Saturday, September 11, 2010

Stephen Taylor, Now of Hunter Realty, Advises On Oceanfront Daytona Beach Shores Resort Transaction

MIAMI, FL—Stephan Taylor (bottom left photo), CHA, now of Hunter Realty, announced that he represented the institutional owner of the two hotels in the sale for an undisclosed price of the Palm Plaza Oceanfront Resort (top left photo)  and Beachside Inn Daytona Beach Shores in Florida.

The two separate, but adjoining properties comprise 130 rooms.

Taylor’s affiliation with the properties began nearly two years ago when he provided expert witness testimony on behalf of the properties’ creditors, enabling them to successfully take back ownership of the two resorts from a portfolio of 78 affiliated entities that had filed for bankruptcy.

The buyers are experienced owner/operators of hotels throughout the southeastern U.S. The new ownership said that plans already are underway to add value by re-flagging the 100-room Palm Plaza Oceanfront Resort to the Holiday Inn Express brand.

“The properties, built in the late 1980s, have significant investment appeal due to their beachfront location in one of Florida’s most popular resort destinations,” Taylor said.

Operated by its original owner for many years, the Palm Plaza was the room rate leader in its market, enjoying significant return business with an almost cult-like loyalty.

 An unusual aspect of the transaction was the buyer’s use of an Offering Memorandum to attract investors, typically an approach used by institutional purchasers.

Taylor joined Hunter Realty, a leading national hotel investment advisory services firm, in late August as vice president. He opened the firm’s new Miami office with primary focus on hotel real estate in Florida and the Caribbean.

 He has 30-plus years of specialized hotel real estate experience as a broker, operator, developer and consultant.

“The outlook for Florida is on the upswing, and I expect the hotel economy and hotel real estate in the state to recover more quickly than most other states,” he noted.

“The bid/ask spread is narrowing as both buyers and sellers are adjusting and trying to meet in the middle. Banks are becoming more active now and a little more willing to loosen their purse strings.

"There is a large pent-up demand for vacations, which gives Florida, a popular tourism destination, a competitive advantage.”


Patrick Daly, Jerry Daly, media (703) 435-6293,

Latino Hotel Association Elects First Board of Directors

Bill Fortier, Hilton SVP Development, the Americas, Named Chairman

HOUSTON, TX—The Latino Hotel Association (LHA), a newly formed global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry, announced that the organization has elected its first board of directors.

William B. Fortier (top right photo) , senior vice president development, the Americas at Hilton International has been named chairman; Carlos J. Rodriguez (top left photo), president and managing partner, RodBlu Investments and DVI Cardel Funds, was elected vice chairman; and Esther Fintz, vice president Triangle Management & Investment Inc., joins the board as secretary/treasurer.

Members at large include Walter Barela, Executive Vice President/COO, Peak Hospitality; Charles “Michael” Diaz, principal and executive vice president of Driftwood Hospitality Management, LLC., Benito Irastorza, President & CEO IRAS Group; Nancy Poor, senior vice president owner relations, Wyndham Worldwide; Angela Gonzalez-Rowe, president and founder of LHA and president of AGR Hospitality Solutions; and Stacy Silver, Executive Director, HotelWorld Network.

A member of the Mexican Hotel Association will join the board in the near future. LHA currently has more than 150 hotel owner and operator members in the U.S. and in Latin America.

“These hospitality veterans give us instant global credibility with nearly two centuries of hotel industry experience and extensive backgrounds in hotel development, investment and management,” said Angel Gonzalez-Rowe (middle right photo)
 “A person of Bill Fortier’s stature chairing our board is a major plus for us, and we are delighted to have someone from Hilton, a premier global hotelier with a sizable international presence, join us.

"With the board’s long-standing relationships and deep roots in the industry, we expect to benefit from their counsel and guidance as we pursue our mission of increasing hotel investment and ownership in the global Latino community.”

Headquartered in suburban Houston, LHA is a worldwide, non-profit association dedicated to increasing Latino participation in the hospitality industry, to include ownership, leadership and commerce.

 The organization provides education, international and regional conferences and networking opportunities with the leading hotel companies in the world.

Additional information is available at the association’s website,

Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293,

Chatham Lodging Trust Appoints Dennis M. Craven Chief Financial Officer

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that Dennis M. Craven has been appointed as its new executive vice president and chief financial officer, effective September 9, 2010.

Craven replaces Julio E. Morales, who will remain with the company in a transition capacity for 30 days.

Craven previously served as executive vice president and chief financial officer of Innkeepers USA Trust, a NYSE-listed hotel REIT, from March 2006 until the acquisition of Innkeepers by an affiliate of Apollo Investment Corporation in June 2007.

Following the acquisition, he continued to serve as chief financial officer of Innkeepers until August 2010. Prior to joining Innkeepers in 2006, Craven was a partner in Addison Capital Advisors, a venture capital firm based in Memphis, Tenn., and served as senior vice president and chief accounting officer of Independent Bank in Memphis.

Prior to that, he served as vice president and controller, and later vice president and chief accounting officer, of RFS Hotel Investors, Inc., a NYSE-listed hotel REIT. Prior to joining RFS, he was a senior manager with PricewaterhouseCoopers LLP in Memphis and London.


Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media), (703) 435-6293

HFF closes sale and $33M financing for Lakes of Schaumburg in northwest Chicago suburb

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged financing for The Lakes of Schaumburg, (top left photo)  a 428-unit multi-housing community in Schaumburg, Illinois.

The HFF investment sales team was led by managing directors Marty O’Connell (top right photo)  and Sean Fogarty (top left photo)  and executive managing director Matthew Lawton (middle right photo) who represented the seller, Cornerstone Real Estate Advisers LLC.

 A joint venture between Marquette Real Estate Investments and TRECAP Partners, LLC purchased the property free and clear of debt.

HFF managing director Matthew Schoenfeldt (middle left photo)  worked on behalf of Marquette and TRECAP to secure the $33 million, fixed-rate acquisition loan through Freddie Mac (Federal Home Loan Mortgage Corporation).

HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

Located at 801 Belinder Lane in Schaumburg, The Lakes of Schaumburg is near Interstates 90 and 290, O’Hare International Airport and two Metra commuter rail lines.

The property has one- and two-bedroom units averaging 800 square feet each and the current occupancy is more than 95%.

Community amenities include two clubhouses offering a business center, coffee/tea bar, fitness center and weight room as well as two outdoor heated swimming pools, two sand playgrounds and a jogging/bike trail.

“The Lakes of Schaumburg benefits from the impeccable maintenance standards that 20 years of institutional ownership delivers.

"Now, under the seasoned and entrepreneurial stewardship of Marquette, the property is poised to take advantage of a strengthening market for high-quality multi-housing product,” said Schoenfeldt.


Martin F. O'Connell, HFF Managing Director, (312) 528-3650,
Matthew R. Schoenfeldt, HFF Managing Director, (312) 528-3650,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $39M financing for Huebner Oaks in northwest San Antonio, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $39 million in financing for Huebner Oaks (lower right photo), a 287,000-square-foot, nine-building retail power center in northwest San Antonio, Texas.

Working on behalf of Inland Western REIT, HFF managing director Kevin MacKenzie (lower left photo) placed the five-year, fixed-rate loan with Nationwide Life Insurance Company.

Huebner Oaks is situated on nearly 30 acres at 11745 Interstate 10 West, close to the Interstate 410 Loop that surrounds San Antonio.

The property is 95% leased to tenants including Bed Bath & Beyond, Borders, Ross Dress for Less, Old Navy, Starbucks, The Gap, Banana Republic and Macaroni Grill.

“Huebner Oaks has performed very well historically; consistently experiencing occupancy above 95% with tenants enjoying high sales and low occupancy costs.

"This performance has created strong incentives for existing tenants to renew leases at the property in addition to attracting new tenants,” said MacKenzie.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States.

As of June 30, 2010, the portfolio under management totaled in excess of 46 million square feet, consisting of 294 consolidated operating properties.

The company also has interests in 11 unconsolidated operating properties and 8 properties under development. For further information, please see the company website at


Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Lavista Associates Sees Addition of 24 REO Properties in Third Quarter as REO Activity Continues to Increase

ATLANTA, Ga. --- Lavista Associates, Inc., one of Atlanta’s leading commercial real estate companies, was assigned 24 new commercial REO properties during the third quarter as REO activities continue to increase.

Tom Davenport,(top right photo) president of Lavista Associates, Inc., said the continued acceleration of REO activity is undeniable.

“Lenders faced with a growing number of troubled assets are seeking effective providers of property management, leasing and disposition services,” Davenport said.

Davenport said the trend will likely continue well into next year.

“Lenders will continue to take back more commercial assets and look to dispose of them,” Davenport said. “Investors and users are taking advantage of unprecedented buying opportunities and we expect this to continue as well,” he added.

Lavista Associates offers specialized expertise in every phase of the REO process, Davenport said.

“We are providing lenders a single resource to effectively administer REO assets from receivership and the preforeclosure process through all phases of disposition,” Davenport explained.

Lavista has recently disposed of a variety of property types, including office, self-storage, industrial, mixed-use and multi-tenant retail for multiple lenders and special servicers across North Georgia.

Lavista Associates negotiated sales of commercial assets over the past 90 days in Acworth, Alpharetta, Augusta, Decatur, Fayetteville and Suwanee. Lavista has represented 21 different community, regional and national banks, insurance companies, special servicers and the FDIC.

For more information,  contact:
Tom Davenport, President, Lavista Associates, Inc. 770-448-6400;
Kimberly Steele, Director of Marketing & Administration, Lavista Associates, Inc. 770-729-2824;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Top Executive at Grubb & Ellis Commercial Florida Has Speakers Role at Sarasota International Real Estate Congress Sept. 23

TAMPA, Fla. --- Patrick Kelly, (top right photo) executive vice president and managing director at Grubb & Ellis Commercial Florida in Tampa, will participate in a panel discussion at the Sarasota Association of Realtors International Real Estate Congress Sept. 23 at the Hyatt Regency Hotel in Sarasota.

Kelly, who has more than 25 years of experience as a top commercial real estate executive, will have plenty to talk about.

Kelly will focus his discussion on the state of Florida real estate.

Patrick Kelly, Managing Director, 813-830-7539
Jeffrey Sweeney, SIOR President 407-481-5387
Larry Vershel Communications 407-644-4142

Grubb & Ellis Commercial Florida Negotiates New Long Term Lease for ProAssurance at Grand Plaza in Tampa, FL

TAMPA, Fla. --- Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, recently negotiated a new 63 month lease on behalf ProAssurance Casualty Company for Class A office space in Grand Plaza Office Center, located at 14497 N. Dale Mabry Hwy in the Carrollwood area of Tampa.

Paula Buffa,  (middle left photo) CCIM, senior vice president of Grubb & Ellis Commercial Florida’s Tampa Office Group, along with associate Maria Camarinos (lower right photo)  Hall, negotiated the lease agreement representing Birmingham-based ProAssurance, the new tenant who leased 6,018 square feet at Grand Plaza.

ProAssurance Casualty Company provides insurance for physicians, surgeons and other professionals.

“ProAssurance wanted to take advantage of the favorable lease environment in Tampa but didn’t want to leave the Carrollwood area," said Hall.

". The new location offers more advantageous lease terms and the Grand Plaza suite offers efficient space that can easily accommodate future growth."

The landlord is Grand Office Plaza Associates LLC of Williamsville, NY.


Paula Buffa, 813-830-7887
Maria Camarinos Hall, 813-830-7894
Patrick Kelly, Managing Director 813-830-7539
Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates Long Term Office Lease at 501 S. New York Avenue in Winter Park, FL

ORLANDO, FL – NAI Realvest negotiated a seven-year office lease for 4,491 square feet at 501 S. New York Ave. in downtown Winter Park.

Jack W. Lynch, (top right photo)  senior associate at NAI Realvest and Tom Kelley II (lower left photo) CCIM, a principal in the firm, negotiated the transaction representing the landlord, Yoda, Inc.

 The new tenant is the CPA firm of Moss, Krusick & Associates, LLC, which specializes financial consulting, accounting, auditing and bookkeeping services. Both landlord and tenant are based in Winter Park.

For more information, contact:
Jack Lynch, NAI Realvest 407-875-9989 or Tom Kelley, II, CCIM;;
 Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates New and Renewal Leases for Office space totaling more than 11,000 square feet in Lake Mary, FL and Maitland, FL

ORLANDO, FL - NAI Realvest recently negotiated two lease agreements for office space in Lake Mary and Maitland totaling 11,091 square feet.

Mary Frances West,  (top left photo) CCIM NAI Realvest Senior Broker Associate negotiated a new lease for 1,122 square feet at Primera Court I, 725 Primera Blvd. in Lake Mary. West represented the landlord Interchange-Primera II, LLC of Daytona Beach. The tenant, Paul J. Ruff of Sanford leased the property for two years to operate a home healthcare agency.

At the same time, West completed a lease renewal agreement representing the Maitland-based tenant Glickstein, Laval & Carris, P.A. in suite 400 with 9,969 square feet of office space at 555 Winderley Place. The tenant – an accounting firm – renewed its lease for another three years.

 The landlord, PKY Fund I c/o Morrison Commercial Real Estate was represented by Greg Morrison (middle right photo)  in the transaction.

For more information, contact:
Mary Frances West CCIM, NAI Realvest, 407-875-9989;
Patrick Mahoney, President NAI Realvest, 407-875-9989;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

NAI Realvest negotiates two new long-term retail leases to at The Villaggio of Winter Springs, FL

MAITLAND, FL— NAI Realvest recently negotiated two new four-year lease agreements for retail space totaling more than 4,200 square feet at The Villaggio of Winter Springs located at 853 SR 434 East.

Paul P. Partyka, (middle left photo)  principal and managing partner at NAI Realvest, negotiated both transactions on behalf of Hallandale-based BRI 1813 Villaggio LLC, the landlord at the 50,000+ square foot retail/office center, which is currently 81 percent leased.

Billy’s Café of Winter Springs leased a 2,500 square foot building on Outparcel C at The Villaggio. Partyka said the tenant is the first new restaurant to open on the west side of Winter Springs in four years. Billy’s Café will seat 80 when it opens in late December. Robby Robinson of Florida Site Selectors represented the tenant.

At the same time Partyka negotiated a lease for the first new dance studio in Winter Springs in the past four years. Integrity Dance Studio leased 1,707 square feet in suite 1101 at The Villaggio. The tenant was represented by Justin Reviezky of The Bywater Co.

For more information,  contact:
Paul P. Partyka Principal, Managing Partner, NAI Realvest, 407-875-9989;
Patrick Mahoney, Chief Operating Officer, NAI Realvest, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142.

NAI Realvest Negotiates Expansion and Renewal Leases for Office Space in East Orlando and Maitland

ORLANDO, FL --- NAI Realvest recently negotiated two lease agreements – a renewal and an expansion – for office space in Maitland and east Orlando totaling 13,623 square feet.

Tom R. Kelley II, CCIM, principal at NAI Realvest and Mary Frances West, CCIM senior associate, negotiated a lease renewal of 11,938 square feet at 2200 Lucien Way (middle left photo)  in Maitland representing the tenant, Realvest Equity Partners, LLC d/b/a NAI Realvest, who renewed its lease of Suite 350 for three years. The landlord is Alliance Lucien Way, Inc. of Warrington, Pa.

West represented Dignitas Technologies, LLC, an Orlando-based software developer that specializes in modeling and simulation, in an expansion lease at the Laurel Building located at 3504 Lake Lynda Drive in The Quadrangle. (middle right photo)

Dignitas leased 1,685 square feet, bringing its total occupied space in the building to 3,287 square feet. The landlord, DRA CRT Orlando University Center LLC was represented by Mike Caridi of Tower Realty.

For more information,  contact
Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989;
Patrick Mahoney, Chief Operating Officer NAI Realvest, 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest Negotiates $400,000 Sale of Warehouse Building in Apopka, FL

ORLANDO, Fla. – NAI Realvest recently negotiated the sale of a 7,050 square foot warehouse building on a half-acre lot at 2617 Pemberton Drive, off US 441 in Apopka.

NAI Realvest principal Michael Heidrich (bottom right photo)  negotiated the transaction representing the seller, Orlando-based LC Properties, LLC.

ODCC Properties, LLC of Apopka purchased the property which includes 720 square feet of office space. David Hammett of McNulty Group represented the buyer.

For more information, please contact:
Michael Heidrich, Principal NAI Realvest, 407-875-9989;
 Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142