Monday, February 28, 2011

Younan Properties Successfully Completes Two WestLake Park Sale in Los Angeles



LOS ANGELES, CA,  Feb. 28, 2011 ‐‐‐Younan Properties, Inc., a fully‐integrated, national real estate owner and operator of Class A office buildings in five major U.S. office markets announced that it has completed the disposition of Two WestLake Park (top left photo) in Houston.

KBS Realty Advisors has acquired the 455,142 square foot, high rise located in WestLake Park, long considered the epicenter of Houston's dynamic Energy Corridor submarket.

"Two WestLake Park is a Class A property located in a historically strong submarket with a premier tenant base and consistently strong occupancy," said Zaya Younan (middle right photo), Chairman and Chief Executive Officer. "This sale aligns with our goal to opportunistically dispose of certain assets and continue to deliver strong financial results to our investors and re‐deploy our capital."

"The Houston market is an extremely strong and important market to us," added Younan. "We intend to continue our growth in Houston through acquisitions where we can add value by leveraging our operational and leasing strength."

H. Dan Miller (lower left photo), Senior Managing Director of Holliday Fenoglio Fowler (HFF), represented Younan Properties in the sales transaction. "The Younan team acted with professionalism and integrity throughout the entire process of this disposition, making for a smooth and seamless transaction," said
Miller.

Designed by Skidmore, Owings & Merrill and developed by Hines Interests in 1982, WestLake Park is recognized as the pre‐eminent office park within west Houston due to its location, construction quality and amenity base.

Sitting on 5.4 acres, the Two WestLake Park office building complex includes the 17‐floor office building, a seven‐level parking garage, and the WestLake Club, a private, 67,000 square foot social and athletic club.

 With an overall occupancy of 97.0%, Two WestLake Park boasts a premier roster of tenants including ConocoPhillips, British Petroleum, Merrill Lynch, Raymond James and Marubeni‐Itochu.

With this disposition, Younan Properties will own and manage 10 office properties in Houston including Norfolk Tower in the Greenway submarket; 1700 Younan West Loop South in the Galleria submarket; Shepherd Place in the Inner Loop/River Oaks submarket; Younan Place in the Westchase submarket; Younan Square in downtown Houston; Younan Tower, Bridgewood I, Bridgewood II and Greenbriar Place in the Greenspoint/North Belt submarket, and Younan Plaza in Regency Square.

For more information, visit http://www.younaproperties.com/
.
Contact: Denise Davis, 818.703.9600 x 9705

.


Hersha Hospitality Management Establishes Partnership with Clean the World to Help Fight Hygiene-Related Deaths



PHILADELPHIA, PA,  Feb. 28, 2011 – Hersha Hospitality Management, operator of upper-upscale, upscale, and mid-scale branded and independent hotels in major metropolitan markets, today announced that the company will partner with Clean the World, an Orlando, Fla.-based non-profit organization, to help fight the spread of preventable diseases around the world.

 Hersha’s partnership with Clean the World plans to annually provide more than 1,000,000 bars of recycled soap and 500,000 bottles of recycled shampoo, gels and lotions for distribution to children and families worldwide.  Hersha will be the largest hospitality management company to partner with Clean the World since its founding.

Through this partnership, Hersha plans to annually provide approximately 9,000 children with soap for an entire year and 4,500 children with bottled amenities for an entire year.  In addition to preventing countless deaths due to poor hygiene, Hersha’s partnership with Clean the World plans to divert approximately 90 tons of waste from landfills annually.

The program will be implemented by Hersha Hospitality Management, and plans to include a portfolio encompassing more than 10,000 rooms.  Rollout of the program began in the fall of 2010, and full adoption by the remaining properties is expected over the coming year.

“Hersha developed EarthView, our sustainable hospitality program, because stewardship of our local and global communities is one of the guiding values we embrace as a company,” says Naveen P. Kakarla (top right photo), President and CEO of Hersha Hospitality Management.

 “Our new partnership with Clean the World complements the mission and goals of EarthView.  We understand the global demand for soap and other hotel hygiene products, and we want to leverage our resources to help save the lives of people who are suffering from poor hygiene and improper sanitation.”

“Hersha Hospitality Management understands the value of the Clean the World program and its essential role in our goal to advance a global hygiene revolution,” said Shawn Seipler (middle left photo), Executive Director at Clean the World.

 “By expanding this program throughout their entire portfolio, Hersha and EarthView will solidify their reputations as industry leaders for environmental sustainability, and serve as an inspiration for other hotel partners to follow with their own green initiatives.”

 Additional information about HHM may be found at http://www.hershahotels.com/
.For more information on Clean the World,  visit: http://www.cleantheworld.org/

 Contact: 
Bennett Thomas, Vice President of Finance and Sustainability, Hersha Group, (215) 238-1046
Jerry Daly, Chris Daly, Media, (703) 435-6293, chris@dalygray.com

Crossman & Company Names Former Orange County Mayor Rich Crotty Executive Vice President


ORLANDO, FL --- Crossman & Company, which is one of the largest retail leasing and management firms in the Southeast, recently appointed former Orange County Mayor Rich Crotty (top right photo) Executive Vice President in a move that will enhance the company’s leadership role in the industry and facilitate continued growth throughout the Southeast, said the company’s president.

John Crossman (lower left photo), President, said Mayor Crotty is one of the most recognizable and powerful people in the State of Florida, and will be able to offer some insight and leadership that will help propel the company into the future.

“We are a strong, growing company, and Mayor Crotty brings a level of experience, maturity and leadership that will substantially enhance our capacity to serve our clients throughout the Southeast,” said Crossman, a frequent speaker at regional and national retail conferences who is widely regarded as one of the industry’s leading experts.

Crossman said Mayor Crotty’s public service experience–14 years in the Florida legislature and 19 years in Orange County government, including two terms as Orange County Mayor– may open doors, but his strategic skills will prove more valuable.

“Mayor Crotty tends to look at the longer term and the bigger picture,” Crossman said. “He brings a perspective to this industry that is already facilitating opportunities to increase business, create jobs and help Florida recover from this recession.”

For more information,  contact:
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
.

Hunter Realty Receives Four Top Broker Honors from Hotel Brokers International



ATLANTA, GA Feb. 28, 2011—Hunter Realty, a nationwide hotel investment advisory firm, recently received four top honors for excellence in hotel real estate brokerage in 2010 from Hotel Brokers International, the world’s leading hotel real estate sales organization.   The awards and recipients are:

·         Broker of the Year—Hunter Realty’s president, Teague Hunter (top right photo), CHB, accepted the award on behalf of the seven-office firm.  It is the third consecutive year that Hunter Realty has taken the award.

 “We took a contrarian stance several years ago and added new offices and associates while others were shrinking, and the strategy has paid off,” said Hunter.

“We expect to set a record in transactions in 2011, both in the full-service and select-service segments.  We now are a truly national firm and have significantly increased our bench strength and relationships within the industry with owners, buyers, brands and capital providers.”

·         Salesperson of the Year—For the second straight year, Kyle Stevenson (middle left photo), senior vice president and head of Hunter’s Washington, D.C. office, received the top individual sales honor.

 “Kyle is a great sales professional and team player,” said Lee Hunter (middle right photo) CHB, ISHC, chief operating officer of Hunter Realty.  “He brings significant expertise in financing and provides our clients with valuable insights into markets, trends and pricing.”

              New Associate of the YearGary Mills (lower left  photo),  vice president and head of the firm’s Dallas office, received top honors for his 2010 sales results as a new member in the HBI association in 2011.  “Gary’s background and strong relationships with hotel owners and operators were instrumental in quickly bringing our Dallas office into full production,” said Lee Hunter.


·         Unique Deal of the Year—The firm notched the unique deal with the sale of two adjoining downtown Atlanta hotels to Georgia State University.  The transaction, which encompassed 453 rooms in two hotels adjacent to the university campus, created a win-win situation by providing much-needed student housing at an attractive price below replacement cost and a fair value for the seller’s real estate in a challenging market.

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


Saturday, February 26, 2011

C&W Negotiates Sale of Conway Crest Condominium Community and Belle Isle Mobile Home Park in Belle Isle, FL for $5.17 Million


ORLANDO, FL– Cushman and Wakefield of Florida announced that Conway IG, LLC has purchased the 29-unit Conway Crest Condominium Community (top left photo)  and 2.6-acre Belle Isle Mobile Home Park, located directly on the Conway Chain of Lakes in Belle Isle, Florida. 

Cushman & Wakefield’s Apartment Brokerage Services team of Jay Ballard (middle right photo), Ken Delvillar (lower left photo) and Lindsey Pfaender represented the seller, Redus Florida Condos, LLC in the $5,175,000 transaction.

 “The deal size meant that the investor pool was pretty wide, as deals under $10 million seem to be attracting plenty of interest,” said Ken Delvillar, Associate Director.

An REO asset, the property was offered on a cash basis with no financing contingency. and the Apartment Brokerage team qualified an extensive list of investors prior to letters of intent being accepted.

 “This REO sold asset attracted plenty of interest from investors as a result of the opportunity to purchase an asset at well below estimated replacement cost” said Jay Ballard, Senior Director, Apartment Brokerage Services Team.

 “We expect to see more assets coming to the market from lenders and special servicers in the first half of 2011,” said Delvillar. “Investor are showing renewed interest in acquisitions, as their equity buckets are full.” 

Conway Crest offers a mix of luxurious new condominium and townhome product on  Lake Conway with direct access to the lake provided by a private on-site boat ramp. 

The Belle Isle community is minutes from SR 528 and the Orlando International Airport.  Built in 2008, this community was originally 90 percent pre-sold, but due to unfavorable market conditions, no units were successfully closed and the lender was forced to foreclose on the borrower.

For more information,  please contact:
Jay Ballard | Senior Director Apartment Investment Sales | 407.541.4406 | jay.ballard@cushwake.com
Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com


Friday, February 25, 2011

Interstate Hotels & Resorts Forms Joint Venture; Acquires Sheraton Denver Tech Center



ARLINGTON, VA and DENVER, CO—Interstate Hotels & Resorts, the United States’ largest independent hotel management company,  announced that it has formed a joint venture with Waramaug Hospitality LLC and an investment management company to acquire the Sheraton Denver Tech Center (top left photo) for an undisclosed amount. 

The 262-room property will remain as a Sheraton and immediately undergo a $5.75 million renovation.  Interstate assumed management of the hotel upon completion of the acquisition.

Renovations include a complete make-over of the guest rooms, public and meeting space, food and beverage and recreation areas.  The renovation will be completed in 18 months and will be essentially transparent to guests. 

“This is the only Sheraton-branded hotel in the high-density Denver Tech Center area, and we will use that to our advantage,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer.  “The Denver hotel market is in recovery mode, and we believe our marketing expertise, economies of scale and proprietary systems will allow us to quickly gain market share.”

Located at 7007 South Clinton Street, the Sheraton Denver Tech Center is proximate to numerous businesses, shopping malls, Six Flags Elitch Gardens Amusement Park and several golf courses. 

The hotel offers 10,500 square feet of meeting space and outdoor swimming pool, business center, exercise room, gift shop and club-level guest lounge, as well as a full-service restaurant, the Redfire Restaurant & Lounge. 

“This is our first project with our partners, but it is our expectation that we will do many deals with them,” said Paul Nussbaum, Waramaug’s chief executive officer.  “We also expect to quickly and efficiently renovate and reposition the hotel to take full advantage of improving market fundamentals.”

Additional information about Interstate is available at the company’s website:  http://www.ihrco.com/
.
Contact:
Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293 jerry@dalygray.com                                ,                                                                                                                                            Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320,

McCarthy Building Companies Begins Construction of Arcadia High School Performing Arts Center in Arcadia, CA




ARCADIA, CA— McCarthy Building Companies, Inc., one of Southern California’s foremost building companies specializing in educational facilities, began construction of the Arcadia High School Performing Arts Center (top left photo) in February 2011.

The 40,000-square-foot facility will anchor the campus at its northwest corner on a 4.2 acre site at Campus Drive and El Monte Avenue. McCarthy is serving as general contractor for the $20 million project and LPA of Irvine is the project architect and interior designer.

Once completed in September 2012, the new performing arts center will become the latest addition to Arcadia High School’s historic campus.

“Neither Arcadia Unified School District (AUSD), nor the City of Arcadia has a facility to host performances, so they rent facilities in other cities,” said Randy Cole, project manager for McCarthy.

“The new Center will provide performance space for Arcadia Unified School District school performances and events that will benefit and serve the entire Arcadia community.

In addition, performing arts, especially music, are extremely important to the District, and this facility will showcase this priority for the Arts through its design.”

Myers Houghton & Partners is the project’s structural engineer and Henrikson Owen & Associates is the mechanical engineer.

McCarthy is currently overseeing construction projects throughout the District at 10 elementary and middle schools within the AUSD school facility improvement program that includes new buildings and modernization.

The AUSD school facilities improvement program is being funded by Resolution No. 1137 which called for the "Arcadia Neighborhood Schools Health, Safety, and Repair Measure" (Measure I) Bond Election on the November 7, 2006 ballot.

Contact:
Laura Mickelson (LM Communication), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300
              
 

Marcus & Millichap Sells $30 Million High-Rise in Tempe, AZ



Centrepoint Towers in Tempe, AZ will be renamed West Sixth in one of the highest-profile transactions to close in recent years.


 PHOENIX, AZ – Marcus & Millichap, the nation’s largest real estate investment services firm, has arranged the sale of Centerpoint Condominiums (top left photo), a luxury high-rise residential project in downtown Tempe, Ariz., for $30 million.

The buyer, Cleveland, Ohio-based Zaremba Group, plans to complete construction of the two towers and convert its 375 condos into rental units. Upon completion, the property will be renamed West Sixth.

Located at 111 W. Sixth St., the project was originally developed by Tempe Land Co. LLC,  a subsidiary of Avenue Communities.

Construction began in 2005 and stalled in 2008.  Construction will resume immediately with Phase I of the complex, a 22-story residential tower, which is slated for occupancy by August 2011.

The asset will incorporate mixed-use retail and restaurant space on the ground floor. Phase II, a 30-story residential tower, will be completed by December of this year, giving the community a total of 375 residences.

Multifamily investment specialists Steve Gebing and Cliff David in the Phoenix office of  Marcus & Millichap represented the buyer,

 Zaremba Group, a national real estate organization based in Cleveland, Ohio with a regional office located in Scottsdale, Arizona. CB Richard Ellis’ Phoenix office represented the seller, ML Manager LLC of Phoenix, Arizona, successor to Mortgages Ltd., which acquired the property at a trustee sale in April 2010. 

“Centerpoint is arguably the most desirable, sought-after multifamily project in the state, representing an unparalleled opportunity for Zaremba to lead the effort in completing the area’s most recognizable residential project,” says Gebing.

 “Near-term fluctuations aside, an irreplaceable location adjacent to the nation’s largest public university campus coupled with scarcity of developable land in the immediate area will enable Zaremba to realize significant success with this project.”

West Sixth will inevitably augment the live/work/play lifestyle of the predominate student atmosphere in downtown Tempe. The innovative, urban apartment community will include several amenities consistent with luxurious living, including a 9,000-square foot fitness facility, with a yoga studio, tanning beds and a lounge. The resort-style pool will boast cabanas, fire pits and a barbeque area. 

“West Sixth offers unmatched amenities and will be the pinnacle for urban lifestyle. We are pleased to now move forward mindful that sales of this magnitude and complexity take time to complete,” says Kent Chantung, director of residential development for Zaremba Group on the interval from the previous expected closing date in October, 2010.

 “The added time in the process allowed us to solve lingering issues. With the obstacles resolved, we are now able to deliver a remarkable living environment to Tempe.”

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

CEO Nexus to Co-Host Second Stage Conference at Rollins College March 8



ORLANDO, FL. --- CEO Nexus, a firm that works with public and private organizations in serving growing businesses, will co-host a Second Stage Conference at the Center for Advanced Entrepreneurship at the Crummer Graduate School of Business at Rollins College in Winter Park on Tuesday March 8 from 6 to 8 p.m.

Steve Quello (top right photo), president of CEO Nexus, said conference is open to chief executive officers and principals of second stage companies by invitation only. 

The featured guest speaker is Richard A. Licursi, (lower left photo) co-founder, president and chief executive officer of Spectrum Bridge, Inc., a venture backed company focusing on making wireless bandwith more readily available.    The New Jersey native who received his MBA from Farleigh Dickinson University, is a former vice president of Motorola’s MeshNetworks Product Group.

CEO Nexus is an organization that works in concert with public and private organizations interested in providing business leaders—owners, CEOs and presidents—with practical tools and techniques designed specifically for growing second-stage companies.

Sponsors include the Edward Lowe Foundation, the Florida High Tech Corridor Council, the University of Central Florida Office of Research & Commercialization, Rollins College Center for Advanced Entrepreneurship and GrowFL.

For an invitation and information, contact Steve Quello at 407-590-6101.

For more information, contact:  
Steve Quello, President/Principal, CEO Nexus 407-590-6101, squello@ceonexus.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com
  
 

Sustained Double-Digit Rent Growth is on the Horizon for Industrial Real Estate, Says Grubb & Ellis National Researcher



By Rene Circ, Vice President, National Director of Research, Industrial, Grubb & Ellis Co., Chicago
  
 It is difficult to come out and predict two to three consecutive years of near or above 10 percent rent growth following the three worst years in most people’s memories. However, this is precisely the time to start considering the possibility.

 Most of the shadow space has already been absorbed

 Industrial real estate has been slow to come out of its recession. Aggregate demand, measured by net absorption, did not turn positive until three quarters after the official end of the recession.

The slow recovery can be attributed to the unprecedented amount of shadow space – space that is occupied, but not utilized – that needed to be absorbed before companies started to need new space.

Grubb & Ellis calculates that total industrial shadow space, at its peak, exceeded 100 million square feet. Three recorded consecutive quarters of positive net absorption demonstrate that the above-equilibrium shadow space has been absorbed and business growth is driving demand for new industrial real estate.

 U.S. economy is expected to grow at above its potential

 The U.S. economy grew 2.9 percent in 2010 and currently stands 0.1 percent above its pre-recession high. From the total output perspective, the economy is officially out of recovery and in a new expansionary cycle.

 Most recent indicators suggest that economic growth will accelerate in 2011 to about 4 percent. Growth of this magnitude will translate into stronger job creation and consumer confidence.

Also, near record-high corporate profits and cash positions will spur business investment as revenue-growth driven profits replace cost-cutting driven ones. Economic risks, such as rising oil prices due to the unrest in the Middle East, exist, but the current outlook for 2011 remains positive.

 Net effective rents are down 30 to 50 percent across the nation

 On a national level, net effective rents are down 30 percent from their peak. In some markets, rents have fallen as much as 50 percent over the past two to three years.

The total decline is the aggregate of lower face rents and rising landlord concessions. New, longer-term tenants still receive one month of free rent per year of term, which alone reduces the effective rate by approximately 8 percent.

Additional concessions, such as moving allowances and larger tenant improvement packages, push the effective rates still lower.

Meanwhile, Grubb & Ellis statistics show that the national vacancy rate has declined 50 basis points from its peak and net asking rents are stabilizing. The two-year downward pressure on rents is easing across the nation and landlord concessions can tightened very quickly as new tenants absorb key vacancies.

 New construction is not profitable without significant rent growth

 At the end of fourth quarter of 2010, only about 12 million square feet were under construction. At this rate, 2011 may be the year with the lowest new deliveries on record. Yet, current rent levels do not justify new construction.

 If developers require a 10 percent unleveraged return, assuming zero cost of land and $47 per square foot total soft and hard costs, tenant improvements and leasing commissions, they need a triple net rent of $4.32 per square foot.

The table below shows the required net rents assuming land costs are $2 per square foot, keeping the other costs unchanged. 

Today, market net effective rents are below these rent figures, preventing most developers from starting projects on a speculative basis – only 2 million square feet are currently under construction on a speculative basis across the country.

Net Effective Rents Must Rise Considerably

  The next three years will see strong tenant demand and Grubb & Ellis expects vacancies to fall into the single digits by the end of 2011. It is difficult to generalize the industrial real estate market, as rents and land prices vary considerably market-to-market.

However, on average, net effective rents are 20 to 30 percent below rents necessary to justify investments in new, speculative industrial projects. The combination of strong demand and profit-constrained supply will create a space scarcity and push rents up quickly and considerably.

 Rent declines were unprecedented over the past two years and the experienced double-digit declines will need to be reversed at similar speeds, if market equilibrium is to be achieved.

 Contact:
Janice McDill, Senior Vice President, Marketing & Communications
Grubb & Ellis Company. 500 West Monroe Street, Suite 2700, Chicago, IL 60661
Direct: 312.698.6707• Fax: 312.698.5941



Thursday, February 24, 2011

Parent Company of Avalon Park Group Acquires Major Share of Swiss Beverage Producer Thurella A.G.


 ORLANDO, FL. --- Kahli A.G., the parent company of Avalon Park Group in East Orlando, recently acquired a 6.5 percent stake in Thurella A.G. (BRN:TRLN), a Swiss beverage producer that specializes in fruit and vegetable juices.

 Beat Kahli (top right photo), who heads Avalon Park Group, said the 6.5 percent stake makes Kahli A.G. one of the three largest shareholders in Thurella A.G., a traditional, 100-year-old company.

For more information,  contact:  
Stephanie Hodson, Marketing Director, Avalon Park Group, 407-658-6565;  
Beat Kahli, Owner/Founder, Avalon Park Group, 407-658-6565;  
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

HFF closes $176 million sale and arranges $130 million financing for three Class A office buildings at the Houston Galleria

  

 HOUSTON, TX –HFF announced today that it has closed the $176 million sale of and arranged $130 million in financing for three Class A office buildings totaling 1,065,628 square feet that are part of the Houston Galleria (top left photo).

HFF marketed the property on behalf of the seller, an affiliated entity of Walton Street Capital, L.L.C., and procured the buyer, Unilev Capital Corporation. 

“During the process interest rates increased substantially.  Unilev and the lender committed to close the transaction and both closed as originally agreed to, which is a testament to their character and abilities to bring capital in an ever changing marketplace,” said Robert Williamson (middle right photo) of HFF.

HFF worked exclusively on behalf of the buyer/borrower, Unilev Capital Corporation, to secure the 10-year, fixed-rate acquisition loan through J.P. Morgan Chase Bank, N.A.  The loan will be serviced by HFF. 

“Dan and Raymond Levy worked diligently to close this transaction for Unilev and displayed the highest level of professionalism through the entire process,” added Williamson. 

Located at 2700 Post Oak Boulevard, 5051 Westheimer and 5065-5075 Westheimer, the properties are part of the Houston Galleria, a mixed-used development that includes 2.3 million square feet of upscale retail space, two Westin hotels with 893 rooms, three office towers and parking for 12,685 vehicles.

The Houston Galleria anchors the Galleria/West Loop office submarket and is located about five miles west of downtown Houston.  Tenants at the 90 percent leased office towers include Air Liquide, Southern Union, Merrill Lynch, Citigroup Global Markets, UBS, Banco Santander and BBVA Bancomer.


The HFF investment sales team representing Walton Street was led by senior managing director Robert Williamson. 

HFF senior managing director Wally Reid (lower left photo)  led the team representing the borrower, Unilev Capital Corporation.

Contacts:    
Robert Williamson, HFF Senior Managing Director, (713) 852-3500 rwilliamson@hfflp.com
 Wallace Reid, HFF Senior Managing Director, (713) 852-3500, wreid@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, 713) 852-3500 krmurphy@hfflp.com

 

Palmer Electric Completes Citrus Club Renovation in Orlando


WINTER PARK, FL,  Feb.  24, 2011 — Palmer Electric Company completed its contract with Turner Construction Company for the renovation of the Citrus Club (top left photo) located on the 18 floor of the BB & T building (lower right photo) in downtown Orlando, Fla.

 Under the scope of its contract, Palmer provided electrical contracting and the installation of a new fire alarm system for the front-of-the-house area that encompasses 18,064 square feet of dining rooms, bar and meeting rooms. The project was completed in four months.

PVK Architects Inc. of Orlando, Fla., was the architect of record. The Citrus Club Inc. is the project’s owner.  

Palmer Electric Company is a provider of electrical contracting, service and energy saving technologies to commercial, institutional, industrial, utility and residential customers since its founding in 1951.

 Located in Florida, the company is headquartered in Winter Park with a residential division office in Jacksonville. 

For additional information, visit http://www.palmer-electric.com/

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com


Parkside Partners Sells Chamblee, GA Building to AGL Resources


 ATLANTA, GA - Parkside Partners, LLC, an Atlanta based development and brokerage firm, recently sold a building (top left photo) it owned in Chamblee, Georgia to AGL Resources that will serve as the new location of the gas company’s Peachtree Service Center.  Parkside has been hired to AGL to handle the redevelopment of the building.

AGL acquired the 20,500 square foot building, located one-half mile from the former Doraville GM Plant, from RP Partners, LLC in late December 2010.  AGL’s planned renovation of the building will include a complete interior upgrade, exterior improvements, and new landscape and sidewalks with streetlights and street-trees.

The renovations are scheduled to start in March, and the Peachtree Service Center employees will occupy the building by the end of June.  The center will bring more than 50 jobs to the area, and has a total capital budget of $4 million.

“Parkside Partners has been a tremendous asset to the City of Chamblee,” said Chamblee Mayor, Eric Clarkson (middle right photo).  “They have been able to bring economic development to the City of Chamblee in these trying market conditions.

“They understand the vision of the City and seem to be more than happy to help us realize that vision by incorporating the design guidelines found in our zoning ordinances into the building of their developments.”

RP Partners, a partnership between Parkside Partners and RACO General Contractors, acquired the building in March 2008.  When Ingersoll Rand, which had leased and occupied the building the past 10 years decided to relocate when its lease expired, Parkside approached AGL about acquiring and completing an adaptive re-use of the building and 2.8 acre site.

The sale to AGL closed on Dec. 29 for a purchase price of $2.98 million.  Parkside Partners’ principal, Kyle Jenks, (middle left photo) represented RP Partners and Jim Sanders of ICON Commercial represented AGL.

The AGL Building redevelopment is the latest of several development projects Parkside Partners worked on in Chamblee. 

 Parkside’s other Chamblee developments include 3401 Malone, a warehouse Parkside converted into a loft office space for WGSI, a division of URS Corporation, and 5256 Peachtree (lower right  photo), another converted loft office building where Parkside relocated its offices and has attracted ten additional tenants.

“Combined, Parkside Partners has been involved in nearly $16 million of redevelopment in Chamblee in the past two years, and we made it our new corporate home,” Jenks said. 

 “We are committed to the City.  Chamblee’s accessibility with the MARTA Station, and its proximity to Buckhead, Perimeter Center and major highways, make it a great location to work.”
  
Parkside Partners is recognized as a leader in the development of boutique office buildings, adaptive re-use projects, and office condominium buildings.  Since its inception in 2003, Parkside has completed 15 developments totaling over 550,000 square feet of office space in the Atlanta area.

 For additional information on Parkside Partners, please visit http://www.parksidepartners.com/
.
Contact:  Laura Dudebout, (678) 642-4301

Colliers International Recruits Warren Dahlstrom as President of Investment Services



SEATTLE, WA. /PRNewswire/ -- Colliers International announced today that it has taken a major step in the continued growth of its U.S. platform with the hiring of Warren Dahlstrom (top right photo) as president of its Investment Services Group. 

In addition to overseeing Colliers International's investment services group in the U.S., Dahlstrom will be charged with growing the organization through an aggressive business development strategy and key hires of top-tier brokers and other professionals. He is based in Washington, D.C.

"Warren is a unique professional," said Dylan Taylor (lower left photo), chief executive officer for Colliers International in the U.S.  "He has the ideal combination of experience with large and smaller firms, has spent time as an entrepreneur and embodies the kind of collaborative and client centric approach that makes him a perfect fit for Colliers International.

“The entire organization is looking forward to his immediate contribution to our strategic growth plan."

Dahlstrom has represented owners and investors of institutional commercial real estate since 1986 and has sold, financed or built property valued in excess of $6 billion across the office, retail, industrial, land, hotel and apartment sectors.

Most recently, Dahlstrom was the principal of his own firm, Dahlstrom Real Estate Advisors. 

Contact:: Richard Mulieri, Richard@themarino.org, or Parke Chapman, Parke@themarino.org, both of The Marino Organization, +1-212-889-0808
Web Site: http://www.colliers.com/


Jones Lang LaSalle Awarded Leasing of 1.1 Million SF Class A Office Building in Downtown Los Angeles


LOS ANGELES, CA, Feb. 24, 2011 – Jones Lang LaSalle has been awarded the leasing for Aon Center (top left photo) at 707 Wilshire, a 62-story, 1.1 million-square-foot, Class A office building in Downtown Los Angeles.

Leading the leasing efforts for the property are Jones Lang LaSalle Managing Director John McAniff, Vice President Tim Miller and Associate Marin Rutherford, along with Andy Fishburn of Means Knaus Partners.

“Jones Lang LaSalle was selected for this assignment because of our local market expertise and results-oriented leasing strategies,” said McAniff.  “707 Wilshire is Los Angeles’ second tallest building and one of the most recognizable skyscrapers on the West Coast.”

Jones Lang LaSalle was hired by the landlord, an affiliate of Beacon Capital Partners, which acquired the building in 2007.

Featuring world-class views, 707 Wilshire is located in the heart of Downtown Los Angeles’ Financial District. 

The property is within walking distance of the area’s premier restaurants, clubs, hotels, shopping, museums and city parks in urban Los Angeles.  707 Wilshire features 24-hour security, valet and on-site parking, two dining options with meeting rooms and a private auditorium. 

Currently, the property is home to several high-profile tenants including Aon Insurance Services and Wells Fargo.

Contact:  David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851, david@ebelingcomm.com

The Salvation Army Selects Jones Lang LaSalle to Manage Redevelopment of Herberger Social Service and Administration Campus in Phoenix


 PHOENIX, AZ — The Salvation Army has engaged Jones Lang LaSalle to provide real estate advisory and development management services for a new social service and administration campus (top left rendering).

The redevelopment, which will take place on The Salvation Army Herberger campus at 2707 E. Van Buren Street in Phoenix, will replace 160,000 square feet of failing space with two new buildings and a renovated warehouse.

The redevelopment also opens six acres at the southwest corner of 28th and Van Buren streets, within the Herberger campus, for new, like-minded development.

“The decision to rebuild was based on a full year of evaluation and planning with The Salvation Army and in close coordination with the City of Phoenix,” said Jim Sadler (middle left photo), Executive Vice President for Jones Lang LaSalle’s Phoenix office.

 “We developed a road map that local Salvation Army advisors and its board of directors can use to navigate significant financial and real estate decisions.”

The Herberger campus redevelopment will transform the aging property into an efficient campus, with the potential to reduce operating and maintenance budgets by as much as $1.1 million per year.

“The Herberger campus is a tremendous resource. Our priority is to remain good stewards of that resource,” said Lt. Colonel Doug Danielson (top  right photo), Southwest Divisional Commander for The Salvation Army in Phoenix. “This plan is the best way to take what we have and make it better for those we serve.”

Phase I of the redevelopment project runs from January 2011 to January 2012 and includes a 40,000-square-foot Divisional Headquarters and a 30,000-square-foot social services building at the site of the current Salvation Army property.

Phase II includes six acres of land at the southwest corner of 28th and Van Buren streets. Now on the market, this parcel is intended for development in early 2012 by a public/public or public/private partnership consistent with the mission of The Salvation Army.

“This is the best time in 20 years to implement a significant corporate campus plan,” said Sadler. “Land availability, construction costs and other financial incentives for corporate users are almost unprecedented.”

Stretching east from Downtown Phoenix, the Van Buren/Washington Street corridor runs alongside the Phoenix Light Rail and is part of the Discovery Triangle, a coordinated initiative fostering redevelopment in cross-city urban areas of Tempe and Phoenix.

Out of respect for the Herberger family and their dedication to The Salvation Army, the new campus will maintain the Herberger name.

Sadler leads the project with Jones Lang LaSalle Senior Vice President of Project and Development Services Chris Carrell (lower right photo)

Supporters can direct financial donations to the Phoenix social service project or their local Salvation Army location by visiting http://www.tsasw.org/.

Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations
(480) 600-0195, http://www.focusaz.com/