Emerson International negotiates new long-term lease agreement in Maitland Center Parkway office building in Maitland, FL

Kenneth Koch

Altamonte Springs, FL--- Emerson International recently negotiated a new long-term lease agreement with Excel Mortgage Servicing, Inc. at 2600 Maitland Center Parkway.

Kenneth Koch, director of leasing at Emerson International, said Excel Mortgage Servicing leased 3,464 square feet of office space at the Maitland Center building.

Koch negotiated the lease agreement representing Emerson International, the landlord.  David Lundberg, managing partner of Commercial Equity Partners represented the tenant, Excel Mortgage.

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

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

Steve Hyatt of Berger Commercial Realty Brokers Sale of Downtown Fort Lauderdale, FL Office Building for More Than $2 Million

  

Former AIDS Healthcare Foundation Inc. headquarters,
 955 South Federal Highway, Fort Lauderdale, FL

  

Steve Hyatt

FORT LAUDERDALE, FL- Berger Commercial Realty Senior Vice President Steve Hyatt announced the sale of a 24,000-square-foot office building in Fort Lauderdale from the AIDS Healthcare Foundation, Inc. to Sapphire Investment Fund, LLC.

Located at 955 S. Federal Highway, the four-story building and adjoining parking lot sold in two separate transactions for a total of $2,025,000.

 "I had tremendous interest in this property and showed it close to 60 times," said Hyatt, who represented the Foundation in the transaction. 

"The buyer is an Australian developer who plans to spend more than $2 million to extensively renovate the building for speculative office space."  There were three other buyer groups in line as back- ups"

 The high-visibility building along Federal Highway , which formerly housed the Broward County Building and Zoning department, was completely gutted on the inside prior to the sale.

 "This sale marks our seventh in downtown Fort Lauderdale since October 2012, bringing our recent sales volume in the area to $26 million," Hyatt added.

"This sub-market of Broward County has seen a big surge in sales of well-located office buildings under 50,000 square feet. There is not much available product left in this size range for the owner/user or the speculative investor."

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

www/bergercommercial.com

Crossman & Co. Closes Sale on Marketplace Shopping Center in Tennessee

        

John Zelinski

MADISONVILLE, TN -- Marketplace Shopping Center, a 39,400 square foot neighborhood shopping center anchored by a dark Food Lion, has been acquired by a private buyer. This transaction represents the second property sold in Tennessee and the eighth property sold in the last nine months by Crossman & Company.

Senior Vice President John Zielinski said “the dark anchor space created some challenges but we were able to find an owner-user while simultaneously negotiating a buyout of the anchor lease.  This structure helped ensure that we achieved the best price for our institutional client.” 

“Retail anchors, both traditional and non-traditional, have increasingly sought to buy the entire shopping center rather than just leasing their individual space,” said Director, Brian Carolan.

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

Claire Pagán

Phone  407.581.6223 |

Email  cpagan@crossmanco.com

IPA Adds Leading Arizona Apartment Broker to National Team

Steve Gebbing

PHOENIX,  AZ—Institutional Property Advisors (IPA), a division of Marcus & Millichap Real Estate Investment Services, is pleased to announce the expansion of its national team of senior advisors with the addition of Steve Gebing, according to Brian Murdy, national director of IPA.

            Gebing has been a leading broker of major multifamily properties with Marcus & Millichap for more than seven years, completing over $532 million in transactions in the last two years.

Gebing’s clients include some of the nation’s largest institutional and major private multifamily investors. As a senior director, he will be responsible for IPA’s Arizona office.

“We are excited to have Steve join IPA,” says Murdy. “He will continue building our presence in serving the robust Arizona markets and Nevada as well.”

Brian Murdy

Gebing and his business partner, Cliff David, a Marcus & Millichap vice president investments, are one of the strongest investment sales teams in Arizona.

David will remain focused on the private client segment of the market while Gebing will focus on serving the needs of institutional clients through the IPA division.   Gebing and David will be located in IPA’s Phoenix office along with Peter Katz, whose primary responsibility is overseeing student housing for IPA nationally.

“The addition of Steve to our team is an important part of our strategic plan to provide comprehensive and integrated investment advisory services to major apartment investors through an expanding national collaborative platform,” says Hessam Nadji, Marcus & Millichap’s chief strategy officer.

Gebing joined Marcus & Millichap in 2006 as an associate in the firm’s Phoenix office, rising to vice president investments in July 2012. Gebing has earned three national achievement awards and three sales recognition awards.

Prior to joining Marcus & Millichap, Gebing spent nearly seven years working for IBM, where he served as the worldwide sales and marketing manager for IBM’s emerging storage virtualization software.

Cliff David

In this role, Gebing had responsibility for identifying new market opportunities, coordinating go-to-market activities, as well as developing, communicating and strengthening the portfolio's value proposition. 

Since its introduction, IPA’s sales volume of major apartments has nearly doubled, positioning IPA/Marcus & Millichap among Real Estate Alert’s top five institutional apartment brokers nationally.

 In October 2013, the firm expanded its services by introducing IPA Capital Markets, which works in an integrated fashion with the firm’s investment sales advisors to provide institutions and major private investors with a full range of financing services from a global suite of capital providers.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

Chatham Lodging Trust Announces Marketing of Joint Venture Hotel Portfolio

  

Jeffrey H. Fisher

PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that the Chatham/Cerberus joint venture is offering for sale the 51-hotel, 6,847 room Innkeepers portfolio. Eastdil Secured is exclusive advisor for the offering.

The offering represents a rare opportunity to own a highly-diversified portfolio of newly renovated hotels that are supported by superior locations, leading brands, strong property performance, substantial recent capital investment and compelling, long-term value enhancement opportunities.

The portfolio is being offered unencumbered by management contracts and has a $950 million interest-only loan in place with a floating interest rate of LIBOR + 4.8 percent that is assumable subject to certain conditions.

The portfolio benefits from $171 million in capital expenditures since 2007 or approximately $25,000 per room. Operating performance has been strong in 2013 with estimated RevPAR growth of 5.5 percent, a RevPAR penetration index of 129 and estimated EBITDA of approximately $101 million.

“Having owned or operated the portfolio for quite some time, we know these hotels very well, its results are very strong, and with industry experts projecting attractive growth in the future, we would expect the portfolio to continue to produce great results” said Jeffrey H. Fisher, Chatham’s chief executive officer.

 “The joint venture has already returned 92 percent of our original capital investment, so if a sale occurs, the potential value that may accrue to Chatham because of our promote interest could be meaningful.”

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

Jerry Daly, Carol McCune                                 

Daly Gray Public Relations                                  

(Media)                                                                 

(703) 435-6293                                                    

jerry@dalygray.com

Dennis Craven

Chief Financial Officer

(Company)                

(561) 227-1386              

dcraven@cl-trust.com

www.chathamlodgingtrust.com.

NAI Realvest Negotiates Four Leases totaling 8,377 SF at South Park Business Center in Orlando, FL

 

Tom R. Kelley II

 ORLANDO, FL– NAI Realvest recently negotiated four new leases – two new ones and two renewals --  totaling 8,377 square feet at South Park Business Center, a flex,  office and warehouse center located at 8600 Commodity Circle in Orlando. 

 Tom R. Kelley II, CCIM, principal at NAI Realvest, brokered all four transactions on behalf of the Miami-based Landlord South Park, LLC.  The tenants include:

 Mat Life LLC, signed a new lease for Unit 115 with 2,307 square feet;  PPT Strength & Conditioning renewed its lease of Unit 116 with 2,146 square feet;

Vacation Innovations LLC  renewed the lease of Unit 119 with 2,094 square feet and Ding Bikes LLC, is a new tenant in unit 124 with 1,830 square feet. 

 The 57,000 square foot business center was built in 2008.

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

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

Emerson International reports big jump in occupancy in 11 Central Florida office properties

Kenneth Koch

Altamonte Springs, FL--- Emerson International reports that occupancy in 11 Class A commercial office properties it owns and manages in Maitland, Longwood, Altamonte Springs and Orlando increased from 75 percent to more than 84 percent in 2013.

Kenneth Koch, director of leasing at Emerson International, said Emerson International’s portfolio group of office properties totals 1,127,788 square feet of space.

“Office occupancy is a reliable long-term measure of overall economic health and clearly the regional economy is improving,” Koch said. 

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

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

NAI Realvest Negotiates Office Lease Agreement for 7-Eleven Regional Office in Maitland, FL

Tom R. Kelley II

ORLANDO, FL. --- NAI Realvest recently completed a new long term lease agreement with 7-Eleven Corporation for a regional office in the 800 Trafalgar Court building in Maitland Center.

 Tom R. Kelley II, CCIM, a principal in the firm and Associate Chris Adams negotiated the transaction representing the landlord, Maitland-based FFVA/Florida Fruit & Vegetable Association.

 Kelley said 7-Eleven will be using the 2,185 square foot office facility for administration and training.   Gina LeMaster of Avista Retail & Development was the cooperating broker. 

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

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

Sacramento, CA-Area Multifamily Asset Sells for $14.25 Million

  

Parkwood Apartments, 6930 Fair Oaks Boulevard, Carmichael, CA

 

Eric Price

CARMICHAEL, CA, Jan. 24, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Parkwood, a 197-unit apartment complex in Carmichael, a city within the greater Sacramento, Calif. metropolitan area. The $14,250,000 sales price equates to $72,335 per unit.

            Eric Price, a senior associate in Marcus & Millichap’s Sacramento office, represented the buyer and seller, two family trusts.

            “The sale of Parkwood demonstrates the demand from private investors for core assets in Sacramento’s premier rental markets,” says Price. “The new owner is in an excellent position to benefit from the area’s resurgent housing market and continued movement in rents.”

            The property is located at 6930 Fair Oaks Blvd. in Carmichael across the street from the largest park in the area, Carmichael Park, which features six tennis courts, four baseball diamonds, a large children’s play area and an off-leash dog park.

Safeway, Bel Air and Big Lots are nearby and Fair Oaks Boulevard, Carmichael’s main thoroughfare, is home to many other retailers and restaurants, services and employment opportunities.

            Constructed in two phases on 7.2 acres in 1973 and 1985, Parkwood’s unit mix features one- and two-bedroom floor plans. Many units have additional half- or quarter-baths and 10 have had washers and dryers installed. 

All of the apartments feature well-equipped kitchens with dishwashers, disposals and electric appliances. Select units have vaulted ceilings and outside storage space.

            Parkwood’s community amenities include access gates, two swimming pools, a fitness and recreation center, four laundry rooms and reserved parking for every apartment.

            Recent renovations include parking lot resurfacing, siding repair and new exterior paint.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Houston-Area Industrial Building

108,000-square-foot industrial building, Hemstead, TX

Christopher W. Jones

HEMPSTEAD, TX,  Jan. 24, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an approximately 108,000-square-foot industrial building in Hempstead, Texas.

The property is triple-net leased to Logan Industries International Corp., an industry leader in hydraulic repair, fabrication, winches, hydraulic field service and hydraulic design serving the offshore oilfield industry. Hempstead is a city in the northwestern area of the Houston-The Woodlands-Sugar Land metropolitan area. The terms of the sale were not released.

            Christopher W. Jones, an associate in Marcus & Millichap’s Houston office, represented the seller, a private investor. Charlie Hampton III, an associate vice president investments in the firm’s Seattle office, represented the buyer, a limited liability company.

            “Logan Industries recently signed an extended lease on the property to accommodate the company’s rapid business growth, and the firm may soon need additional on-site expansion,” says Jones.

Charlie Hampton III

            “The sale includes land for additional development and the location provides convenient access to Logan Industries’ customer and employee bases,” adds Hampton.

            Located at 1000 Blasingame Road in Hempstead, Texas, the property is situated on approximately 13 acres in a U.S. Highway 290 business park adjacent to a Southern Pacific rail line near the intersection of U.S. Highway 290 and Texas State Highway 6.

            Constructed in 2009 and expanded in 2013, the building is a tilt-wall constructed, crane-served, high-bay manufacturing facility with an approximately 60-foot high bay area, two 40-ton overhead cranes, five 15-ton overhead cranes, climate-controlled labs and clean room, and finished office space.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

$30 Million, 12-Property 7-11 Portfolio Sale Arranged by Marcus & Millichap in Willoughby, OH

  

7-11, Willoughby, OH

Glen Kunofsky

NEW YORK, Jan. 23, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 12-property 7-Eleven store and gas station portfolio located in Ohio.

            Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office advised the buyer and seller, both large institutions.

            Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices is Marcus & Millichap’s broker of record in Ohio.

Russell Wachtler

            “The institutional market for net-leased assets continues to be extremely strong,” says Wachtler. “The strong corporate credit of 7-Eleven, combined with the annual rental increases, created a very competitive bidding environment for the portfolio.”

            “There was a significant amount of upside for investors related to site renovations at each location, post portfolio acquisition,” says Kunofsky. “All of the properties are in excellent locations with great visibility and will be completely remodeled and branded to meet new standards for 7-Eleven.”     

Michael Glass

            7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.

Outside of the U.S. and Canada, there are more than 41,600 7-Eleven and other convenience stores in Australia, China, Denmark, Indonesia, Japan, Malaysia, Mexico, Norway, Philippines, Singapore, South Korea, Taiwan, Thailand and Sweden.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

ICM Realty Group Acquires Andrew S. Webb Babies ‘R’ Us Plaza in West Palm Beach, FL

Babies 'R' Us Plaza, West Okeechobee Boulevard and Haverhill Road, West Palm Beach, FL

 

West Palm Beach, FL – ICM Realty Group, the international real estate investment and management firm, announced today that it has purchased the Babies ‘R’ Us Plaza.

The 80,000 SF multi-tenant, retail building is located on the corner of West Okeechobee Blvd and  Haverhill Road in West Palm Beach FL.

As part of the purchase, ICM has committed to completing significant capital improvements, including significant exterior renovations, a new roof, signage and landscaping and upgraded building systems to

be more energy efficient.

Bruce Timm

In addition, ICM intends to immediately commence an aggressive leasing campaign focused on adding new retailers to the building’s already impressive tenant roster.

"We are happy to be investing in a market that continues to demonstrate a dynamic resurgence in leasing activity and one that we think is poised for strong growth,” said Bruce Timm, ICM’s CEO. “This

investment signals our ongoing commitment to the Southeast Florida market and to building ICM Realty Group’s reputation as a world-class real estate investment manager.”

Babies ‘R’ Us Plaza is strategically located along the highly utilized Okeechobee Blvd corridor amongst numerous retail and hospitality amenities.

With frontage and access points on both West Okeechobee Blvd and Haverhill Road, along with its direct access to I-95, the building maintains superior accessibility and visibility.

With its ability to accommodate a new user in excess of 13,000 SF, the building is poised to capitalize on the recovering leasing market.

"We are very pleased to have the opportunity to invest further in this market and are fortunate to have purchased a building with such a high quality group of tenants and individuals," said ICM Managing

Director Andrew Webb.

 “Babies ‘R’ Us Plaza represents a unique opportunity for its occupants to locate in a well located asset that will have all the traits and amenities of a newly developed retail building.

The building’s central location also allows companies to access multiple customer pools in order to attract and retain shoppers from all areas of the West Palm Beach metro.”

ICM has partnered with Cohen Commercial Realty for the property management and leasing of Babies ‘R’ Us Plaza in order to deliver the best service possible.

Cohen is a West Palm Beach based real estate

leasing and management company with over 15 years of experience and over one million square feet of retail space currently under management in Southeast Florida.

 

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

Andrew Webb

ICM Realty Group, LLC

7900 International Drive, Suite 150

Bloomington, MN 55425, USA

Tel:    +1 952 883 3107

Email: awebb@icmgroup.net

Web:   www.icmgroup.net

HFF San Diego expands its investment sales group with addition of Nicholas Frasco

Nicholas Frasco

SAN DIEGO, CA – HFF announced today that Nicholas Frasco has joined the firm as a director in its San Diego office.  Mr. Frasco will specialize in investment sales in San Diego with a primary focus on office, industrial and retail properties.

Mr. Frasco has more than six years of experience in the industry and prior to joining HFF he worked in the commercial brokerage group at Voit Real Estate Services in both their Orange County and San Diego offices.

  He is a licensed commercial real estate broker in the state of California and is a member of the National Association of Industrial and Office Properties and the American Industrial Real Estate Association. 

Mr. Frasco holds a Bachelor of Science degree in Business Administration from the University of Southern California and received his certificate in real estate finance, investments and development from the University of San Diego.

Nick Psyllos

“HFF has strategically grown its West Coast investment sales team over the past few years with exceptional talent such as Nicholas.”  said senior managing director Nick Psyllos, who leads the investment sales effort in HFF’s San Diego office.

“He will be an invaluable resource to not only our San Diego office but our national investment sales platform, and we look forward to having him as part of the HFF team.”

  

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 secures $11.3 million refinancing for medical office building complex in Chattanooga, TN

Atrium Memorial Medical Office Buildings, 1949 Gunbarrel Road, Chattanooga, TN

FLORHAM PARK, NJ – HFF announced today that it has secured an $11.3 million refinancing for Atrium Memorial Medical Office Buildings, a two-building, 102,705-square-foot medical office complex in Chattanooga, Tennessee.

               Working on behalf of Diversified Realty Ventures (DRV), HFF placed the three-year, floating-rate, non-recourse bridge loan with Colony Capital. 

Michael Klein

               The property is comprised of The Atrium Professional Building, a 57,855-square-foot, two-story building and the Atrium – Surgery Center, a 44,850-square-foot surgery center building. 

The buildings are connected via an air-conditioned skywalk and share parking at the 6.83-acre site.  Atrium is located at 1949 Gunbarrel Road, one-half mile from Erlanger Hospital East Campus and adjacent to the Hamilton Place Mall approximately 20 minutes from downtown Chattanooga. 

               The HFF team representing the borrower was led by director Michael Klein.

               “The borrower was seeking a short term solution that would enable them to take out their existing debt on a non-recourse basis and have the ability to earn-out additional proceeds for tenant improvements, leasing commissions and capital improvements as they executed their business plan,” said Klein. 

“Colony Capital provided the borrower with an aggressive floating rate, a structure that catered to the borrower’s needs, and closed within a tight time frame.”

               Diversified Realty Ventures (DRV) is a privately-held real estate investment firm with offices in Bethesda, Maryland and Richmond, Virginia.

 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 $85 million construction loan for TripAdvisor headquarters in Needham, MA

Rendering of planned six-story, 280,000-SF corporate headquarters building
for TripAdvisor in Needham, MA

 

Riaz Cassum

BOSTON, MA – HFF announced it has arranged an $85 million construction loan for the six-story, 280,000-square-foot, built-to-suit corporate headquarters of TripAdvisor in Needham, Massachusetts.

               HFF worked on behalf of the borrower, a joint venture of Normandy Real Estate Partners and Greenfield Partners, to secure the floating-rate loan.  The lender group was led by RBS Citizens and also included People’s United Bank. 

               Due for completion in 2015, TripAdvisor’s headquarters will consist of a custom-built, LEED Certified Gold office building with an employee cafeteria, fitness center and meeting areas, along with an 1,100- space parking garage. 

The property is situated on 4.7 acres along First Avenue in the larger Center 128 mixed-use development directly fronting Route 128/Interstate 95 in Needham, about eight miles west of downtown Boston.       

The HFF team representing the borrower was led by senior managing director Riaz Cassum, director Porter Terry and senior real estate analyst Brett Paulsrud.

Porter Terry

“Normandy and Greenfield had the vision and persistence to transform an underutilized group of 1950’s era R&D buildings into an amenity-rich corporate office location and HFF was thrilled to play a part,” said Cassum.

The RBS Citizens and People’s United Bank teams were respectively led by senior vice presidents William Butler and David Lewis. 

“RBS Citizens was thrilled to help both Normandy and Greenfield bring TripAdvisor to Center 128,” added Butler.       

                Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C.

Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments.

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