Tuesday, November 9, 2010

White Lodging Announces Portfolio Sale of 16 Hotels

 MERRILLVILLE, IN /PRNewswire/ -- White Lodging Services Corporation has closed a deal to transfer 16 of the company's Marriott and Hilton affiliated hotels in seven states to Apple Real Estate Investment Trust Companies (Apple REIT). All properties will remain with White Lodging under long-term management agreements.

White Lodging's relationship with Apple REIT began in 2005, with Apple REIT's acquisition of the Marriott Hotel in Boulder, Colorado.  This current acquisition of the White Lodging properties boosts Apple REIT's ownership to more than 240 hotels across the country.

"The transaction with Apple REIT, one of our industry's most professional and prolific owners of premium branded hotels, provides White Lodging with additional capital to continue executing our strategic growth plan at a time when many of our competitors are merely trying to stay afloat," said Deno Yiankes (top right photo), president and CEO of investments and development at White Lodging.

Yiankes continued by saying, "The fact that our managed portfolio for Apple REIT has grown from one hotel initially to 31 hotels within five years is a direct compliment to the nearly 7,000 White Lodging associates and leaders who serve as the foundation for our continued growth on a daily basis."

Apple REIT began in 1999 and is exclusively associated with two of the most recognized brands in the hotel industry - Marriott and Hilton.  Throughout the years, they have developed a successful formula for owning geographically diverse, high-quality hotels.

The hotels included in the Apple REIT/White Lodging transaction are the SpringHill Suites in Fishers, Indiana and Salt Lake City, Utah as well as the Residence Inns in Mishawaka, Indiana; Phoenix, Arizona; and Mettawa, Illinois.

The Courtyard by Marriott properties that are included are located in Phoenix and Chandler, Arizona and in Austin, Texas.

 Also part of the transaction are Hilton Garden Inn hotels in Mettawa, Warrenville and Schaumburg, Illinois; Austin, Texas; and Novi, Michigan.

Apple REIT will also acquire Fairfield Inn and Suites in Austin, Texas and Chandler, Arizona and one Embassy Suites hotel in Tampa/Brandon, Florida.

White Lodging Services Corporation was established in 1985 and is headquartered in Merrillville, Indiana.

For more information about White Lodging, please visit http://www.whitelodging.com/
 or call 219-472-2900.

Contact:  White Lodging +1-219-472-2900

Marcus & Millichap Capital Corp. Closes $40 Million Multifamily Loan in Rancho Palos Verdes, CA

RANCHO PALOS VERDES, CA– Marcus & Millichap Capital Corporation (MMCC) has refinanced a prime multifamily asset (top left photo) for $39.45 million in Rancho Palos Verdes.

Jake Roberts, vice president capital markets, and Anita Paryani, a senior director, both in the West Los Angeles office of MMCC, arranged the loan.

“Property owners continue to take advantage of historically low interest rates,” says Roberts.

 “Right now is the best time to lock in these rates before the 10-Year Treasury begins to rise.

"In this situation, the borrower’s current debt had just become pre-payable and earlier this year the borrower did not know if he could refinance his existing debt without additional cash.

“We were able to bring life insurance companies to the table who agreed to underwrite to lower DSC ratios.

“Then, in May before the loan had signed up with a lender, the Treasuries began to plummet.

" In the end, the rate ended up nearly 75 basis points lower than originally anticipated and we had more lenders to pick from to execute the loan. ”

Located in Rancho Palos Verdes, the 215-unit garden apartment complex has ocean views from many of the units.

The asset was constructed in the 1970s and received extensive renovations between 2002 and 2004.  In addition, it has maintained a historically high occupancy rate, even during the economic downturn.

“The asset has been very well maintained and life insurance companies and the agencies were both aggressive in pursuing the loan due to the extremely unique location and desirable nature of the asset,” adds Roberts.

The loan was rate-locked nearly three months before closing and is fixed for 10 years, amortizing over 30 years with an attractive interest rate.

Contact: Stacey Corso , Public Relations Manager, (925) 953-1716

NAI Realvest Completes $1.499 Million Sale of 10,500 SF St. Cloud Buffet City Restaurant

ORLANDO, FL  -- NAI Realvest recently negotiated the sale of the 10,523 square foot Buffet City restaurant and its 2.02± acre site at 4551 13th St.in St. Cloud for $1,499,000. 

Paul P. Partyka (top right photo), managing partner at NAI Realvest, who represented the seller, Sooner Investment or Sooner St. Cloud LLC of Melbourne, said the property was purchased by local investment firm, Sun Valley Eastern Investments LLC.   

NAI Realvest principals Kevin O’Connor (middle left photo) and Matt Cichocki (lower right photo)  represented the buyer. 

This is the sixth buffet style restaurant transaction the NAI Realvest team has transacted in the past 18 months, with three other buffet restaurant transactions pending, Cichocki said. 

“Consumers are attracted to the buffet value offering and the growing trend away from a pure Asian buffet to an American-Asian mixed offering,” Cichocki explained.

For more information, contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989 ppartyka@realvest.com;
 Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com;
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Florida REO Manager Ron Schwartz reports a sale of Oak Clair Apartments in St. Petersburg, FL

ORLANDO, FL. --- Florida REO Managers, Inc. (http://www.floridareomanagers.com/), an affiliated company of Realty Marketing Associates, based in Orlando, reported the all cash sale of Oak Clair Apartments, a 32-unit St. Petersburg rental community owned by City National Bank of Los Angeles.

Ron Schwartz (top right photo), principal at Florida REO Managers, said his firm was awarded a contract to manage the rental community in October.  

 Peter Ford, Terrier Properties, acquired the property for $400,000 Schwartz said.   The apartment property was 50 percent occupied at the time of sale.    Kevin Kelleher with Franklin Street Real Estate Services facilitated the sale. 

Florida REO Managers serves the need for local and statewide management and court appointed receivers of residential apartments and commercial properties that have been taken by out-of-state lenders in foreclosure.

“We work with out-of-state lenders and attorneys who have taken back Florida properties, or who need a receiver to make sure that the borrower’s property continues to be maintained properly during the sometimes lengthy foreclosure process,” Schwartz said.

For more information, contact:
Ron Schwartz, Principal, Florida REO Managers, Inc. 407-342-3648 (direct)
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

HFF secures $17 million refinancing for Honolulu industrial complex

 HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $17 million refinancing for Bamboo Commerce Center (top left photo), a 261,038-square-foot industrial complex in Honolulu, Hawaii.

Working exclusively on behalf of Fowler Property Acquisitions (FPA), HFF managing director Tucker Knight (middle right photo) placed the four-year, fixed-rate loan with FundCore Finance.  Loan proceeds are refinancing an existing loan encumbering the property.

Bamboo Commerce Center is situated on 11.4 acres at 2312 Kamehameha Highway close to the Honolulu International Airport (lower left photo) and Honolulu Harbor. 

The property has six buildings that were completed in 1979 and extensively renovated in 2007.  Tenants at the fully leased property include C.S. Wo & Sons, GE Supply Hawaii, Acoustical Materials Service, ICI Paints and Asian Food Trading.

“Bamboo Commerce Center has several tenants that have been in occupancy for more than ten years, which is a testament to the strong business location and desirable amenity base that the complex provides.
“The property is centrally located to downtown and Waikiki in addition to having easy access to the Dillingham H-1 Freeway, which provides access to all points in West Oahu,” said Knight.  “Additionally, FPA has done an excellent job maintaining the existing tenant base.”

Fowler Property Acquisitions is a privately capitalized, real estate investment firm focused on the acquisition of multifamily, industrial, office, retail and land properties in select markets throughout the United States.

Tucker S. Knight, HFF Managing Director,  (713) 852-3500, tknight@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,     krmurphy@hfflp.com

Grubb & Ellis Completes Industrial Transactions Totaling More Than 1 MSF in the I-55 Corridor of Southwest Chicago

 ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has completed more than 1 million square feet of industrial transactions in the I-55 submarket.

 “Activity has increased significantly in the southwest Chicago suburbs,” said Jack Cozzie, senior vice president, Industrial Group. 

 “Landlords continue to be aggressive and tenants advantage of those opportunities.   We’re definitely seeing more activity and movement toward recovery.”

 Some of the more significant of these transactions include:

 Cozzie and Jim Cummings, associate vice president, both members of the Grubb & Ellis Global Logistics group and focused on the I-55 corridor, represented Hub One Logistics in the lease extension of 336,000 square feet of warehouse/distribution space at Crossroads Business Park in Romeoville with the Landlord, Duke Realty.

Hub One, a provider of optimized warehouse and logistics solutions, chose Crossroads Business Park for its easy access to area highways and state-of-the-art dry and cold storage space. 

The two professionals also represented Central Freight in the sublease of 53,220 square feet to Federal Express at Bolingbrook Corporate Center (lower left photo) and First Industrial Realty in the lease renewal of 38,000 square feet with Easy Mailing Services at Crossroads Business Park in Bolingbrook.

Cozzie and Cummings also represented Kohler Co. in the lease of 195,000 square feet of warehouse/distribution space at Liberty Business Center in Aurora from Liberty Property Trust, as well as ownership in the sale of 279 Marquette Drive in Bolingbrook, a 101,088-square-foot freezer/cooler and distribution facility, to Supreme Lobster & Seafood Company, in a transaction Grubb & Ellis previously publicized on Nov. 1.

Contact: Erin Mays, Phone: 312.698.6735,                                        

Grubb & Ellis Reports Third Quarter 2010 Results

SANTA ANA, CA. (Nov. 9, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported third quarter 2010 revenue of $144.3 million, an increase of 6 percent, compared with revenue of $136.1 million for the third quarter of 2009.

 For the first nine months of 2010, the company reported revenue of $417.5 million, compared with revenue of $385.1 million for the comparable period of 2009.

The company reported a net loss attributable to Grubb & Ellis Company on a GAAP basis of $14.8 million, or $0.27 per common share, for the third quarter of 2010, compared with a net loss of $21.4 million, or $0.34 per common share, for the third quarter of 2009.

 For the first nine months of 2010, the company reported a GAAP net loss attributable to Grubb & Ellis Company of $56.0 million, or $1.00 per common share, compared with a net loss of $95.7 million, or $1.51 per common share, for the first nine months of 2009.

For a complete copy of the company’s news release and financials, please contact:
Janice McDill,  Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Emerson International negotiates lease agreement at Louisiana Office Park in Winter Park, FL

ALTAMONTE SPRINGS, FL – Emerson International recently negotiated a new lease agreement for 1,405 square feet of office space at Louisiana Office Park (top left photo) in Winter Park.

Eric Emerson, vice president and general manager at Emerson International, said Sean Westcott, director of leasing and property management negotiated the lease agreement for Emerson at its 45,000 square foot Class “A” development located at 1155 and
1177 Louisiana Ave.

Attorney Edward G. Milgrim, Esq. is the new tenant.

For more information,  contact:

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;

Sean T. Westcott, Director of Leasing Emerson International, Inc. 407-834-9560;

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

Crossman & Co. negotiates two lease agreements totaling 6,500 square feet at City Plaza at Tampa Palms, Florida

 TAMPA - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast recently negotiated two lease transactions that total 6,500 square feet at City Plaza at Tampa Palms located on Tampa Palms Blvd. in the Bruce B. Downs Blvd. corridor in New Tampa.

 Courtney Kowalchuk (top right photo), vice president of leasing at Crossman & Company negotiated the transactions representing the landlord of the Publix-anchored center that Crossman & Company is redeveloping.. 

Kowalchuk negotiated a renewal lease with Chips Jr., Inc. d/b/a Ellen’s Hallmark for 4,800 square feet at 16027 Tampa Palms Blvd. and a new lease with Infinity Mobile Solution, Inc. d/b/a Unlimited Wireless for 700 square feet at 16067 Tampa Palms Blvd.

For more information, contact:  

Courtney Kowalchuk, Senior Associate Crossman & Company, 407-581-6232; ckowalchuk@crossmanco.com

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com

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

Chatham Lodging Trust Announces Third Quarter Results

 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, announced results for the third quarter ended September 30, 2010.

 Third Quarter 2010 Highlights

  • Successfully invested approximately $135 million to acquire seven hotels comprising 837 rooms (two of these acquisitions occurred subsequent to quarter end), fully investing the proceeds from its IPO and more than doubling its portfolio of rooms from the end of the second quarter and bringing Chatham’s total current hotel portfolio to 13 hotels and 1,650 rooms. 

  • Pro forma revenue per available room (RevPAR) for the third quarter was $94.59, an increase of 4.7 percent from the comparable period in 2009, assuming the company owned all 13 of its hotels for the entire third quarter.  Pro forma occupancy was up 4.9 percent to 79.6 percent and pro forma average daily rate (ADR) was down slightly, 0.1 percent, to $118.88.

  • Gross operating profit (GOP) margins (hotel operating revenue less hotel operating expenses, before property taxes and insurance) were 41 percent for the third quarter.

  • Generated Adjusted EBITDA of $2.3 million, Adjusted FFO of $1.9 million and Adjusted FFO per diluted share of $0.21 based on shares outstanding in the third quarter.

  • Declared the company’s first quarterly dividend of $0.175 per share.

  • Subsequent to quarter end, entered into an $85 million secured revolving credit facility that can expand to $110 million.

  “We achieved these significant milestones within six months of our IPO, a time frame that exceeded our expectations,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.

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

Dennis Craven (Company), Chief Financial Officer, (561) 227-1386                                                                                                                                                                                                   
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293

Alon Shnitzer of Marcus & Millichap Promoted to Vice President Investments in Phoeniz, AZ

 PHOENIX, AZ-- The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Alon Shnitzer (top right photo) to vice president investments.

The achievement is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin (bottom left photo), president and chief executive officer.

Most recently, Shnitzer was an associate vice presidents investments.

Shnitzer began his career with Marcus & Millichap as a sales intern in 2002. He specializes in multifamily investment sales, and is consistently ranked as one of the top investment professionals in the Phoenix office.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Wilson Commercial Real Estate Completes 25,000-SF Lease with Sprouts Farmers Market in Granada Hills, CA

 GRANADA HILLS, CA. – NOV. 9, 2010 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms along with Regency Centers, a national developer, owner and operator of grocery-anchored and community shopping centers has recently completed a 25,000-square-foot, 10-year lease with Sprouts Farmers Market at Granada Village (top left photo), a 224,783-square-foot shopping center located at  the NWC of Chatsworth Street and Zelzah Avenue in Granada Hills, Calif.

 Sprouts Farmers Market will be occupying space previously occupied by Ralphs and is slated to open in Fall 2011.

 The addition of Sprouts Farmers Market will trigger a $16M shopping center remodel and repositioning effort by ownership of the entire center.

 Granada Village is currently anchored by TJ Maxx, Stein Mart, and Rite Aid and features several national retailers including Sally Beauty Supply, The UPS Store, H&R Block, Burger King and RadioShack

“Sprouts Farmers Market will be a great addition to the tenant mix at Granada Village,” said Scott Burns (lower right photo) of Wilson Commercial.  “Granada Village is one of the most well-established retail centers in the region.”

Burns represented the building owner, Regency Centers in the transaction.  Ryan Sullivan of Western Retail Advisors represented the tenant.

 For more information, please visit http://www.wcre.net/

Contact:  David Ebeling, Ebeling Communications, (949) 278-7851

Doubletree Hotel Chicago O’Hare Airport-Rosemont Awarded AAA Four-Diamond Rating

SEATTLE, WA./CHICAGO, IL, Nov. 9, 2010—The Dow Hotel Company, LLC (DHC), a hotel ownership investment and management company, today announced that its Doubletree Hotel Chicago O’Hare Airport-Rosemont (top left photo)  has been awarded the prestigious AAA Four-Diamond rating. 

Located at 5460 North River Road, the 369 room hotel is one of only two Chicago O’Hare properties and the only Hilton product to receive the Four Diamond rating for 2010. 

The designation is granted to hotels that are upscale in all areas.  The award’s stringent criteria are based on a superior level of quality throughout the hotel, an extensive array of amenities and a high degree of hospitality, service and attention to detail.  Accommodations are refined and stylish, with the physical attributes reflecting an enhanced level of quality throughout. 

 “Receiving the Four Diamond designation is a true testament of the Dow Hotel Companies’ high product and service standards and unflagging commitment to meeting the needs of it’s guests,” said David Fincannon, (top right photo) vice president and general manager.

 “Of the 58,000 AAA-approved Diamond-rated properties in North America, only 3.5 percent receive the coveted Four Diamond Rating, making this acknowledgement all the more special.”

DHC has been upgrading the property since purchasing the hotel in 2007.  Located only five minutes from Chicago O'Hare International Airport (middle left photo), the 10-story hotel is directly across from the Donald E. Stephens Convention and Conference Center. 

The hotel is within walking distance of Rosemont Theater, Allstate Arena, Muvico and just 15 minutes from downtown Chicago. 

 More information on The Dow Hotel Company is available at http://www.dowhotelco.com/

.Contact:  Chris Daly, Phone:  (703) 435-6293, chris@dalygray.com

Arbor Closes $1,450,000 Fannie Mae DUS® Small Loan For Vista Del Sol Apartments in Carlsbad, NM

Uniondale, NY (Nov. 9, 2010) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,450,000 loan under the Fannie Mae DUS® Small Loan product line for the 48-unit complex known as Vista Del Sol Apartments (top left photo)  in Carlsbad, NM.

The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Matt Norman (bottom right photo), Vice President, in Arbor’s full-service Dallas, TX, lending office.

 “The Vista Del Sol transaction was another opportunity for Arbor to work with a repeat borrower and mortgage broker to achieve the desired results—namely a timely refinance, which capitalized on the excellent rates present over the summer of 2010,” Norman said.

Contact:  Christopher Ostrowski, costrowski@arbor.com