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Thursday, April 5, 2018
IREM® Earns 2018 ENERGY STAR® Partner of the Year Award
Wednesday, April 4, 2018
Hold-Thyssen and Counsel Square I Awarded Bid for 8-Year Lease to State of Florida Dept of Corrections
 |
| Carol L. Kinnard |
New Port Richey, FL --- Hold-Thyssen, LLC, a full service commercial real estate firm with offices in
Clearwater and Winter Park, recently closed on an eight-year lease agreement with the
State of Florida Department of Corrections at Counsel Square I, 7619
Little Road in New Port Richey.
Carol
L. Kinnard, transaction specialist at Hold-Thyssen, said the State
of Florida Department of Corrections sent area landlords an invitation
to negotiate. Kinnard responded on behalf of the owners of Counsel Square
who were awarded the bid for an eight-year lease of 9,487 square feet.
In
addition, Psychological Management Group, PA, a tenant at
Counsel Square since 1999 providing mental health services to individuals and
families in the Tampa Bay area, renewed their lease of Suite 325C with 1,000
square feet.
Hold-Thyssen
provides commercial property brokerage and leasing and management services to
institutional and private investor clients nationwide. The 40-year old
firm’s current portfolio includes more than 100 commercial properties
throughout the United States.
For
more information, please contact:
Larry
Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com
HFF announces sale and financing of Loop Central office complex in Houston, TX
 |
| Loop Central Office Complex, Houston, TX |
 |
| Jeff Hollinden |
The HFF team represented the seller, TIER REIT, and procured the buyer, Griffin Partners. Additionally, the HFF team worked on behalf of Griffin to secure the five-year, floating-rate acquisition loan through Global Atlantic Financial Group and source their equity partner, Wheelock Street Capital.
Loop Central is located at 4848 Loop Central Drive at the
intersection of two of Houston’s major thoroughfares, Loop 610 and U.S Highway
59.
Its location within
the Bellaire/Medical Center submarket places it within close proximity to the
Galleria, Greenway Plaza and some of Houston’s most affluent residential
neighborhoods, including River Oaks, West University, Tanglewood and The
Villages.
 |
| Wally Reid |
Griffin Partners and Wheelock will execute a proactive capital improvement plan to update the assets visibility, as well as add various new amenities, which will maximize the tenant experience. A few additions include a new conference and fitness facility, new food options and capitalizing on the existing park-like setting with new outdoor area seating and amenities for tenants to enjoy.
 |
| Andrew Montgomery |
“This is the latest example of an informed
investor recognizing the inherent value represented by Houston office market,”
said Hollinden. “Sales activity in the office sector has picked up
dramatically over the past twelve months, signaling a return to healthy
liquidity in the Houston market.”
“We think Loop Central is a unique and timely investment
considering Houston’s office and capital market environment,” said Andrew
Montgomery of Griffin Partners. “Houston’s overall resiliency and recent bounce
highlighted by the latest job performance numbers is a lead indicator and an
early preview for continued momentum in the Houston office market.”
Holliday GP Corp. (“HFF”) is a Texas licensed
real estate broker.
For more information,
please contact:
KRISTEN MURPHY
HFF Director, Public Relations
(617) 848-1572
follow HFF on Twitter @HFF
tierreit.com or call
972.483.2400.
George Smith Partners Secures $18 Million in Acquisition Financing for Orange County, CA Office Portfolio
 |
| Alina Mardesich |
ORANGE COUNTY, CA (April 4, 2018) – George Smith Partners, one of the
nation’s leading commercial real estate capital markets advisors, has
successfully arranged $18,032,000 in non-recourse acquisition/bridge financing
for a portfolio of multi-tenant office properties in Orange County, California
on behalf of the Sponsor, a full-service commercial real estate investment and
operating company based in Orange County, CA.
The financing was arranged by George Smith Partners’ Senior Vice
President Alina Mardesich and Assistant Vice President Joseph P.
Cannizzaro II.
“This portfolio represents a rare value-add opportunity in the
tightening Orange County office market,” says Mardesich. “With office occupancy
rates steadily rising and asset prices reaching new highs, many investors are
looking toward both mid-rise and cost effective low-rise properties. The
opportunity to acquire and improve a portfolio of under-performing assets is
well-timed by the Sponsor.”
The overall portfolio is currently 85-percent occupied, and
located in the cities of Santa Ana, Anaheim and Lake Forest.
“By capitalizing on the strength of the market, the value-add
potential in the portfolio, and the Sponsor’s solid expertise, we were able to
successfully secure competitive financing that met the needs of the borrower
and the lender,” explains Mardesich.
The portfolio includes four newly-acquired office properties along
with a fifth office building already owned by the Sponsor. Loan proceeds will
be used to strategically renovate and reposition the assets and maximize the
value of the portfolio, driving yields for the Sponsor and its investors.
 |
| Joseph P. Cannizarro II |
George Smith Partners secured the loan at a rate of 3.75% +
one-month LIBOR for a term of three years with two one-year extension options.
The non-recourse loan is interest-only during the initial term and then moves
to an extended 30-year amortization schedule.
The loan was priced at
66-percent of cost and 53-percent of the asset’s stabilized value with
favorable release pricing that allows for not only maximum refinance/exit
opportunities but also returns.
For more information, please contact:
Jordan Kruk /Lexi Astfalk
Brower Group
(949) 955-7940
BKM Enters Denver Market with $20 Million Acquisition of Value-Add 215,000-SF Multi-Tenant Industrial Park
 |
| Brian Malliet |
DENVER,CO – BKM
Capital Partners, an institutional fund manager with a
niche focus on value-add, multi-tenant light industrial investments, has
acquired Inverness Business Park, a Class A, 215,268 square-foot,
eight-building industrial asset for $20,200,000, reflecting a 57-percent
discount to replacement cost, according to Brian Malliet, CEO of BKM
Capital Partners. This is BKM’s first acquisition in the Denver, Colorado
market.
“Denver is a dynamic market with strong fundamentals and
tremendous growth potential,” states Malliet. “The property is situated in the
the affluent area of Englewood, within the Southeast submarket, which is the
largest in the Denver metro area. This provides access to a strong base of
potential tenants in various business sectors.”
 |
| Inverness Business Park, Englewood submarket, Denver, CO |
Inverness Business Park is situated within a 980-acre high image
master plan anchored by major companies such as Boeing and Comcast. The
property fronts Inverness Golf Course and is readily accessible from Interstate
25, the major north-south transportation corridor that runs through the heart
of Denver. The asset is 91-percent occupied by 86 tenants averaging
approximately 2,750 square feet, according to Malliet.
“This acquisition is well-aligned with our ongoing investment
strategy, which is to identify extremely well-located, institutional quality
industrial assets with a value-add opportunity,” says Malliet. “Drawing
upon our in-house management platform and niche expertise in multi-tenant
industrial, we will be able to quickly improve the asset and bringing rents to
market, generating strong yields for investors.”
BKM plans to invest nearly $2 million in upgrades to the asset,
including a complete rebrand to reintroduce the asset to the market, as well as
fresh paint, upgraded landscaping, cosmetic upgrades to the lobby and signage,
and various structural improvements, such as improved roofing, parking
surfaces, and HVAC.
 |
| Brett Turner |
“There is an immediate opportunity to increase NOI in this asset
by leveraging current demand from image-conscious tenants seeking a location near
major regional anchors such as the Denver Tech Center,” says Brett Turner,
the Director of Acquisitions. “As we execute on our strategy, we will be able
to quickly improve operational efficiencies and maximize the value of this
multi-tenant industrial asset. Moving forward, we are seeking additional
assets in the Denver metro area in order to continue to build value and
increase economies of scale.”
BKM Capital Partners acquired Inverness Business Park from a private family
office. Newmark Knight Frank represented the seller in the transaction.
BKM was not represented.
The property is located at 14 Inverness Drive East in Englewood, Colorado.
For more information,
please contact:
Jordan Kruk /Lexi Astfalk
Brower Group
(949) 955-7940
Tuesday, April 3, 2018
Millennial Buyers Feel the Brunt of Rate and Price Hikes
 |
| Danielle Hale |
SANTA CLARA, CA (April 4, 2018) – As interest rates and home prices continue to rise, millennial home buyers are more likely than older buyers to adjust what they are shopping for, according to a new survey released today from realtor.com®, a leading online real estate destination.
Two factors contributing to this market sensitivity are millennials’ likelihood to carry more student loan and other debt and put less down than other buyers.
According to the online survey of more than 1,000 active buyers conducted in March by Toluna Research, 79 percent and 83 percent of respondents of all ages, respectively, said rising interest rates and home prices will impact their home search. That rises to 92 and 93 percent for buyers ages 18 to 34 years old.
Only 17 percent and 21 percent of all buyers indicated prices and rates would have no impact.
“Existing debt and lower down payments leave younger shoppers more exposed than others to the impact of rising mortgage rates and record-high home prices,” said Danielle Hale, chief economist for realtor.com®. “These obstacles won’t prevent millennials from finding and buying homes, but most will have to adapt to these challenging market conditions by adjusting their home search.”
Full results of the surveys are available at:
Realtor.com® also recently surveyed house hunters about what they are looking for in a home:
It also surveyed buyers on about the hotly competitive spring buying season:
http://news.move.com/2018-03-22-Homebuyers-Pull-Out-All-the-Stops-for-Hotly-Competitive-Spring-Market
For more information, please contact:
Janice McDill: janice.mcdill@move.com
Lexie Puckett Holbert: lexie.puckett@move.com
www.realtor.com®
Commitment to Community: Howard Johnson Partners with the Y
 |
| Cynthia Liu |
PARSIPPANY, NJ – Millions of local Y members and their families across the U.S. are
getting something extra to smile about today thanks to Howard Johnson and its
newly launched partnership with YMCA of the USA.
Focused on encouraging families to stay active, make
memories and of course, have fun, the partnership centers around Howard
Johnson’s new national sponsorship of the 2018 YMCA National Swimming and
Diving Championships and gives members the opportunity to save up to 20% off at
HoJo hotels across the country, with 5% of every booking benefiting the
non-profit.
“The Y is one of the most well-known and respected
organizations in the world and three out of every four Howard Johnson hotels
are located within just 10 miles of a local Y branch” said Cynthia
Liu, brand leader and vice president of operations for Howard Johnson.
4 “We want to play
a bigger role in giving back to the communities where our hotels operate, so finding
a partner who not only shared our family-focused values but brought the scale
and reach necessary to make a meaningful impact was really important.”
“Howard Johnson and the Y have parallels, particularly
when you think about the iconic status of both brands,” said Valerie Barker
Waller, senior vice president and chief marketing officer, YMCA of the USA.
“We’re proud to have their support behind one of our marquee events and know
that the investment they’re making—directly through sponsorship and a donation
campaign and indirectly through their member discount—will ultimately enable
the Y to continue its work strengthening communities and building a
better us.”
Coinciding with the partnership, Howard Johnson will
launch a campaign of new creative and on-property collateral, all with the
tagline: “Go Happy. Go Healthy.”
 |
| Valerie Barker Waller |
The 2018 YMCA National Swimming and Diving
Championships are a series of three, multi-day, multi-city events, which started last week with the YMCA Short Course National Championship at the Greensboro
Aquatic Complex in Greensboro, N.C. and continue with stops later this spring
and summer at the YMCA National Diving Championship and YMCA Masters Meet in
Fort Lauderdale, Fla. and the YMCA Long Course Championship in College Park,
Md.
Combined, the three events bring together over 3,000 student athletes and
more than 18,000 spectators. Additional activations between the two brands are
expected later this year.
For more information,
please contact:
Rob Myers
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
www.wyndhamworldwide.com.
Wyndham Hotel Group
www.hojo.com.
NYSE: WYN
Sunday, April 1, 2018
Stirling International Named Exclusive Sales-Marking Agents for West Bay Avenue New Custom Victorian Homes Under Construction in Historic Downtown Longwood, FL
 |
| Marisol Santiago Soderstrom |
LONGWOOD, FL--- Stirling International Real Estate has been named
exclusive sales and marketing agents for historic W. Bay Ave --
four custom, two-story Victorian designed residences under construction at
262-276 W. Bay Ave. in Longwood’s Downtown Historic District.
Stirling Associate Marisol Santiago
Soderstrom, who is representing the builder Oakwood Construction and
Development, said two different models are offered.
A three-bedroom, two-and-a-half bath home with 1,753 square feet of living area is priced from $259,000, and a four-bedroom, three-and-a-half bath home with 2,030 square feet is priced from $279,900. Both feature rear entry two-car garages.
A three-bedroom, two-and-a-half bath home with 1,753 square feet of living area is priced from $259,000, and a four-bedroom, three-and-a-half bath home with 2,030 square feet is priced from $279,900. Both feature rear entry two-car garages.
All four homes will sell during
construction and homebuyers can choose from a large selection of cabinetry,
countertops, tile and floor coverings, and several upgrade options that are
available.
The four W. Bay Ave homes blend in with
the neighborhood’s historic look and are a few blocks from South Seminole
Hospital and the fire and police departments. Convenience to restaurants,
shopping and the SunRail station is also an asset.
“Residential opportunities like W. Bay
Ave are few. In most communities worldwide where commuter lines like
SunRail have been developed, residences sell quickly,” she said. “Buyers will immediately recognize the tremendous
value that these homes offer both for investment and livability.”
For
more information, please contact:
Larry
Vershel or Beth Payan, Larry Vershel Communications
407-644-4142 Lvershelco@aol.com.
Saturday, March 31, 2018
BLT Enterprises Acquires Golf Manufacturing Facility in San Diego, CA for $38 Million
 |
| Industrial Facility, Carlsbad, CA |
 |
| Bernard Huberman |
San Diego, CA – BLT
Enterprises, a multi-faceted real estate investment company, has
acquired a 166,310 square-foot industrial facility in the Carlsbad submarket of
San Diego, California that is fully leased to a global leader in golf equipment
and apparel. The property, which serves as a manufacturing facility, was
acquired off-market for $38,250,000.
“This was a rare
opportunity to invest in a Class A industrial property with a major credit
tenant in place, representing a tremendous long-term value proposition,” says Bernard
Huberman, Founder and CEO of BLT Enterprises. “The acquisition is
well-aligned with our ongoing platform, which is to make strategic
investments that deliver value over long hold periods.”
Huberman points to an
increasing tightening in the San Diego industrial market, specifically in the
North County region, as an indication of why the timing was right for this
acquisition.
“Industrial vacancy
ended 2017 at 4.97-percent - a 13
basis point drop from the prior quarter,” he says. “That said, development has
ramped up, and with more than 1.8 million square feet of product under
construction, supply will soon begin to meet demand. In this case, our
new tenant recently renewed its full-building lease for ten years, delivering
strong, consistent cash flow for the next decade.”
 |
| Ron Jacobson |
Ron Jacobson
of SD Realty Partners represented BLT Enterprises as the buyer, and Aric
Starck of Cushman & Wakefield’s San Diego office represented HGREIT II
2819 LOKER LP as the seller in the transaction.
The property is
located at 2819 Loker Avenue in Carlsbad, California.
 |
| Aric Starck |
Headquartered in Santa
Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real
estate investment company with an exceptional track record of success in
industrial and commercial real estate. The firm has developed or acquired more
than $2 billion in assets to date.
BLT Enterprises
specializes in the acquisition, entitlement, development, operation, and
property management of industrial, office, retail, mixed-use and special-use
properties.
For more information, please contact:
Kat Castagnoli / Lexi Astfalk
(949) 955-7940
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