HFF closes $101 million sale of seven-building office portfolio in Tampa, FL and also arranges $67.82 million financing

Tampa Oaks One at 12802 Tampa Oaks Boulevard, Tampa, FL

Hermen Rodriguez

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $101 million sale of and arranged $67.82 million in acquisition financing for a seven-building, Class A suburban office portfolio totaling 698,100 square feet located in the Tampa area.

HFF marketed the portfolio on behalf of the sellers, Osprey East, LLC and Osprey s.a., Ltd.  The Dilweg Companies (“Dilweg”), based in Durham, North Carolina, purchased the properties.  Additionally, HFF worked on behalf of Dilweg to place floating-rate financing with Benefit Street Partners Realty Trust.

The portfolio is 74 percent leased to a variety of quality tenants, with no single tenant occupying more than 11 percent of the rentable space. 

The properties in the portfolio are Tampa Oaks One at 12802 Tampa Oaks Boulevard; Lakeview at Hidden River at 8875 Hidden River Parkway; 9000 Town Center Parkway in the Lakewood Ranch submarket; WestLake Corporate Center I and II at 9119 and 9009 Corporate Lake Drive; Orion Center at 3001 North Rocky Pointe Drive East; and Palm Court at Hidden River at 8600 Hidden River Parkway.

The HFF investment sales team representing the seller was led by senior managing directors Hermen Rodriguez and Ryan Clutter, director Ike Ojala and associate directors Chris Lingerfelt and Tracey Goo.

Ike Ojala

HFF’s debt placement team was led by senior managing director Travis Anderson and director Brent Bowman.

“With this purchase, Dilweg is acquiring a high-quality office portfolio in the dynamic greater Tampa market,” Rodriguez said.

“Given the strong rent growth and solid fundamentals in the broader southeast, the region continues to be very favorable to investors,” added Clutter.

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

Olivia Hennessey

Public Relations Specialist

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.dilweg.com.

29th Street Capital Acquires Rand Park Apartments in Mount Prospect, IL; Community is FirmÕs 5th Chicago-Area Property

Dan Howard

Des Plaines, IL (June 6, 2017) Ð 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired its fifth Chicagoland multifamily property and fourth in the northwest suburbs. 

The 42-unit community is located in Mount Prospect and consists of 18 one- and 24 two-bedroom units.

29SC plans to strategically invest $500,000 in capital improvements. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas.

ÒWe are excited about this opportunity and believe this property is a perfect fit for our value-add capabilities,Ó said Dan Howard, Vice President of Acquisitions for Chicagoland. ÒWe believe in the fundamentals of this submarket and have experienced a great deal of success with our northwest suburban portfolio.Ó

Rand Park Apartments is located near several employment and retail opportunities, including the adjacent Costco-anchored Randhurst Shopping Center. The property further benefits from access to the METRA commuter rail, OÕHare International Airport, and two major highways Ð Interstate 90 and The Tri-State Tollway (I-294).

Rand Park Apartments, Prospect, IL

ÒThe propertyÕs location is a huge positive,Ó Howard added. ÒThe community has convenient access to an array of transportation options and employment opportunities, while also providing its residents an affordable living option within a highly-ranked strong school district.Ó 

The acquisition closed May 31. The sale price was not disclosed.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired over 9,600 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

Learn more about 29SC at https://29thstreetcapital.com.

For investment inquiries, contact:              

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

29th Street Capital Acquires The Reserve at West Avenue; Student Housing Community is Firm’s 2nd at Texas State University

The Reserve Student Housing Community, San Marcos, TX

John Price

SAN MARCOS, TX – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Reserve at West Avenue, a 152-unit, 488-bed luxury student housing community near Texas State University (TSU) in San Marcos, Texas.

29SC’s strategy is to invest $1 million to significantly improve the unit interiors as well as the property’s exterior and amenity package. 

Interior renovations will include granite countertops, new flooring and improved plumbing fixtures. Exterior improvements will focus on modernizing the clubhouse and pool area.

“The Reserve is the second student housing community acquired by 29SC in the last 12 months in San Marcos, which will bring the total number of beds to approximately 1,000,” said John Price, Ph.D., Senior Vice President with 29th Street.

 “We are very excited to expand our footprint at TSU and believe The Reserve represents a tremendous opportunity. The property is well-positioned relative to the main campus and downtown San Marcos and we plan to substantially increase the property’s appeal and provide the best value proposition to the ever-growing student body at TSU.”

The transaction closed May 26. The sale price was not disclosed.

Learn more about 29SC at https://29thstreetcapital.com.

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

Cushman & Wakefield Negotiates $26.75M Sale of Riverwalk Pointe at Mangrove Bay in Jupiter, FL

Riverwalk Pointe at Mangrove Bay Apartments, Jupiter, FL

Robert Given

JUPITER, FL, June 7, 2017 — Cushman & Wakefield’s South Florida Multifamily team of Vice Chairman Robert Given, Executive Vice President Calum Weaver, Executive Managing Director Zachary Sackley and Senior Managing Director Troy Ballard has successfully arranged the sale of Riverwalk Pointe at Mangrove Bay, a 55+ community located at 1026 South U.S. Highway 1 in Jupiter, FL.

Mangrove Bay Housing, LLC, a joint venture of Eastwind Development and Index Apartments, LLC, sold the residential asset to Pleasant Valley Market Place, LLC for $26.75 million.

“The property received a significant amount of investor interest from a broad cross section of potential buyers due to its location, vintage and size,” said Weaver. “We ultimately went with an out-of-state buyer who was able to move quickly due to 1031 exchange requirements.”

“Since the beginning of this year, we have received more 1031 exchange requests than ever before,” added Weaver. "We currently have five deals contracted with exchange buyers, of which Riverwalk was one.”

Calum Weaver

The property, built in 2014 and located on U.S. Highway 1 just south of Indiantown Road, is currently stabilized with 95 percent occupancy and an average market rent of $1.76 per square foot.

Riverwalk Pointe at Mangrove Bay consists of 104 units within two buildings. Each building features underground parking and storage area. There is a 3,500-square-foot clubhouse between the buildings that includes a swimming pool as well as a fitness center.

 The unit mix includes one-, two- and three-bedroom units averaging 1,123 square feet. The units feature high-end finishes and appliances including washer/dryers, stainless steel kitchen appliances, granite countertops and vinyl plank flooring.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions.

Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.

To learn more, visit www.cushmanwakefield.com

 or follow @CushWake on Twitter.

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

David A. Meyer

Owner

Meyer Media 

+ 1 407 489 7488

david@meyer.media

Graycor Construction Co. Hires Rusty Martin as Project Executive

 

Rusty Martin

PHOENIX, AZ,  June 6, 2017 – The Southwest division of Graycor Construction Company has hired Rusty Martin as Project Executive. 

Based in Graycor’s Phoenix office, Martin is charged with providing high-level operations and expanded business development support as Graycor broadens and diversifies its Southwest regional portfolio.

“The addition of Rusty’s 20 years of construction and operations experience continue to expand Graycor’s capacity and add to the momentum we’re experiencing at a very exciting time in the market cycle,” said Todd Ostransky, Graycor Construction Company General Manager – Southwest Division.

“We are in significant growth mode, and very bullish about putting the full weight of Graycor’s platform to work in our region. Rusty’s deep industry expertise will help lead our team toward that future.”

Martin previously worked at Kitchell and The Weitz Company, overseeing Native American, retail, mixed-use, office and tenant improvement projects throughout the Southwest.

His project experience includes the Ak-Chin Justice Center, The Shops at Chauncey Ranch, Scottsdale 101 shopping center, Barneys New York, Riverwalk at Talking Stick, CityScape Block 77 mixed-use development and a large tenant improvement assignment for Banner Health that was just named the “Tenant Improvement Project of the Year” by both the National Association of Industrial and Office Properties (NAIOP) and Engineering News Record magazine.

Todd Ostransky

“I was attracted to Graycor’s diverse portfolio and scalability,” said Martin. “Their legacy of historical, long-term measured growth – paired with their fresh approach to the Arizona market – makes them an excellent firm. I look forward to what we can achieve for our clients, both locally and nationally.”

Graycor’s concentration in the market continues to expand, recently kicking off new projects with Prologis, Liberty Logistics Center II and beginning construction as design-build partner for the Camelback Collective, a highly anticipated, mixed-use development by LaPour Partners that encompasses 120,000 square feet of modern Class A office space and a 160-room AC by Marriott hotel in the heart of Phoenix’s Camelback Corridor.

“Our team is focused on continuing to deliver value when addressing market demand, and the addition of new talent just adds to our efficiency,” said Ostransky. “It’s fun to visualize what the future brings for the entire Graycor team.”

Martin holds a bachelor’s degree in construction management from Brigham Young University and is a member of the Arizona Builders Alliance, Design-Build Institute of America, International Council of Shopping Centers and NAIOP. He can be reached at 480.894.3480 or Rusty_Martin@graycor.com.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.graycor.com

HFF closes $8.3 million sale of Class A office building in Raleigh-Durham, NC

3110 Edwards Mill Office Building, Raleigh-Durham, NC

Scot Humphrey

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 3110 Edwards Mill, a 45,692-square-foot, three-story, Class A office building in Raleigh-Durham, North Carolina.

 HFF marketed the property on behalf of the seller, Atlanta-based The Simpson Organization, and procured the buyer, a private investor represented by Michael Waldrop of Waldrop Properties.

The property is situated on a 3.0-acre site at 3110 Edwards Mill within minutes of the inner beltline of West Raleigh. 

 This highly-amenitized location has easy access to the Triangle area’s main thoroughfares, including Interstates 440 and 40, which provide connectivity to downtown Raleigh, RDU International Airport, downtown Durham and many of the area’s exclusive “inside the beltline” communities.

Ryan Clutter

 3110 Edwards Mill is 92.5 percent occupied by a variety of law firms and financial service providers, including Hutchinson, PLLC, and Underwood & Roberts, PLLC 

The HFF investment sales team representing the seller was led by director Scot Humphrey, senior managing director Ryan Clutter and associate director Chris Lingerfelt.

“3110 Edwards Mill represents an outstanding investment opportunity due to its premier location, attractive stability and future upside potential with in-place rents that are greatly under market,” said Humphrey.

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

Kristen M. Murphy

Director, Public Relations

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

michael@wp-cre.com

Passco Cos. Promotes Stacy Stemen in New Role to Vice President, Corporate Marketing

Stacy Stemen

                IRVINE, CA (June 5, 2017) –  Passco Companies, LLC has announced the promotion of Stacy Stemen to Vice President, Corporate Marketing, a new position created by the firm to recognize her role as part of the firm’s executive team, according to Larry Sullivan, President of Passco Companies. 

“In addition to driving our external brand and our internal culture, Stacy is a strong part of our industry, finding leading-edge strategies and generating new key industry relationships for the firm,” Sullivan explains. “Promoting her to Vice President, Corporate Marketing, denotes the value we place on her, and on the work she is accomplishing in helping us reach our goal to acquire $1    billion in real estate this year.”

 

Larry Sullivan

Stemen, who joined Passco in 2013, is also President-Elect of Commercial Real Estate Women, Orange County Chapter (CREW-OC), and is an active member of the International Council of Shopping Centers (ICSC) and Alternative and Direct Investment Securities Association (ADISA).

“As the incoming President of CREW-OC, the industry's leading real estate networking organization focused on the achievements of women, Stacy demonstrates both her real estate expertise and her recognized position in our industry’s leadership,” explains Sullivan.

Stemen has more than a decade of experience in the commercial real estate arena, as well as having held positions with Hyatt Hotels Corporation and the American Red Cross. A graduate of California State University, Fullerton, Stemen resides in Orange County with her husband and son.

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

Lauren Burgos/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

LBurgos@browermillercole.com

www.passco.com

The Habitat Company Launches New Online Payment System

Sheila Byrne

CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, has become one of the first national property management companies to roll all of its market-rate rental properties into an electronic rental payment system.

Habitat implemented its new online payment program earlier this spring across its five-state, 8,800-unit rental portfolio to benefit its residents as well as the environment.

Habitat first introduced an online payment-only system to a few properties in 2011. After strong success with the new payment program, Habitat began to gradually move more of its properties to electronic rental payment systems and recently revamped its payment system to make it possible for residents of all of its market-rate properties to pay from the comfort of their home or anywhere they have online access.

This move furthers Habitat’s role as an innovative industry leader. Now, residents no longer have to spend time physically dropping off payments or waste paper writing checks.

“The Habitat Company is always looking for ways to positively impact the lives of residents, and streamlining our payment system achieved immediate benefits as well as environmental efficiencies,” said Sheila Byrne, executive vice president of property management for The Habitat Company.

 “Plus, on the back end, eliminating the administrative and accounting work of processing checks helps free up time for the Habitat team to better serve the needs of our residents.”

  

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

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523

www.Habitat.com.

HFF secures $11.5 million acquisition financing for Publix-anchored retail center near Atlanta, GA

  

Castleberry Southard Retail Center, 5475 Bethelview Road, Cumming, GA

Ed Coco

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $11.5 million in acquisition financing for Castleberry Southard, a dominant 80,018-square-foot, Publix-anchored neighborhood retail center in the affluent Atlanta submarket of Cumming, Georgia.

HFF worked on behalf of the borrower, New Market – Castleberry, LLC, a wholly-owned subsidiary of New Market Properties, LLC, to place the 10-year, fixed-rate financing with Principal Global Investors. HFF brokered the sale of this property to the borrower in a previously announced transaction.

Located at 5475 Bethelview Road in Cumming, Castleberry Southard is situated at the “main and main” intersection of Castleberry and Bethelview Roads in one of the most affluent and fastest-growing submarkets in the Atlanta area. 

More than 38,000 residents earning an average annual income of more than $110,000 live within a three-mile radius of the center.  Built in 2006, Castleberry Southard is 92 percent leased to a variety of tenants, including Publix, The UPS Store, Subway, H&R Block and Huntington Learning Center.

The HFF debt placement team representing the borrowers was led by senior managing director Ed Coco and associate Matt Casey.

“The acquisition of Castleberry Southard adds another high-quality, market-leading grocery-anchored shopping center to the New Market Properties’ portfolio, and we were pleased to arrange financing to support New Market’s business strategy,” Coco said. 

 “The pace of growth and residential development in the immediate area will only benefit the property and enhance the investment in the years to come.”

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

Kristen M. Murphy

Director, Public Relations

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

www.newmarketprop.com

PMB and Jacobs Development Company Kick Off Construction on Two-Story Medical Office Building in Riverside, CA

Rendering of Planned Medical Office Building, Riverside, CA

  

Norman Hames

Riverside, CA— Pacific Medical Buildings (PMB) and Jacobs Development Company have broken ground on a two-story, 27,000-square-foot medical office building in Riverside, Calif.

Once completed at year-end, the building will be 100 percent occupied by RadNet, the leading national provider of freestanding, fixed-site diagnostic imaging services in the U.S.

“RadNet is committed to providing high-quality healthcare that is convenient and accessible. We are pleased to be an integral part of a project that will improve the quality of healthcare to a diverse and growing community,” said Norman Hames, President and COO, RadNet. 

The site unto which the project is located is situated between a DEA building and two historic Victorian homes dating back to 1891. Fourteen Victorian homes were relocated prior to the purchase of the land, which was sold to PMB and Jacobs Development by the City of Riverside.

“The building will provide much needed healthcare services to the area. RadNet is a leader in value-based healthcare delivery, and we are proud to be their healthcare real estate development partner helping them deliver low-cost, high-quality healthcare services to the greater Riverside community. This development is further proof of RadNet and PMB’s continued commitment to care for the Riverside community,” said Ben Rosenfeld, Vice President, Development, PMB.

Ben Rosenfeld

The new building, located in the Prospect Place Historic District at 4500 Olivewood Avenue, is in close proximity to downtown Riverside. 

While the building features concrete tilt-wall construction, the team has worked to seamlessly integrate its clean design into the surrounding community, including a monument wall at the main entry and customized canopy at the entry to provide shade and weather protection for patients and visitors. 

“This community is underserved for efficient and accessible healthcare services. 

"This provided a great opportunity for us to work with RadNet, the City of Riverside and other outstanding community groups and organizations to create a facility that will meet the needs of the surrounding community. We are very excited to create a top-notch facility that will meet the medical needs of the surrounding community,” said Pietro Martinez, Project Manager, Architecture and Construction, PMB.

Ware Malcomb is the architect for the project along with Psomas as civil engineer and Oltmans Construction Company as general contractor. The drought tolerant landscaping is being designed by Community Works Design Group.

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

Jessica Thompson 949-233-8575 / Jessica@spauldingthompson.com

Laura Mickelson 949-295-4452 / LauraMickelson@cox.net

www.comworksdg.com

www.oltmans.com.

www.waremalcomb.com.

www.psomas.com.

www.radnet.com.

www.pacificmedicalbuildings.com.

Real Estate Capital Institute Sees Only Modest Capital Rate Hikes on Horizon

Jeanne Peck

Chicago, IL -- "The Day the Rates Stood Still" would be

the title of a real estate finance sci-fi thriller describing the state of

the capital markets.  Over the past month, numerous trading days resulted in

the same rates as the previous days, a pricing pattern not seen anytime

earlier this year.   The reduced rate volatility indicates the markets

expect relatively modest rate hikes in the next few months. 

In capital markets awash with investment funds, such conditions favor

tightening mortgage spreads as rate-hike fears calm.  The overall flight to

higher quality, safer fundings creates even more pressure to tighten spreads

due to the limited supply of such lending opportunities.  As the domestic

economy keeps humming along at the currently favorable pace, expect

long-term mortgage spreads the investment-grade assets with lower leverage

to reach down toward the 100-basis-point range.

Today's lower debt costs come as tremendous relief to the industry given numerous other issues facing owners.  

For example, in certain pockets of the U.S. rents are difficult to maintain [and increase] within the apartment sector due to the onslaught of new supply.  On the commercial front, disruptive technologies and changing consumer habits place relentless pressure on retail and office properties to integrate bricks-and-mortar with

internet spending habits. 

As was a common theme at the International

Council of Shopping Centers' major RECon 2017 event, it is not a question of

retailers needing to sell via bricks and mortar as opposed to online - the

question is how to optimize using both!  Finally, operating expenses for all

property types are rapidly escalating due to higher labor and material

costs.  In the end, owners must allocate more funds to operating, over and

above debt service.

Ms. Jeanne Peck of The Real Estate Capital Institute, notes, "Steady debt

pricing is welcomed relief for the industry.  Instead of worrying about

rising debt-service costs, owners can allocate more spending on technologies

that improve income while reducing expenses."

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

Jeanne Peck, Executive Director

director@reci.com

www.reci.com

Meridian Names Cypress West Property Manager of 115,000 SF Newly-Renovated Cotton Medical Center in Pasadena, CA

           

Cotton Medical Center, Pasadena, CA

John Pollock

SAN RAMON, CA – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the firm has retained Cypress West Realty Management of Rancho Santa Margarita, Calif., to manage Meridian’s 115,000-square-foot medical office complex in Pasadena, California.

CEO John Pollock, categorizes the new partnership as “a strategic move forward.” He continues, “Having completed the extensive renovation of Cotton Medical Center, we now want to focus on providing our tenants and the community best-in-class management services.” 

Meridian purchased Cotton Medical Center in January 2016 for $37.5 million.

Cotton Medical Center is located near the Huntington Memorial Hospital, one of Southern California’s strongest hospital providers, and adjacent to the new Shriners Hospitals for Children opening in June.

The 2.8-acre Cotton Medical Center office complex consists of a four-story, 52,000-square-foot building at 50 Bellefontaine Street, plus a five-story, 63,000-square-foot building and an adjacent subterranean parking garage on 50 Alessandro Place in Pasadena.

Jeffrey A. Johnson

Meridian’s $5 million investment in both the common areas and tenant improvements has been welcomed with enthusiasm from the tenants and the surrounding hospital campuses. 

With Meridian’s completion of the majority of the capital improvements, the common areas, restrooms, arrival experience and building signage have been greatly enhanced.

Cotton Medical Center will also have a new café opening this summer along with a brand-new HVAC. The grounds have been augmented with new landscaping and outdoor furniture.

“We are looking forward to working with Meridian to manage Cotton Medical Center,” said Jeff Johnson, CPM®, a partner at Cypress West. 

“Meridian has done an outstanding job upgrading the building and we are confident that our expertise in medical property management will make our partnership successful and a benefit to the building and its tenants.”

Pollock added, “We didn’t have to look far when selecting our new property management company. Cypress West understands the demands of healthcare real estate and makes attention to detail and tenant satisfaction their top priority. We are excited to partner with such an experienced and hard-working group of professionals.”

Cypress West will take over management of the property effective June 1, 2017.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com
830.997.0963

www.mpcca.com.

www.cypresswestpartners.com.

Nominations Open for Third Annual International Society of Hospitality consultants’ Lori Raleigh Award for Emerging Excellence in Hospitality Consulting

Lori Raleigh

Atlanta, GA -- The International Society of Hospitality Consultants (ISHC) announced nominations are open for the third annual Lori Raleigh Award for Emerging Excellence in Hospitality Consulting.

 Launched in 2015 in honor of Lori Raleigh, founder of the Travers Group and executive director of ISHC 2000-2013, the award honors young, successful industry professionals with leadership qualities in hospitality consulting.

“The Lori Raleigh Award for Emerging Excellence in Hospitality Consulting gives young professionals who demonstrate early career success a chance to be recognized for their leadership qualities and efforts,” said Kristie Dickinson, ISHC award committee chair and executive vice president of CHMWarnick.

“For any industry to succeed, there must be a constant influx of new perspectives, innovation and talent. The ISHC would like to recognize the best-of-the-best in the emerging class of hospitality consultants who are on the path to becoming future industry leaders and joining the exclusive ranks of ISHC membership.”

Candidates for The Lori Raleigh Award must be 35 years of age or younger at the time of the award presentation and meet the criteria for ISHC’s associate membership, including five years’ experience in a hospitality-related field with a minimum of three years of specific hospitality consulting experience. 

They also must be recognized by their company leaders or other industry constituents who are familiar with their work as an exceptional example of a future leader within the field of hospitality consulting. 

At the time of nomination, a candidate must be working for a company that provides third-party consulting or advisory services to the hospitality industry and be actively involved or responsible for providing advisory services to clients of the firm (e.g., hospitality consulting firms, third-party asset managers, architects, designers, food and beverage consultants, hospitality lawyers, purchasing companies, etc.).

 Prior award winners are not eligible for nomination, while prior nominees who have not previously won remain eligible. Winner must be available to attend the annual conference for the award presentation in Bangkok, September 14 – 16, 2017.

Nominations are due by June 30, 2017. The winner will be announced in mid-July and presented at the ISHC Annual Conference in Bangkok, Thailand, September 14 – 16, 2017, at the InterContinental Bangkok Hotel. Winners will receive a one-year associate membership in ISHC, where networking opportunities with the industry’s top consultants become available with this invitation-only group of hospitality experts, as well as complimentary registration and travel allowance to attend to the event itself.

Kristie Dickinson

Last year’s winner was Ali Hoyt, director, Consulting and Analytics at STR. 

During her five-year tenure with STR, Hoyt continually undertakes leadership roles on internal committees, having already been promoted twice since joining.  Her responsibilities include overseeing consulting assignments, developing analytical models and templates, creating custom products and presenting industry data. 

Ali Hoyt

Additional duties include finding new industry applications for 30 years of hotel performance data, training new associates, assisting with internal projects such as STR’s online data platform and representing the company as a frequent speaker at industry conferences and events. 

Early highlights with STR have included developing custom data solutions for several clients, designing underwriting templates in order to streamline client due diligence processes and working with several of the major hotel firms in evaluating the validity of their competitive sets. 

Prior to STR, Hoyt worked at Starwood and at her family's ski resort in New Hampshire. She attended Cornell University’s Hotel School, is president of the Colorado-Rocky Mountain chapter of the Cornell Hotel Society and is certified in hotel industry analytics from AH&LA. She also is vice president of adoptions for Save the Giants Rescue, a volunteer dog rescue organization.

Andrea Belfanti

“It is important to ISHC to give back to the hospitality industry and foster new talent, and it is wonderful to recognize emerging consultants that are already making an impact,” said Andrea Belfanti, ISHC executive director.

 “Since the award winner is invited to be an associate ISHC member for a year and to attend our annual conference, we hope this will be a real catalyst for their career by providing unique educational and networking opportunities.  

"ISHC believes in the power of collaboration and idea exchange and the immense impact that can have on an individual and the industry.”

For more information on The Lori Raleigh Award, please visit www.ishc.com/awards.

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

Lauren Marshall, Senior Manager of Marketing & Membership Services

Email: lmarshall@ishc.com  Phone: 678-735-9453

Or

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com

www.dalygray.com

www.ishc.com.

Passco Cos. Acquires Class A 250-Unit Multifamily Community in Suburban Tampa, FL for $49.7 Million

Pearce at Pavilion Apartments, Riverview, FL

Colin Gillis

TAMPA, FL  – Passco Companies, a privately-held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired Pearce at Pavilion, a 250-unit Class A multifamily community in Riverview, Florida – fifteen minutes southeast of Downtown Tampa.

The apartment community was purchased from a joint-partnership between Adler Group and Mattoni Group for $49.7 million.

This is Passco’s third multifamily acquisition to close in Florida in the last month and brings the firm’s holdings to more than 2,000 units throughout the region, according to Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

“We are very focused on all major metropolitan areas throughout Florida,” says Gillis. “Nowhere are we seeing such progressive economic growth than we are here. The region has one of the most dynamic economic profiles in the U.S. and we continue to find exceptional opportunities across the state.”

Michael M. Adler, CEO of Adler Group adds, “This transaction further proves that Pearce at Pavilion filled a void in the Tampa submarket by providing unparalleled apartment residences and amenities. We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project.”

Michael M. Adler

            The apartment community is located at 3603 Pavilion Palms Center in Riverview, Florida. JBM Institutional Multifamily Advisors represented the seller. 

Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

  

Located in the Tampa Bay MSA, Pearce at Pavilion is well-positioned to benefit from the region’s exceptionally strong job and population growth, according to Gillis who notes that more than 55,000 jobs have been added to the area in the last two years.

 In addition, the metro’s population is anticipated to grow nearly eight percent by the end of 2018.

“This rapid job creation and migration of workers will result in continued demand for multifamily housing throughout the area,” says Gillis. “In fact, the Tampa Bay MSA currently has a multifamily vacancy rate below five percent. This vacancy rate is below the national average, and is indicative that demand is greatly outpacing supply, making this a strong addition to our growing portfolio in the region.”

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

Lauren Burgos/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lburgos@browermillercole.com

 www.mattonigroup.com.

www.adlergroup.com.

www.passco.com.