in which the underlying asset had an occupancy rate of at least 50 percent, he said.

Louis Fisher, national director of Sperry Van Ness Auction Services, outlined his firm’s upcoming online auction called Auction Point 2013 (which will take place at AuctionPoint.com). The auction will feature all property types and is accepting bids until May 31.

 The entire episode on commercial real estate auctions is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available March 28 and will provide a detailed examination of the issues surrounding commercial real estate contracts.

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

MMM and CRE Finance Council Host “Borrower 2.0” Event in Atlanta, GA; Commercial Real Estate Finance Issues Spotlighted

Rusty Fleming

Atlanta, GA  ─ Commercial real estate lenders will gather to educate borrowers – and give tips on what they need to successfully finance deals – at a special event next month.

Morris, Manning & Martin, LLP and the CRE Finance Council (CREFC) are sponsoring an after-work seminar entitled “Borrower 2.0 – Lender Perspective on Borrower Profiles and Issues in Today’s Market.”

Rusty Fleming, a Partner in MMM’s Commercial Finance Practice and a member of CREFC’s Education Committee, will moderate a panel of top finance executives. They include:

Greg Michaud

• Bill Lafferty, Managing Director, Hanover Street Capital/Deutsche Bank 

• Greg Michaud, Senior Vice President & Head of Real Estate Finance, ING Investment Management 

• Mark Sixour, Senior Managing Director, HFF 

• Joel Stephens, Managing Director, Regions Bank

The panel will discuss what lenders look for in borrowers, how negative sponsor history impacts current financing opportunities and other challenges facing borrowers in the current market.

Mark Sixour

They are also expected to clear up common misconceptions they encounter, and analyze factors driving borrowers back to the CMBS market.

“As debt capital becomes more available to borrowers, many are finding that not only has the underwriting landscape changed, but loan structure and other requirements have also changed, so hearing the lenders’ perspective should be very helpful for borrowers seeking access to this capital,” Fleming said. “MMM is proud to be a member of CREFC and the first to host an After-Work Seminar in the Southeast.”

City Club, Buckhead, GA

The event will be held at 5:00 p.m. Thursday April 18 at the City Club of Buckhead. For more information, or to register, visit the CREFC website at www.CREFC.org.

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

Terri Thornton

terri@territhornton.com

HFF closes sale of and arranges acquisition financing for Galleria Plaza in Houston, TX

Galleria Plaza, Houston, TX

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged acquisition financing for Galleria Plaza, a 428,285-square-foot mixed-use complex in Houston, Texas.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan. 

HFF’s debt placement team representing the buyer was led by senior managing director Wally Reid.

Dan Miller

HFF represented the seller, Chase Merritt and PCCP, in the sale of the property to a joint venture between Songy HighRoads LLC and The Carlyle Group.  The purchase price is confidential. 

In addition, HFF secured a three-year, 75 percent loan-to-value acquisition financing on behalf of the buyer through Bank of America Merrill Lynch – CMBS.

The complex is located across from the Houston Galleria with frontage on Westheimer, Alabama and Sage and comprises 7.6 acres of land. 

Martin Hogan

“This tract truly represents generational real estate,” said Miller.

  The Carlyle Group employs 1,400 people in 33 offices across six continents.

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