Comfort Inn Capital Beltway in Beltsville, MD Completes Significant Upgrade

  

Comfort Inn Capital Beltway, 4050 Powder Mill Road,  Beltsville, MD

                       

Joseph Bojanowski

            WASHINGTON, DC—Guests arriving at the 169-room Comfort Inn Capital Beltway will experience a whole new look and lodging experience, following a significant upgrade to the hotel. 

Located at 4050 Powder Mill Road, Beltsville, Md., the hotel completed a total makeover of its lobby and public space and installed Choice’s new Truly Yours® bedding in the hotel’s 169 guest rooms.

“Today’s hotel guest wants contemporary design and furnishings, coupled with extraordinary service and value,” said Joseph Bojanowski, president of PM Hospitality Strategies (PMHS), operators of the hotel.  “We have taken the décor and service to new levels and are confident that the Comfort Inn Capital Beltway offers the best price value and guest experience in its market. 

The Gardens Ice House, Laurel, MD

“We have overseen more than $50 million of renovations and new construction in the past seven years and are confident that the hotel will quickly see noticeable gains in guest satisfaction and market share,” he added.  “This hotel is in peak physical condition.”

            Just 12 miles from Washington, D.C., the Comfort Inn Capital Beltway is centrally located in Beltsville, Md., directly off of I-95. 

The property is proximate to Gardens Ice House and Fairland Sports and Athletic Complex, as well as the University of Maryland. 

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

Chris Daly, Jerry Daly media

(703) 435-6293

chris@dalygray.com

Westin Portland Harborview Hotel Opens After $50 Million restoration of Historic Landmark Hotel in Portland, Maine

Westin Portland Harborview Hotel, 157 High Street
Arts District, Portland, ME

Jim Merkel

Portland, ME and Stamford, CC  - - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced the debut of its world-renowned Westin brand in Portland, Maine following the strategic conversion of a landmark property in the heart of the city’s Arts District.

Located at 157 High Street in the heart of Portland’s vibrant art district, the hotel is directly across the street from the Portland Museum of Art.

Owned by Rockbridge and managed by New Castle Hotels & Resorts, The Westin Portland Harborview is the state’s first Westin hotel, featuring 289 guest rooms and suites, two dining outlets, a day spa and all of the brand’s distinctive signature amenities.

Brian Povinelli

Formerly known as the Eastland Hotel, The Westin Portland Harborview completed an 18-month, $50 million restoration and renovation project prior to raising the Westin flag.

“As one of the oldest and most prominent landmarks in Portland, we are excited to revitalize the hotel and reintroduce it as a Westin while maintaining its rich history,” said Jim Merkel, Rockbridge CEO. “The Westin Portland Harborview will be a top lodging destination along the eastern seaboard and will serve as the anchor for downtown Portland’s historic Arts District.”

“We are delighted to expand the Westin brand’s reach to the vibrant city of Portland, the cultural hub of Maine,” said Brian Povinelli, global brand leader for Westin Hotels & Resorts and Le Meridien. 

Gerry Chase

"For nearly a century, the Eastland was a beacon of hospitality in this port city, and we believe it was worth the extra effort that comes with restoration to ensure that The Westin Portland Harborview would remain a distinctive part of Portland's tourism landscape," said Gerry Chase, president and COO of New Castle. 

“With more than eight million annual overnight and day visitors, I am excited to officially welcome the Westin Portland Harborview to our city,” said Portland Mayor Michael Brennan.

"Portland has a great reputation as a hip destination with its own distinct personality," said Bruce Wennerstrom, general manager of The Westin Portland Harborview.

Portland, Maine Mayor Michael Brennan

  "By combining the historical charm of this landmark property with the Westin brand’s emphasis on well-being, we have created a hotel that will resonate with our neighbors, vacationers and the event and meeting planners who are increasingly looking to Portland for their functions and special occasions."

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

Lauralee Dobbins/Chris Daly

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

www.starwoodhotels.com.

www.rockbridgecapital.com.

www.newcastlehotels.com.

www.westinportlandharborview.com.

Upscale Hilton Meadowlands Hotel Opens in N.J.

The 427-Room Hilton Meadowlands Hotel at Two Meadowlands Plaza, East Rutherford, NJ

  

            WASHINGTON, DC —Following the first phase of a multi-million dollar renovation, the 427-room Hilton Meadowlands Hotel opened at Two Meadowlands Plaza in East Rutherford.  PM Hospitality Strategies, Inc. (PMHS) will operate the former Sheraton branded hotel and oversee the second phase of the renovation.

Joseph Bojanowski

            The hotel is situated across the street from the Meadowlands Complex, including the MetLife Stadium, home of the 2014 Super Bowl.  The Hilton Meadowlands Hotel has special Super Bowl packages posted on its website. 

The property is just minutes away from Manhattan, with easy access via the Secaucus Junction, Frank P. Lautenberg Rail Station.  The hotel offers hourly shuttle service to the rail station, which is a six-minute ride to NY’s Penn Station 34th Street.  The hotel also is proximate (15 minutes) to Newark Liberty International Airport. 

            “We have a strong relationship with all the leading brands and believe this property will be well received as a Hilton, especially with its popular HHonors™ guest loyalty program,” said Joseph Bojanowski, president of PM Hospitality Strategies. 

MetLife Stadium, East Rutherford, NJ

“The hotel lobby and hallways, along with half the guest rooms, were completely refurbished, creating a totally new ambience.  The remaining rooms and meeting space are scheduled to begin renovation later next year.”

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

Chris Daly, Jerry Daly media

(703) 435-6293

chris@dalygray.com

www.pmhs.com.

Maury L. Carter and Associates, Inc. Brokers Sale of 778 Acres to The Villages in Fruitland Park, FL

 

Maury L. Carter and son Daryl M. Carter

Orlando, FL – Daryl M. Carter, President of Maury L. Carter & Associates, Inc. brokered the sale of 778 acres in Fruitland Park, Lake County for $7,570,181 cash.  The property is located on the south side of CR 466A, approximately 1.75 miles west of US Highway 27.

The sellers were Pine Ridge Dairy, Inc. and  Bernice W. Jeffcoat Revocable Living Trust.  The buyer was The Villages of Lake-Sumter, Inc.  The property is contiguous to the current The Villages community and is planned for 2,000 residential units.  The Villages is the top-selling community in the United States.

Maury L. Carter & Associates, Inc. is an Orlando-based full service commercial real estate firm proficient in commercial real estate investments, asset management, brokerage, and development. The firm's officers combine more than 75 years experience in real estate investments and brokerage.

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

Maury L. Carter & Associates, Inc.

3333 S. Orange Avenue, Suite 200, Orlando, FL 32806

407-422-3144

www.maurycarter.com

Salazar Jackson closes sale of highly sought-after Miami, FL development site to NR MaxMiami LLC

  

Linda Worton Jackson

Miami, FL– Salazar Jackson LLP closed the sale of a real estate development site in the Arts and Theater District of Miami to NR MaxMiami LLC for $7.3 million on December 6.

 NR MaxMiami, led by Nir Shoshani, won the bid at a live bankruptcy auction on October 8 at Salazar Jackson’s Miami law office.

Firm Co-Founder Linda Worton Jackson conducted the auction, as counsel to Maria Yip, the trustee of Prema LLC, the original owner of the property.

 “This deal will be a game-changer for the Arts and Theatre District of Miami,” said Jackson.  “It will change the landscape of the area.” 

 The property, located at 1631 NE Miami Place, situated just west of the Omni near Midtown, consists of a little more than an acre of land.  Shoshani intends to develop a mixed-use residential and retail project on the site.

Nir Shoshani

The original developers envisioned a mixed-use project called Miami Max, which never got off the ground.

 Shoshani, a veteran real estate investor and developer, is partnering with Paul Murphy of Charleville Development Corporation.  Murphy will serve as the project’s general contractor.

 Lenders were trying to foreclose on the property, but Prema filed for Chapter 7 bankruptcy in July to prevent a fire sale. U.S. Bankruptcy Judge A. Jay Cristol approved the sale on October 9, 2013.

Salazar Jackson LLP (http://www.salazarjackson.com) is a Miami-based firm that serves individuals and businesses facing financial crisis, complex commercial litigation or government investigations as well as those seeking to seize financial or business opportunities through startups, mergers, acquisitions and divestitures. 

They represent clients in matters throughout the country.

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

Boardroom Communications

Michelle Friedman

mfriedman@boardroompr.com

Phone: 904-641-3226 

RealtyTrac® Reports U.S. Foreclosure Activity Decreases 15 Percent in November Driven by 95-Month Low in Foreclosure Starts

IRVINE, CA— RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its U.S. Foreclosure Market Report™ for November, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 113,454 U.S. properties in November, a 15 percent decrease from the previous month and a 37 percent decrease from a year ago.

Daren Blomquist

The report also shows one in every 1,155 U.S. housing units with a foreclosure filing during the month.

The 15 percent monthly decrease in November was the biggest month-over-month decrease since November 2010 when U.S. foreclosure activity plummeted 21 percent in one month following the revelation of the so-called robo-signing scandal in October 2010.

“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president at RealtyTrac.

Bob Parks Realty

 “While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold.”

“The Middle Tennessee housing market continues on a stable path maintaining overall market stability,” said Bob Parks, CEO of Bob Parks Realty, covering the Nashville and middle Tennessee market. 

  “We are enjoying a decline in foreclosure rates in line with the national average, which has allowed for an increase in home values, stabilization of home prices, and positive, consistent housing numbers we haven’t seen in five years.”

Michael Mahon

“The foreclosure trends in the Northern Utah housing market are aligned with, if not a little better, than what we’re experiencing on a national level,” said Steve Roney, CEO of Prudential Utah Real Estate, covering the Salt Lake City and Park City, Utah, markets. 

  “Foreclosures continue to decline and it’s beginning to feel like a ‘normal’ housing market again.”

“Most of the shadow inventory has been worked through in the Ohio housing market, and this inventory is being absorbed quickly,” said Michael Mahon, Executive Vice President/Broker at HER Realtors, covering the Dayton, Columbus and Cincinnati, Ohio markets. 

  “The decreasing amount of time it’s taking for properties to go through the foreclosure process is enabling lenders to keep properties in more stabilized conditions, which attracts higher prices and has assisted in creating moderate increases in appraised home values throughout the state.”

Sheldon Detrick

“Foreclosures continue to steadily decrease every month as the banks are catching up with their ghost and zombie foreclosure properties,” said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla., markets. 

  “There will always be defaults, but it’s clear that we are working our way back towards a normal housing market.”

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

Jennifer von Pohlmann

PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

$9 Million Buys San Fernando Valley Medical Office

Medical Office at 10515 Balboa Boulevard
 in Granada Hills neighborhood of Los Angeles, CA

John Smelter

 LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 42,729-square-foot medical office property located in the Granada Hills neighborhood of Los Angeles. The $9 million sales price equates to $211 per square foot.

            John Smelter, a senior director of Marcus & Millichap’s National Healthcare Real Estate Group in the firm’s San Diego office, represented the seller, Jamison Services Inc.

  Robert Johnston, a senior associate in Marcus & Millichap’s Palo Alto office, represented the buyer, a private investor.

            “Improving property operations and expectations for surging healthcare demand continue to draw investors to the medical office sector,” says Smelter.

            “The property is a stabilized asset that is well positioned for future growth in a thriving Los Angeles submarket,” adds Johnston.

Robert Johnston

            The building is located at 10515 Balboa Blvd. in the eastern San Fernando Valley community of Granada Hills.

Balboa Boulevard is a major thoroughfare serving Granada Hills and Greater Los Angeles. Interstate 5, Interstate 405 and California State Route 118 provide accessibility to the office building from all directions.

            The three-story medical building was constructed in 1983 on approximately 1.4 acres.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

HFF closes sale of Pacific Commons Shopping Center in Fremont, CA

Nicholas  Bicardo

SAN FRANCISCO, CA - HFF announced today the sale of Pacific Commons Shopping Center, an 865,783-square-foot regional power center in Fremont, California.

               Noted as one of the largest power centers in Northern California, HFF marketed the property on behalf of the seller, an affiliate of Catellus Development Corporation, a TPG Real Estate investment.  Heitman purchased the asset which was subject to an existing loan.

               Pacific Commons Shopping Center is located at the southwest corner of Interstate 880 and Auto Mall Parkway. 

Completed in phases between 2004 and 2006, the center is part of a larger approximately 1.2 million-square-foot retail development situated within an 840-acre mixed-use master planned community that also includes 1.1 million square feet of office/R&D and light industrial space, an 11-dealership auto mall, 440-acre wetland preserve and a 153-acre land parcel with entitlements for 3.4 million square feet of additional office, R&D and retail. 

Mark Damiani

Situated on 79.2 acres, Pacific Commons Shopping Center is approximately 97 percent leased and is anchored by tenants such as Lowe’s, Costco, Nordstrom Rack, TJ Maxx, HomeGoods, Staples, Kohl’s, DSW, Target (NAP) and Cinemark Century Theaters (NAP).

The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo and director Mark Damiani along with managing director Bryan Ley.

“In addition to being the most dominant and highest quality retail center within a 10-mile radius, Pacific Commons represented one of the only opportunities of 2013 to deploy $100+ million of equity into a core retail asset in Northern California in an environment where there continues to be absolute dearth of product,” said Bicardo. 

Catellus Development Corporation is an Oakland, California-based national leader in mixed-use development.

Bryan Ley

With nearly 30 years of experience as a master developer, Catellus has transformed former airports, military bases and urban industrial sites into thriving retail, residential and commercial communities.

 Catellus also excels at executing the retail and office components of these complex projects, often serving as the vertical developer.

TPG Real Estate is the real estate platform of TPG, a leading global private investment firm founded in 1992 with $55.3 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. 

TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings.  Further information is available at www.tpg.com.

Heitman, founded in 1966 and headquartered in Chicago, manages more than $28 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia-Pacific. The firm’s clients include institutions, pension plans, endowments and foundations and individual investors.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $61.25 million sale of Canyon Crossings in Riverside, CA

Canyon Crossings, 2550 Canyon Springs Parkway
adjacent to Interstate 215 and Highway 60 in Riverside, CA

Ryan Gallagher

IRVINE, CA – HFF announced today that it has closed the sale of the Canyon Crossings, an approximately 300,000-square-foot retail power center in Riverside, California. 

HFF marketed the property on behalf of the seller, Long Wharf Real Estate Partners LLC.  Dunhill Partners purchased the asset for $61.25 million free and clear of existing debt.

Canyon Crossings is located at 2550 Canyon Springs Parkway adjacent to Interstate 215 and Highway 60 in Riverside.

 Completed in 2008, the property is 92.5 percent leased to tenants including Toys/Babies “R” Us, John’s Incredible Pizza, Mor Furniture for Less, Staples, Howard’s Appliances and Party City.

  The center is part of a larger retail project totaling approximately 700,000 square feet, which is shadow-anchored by Walmart Supercenter.

The HFF investment sales team was led by senior managing director Ryan Gallagher and associate director CJ Osbrink.

CJ Osbrink

“California is coming out of the recession with healthy job growth and increased housing demand,” said William L. Hutchinson, president of Dunhill Partners.

“As the ninth largest economy in the world with so much to offer such as the natural beauty of its landscapes and a resilient and diverse population, I can only see California commercial real estate only going up from where it is today as the market continues its recovery.”

Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate investment manager.  The group invests in sectors and markets across the United States principally on behalf of institutional clients, including corporate and public pension funds, endowments and foundations.

Founded in 1984 by William L Hutchinson, Dunhill Partners is a commercial real estate investment firm that currently owns and manages more than five million square feet of retail commercial property.

William L. Hutchinson

Dunhill Partners, which is based in Dallas, Texas, has been expanding its acquisition reach into the California market. 

Last December Dunhill acquired the legendary Nut Tree Shopping Center in the San Francisco Bay Area, and is now adding Canyon Crossings to its sizeable retail portfolio. www.dunhillpartners.com.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Denver City Center in downtown Denver, CO

Denver City Center, 707 and 717 - 17th Street
also known as John Manville Plaza
Financial District, Denver, CO

Mary Sullivan

 DENVER, CO – HFF announced today that it has closed the sale of Denver City Center, a two-building, Class A office property totaling approximately 1.3 million square feet  in downtown Denver.

               HFF marketed the property exclusively on behalf of the seller, Crescent Real Estate Holdings LLC.  Shorenstein purchased the asset.

The two buildings are located at 707 and 717 17th Street and together occupy an entire city block between Stout and California Streets in Denver’s Financial District.

 Completed in 1981, the 42-story 707 17th Street building is leased to tenants such as Jacobs Engineering and Forest Oil Corporation. 

The 29-story 717 17th Street building, also known as Johns Manville Plaza, was completed in 1978 and is leased to tenants including Johns Manville, Baker Hughes and AECOM. 

The HFF team representing the seller was led by senior managing directors John Jugl and Mary Sullivan.

John Jugl

“Denver City Center is one of the area’s landmark properties and this sale is the largest of its kind in 2013 and one of largest sales in Denver’s history,” commented Jugl.

Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Barclays Capital and Goff Capital. 

Through its subsidiaries, Crescent manages and develops premier, Class A office buildings. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®. 

For more information, visit Crescent's Web site at www.crescent.com.

San Francisco-based Shorenstein Properties LLC (www.shorenstein.com) is one of the oldest and most successful private real estate investment companies active throughout the United States in the acquisition, development, ownership and management of office and mixed-use properties.

 Since its beginning in 1924, the company has evolved from a regional real estate operating company to an active national investor and manager of co-mingled institutional capital.

 Shorenstein provides asset management, leasing, property management and construction services to the properties in its portfolio through its wholly owned property services affiliate, Shorenstein Realty Services.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $73.8 million in financing for the development of Pacific Business Center in Los Angeles County

Pacific Business Center, 5600 Rickenbacker adjacent to 710 Freeway
 Bell, CA (Los Angeles County)

Don Curtis

IRVINE, CA – HFF announced today that it has arranged $73.8 million in financing for Pacific Business Center, a multi-building industrial development in Bell (Los Angeles County), California.

               HFF worked on behalf of the borrower, Pacific Industrial, to structure and secure the non-recourse participating loan through a global investment firm.  Loan proceeds will be used to acquire and develop the project.

               Plans call for the construction of three Class A industrial warehouse buildings totaling more than 400,000 square feet on a 22.8 acre portion of the site. 

The remaining 13.7 acres are currently leased to BNSF.  The site is located at 5600 Rickenbacker, adjacent to the 710 Freeway, two miles south of the 5 Freeway interchange, and about six miles southeast of downtown Los Angeles.

               The HFF team representing the borrower was led by associate director Brian Torp and senior managing director Don Curtis. 

Brian Torp

               “The majority of the inventory in the central Los Angeles market is functionally obsolete.  Pacific Business Center will be the best-in-class industrial project in this submarket, and the structure of the non-recourse financing will allow the sponsor to own the asset long term,” said Torp.

               Pacific Industrial is an industrial real estate development and acquisition platform exclusively focused on industrial real estate in Southern California. 

The principals have been involved with the development and/or acquisition of more than 15 million square feet of industrial product and are currently developing and entitling over 2.0 million square feet.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale and acquisition financing of West Sunset Square in Miami, FL

West Sunset Square shopping center, 15705-15789 SW 72nd Street, West Kendall, FL

Danny Finkle

MIAMI, FL – HFF announced today that it has closed the sale of and arranged acquisition financing for West Sunset Square, an 82,789-square-foot retail center in the Miami submarket of West Kendall.

               HFF marketed the property on behalf of the owner.  HFF’s debt placement team also arranged the acquisition financing on behalf of the buyer, an affiliate of Rialto Capital Management.

               Completed in 2009, West Sunset Square is 72 percent leased to tenants including Walgreens, Valsan and Planet Fitness.  The property is situated on 8.82 acres at 15705-15789 SW 72nd Street about 16 miles southwest of downtown Miami. 

               The HFF investment sales team representing the seller was led by director Luis Castillo and senior managing director Danny Finkle.  HFF director Chris Drew and senior real estate analyst Nat Scarmazzi represented the borrower in the financing of the transaction.

Chris Drew

               HFF’s investment sales team secured more than $1.7 billion in sales of retail assets nationally through third quarter of 2013.  In Florida, HFF closed more than $476 million in retail transactions across all capital markets platforms over the same period.

Rialto Capital Management (“Rialto”), a wholly-owned subsidiary of Lennar Corporation (NYSE: LEN), is a vertically integrated real estate investment management company focused on distressed and value-add investments and asset management, workout and turn-around strategies. 

Rialto was formed in 2007, and, since its inception, has participated in the investment of billions of dollars in distressed real estate assets and commercial mortgage-backed securities (“CMBS”).

 Rialto is headquartered in Miami, FL with offices across the United States.  For more information, please visit www.rialtocapital.com.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Shallowford Falls in Marietta, GA

Shallowford Falls, Johnson Ferry Road and Shallowford Road,
Marietta, East Cobb County, GA

Richard Reid

ATLANTA, GA – HFF announced today that it has closed the sale of Shallowford Falls, a grocery-anchored shopping center in Marietta, Georgia.

               HFF marketed the property on behalf of the seller.  Branch Properties, LLC purchased the asset for an undisclosed amount.

Renovated in 2000, Shallowford Falls is anchored by Kroger and occupied by national tenants including Ace Hardware, Subway and The UPS Store. 

The center is located in the highly sought after East Cobb submarket at the intersection of Johnson Ferry Road and Shallowford Road, approximately 15 miles northwest of downtown Atlanta.

               The HFF team representing the seller was led by managing directors Jim Hamilton and Richard Reid and real estate analysts Mike Allison and Pete Anastasi.

Founded in 1973 and based in Atlanta, Branch Properties, LLC is a private real estate investment firm primarily focused on high-quality neighborhood shopping centers located in the southeastern United States. 

As a vertically integrated real estate operating company, Branch has the in-house expertise to source, negotiate, acquire, develop, finance, lease and manage neighborhood shopping center investments.  www.branchprop.com.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $237 million sale of Boston’s top suburban office asset

Wellesley Office Park, suburban Boston
 at  Route 128/Interstate-95 and Route 9. 

Coleman Benedict

BOSTON, MA – HFF announced today that it has closed the $237 million sale of The Wellesley Office Park, a trophy, 649,184-square-foot office park located in Wellesley, Massachusetts. 

The HFF team led by Coleman Benedict and Ben Sayles exclusively represented the seller, Equity Office Properties, in the transaction. 

               The Wellesley Office Park is a master-planned, “award-winning” office park that is located in suburban Boston at the intersection of Route 128/Interstate-95 and Route 9. 

At the time of sale, the asset was approximately 90.0 percent leased to an absolute “blue chip” tenant roster including names such as AXA Equitable Life Insurance, Northwestern Mutual Life, Bank of America Merrill Lynch, Newton-Wellesley Hospital, Wells Fargo, Morgan Stanley, Eagle Investment Systems, Stream Global Services, UBS, Benchmark Senior Living, REZ-1, Baystate Financial, and F-Squared Investments.

Benjamin E. Sayles

“Wellesley Office Park can easily be considered ‘best in class’ and embodies all the long-term criteria standards of institutional investors: irreplaceable setting, convenient access, on-site amenities and marquee tenancy,” said Benedict. 

“This distinction is overused in today’s environment and only truly applies to those office properties that consistently outperform their peer group, regardless of market conditions.”

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

High-Density Land in Miami, FL CBD Sells for $22 Million

Rendering of Brickell CityCenter site, Downtown Miami, FL

Larry Stockton

MIAMI, FL -- Colliers International South Florida is pleased to announce that Larry Stockton, Alex Morcate and Jeff Resnick have closed on another high-density land site in Miami's CBD.

Representing the seller, Brickell Main Gate LLC, on the sale of their 1.7 acre site, located between 7th and 8th Streets and I-95, the brokers were able to achieve almost $300 per square foot, or $22 million, for the land in a very competitive bidding process.

The buyer, La Chanson Overseas, though a relative newcomer to the market, distinguished itself as the right choice with impeccable credentials and aggressive terms.

Alex Morcate

Though they have not yet made public their plans for the property, likely the highest and best use of the site is residential and / or hospitality over retail.

This is the Colliers team's llth closing in Miami's CBD of high-density land, including the majority of the land assembled for Brickell CityCenter.

According to Larry Stockton, the team not only has another large site in the Brickell market under agreement currently, but also they are about to bring to market a very high profile site that is entitled for 466 units, office and ground floor retail in Miami's only gated riverfront community, and for which there is already considerable interest.

Jeff Resnick

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com