Tuesday, May 3, 2011
Colliers International Completes 20,164-Square-Feet, Rite Aid-Anchored Retail Center Sale at 8.5% Cap Rate for Total Value of $8.965 Million in Somerset, NJ
SOMERSET, NJ, May 3, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 20,164-square-feet multi-tenant retail property located at 464 Elizabeth Ave. Somerset, NJ 08873 (top left photo) to a private regional developer. The transaction is valued at $8.965 million.
This retail center was built in 2009 and boasts strong national tenants such as Rite Aid and Dunkin Donuts and New Millennium Bank. Additionally, its location offers less than an hour’s drive from New York City and has experienced strong growth driven by Fortune 500 companies and Rutgers University.
Colliers received a total of 10 offers on the property, the majority of which were high net worth investors living throughout the U.S. The sale closed at an 8.5% cap rate.
Ian Schroeder and Maurice Nieman, vice presidents, based in Colliers International’s Irvine office, represented both the buyer and seller by partnering with William Aiello and George Lulos, both senior vice presidents based in Colliers International’s Harrisburg, PA office.
“We sold this property for $35,000 less than the asking price, which is a testament to the shortage quality net leased assets in the market,” said Nieman. “Our job in a transaction such as this is to manage the process from start to finish.”
Nieman added that Colliers executed a very detailed up-front analysis of the property expenses, submarket, and tenants which supported its ability to generate a premium price for this asset.
“This was a quality asset in which we received multiple offers allowing us to drive up the price. We put our marketing process to work fully exposing this property to both investors and brokers which allowed us to achieve the highest possible price for our client,” said Schroeder.
Colliers International Completes 3,080-SF Medical Office Sale for $1.7 Million in Los Angeles
LOS ANGELES, CA, May 3, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 3,080-square-feet medical office building located at 8158 Beverly Blvd (lower right photo). Los Angeles, Calif. The transaction is valued at $1.7 million.
Built in 1950, the property is a single-story medical office building located on Beverly Blvd between La Cienega & Crescent Heights. It occupies 3,080 square feet on 5,489 square feet of land and offers 10 parking spaces.
Kathleen A. Silver, CCIM, Senior Vice President, based in Colliers International’s West Los Angeles office represented the buyer, Blufrog REI 8158 Beverly, LLC. The seller, The Schonfield Family Trust, was represented by Brad Conroy of Conroy Commercial.
“At long last, Blufrog REI 8158 Beverly, LLC finds a medical building after an in-depth 2 year search,” said Silver. “The area has a supportive medical community with Cedars Sinai Medical Center less than a mile away. This was a unique opportunity with very little product available of its kind."
Contact: Angela S. Hwang
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
ORLANDO, FL --- Celebration Golf Management has a special Mother’s Day offer for mothers who play golf and it’s good for the entire month of May: a free lunch at any of the five Central Florida golf courses Celebration owns and operates throughout Central Florida.
Gene Garrote, president of Celebration Golf Management, said the offer is valid through May 31 at Celebration Golf Club near Walt Disney World; Legends Golf and Country Club and Kings Ridge Golf Club in Clermont; Stoneybrook West Golf Club in Winter Garden and Eagle Creek Golf Club on Narcoossee Road in southeast Orlando.
Garrote said the special Mother’s Day offer is a way to celebrate mothers and introduce young lady golfers to Celebration Golf Management’s Central Florida-area golf courses.
“We’re confident that once you play one of our golf courses you’ll come back,” Garrote said. “We have great courses, a terrific staff and really fine restaurants too,” he said.
For media information, contact:
Gene Garrote, President, Celebration Golf Management, LLC 407-566-1045
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142 or 407-461-3780; email@example.com
Permitting Specialist at Cuhaci & Peterson Architects Appointed to County Board to Streamline Permitting Processes
“Regulatory requirements have a sound purpose to assure quality design and construction throughout Orange County,” Peterson said. “The problem arises when several different agencies over several years insert specific requirements that sometimes overlap and are sometimes obsolete,” he said.
Tomala is well versed in county regulatory requirements.
“Bill Tomala is responsible for meeting regulatory requirements for a wide variety of commercial and residential projects, from the handicap ramps we design pro bono for clients of the Center for Independent Living to large scale retail, office, medical and food service environments,” Peterson said.
Orange County Mayor Teresa Jacobs (middle left photo) appointed the task force.
“Mayor Jacobs is on the right track and we applaud her efforts,” Peterson said. “If we can streamline the regulatory and permitting process we can maintain Orange County’s high standards and reduce the cost of design, development and construction,” Peterson said.
For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142 or 407-461-3780; firstname.lastname@example.org
Construction of two models, six ready-to-move-in single family homes to start in July at Avalonpark Texas, LP’s The Springs of Walnut Creek in North Austin
Kunz said construction of 53 home sites in the first two phases will be completed in July/August. Altogether, 110 single family home sites are planned at The Springs of Walnut Creek.
Kunz added that he is currently talking with additional home builders about the town home site (Phase 4) which will have between 40 and 60 home sites.
Avalon Park Group developed the 1,860-acre Avalon Park, an award-winning neotraditional community of more than 3,500 homes in east Orlando and New River Township, an 1,800-acre master planned community north of Tampa in Pasco County.
For more information, contact
Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356, email@example.com
Stephanie Hodson, Marketing Director, Avalon Park Group 407-658-6565
Beat Kahli, CEO Avalon Park Group / Principal Avalonpark Texas, LP 407-658-6565
Eric Marks, Vice President, Avalon Park Group 407-658-6565, firstname.lastname@example.org
Larry Vershel, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com
The landlord is Kin Properties, Inc. of Boca Raton.
For more information, contact:
Robert Blackwell, SIOR, NAI Realvest 407-875-9989; or email@example.com;
Patrick Mahoney, President, NAI Realvest 407-875-9989 firstname.lastname@example.org
Beth Payan, Larry Vershel Communications, 407-644-4142, email@example.com
PCCP and SRM Associates Form Joint Venture to Develop 160,000-SF Build-to-Suit Office Project for VF Outdoor in Alameda, CA
The project will serve as the global headquarters for VF Outdoor and its brands including The North Face®, JanSport® and lucy®. Ground breaking for the project occurred today and completion is anticipated in summer 2012.
Phil Lombardo and John McManus of Cushman and Wakefield represented VF Outdoor.
The 25,000-square-foot amenity building will include a private café and fitness center and conference room facilities. The other three buildings will house the headquarters for The North Face, JanSport and lucy brands, including apparel research and design, and a prototype showroom.
The new offices will overlook San Francisco Bay and offer access to running trails and public transportation, including Ferry services to San Francisco within one mile of the headquarters.
”We are pleased to partner with VF on this unique build-to-suit project and tailor a solution that satisfies their facility objectives on many levels including sustainability, creating an inspiring environment for their employees, achieving competitive economics and delivering on a turnkey basis,” said Joe Ernst, principal with SRM Associates.
“As an Alameda based-business, we are proud to play a major role with our partner PCCP in bringing VF Outdoor and its brands to our community.”
Media Contact: Darcie Giacchetto, Spaulding Thompson & Associates, Inc.
Post Properties Announces First Quarter 2011 Earnings and Development of Post Midtown Square® - Phase III in Houston, TX
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today a net loss attributable to common shareholders of $0.4 million, or a loss of $0.01 per diluted share, for the first quarter of 2011, compared to a net loss attributable to common shareholders of $3.1 million, or a loss of $0.06 per diluted share, for the first quarter of 2010.
The Company’s net loss attributable to common shareholders for the first quarter of 2011 included $1.8 million of costs associated with the Company’s redemption of its Series B preferred stock, discussed further below.
For a complete copy of the company’s news release and financials, please contact Chris Papa, 404-846-5028 or firstname.lastname@example.org
Investor/Analyst Conference Call Scheduled for May 3, 2011 at 10:00 a.m. EDT
TAIPEI, Taiwan (May 3, 2011) – The new W Taipei (middle left photo) is pleased to announce that it has appointed one of Taipei’s brightest personalities, Charlie Lin (top right photo), as the official W Insider – a clued-in concierge to connect the hotel’s savvy guests to Taipei’s hottest events, happenings and entertainment.
In addition, W Taipei also introduces the first W Insider Guide for W hotels in Asia – the W Taipei Insider Guide; the quintessential guide for all that is cool, fun, eclectic and interesting in Taipei.
With its grand opening in February, W Taipei is quickly becoming one of the city’s go-to destinations for fashion, design and entertainment. Charlie Lin and the Insider Guide will help W guests extend that experience beyond the hotel into Taipei city, providing the ultimate insider’s knowledge of the best the city has to offer. The Insider Guide will be available for TWD600 in the Munchie Box self-service minibar in all W Taipei guestrooms.
“W guests expect an experience beyond the typical, and our new ‘Insider Access’ services will help our guests get the most out of their stay at the W,” said Cary Michael Gray, General Manager of W Taipei.
“With Charlie onsite, and having the very first W Insider Guide in Asia, we will provide our guests with unparalleled inside access to the city’s most hip, eclectic, entertaining and coveted happenings.”
For reservations and more information, please visit http://www.wtaipei.com/
Contact: Hwee Peng Yeo, Tel : 65 9768.6087
BETHESDA, MD -- Crossbeam Capital LLC of Bethesda, Md. has acquired Woodland Hills Apartments (top left photo), a 282-unit, 18-month-old garden-style rental community in Humble, TX, a suburb of Houston.
The 11.2 acre community was purchased for an undisclosed amount from Houston-based Verde Apartment Communities which developed the property.
Woodland Hills is the eighth apartment community acquisition, encompassing over 2,000 rental units, that Crossbeam has completed with its operating partner, Houston-based Concierge Management Services (CMS). In December, Crossbeam completed its merger with CMS’ parent company, Concierge Asset Management.
“The acquisition of Woodland Hills, which is 95% occupied, exemplifies our strategy of acquiring well located apartments close to major employment centers in high-growth markets.
“Through our property management and repositioning, we are able to provide exceptional apartment homes for our residents and create value for our investors,” said Crossbeam’s Chief Business Officer, Brad Blash (middle right photo).
“ “Our ability to acquire this attractive Class A garden apartment community at a significant discount to its replacement cost, enables us to further enhance the property and the lifestyle,” continued Blash.
Woodland Hills is located at 3918 Atascocita Road, just off of Highway 58, and approximately 20 miles from the Houston CBD. The apartment community is within 10 miles of George Bush Intercontinental Airport, Haliburton, and the Greenspoint Business District where Exxon Mobil is headquartered and UPS has a major facility. It is also close to large retailers including Kroger, Super Target, Lowe’s, and Best Buy.
Charles Cirar, vice chairman of CB Richard Ellis’ Multihousing Group, represented Verde in marketing Woodland Hills.
“While evaluating offers for the Woodland Hills transaction price was important, equally, if not more important was the ability to close on the acquisition,” said Cirar.
“With Maxwell Drever (middle left photo) and the Crossbeam team, we knew that we had the certainty of execution we were looking for. “
Tom Cabibi, president of Altitude Realty, LLC, Denver, worked with the buyers. Brant Smith, senior vice president and Michael Levell, assistant vice president, of Berkadia Commercial Mortgage’s Austin office, arranged the permanent financing through Freddie Mac.
Woodland Hills, built in 2009, has a full array of amenities, including a resort style pool, outdoor fireplace lounge, expansive clubroom with billiards and gaming stations, a-state-of the-art- fitness center and full service business center.
The apartments at Woodland Hills, which average 880 square feet, are available with one, two or three bedrooms and up to two baths. Interiors include designer appliances and countertops, garden style tubs and washer / dryers in select units.
Concierge Management Services will manage the apartment community and Concierge Construction Company will oversee its renovation. Both are divisions of Crossbeam Capital.
Jennifer Farthing – 240.223.1679 – email@example.com
Chris Barnett, 415-336-5092; firstname.lastname@example.org
BOSTON, MA, May 3, 2011 – PKF Consulting USA (PKFC), a management consulting firm specializing in the hospitality industry and a division of Colliers International, today announced that Andrea Foster (top right photo) has rejoined the firm as vice president in the firm’s Boston office.
Foster will oversee private sector engagements as the director of hospitality services, New England, as well as serve as the firm’s spa and lifestyle expert as national director of spa consulting USA.
She rejoins PKFC from Miraval, the top-rated destination spa resort and healthy lifestyle brand located in Tucson, Ariz., where she served as vice president of marketing and business development. She originally joined PKF Consulting in 2002 as vice president at the firm’s Los Angeles office.
“Andrea is a 15-year veteran of the lodging and spa industries and brings with her a wide range of consulting, marketing and operations experience,” said Dave Arnold (middle left photo), C.E.O. - East for PKFC. “She set a high standard in our Los Angeles office, and we’re fortunate to have a professional of her caliber on board to assist our clients.”
“Andrea is a welcome addition to the Boston practice,” said Reed Woodworth, (lower right photo) vice president and practice leader of the Boston and DC offices of PKF Consulting USA. “Her deep knowledge of the industry and the region, having grown up in New England, will be of great benefit to our clients as the angst and uncertainty created by the recent economic downturn subsides.”
The Boston practice also recently added a new analyst to coordinate its Boston Trends® in the Hotel Industry publication, who will assist with a variety of public and private sector consulting assignments. These two additions to the Boston practice have greatly strengthened the firm’s presence in New England. PKF Consulting USA also hired a new consultant in the Washington DC practice to better serve its clients in the Mid-Atlantic region.
For further information, please contact:
Reed Woodworth, Vice President , PKF Consulting USA – Boston,
Chris Daly, Daly Gray Public Relations, Tel: 617 330 8192, Tel: 703 435 6293. Email: email@example.com, http://www.dalygray.com/