Childress Klein Picked to Lease, Manage Terrace Park

Firm Marketing Class A Medical Office Building in Gwinnett County

ATLANTA, GA (Feb. 14, 2011) – Childress Klein Properties announced today it has taken over leasing and management of Terrace Park Medical Center (top left photo) , a medical office building one block south of Gwinnett Medical Center (top right photo).

An affiliate of Wells Fargo hired Childress Klein for the assignment, according to Gordon Buchmiller (middle left photo), managing partner of the firm’s Atlanta office. Terrace Park is a Class A medical office building completed in 2007.

The new assignment expands Childress Klein’s presence in the development, management and leasing of medical office buildings and healthcare industry properties.

In Atlanta’s North Fulton submarket, Childress Klein developed Preston Ridge Commons (middle right rendering) medical office condominiums and manages Jackson Healthcare’s building on Northwinds Parkway.

The assignment also reflects Childress Klein's growing role in the management and leasing of bank-owned properties.

Terrace Park is a three-story, 130,000-square-foot building at 771 Old Norcross Road. The building is about 50 percent leased.

“Terrace Park’s location, high-quality finishes and proximity to Gwinnett Medical Center make it an attractive option for physician practice groups and healthcare companies,” Buchmiller said.

Terrace Park is a state-of-the-art medical office building that can accommodate small and large practice groups and companies that work with and serve them. The building offers abundant surface parking for patients and tenants and reserved parking for physicians.

Contact: Tony Wilbert, Wilbert News Strategies, 404-888-3091, twilbert@wilbertnewsstrategies.com

Grubb & Ellis Announces Creation of Daymark Realty Advisors

  

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the creation of Daymark Realty Advisors, Inc., a wholly owned and separately managed subsidiary. 

Daymark, which shall be responsible for the management of the company’s entire tenant-in-common portfolio, will provide specialized management services to the owners of the TIC portfolio.

 As a result of the restructuring, Daymark Realty Advisors becomes one of the largest real estate asset management companies in the country, serving more than 5,200 clients and overseeing a nationwide portfolio of commercial property totaling approximately 33 million square feet, including more than 8,700 multifamily units. 

Daymark will be based in Santa Ana with regional offices in Atlanta, Chicago, Dallas, Phoenix and Richmond, Va.

 “The unique nature of the tenant-in-common business requires specialized expertise and intense focus, especially as the commercial real estate industry begins to recover from the significant downturn of the past few years,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis Company.

 “Daymark Realty Advisors is dedicated to meeting the unique and evolving needs of its tenant-in-common clients, while Grubb & Ellis Company continues to focus on its core real estate services and non-traded REIT businesses.”

Daymark Realty Advisors will provide strategic asset management, property management, structured finance, accounting and loan advisory services to its existing portfolio.  Daymark is led by president and chief executive officer Steven M. Shipp (middle left photo), who previously served as executive vice president of portfolio management for Grubb & Ellis Realty Investors and who has an extensive commercial real estate background spanning more than 22 years in asset management and structured finance.  

 “Daymark enters the market as one of the most experienced managers in the industry, delivering a ‘client-centric’ model that acknowledges the unique needs of tenant-in-common owners,” said Shipp. “We have brought together a deeply talented pool of professionals with specific expertise in the disciplines necessary to preserve and enhance cash flow, valuation and, ultimately, investor returns.”

 In connection with Daymark’s launch, Grubb & Ellis and Daymark have engaged FBR Capital Markets & Co. as financial advisor.  FBR, in addition to being a leader in the real estate capital markets business, has significant experience in advising TIC asset management companies.

 “Our goal is the protection and preservation of our clients’ investments,” said Shipp. “As such, we look forward to working with our clients to find creative solutions that solve for the general lack of capital that is all too common in the TIC industry.” 

Contact: Janice McDill, Phone: 312.698.6707                                     

Email: Janice.mcdill@grubb-ellis.com

          

Marcus & Millichap Closes Two Sales Valued at $27.8 Million

 Medical Office Building in Southern California Sold for $14.13 Million

 TARZANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Wilbur Medical Plaza (top left photo), a 53,125-square foot multi-tenant specialty medical building in Tarzana. The sales price of $14,130,500 represents $266 per square foot.

 Evan Kovac and Nic Lyon, both healthcare real estate investment specialists in the firm’s San Diego office, represented the seller, Atlantic Pearl Investments Inc., based in Los Angeles (West Hollywood). The buyer was Encino, Calif.-based Ethan Christopher LLC in a joint venture with a well- known institutional medical office building investor.

 “Wilbur Medical Plaza was privately marketed to a select group of medical office REITs, pension funds, private equity and institutional medical office investors, both locally and nationally,” says Kovac. “Ethan Christopher LLC was selected from among several offers from highly qualified bidders.”

“Wilbur Medical Plaza is the premier medical office building in Tarzana’s historically tight medical office submarket,” adds Ethan Christopher’s principal, Mark Hamermesh. “Marcus & Millichap handled this transaction with expertise and professionalism.”

“We are very pleased to have successfully executed an important transaction in the medical office marketplace,” notes Lyon. “It has been our pleasure to work with such a professional and reputable group as Atlantic Pearl Investments throughout this transaction and also with Ethan Christopher, who we believe will continue to operate Wilbur as the premier building in the marketplace.”

Wilbur Medical Plaza is located on a 30,218-square foot corner parcel at 5620 Wilbur Ave. in Tarzana, less than one mile from the Providence Tarzana Medical Center, a 245-bed acute-care facility. The property is easily accessible from U.S. Highway 101 and Ventura Boulevard.

 Built in 1986, the three-story Wilbur Medical Plaza features four levels of subterranean parking, prominent signage and a sleek exterior surrounded by lush landscaping. The building’s tenants are physicians, an on-site surgery center, an imaging center, a pharmacy and other medical related businesses.

Connecticut Shopping Center Trades for $13.7 Million

DERBY, CT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Derby Shopping Cente (middle right photo),  a 170,097-square foot shopping center in Derby.

The sales price of $13.7 million represents $81 per square foot and a 7.31 percent cap rate.

 Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office, and Robert Horvath and Todd Tremblay in the firm’s Boston office, represented the seller and developer, a partnership of New York-based investors. Mancinone, Barbarisi, Horvath and Tremblay also represented the buyer, a Connecticut-based private investor.

“The Derby Shopping Center benefits from its dominant location along New Haven Avenue, Connecticut Route 34,” says Mancinone. “The sales price and cap rate in this transaction can be attributed to property’s exceptional location, tenant strength and high percentage of long-term triple-net leases.”

The property is located at a signalized intersection at 500 New Haven Ave. in Derby, with excellent visibility from two directions.

Redeveloped in 2008, Derby Shopping Center is comprised of five single-tenant buildings on 16.8 acres of land. Tenants include Lowe’s Home Improvement Center, a freestanding Dunkin Donuts, Burger King, Webster Bank and Dollar Tree.

The 152,890-square foot Lowe’s opened for business in December 2008 and has a 20-year absolute triple-net ground lease with eight five-year options. Each option period has a 10 percent escalation.

Derby is located in southwest Connecticut approximately one hour’s drive from New York City and two hours from Boston.

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

Marcus & Millichap Capital Corp Arranges $9 Million in Multifamily Loans

Kenmore, WA Property Refinanced With $5.32 Million Loan

KENMORE, WA,– Marcus & Millichap Capital Corporation (MMCC) has arranged a $5,320,000 refinancing loan for a 75-unit, 59,000-square foot multifamily property in Kenmore.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the loan.

“During the course of the transaction, interest rates began to move up quickly,” says Gioseffi. “MMCC introduced the transaction to an agency lender and a local bank at the same time.

“The bank’s ability to lock rate produced an interest rate almost 0.5 percent lower and we were able to get an extra $300,000 in loan proceeds,” adds Gioseffi.

The loan is for 10 years, amortized over 30 years with a fixed interest rate of 4.12 percent. The LTV is 65 percent.

“One week before the lock expired and we were set to fund, the lender informed us that they needed a phase two environmental inspection,” Gioseffi continues. “We sourced a soils group that could drill and analyze samples within the time frame and the loan funded on the lock expiration date.”

“We are seeing people move towards loans that can be locked at the start,” Gioseffi concludes. “The recent rate jump has made the local banks’ small rate premium an attractive exchange in return for a locked rate.”

Canoga Park, CA Apartments Gets $3.64 Million Loan

CANOGA PARK, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $3,648,000 loan on a 67-unit multifamily property in Canoga Park.

Sharone Sabar, a director in the firm’s Encino office, arranged the loan.

“Using the borrower’s financial strength and management experience, MMCC worked with the lender to obtain pro forma underwriting, which helped the borrower receive high loan to value,” says Sabar.

 “The borrower wanted a GSE loan to purchase this property but the significant amount of tuck-under parking was problematic and ultimately prohibitive.

“The solution was to arrange a carryback with the seller in order to retrofit the building prior to placing long-term debt,” continues Sabar. “The retrofit took approximately 10 weeks to complete and we closed with a GSE immediately thereafter.”

The loan is for seven years, amortized over 30 years with a fixed interest rate of 5.49 percent. The LTV is 75 percent.

Press Contact: Stacey Corso,  Marcus & Millichap Capital Corporation,

(925) 953-1716

www.mmCapCorp.com

Downtown Avalon Park to Welcome Bayridge Sushi

 ORLANDO, FL --- Avalon Park Group’s Vice President Rich Browning (middle right photo) recently negotiated a long-term lease agreement with Bayridge Sushi (top left photo)  for 5,427 square feet of retail space at 3680 Avalon Park Blvd. East in downtown Avalon Park (lower  left photo). 

Stephanie Hodson, marketing director at Avalon Park Group, said this will be owner Ben Lu’s third Bayridge Sushi location in Central Florida.

“Ben Lu moved to New York City when he was a teenager to work in his Master Sushi Chef’s restaurant,” Hodson explained. “He started the first Bayridge Sushi restaurant in Bayridge, NY which was rated 4 stars (****) by the New York Daily News. 

Ten years ago he opened his first Central Florida restaurant in Longwood to great reviews including the Orlando Sentinel which commented “If raw fish is your dish, this is your place” and Orlando Weekly which stated “Bayridge Sushi…swimmingly good.”

He later opened a second Central Florida location on SR 436 near Apopka, which was voted by a local newspaper “Best Sushi 2010,” she said.

Buildout will commence during the first quarter and the restaurant will offer a full bar, hibachi tables and outdoor seating.   Hodson said the restaurant is expected to open by the end of September or October 2011. 

Bayridge Sushi was represented by Frank Thomas of Fact Business & Realty, Inc.

For more information about Bayridge Sushi visit http://www.bayridgesushionline.com/

For more information contact:

Stephanie Hodson, Marketing Director Avalon Park Group, 407-658-6565 stephanie@avalonparkgroup.com

Rich Browning, Vice President Avalon Park Group, 407-658-6565, richb@avalonparkgroup.com

Frank Thomas, Founder Fact Companies, 407-333-3305,  factinvest@cfl.rr.com

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

Lvershelco@aol.com

http://www.avalonpark.com/

Marcus & Millichap Brokers $13 Million Lowe’s Ground Lease in Denver

DENVER, CO, Feb. 11, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 125,601-square foot site in Denver, which is ground-leased to Lowe’s. The sales price is $13 million.

Jamie Medress, a senior vice president investments, Mark Ruble (top right photo), an associate vice president investments, both in the firm’s Phoenix office, and Michael Hoffman (lower left photo), a first vice president and regional manger of the Denver office, represented the seller, an Idaho-based developer. Marcus & Millichap also represented the buyer, a Phoenix-based real estate investment firm.

“Brighton Corp. demolished an old shopping center at the site in order to ground-lease this property to Lowe’s,” says Ruble. “The scarcity of quality product and the multiplicity of offers led to a positive outcome for both parties.”

The site is located at 2220 West Alameda Ave. in Denver.

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

Hal Warren at Hendricks & Partners in Orlando Awarded Certified Apartment Portfolio Supervisor Professional Designation

ORLANDO, FL --- Hal Warren (top right photo), associate partner at Hendricks & Partners in Orlando, was recently awarded the prestigious Certified Apartment Portfolio Supervisor (CAPS) professional designation by the National Apartment Association Education Institute (NAAEI).

 Warren said the NAAEI’s CAPS professional designation---one of the Institute’s most difficult professional qualification---requires the successful completion of five rigorous educational courses that total more than 40 hours of classroom time.

 CAPS certification also requires two years of experience managing a portfolio of apartment properties.

 “CAPS is the industry’s highest certification for professional portfolio managers and according to Cole Whitaker (lower left photo), who heads Hendricks & Partners southeast region,  “Warren is one of a few multi-family investment sales brokers in the U.S. to earn the CAPS certification,” 

Warren, who earned his Bachelor’s Degree from the College of Business at Florida State University in Tallahassee and his MBA from the University of Central Florida, joined Hendricks & Partners in 2008 and ranks as one of the most active investment sales brokers of multi-family properties and development sites in Florida.

Warren has almost 20 years of experience in the field, in the Florida region at United Dominion Realty Trust, The Apartment Group and Cushman & Wakefield.

 Currently Warren is serving a second term as chairman of the City of Orlando’s Historical Preservation Board.

For more information contact:  

Hal Warren, Associate Partner, Hendricks & Partners 407-218-8881 hwarren@HPAPTS.com;

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

  

PwC Signs Long-Term Lease for Five Floors at 12th & Midtown in Atlanta

 ATLANTA, GA /PRNewswire/ -- PwC US, the Big Four assurance, tax and advisory firm, has recommitted to its future in Midtown Atlanta by signing a 16-year lease with Daniel Corporation for 140,000 square feet of space at the 1075 Peachtree office building (top left photo), part of 12th & Midtown, a mixed-use development that serves as the cornerstone of Atlanta's Midtown Mile.

Approximately 1,100 PwC partners and professionals will move into five floors of the 725,000-square foot state-of-the-art facility in mid-2012.

Beyond signaling its plans for continued growth and its confidence in the Atlanta market, PwC determined that a move to 1075 Peachtree would offer a number of advantages for the firm's clients and people, including an on-site Loew's hotel and conference center that will facilitate on-site events and support training needs. The building is also Silver LEED certified by the US Green Building Council.

"Our business and culture are based on building relationships, delivering value and winning in the global marketplace. 1075 Peachtree supports those elements locally for both our clients and our people," said PwC Market Managing Partner Gary Price.(middle right photo)  "The new building's impressive amenities and features, stunning architecture and prime Midtown location were too compelling to pass up," Price added.

"PwC embodies the international leader we envisioned occupying the space in 1075 Peachtree," said Doug Guedry, (middle left photo) vice president of office leasing for Daniel Corp. "The firm's reputation for outstanding performance and exceptional innovation is in line with our mission to bring value to Midtown, and we look forward to collaborating with PwC as they build out a world-class office environment."

The transaction was brokered by Timothy Dempsey and John Shlesinger of CB Richard Ellis, a commercial real estate firm offering a full range of services for property owners, occupiers and investors.

CONTACT: Mary Reynolds, mary@thereynoldsgroupinc.com, or Audrey Califf, Audrey@thereynoldsgroupinc.com, +1-404-888-9348, v., +1-877-231-1568, tf., or +1-404-888-9349, f., or Elliott Frieder, PwC US, +1-646-471-3108, elliott.frieder@us.pwc.com

Web Site: http://www.danielcorp.com/

Broadstone REIT Acquires Five Net-Leased Medical Office Properties for $18.4 Million

 ROCHESTER, N.Y., Feb. 11, 2011 /PRNewswire/ -- Broadstone Real Estate, LLC today announced that Broadstone Net Lease, Inc. (BNL) recently completed the acquisition of five triple net-leased medical office properties for a combined purchase price of $18.4MM.

On January 14, 2011, BNL acquired four radiology centers in a sale and lease back transaction. The properties are located in the greater Tampa Bay, FL area. The four sites comprise more than 50,000 SF and are leased to Tower Radiology Centers for 15 years. Tower is the leading outpatient imaging provider in the Tampa Bay area with 11 locations and more than 30 radiologists.

On January 31, 2011, BNL also completed a sale and lease back transaction for the Plastic and Cosmetic Surgery Center of Texas. The 11,000 SF site is located in Plano, TX and is leased for an initial term of 15 years.

Broadstone Net Lease, Inc. is a private Real Estate Investment Trust (REIT) that invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States.

 BNL now holds a diversified portfolio of medical office, restaurant, convenience store, specialty office and distribution centers, including 79 properties located in 21 states.  It is currently targeting acquisitions in the $5 to $30 million range.

 The REIT is managed by Broadstone Real Estate, LLC which is certified as a Women's Business Enterprise by the Women's Business Enterprise National Council.

CONTACT: Brandon Tones, Acquisitions, +1-585-262-9336, brandonto@BroadstoneRE.com, or Chris Czarnecki, Capital Markets, +1-585-399-7040, chriscz@BroadstoneRE.com, both of Broadstone Real Estate, LLC

Web Site: http://www.BroadstoneRE.com

Jones Lang LaSalle Completes 16,900-SF Office Lease with Kayne Anderson Rudnick in Century City, CA

 CENTURY CITY, CA, Feb. 11, 2011 — Jones Lang LaSalle represented Kayne Anderson Rudnick in a 16,900-square-foot lease renewal at Gateway East, (top left photo) a 13-story, 286,000-square-foot, Class A office property located at 1800 Avenue of the Stars in Century City, Calif. 

Jones Lang LaSalle’s team of Managing Directors John Ghiselli, Mike McRoskey and John McRoskey represented Kayne Anderson Rudnick in the transaction.  The property owner, Topa Management Company, was represented in-house by Darren Bell.

“The current economic conditions and our knowledge of local market dynamics allowed Jones Lang LaSalle to negotiate terms enabling Kayne Anderson Rudnick to keep its rent very competitive, extend its lease term and provide for future flexibility,” said Ghiselli.

Kayne Anderson Rudnick Investment Management is a registered investment advisor based in Los Angeles, California with approximately $5 billion in assets under management.

Founded in 1984, their clients include affluent individuals, endowments, foundations, corporations, public funds, and pension plans for who it manages a range of portfolios having a common disciplined, high-quality investment philosophy.

For more information, please visit our website, http://www.kayne.com/

Contact:  David Ebeling, Ebeling Communications, (p) 949.861.8351, (c) 949.278.785, david@ebelingcomm.com

New Leases From Berger Commercial Realty Corp.

FORT LAUDERDALE, FL. – Keith Graves (top right photo) of Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced two new lease transactions.

 Graves represented landlord SPG NW 63rd Court, LLC in the lease of 59,912 square feet of industrial space in a free-standing warehouse and manufacturing building at 2775 NW 63rd Court in Fort Lauderdale to tenant Off Grid Solar, Inc.

Graves also represented landlord 900 S.E. 3rd Avenue, LLC in the lease of 2,797 square feet of space in a three-story office building located at  900 S.E. 3rd Ave. in Fort Lauderdale to tenant Bermello, Ajamil & Partners, Inc.

Contact:  Marielle Sologuren, Pierson Grant Public Relations

(954) 776-1999, ext. 226, msologuren@piersongrant.com

NAI Realvest Negotiates New Lease Agreement with Nemours at La Vina Marketplace in Southeast Orlando

MAITLAND, Fla. --- NAI Realvest recently negotiated a new lease agreement with Nemours for 7,099 square feet of office space at La Vina Marketplace (above centered rendering), 9145 Narcoossee Rd. in southeast Orlando.

Senior Associate Mary Frances West (middle right photo), CCIM negotiated the transaction representing the landlord, Orlando-based Ripley’s International LLC.

The tenant, who already occupies 5,246 square feet for its Nemours Children’s Hospital Preview Center on the first floor of La Vina Marketplace, is expanding into second floor suites A200, 201, 202 and 206.

 The expansion will bring the total square footage Nemours occupies to 12,345 square feet at the La Vina Marketplace.  Mickey Hage of Mickey Hage, Inc. represented Nemours in the transaction.

For more information, contact

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com;

Patrick Mahoney, Chief Operating Officer NAI Realvest, 407-875-9989 pmahoney@realvest.com

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

Marcus & Millichap Lists $11.6 Million Multifamily Property in Cincinnati, OH

CINCINNATI, OH, Feb.10, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Ashley Woods (top left photo), a 352-unit, 314,880-square foot multifamily property in Cincinnati.

The listing price of $11,650,000 represents $33,097 per unit, and $37 per square foot.

 Scott Harris, a senior vice president investments, and Kyle Shoemaker, a multifamily property investment specialist, both in the firm’s Oak Brook office and in Cincinnati, are representing the seller, Ashley Woods Limited Partnership, an affiliate of the Haley Real Estate Group LLC, based in Omaha, Neb.

“Ashley Woods offers potential buyers the opportunity to acquire a well-maintained and well-occupied apartment complex serving low- to moderate-income tenants in northwest Cincinnati,” says Kurt Shoemaker.

The property is located at 2300 Walden Glen Circle in Cincinnati near Interstate 275.

 Built in 1970 on 23.9 acres, Ashley Woods has a variety of garden-style and townhouse floor plans. The unit mix includes 32 one-bedroom garden units, 108 two-bedroom/two-bath garden units, 176 two-bedroom/two-bath townhouse units and 36 three-bedroom/two-bath garden units.

Apartments at Ashley Woods contain fully equipped kitchens, washer and dryer connections, private patios/balconies and an abundance of closet space. Community areas include on-site laundry facilities, an outdoor pool, basketball courts and on-site management.

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

Wells REIT II Signs Toyota Motor Credit Corp. to Lease Extension in Suburban Phoenix

NORCROSS, GA– Wells Real Estate Investment Trust II has signed a lease extension with automotive financial services firm Toyota Motor Credit Corporation in suburban Phoenix. 

Toyota has occupied the entire 133,317-square-foot building at One San Tan Corporate Center (top left photo) in Chandler since its expansion in 2006.  Wells REIT II, owner of the building, has now extended Toyota’s lease for an additional five years and five months, until April 2017.  Terms were not announced.

“Toyota is a valued tenant in our portfolio, and this renewal enables us to maintain that relationship while continuing to provide long-term solutions for their real estate requirements,” said Kevin Hoover (middle right photo), Managing Director of Real Estate.  Toyota was represented by Wade and Rhonda Clark with Jones Lang LaSalle.

Toyota Motor Credit Corporation is a leading provider of automotive financial services, offering an extensive line of financing plans and vehicle and payment protection products to Toyota, Lexus and Scion customers and dealers in the U.S.

Currently, the Wells REIT II portfolio includes 92 office buildings in 24 states, Washington, D.C., and Russia, covering more than 22 million square feet.  Wells REIT II closed to new investments on June 30, 2010.  For information on Wells REIT II, visit http://www.WellsREITII.com/.

Media Contact: Margot Olcay, Rubenstein Associates, (212) 843-8284

HFF closes $220 million in multi-housing sales in Southern California

 IRVINE, CA - HFF  has closed the sale of four multi-housing communities totaling 1,123 units and $220 million in Southern California.  The properties include: 416 on Broadway in Glendale, The Hills at Valencia in Valencia, Waterstone Carlsbad in Carlsbad and Emerald Ridge in Hacienda Heights.

The HFF investment sales team was led by Sean Deasy (top right photo), co-head of the firm’s national multi-housing investment sales group.  All four transactions closed within the last 45 days.  Individual property and sale details are included below: 

416 on Broadway , 412 E. Broadway, Glendale, 115 units, closed  2/20/2010.

The Hills at Valencia (middle left photo), 28100 Smyth Drive, Valencia, 208 units, closed 1/5/2011

 Waterstone Carlsbad (middle right photo), 2320 Via Clemente, Carlsbad, 450 units, closed 1/6/2011

 Emerald Ridge, 2401 S. Hacienda Blvd, Hacienda Heights, 350 units, closed  2/1/2011

“These recently closed transactions signify the diversity and depth of HFF’s national multi-housing investment sales group’s reach throughout Southern California,” said Deasy. 

Further demonstrating HFF’s expanding multi-housing platform in the West, the firm announced that it has been hired as the exclusive listing agent by a Southern California-based operating partner and New York-based private equity firm to market the Oasis at Waipahu), a 406-unit townhome community, 16 miles northwest of Waikiki in Oahu, Hawaii.  Offers are due in late February.

Contacts:                      

Sean P. Deasy, Ca. Lic. # 00914616, HFF Senior Managing Director 

Co-Head National Multi-Housing IS Group,  (949) 253-8800, sdeasy@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

Thomas Clearwater Named Senior Vice President of Sales for Richfield Hospitality

 DENVER, CO, Feb. 9, 2011—Richfield Hospitality, a leading hotel management company, today announced that Thomas Clearwater has joined the company as senior vice president of sales.  He will head all property-level sales for the company’s 24-hotel portfolio.

“The outlook for the hotel industry is positive, with business and meeting business expected to improve substantially over the coming year,” said Richfield Hospitality president Greg Mount (top right photo).

 “Tom will develop and oversee execution of the sales strategies for each of our properties with a focus in 2011 on driving rate.  Our portfolio gained market share last year, and Tom will help us build additional momentum.  Combined with the electronic marketing expertise from our Sceptre Division, we have a formidable team in place to continue to grow market share and profitability.”

Prior to joining Richfield, Clearwater was vice president of sales and special events for the Hard Rock Hotel & Casino in Las Vegas.

 Previously, he was vice president of hospitality finance for GE Capital – Franchise Finance.  He is a former vice president of sales & marketing for Starwood Hotels & Resorts, where he was responsible for managing the sales and revenue management functions for 30 key hotels in the Southwest market.  He holds a Bachelor of Arts degree in Business Administration from Ohio Northern University.

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

jerry@dalygray.com

Summit Hotel Properties, Inc. Prices Initial Public Offering

  

SIOUX FALLS, SD, Feb. 8, 2011 —Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the pricing of its initial public offering of 26,000,000 shares of common stock at a public offering price of $9.75 per share.

The offering is expected to close on February 14, 2011.

 The underwriters have been granted a 30-day option to purchase up to an additional 3,900,000 shares at the public offering price, less the underwriting discount, to cover over-allotments, if any.  All the shares are being offered by the Company. 

The shares are expected to begin trading on February 9, 2011 on the New York Stock Exchange under the symbol “INN.”

Concurrent with the closing of the offering, the Company expects to raise additional proceeds through a private placement to an affiliate of InterContinental Hotels Group on the terms described in the prospectus relating to the offering.

The Company will contribute the net proceeds of the offering and concurrent private placement to its operating partnership, which will use the net proceeds to repay or extinguish existing indebtedness and to fund capital improvements at the Company’s hotels and for general corporate and working capital purposes.

For additional information, please contact:

Jerry Daly, Carol McCune, (Media Daly Gray Public Relations, (703) 435-6293 jerry@dalygray.com                                                                                                                                Dan Boyum, (Investors), Summit Hotel Properties, Inc., (605) 361-9566,

dboyum@shpreit.com

Colliers International Completes Sale of Trophy Grocery and Drug Anchored Shopping Center in Valencia, CA

SANTA CLARITA, CA, Feb. 8, 2011-- Colliers International, the second largest global real estate services organization, facilitated the investment sale of Northpark Village Square (top left photo), an 87,094-square-foot neighborhood shopping center located at 27706 – 27760 McBean Parkway, Santa Clarita, Calif. to an institutional buyer with offices in Orange County California.

 The property is anchored by a high performing Ralphs, and includes Rite Aid, Wells Fargo, and Starbucks as tenants. Built in 1996 and having undergone expansion in 1999, the center has maintained at least 95% occupancy since its construction.

 The Seller, Northpark Village Corporation, an entity advised by Cornerstone Real Estate Advisers LLC, was represented by Tom J. Lagos (middle right photo), Senior Vice President and the Director of Retail Services Group, based in Colliers International’s Downtown Los Angeles office.

“The sale of Northpark Village Square proves there is a large investor appetite for quality ‘core’ grocery-anchored retail properties,” said Lagos.

“Our team was able to generate 23 qualified offers, 22 of which were all cash, within three weeks of commencing the marketing campaign. The sub 6% cap rate achieved for this transaction is an indicator of the strong demand we had from worldwide institutional investors capitalizing on the historically wide spreads between cap rates and treasury rates” said Lagos. 

 “We are proud of the level of service brought forth by Tom and his team. They are highly specialized allowing them to continually deliver solid results to their clients,” said Martin Pupil (middle left photo), Regional Managing Director of Colliers International Greater Los Angeles.

 “This demand for quality anchored shopping centers may not last very long, so I hope investors who have been sitting on the fence about selling their shopping centers take notice of this sale and seize the opportunity to dispose of their properties  this year,” added Lagos. 

“I must warn that even though market conditions are right and Buyer demand continues to be strong, all properties are different and you must have the right sales strategy to maximize value.” 

 Contact:

Angela S. Hwang

Regional Marketing Coordinator

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

http://www.colliers.com/