HFF closes sale of the Sheraton North Dallas in Dallas, TX

  

DALLAS, TX –HFF announced today that it has closed the sale of the Sheraton North Dallas (top left photo), a 309-room, REO hotel in Dallas, Texas.

HFF marketed the distressed property exclusively on behalf of the seller.  HEI Hospitality, LLC purchased the hotel for an undisclosed amount.  This is the second purchase in the submarket for HEI, who bought the Le Méridien last year, which was also marketed by HFF.

The Sheraton North Dallas is located at 4801 LBJ Freeway, across from the Dallas Galleria at the intersection of the LBJ Freeway and the Dallas North Tollway in northwest Dallas. 

Originally built in 1979, the property was renovated in 2009 and features 14,000 square feet of newly renovated meeting space, a full-service restaurant, 24-hour fitness center, indoor/outdoor swimming pools, a club lounge, the Link@Sheraton, dry cleaning service and shuttle service within the surrounding area.

The HFF team representing the seller was led by senior managing director Dan Peek (lower right photo) and director John Bourret (bottom left photo).

Contacts:                 

Daniel Peek, HFF Senior Managing Director, (813) 870-1001,

jbourret@hfflp.com

John Bourret, HFF Director, (214) 265-0880, dpeek@hfflp.com

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

krmurphy@hfflp.com

Stream Realty Partners Purchases Plaza 35

AUSTIN, TX – Stream Realty Partners – Austin, L.P. recently purchased Plaza 35 from a special servicer in April 2011.

 The project is 35% leased. Stream’s leasing team consists of Daniel Farrar, Vice President and Kevin Granger, Partner. HFF (Holliday Fenoglio Fowler, L.P.) brokered the sale transaction.

Plaza 35 is located in the North Austin submarket in the Braker / Metric area and offers excellent visibility, access and frontage directly on Interstate 35. The project is located near Interstate 35 and Parmer Lane.

Contact:

David Blackbird – 512.481.3002  /  dblackbird@streamrealty.com

Taylor Green – 512.481.3004  /  tgreen@streamrealty.com

NAI Realvest Negotiates New Office Lease at University Court in East Orlando

 ORLANDO, Fla. --- NAI Realvest recently negotiated a new lease agreement for 2,502 square feet of office space at University Court located at 3361 Rouse Rd. off University Blvd. in east Orlando.

 Senior Associate Mary Frances West (top right photo), CCIM negotiated the transaction representing the landlord, Interchange Rouse, LLC of Daytona Beach.   

 ASSA ABLOY Sales and Marketing Group, Inc. headquartered in New Haven, Conn., leased Suites 105 and 110 in the building.     The tenant was represented by Robert Kellogg of Grubb & Ellis.

For more information, contact:

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

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com

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

Lennar opens “Cutaway” Homes in four Tampa Bay Area Communities for Home Buyers to Have Inside Look at New Home Construction

TAMPA, FL  ---   Lennar has opened model homes in four Tampa Bay area communities that give potential home buyers an inside look at new home construction.

Mark Metheny, president of Lennar’s Central Florida Division, said Lennar’s “Quality you can see” model homes at Concord Station in Pasco County, Tampa Bay Golf and Country Club in San Antonio, Live Oak in New Tampa and Bahia Lakes in Ruskin offer home buyers a cutaway look at wall, window and roof construction, electrical, plumbing and air conditioning work.

“Many new home buyers are interested in new engineering and construction techniques that make homes more energy efficient, safer and more comfortable,” Metheny explained.

All four model homes are open daily and visitors are invited, Metheny added.

For more information, visit www.Lennar.com   or call 888-317-7489.   

Contacts::

Francine Miller, Director of Sales & Marketing Lennar-Tampa Region, 727-479-1747; Francine.Miller@Lennar.com

Mark Metheny, Lennar Division President-Central Florida, 727-479-1700

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

RETS Associates Names Amy St. Denis Managing Director at its Denver Office

DENVER, CO (May 19, 2011) — RETS Associates, the premier commercial real estate recruitment and staffing firm, has named Amy St. Denis (top right photo) as managing director at its Denver office. 

St. Denis brings 15 years of experience in the executive search field, conducting searches at the director level and higher.  Her focus will be on executive searches in the Midwest, Mountain and Southwest markets.  St. Denis has performed searches across the United States for large public REITs, early-stage organizations and the space in between. 

St. Denis’ recent assignments include president of a real estate technology company, general manager for a resort developer, vice president of development for a developer and builder, and vice president of asset management for a non-traded real estate investment trust. 

  St. Denis is a graduate of Creighton University, where she earned a bachelor’s degree in political science and economic development.  She is a member of ULI, ICSC, NAIOP and NAREIT.

 For more information on RETS Associates, please visit www.retsusa.com

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

david@ebelingcomm.com

              

Arbor Appoints Daniel Kenny as Senior Vice President, Credit Management

Uniondale, NY (May 19, 2011) – Arbor Commercial Mortgage, LLC, a leader in the commercial real estate finance industry, announced today the appointment of Daniel Kenny (top right photo) to Senior Vice President, Credit Management, in Arbor’s New York City office. He reports to John Natalone (lower left photo), Executive Vice President.

 A 27-year commercial real estate industry veteran, Mr. Kenny is now responsible for leading Arbor’s Credit Management Group, which includes the development and supervision of an asset management platform and team in support of Arbor’s Fannie Mae DUS® and balance sheet lending programs.

Prior to joining Arbor, Mr. Kenny was the Senior Vice President of the Asset Recovery Group at KeyBank. While there, he coordinated and integrated the Union State Bank portfolio into KeyBank’s Commercial Real Estate ARG platform and managed a portfolio of loans and real-estate-owned assets. His responsibilities included developing strategic plans, asset valuation, underwriting, workouts, structuring, loan sales, litigation and portfolio recovery optimization.

Prior to KeyBank, Mr. Kenny was the Director in Commercial Real Estate Group at Dillon Read Capital Management in New York, where he originated mortgage loans and proprietary equity investments and was the capital representative for joint venture equity investments in value-added and net-leased properties.

 Earlier in his career, Mr. Kenny held senior-level positions at several other esteemed commercial real estate investment and lending organizations including, UBS Investment Bank, Bayerische Hypo und Vereinsbank, Skopbank, CorEast Savings Bank and Chase Manhattan Bank.

 Mr. Kenny received his Master of Science degree in Real Estate Investment from New York University and his Bachelor of Arts degree in Economics and Business Administration from St. Thomas Aquinas College in Sparkill, NY. He resides in Glen Rock, NJ.

Contact:  Christopher Ostrowski, costrowski@arbor.com

HFF arranges $7.44 million in financing for two Southern California manufactured home communities

 SAN DIEGO, CA – HFF announced today that it has arranged financing totaling $7.44 million for Linda Vista Estates (top left photo) and Coast MHC (middle right photo), two senior (55+) manufactured home communities in Hemet and Harbor City, California.

HFF worked exclusively on behalf of Dzikowski Investments LLC to secure the two 30-year, fixed-rate Fannie Mae DUS loans. 

A $2.43 million refinancing was arranged for Linda Vista and a $5.01 million loan was secured for the acquisition of the fee simple interest in Coast MHC. 

The borrower previously owned the leasehold interest in Coast MHC and has operated the community for several years.

Linda Vista Estates has 111 home sites and is 94 percent leased.  Community amenities include a clubhouse, swimming pool, jacuzzi, shuffleboard, car wash, billiards room and laundry facilities. 

 The 12.58 acre site is located on Florida Avenue east of downtown Hemet, a community about equidistant between San Diego and Los Angeles.

Coast MHC is a fully occupied community with 95 home sites.  Residents have access to a clubhouse, swimming pool, library, shuffleboard court and laundry facilities.  The property is situated on 8.4 acres in Harbor City, located in the South Bay area of Los Angeles.

The HFF team representing Dzikowski Investments LLC was led by associate director Zach Koucos (bottom left photo)

“This was a challenging transaction where we had to manage the recapitalization of two properties simultaneously with the acquisition of the fee simple interest in Coast MHC., not to mention that a 30-year fixed-rate, non-recourse financing with cash-out is very unique today,” said Koucos.

Dzikowski Investments LLC is a multi-generational, family-run operation experienced in all phases of the manufactured housing industry including acquisition, rehabilitation, home sales and management.

Contacts:

Zachary E. Koucos, HFF Associate Director, (858) 812-2351, zkoucos@hfflp.com

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

krmurphy@hfflp.com

HFF arranges $65.7 million joint venture for three Fulton, MD office properties

                                                           

WASHINGTON, D.C. – HFF announced that it has arranged a joint venture valued at $65.7 million for three Class A office properties in Howard County, Maryland.  The properties include: 8161, 8170 and 8171 Maple Lawn Boulevard.

HFF represented Greenebaum & Rose Associates, Inc. in the transaction with St. John Properties.  The two firms will share ownership of the three Class A office buildings under the new agreement and will co-develop future office buildings within Maple Lawn.

The properties are located within the “award-winning” Maple Lawn community, a 600-acre mixed-use development just east of Columbia Pike in Howard County, equidistant between Washington, D.C. and Baltimore. 

8161, 8170 and 8171 Maple Lawn Boulevard total 285,000 square feet and are 97 percent occupied by tenants including Raytheon Solipsys, Offit Kurman and Yumkas, AAA, Pearl Spa and New Day Financial.

The HFF team representing Greenebaum and Rose was led by senior managing directors Jim Meisel (top right photo)  and Dek Potts (top left photo).

Greenebaum & Rose is a privately owned real estate company formed in 1981 that has extensive holdings throughout the Washington D.C. and Baltimore metropolitan areas.  Greenebaum is focused on office and large-scale mixed-use developments.

“This represents my fourth joint venture with St. John Properties, dating back over 20 years,” said Stewart Greenebaum (middle right photo).  “Their in-house capabilities, including construction, leasing, tenant improvements and property management, make our respective organizations an excellent fit.”

St. John Properties, Inc. is one of the Mid Atlantic region’s largest and most successful privately held commercial real estate firms. Headquartered in Baltimore, MD, the company owns and has developed nearly 15 million square feet of office, research and development/flex, and retail space.

“For a long time we’ve been recognized as a leader in the flex marketplace, but over the past decade we have diversified our portfolio,” said Ed St. John (bottom left photo). 

 “This new Maple Lawn joint venture, added to our properties at The GATE at Aberdeen Proving Ground, Maryland Science & Technology Center in Bowie and other business centers means that a significant percentage of our portfolio will be multi-story, Class A office or retail space.”

Contacts:  

James A. Meisel, HFF Senior Managing Director, (202) 533-2500, 

jmeisel@hfflp.com

Stephen ‘Dek’ Potts Jr., HFF Senior Managing Director, (202) 533-2500 dpotts@hfflp.com

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

krmurphy@hfflp.com

IPA Brokers $38 Million Sale of San Francisco Bay Area Apartment Complex

 UNION CITY, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of Greenhaven Apartment Homes (top left photo), a 250-unit apartment community in Union City. The sale price of $38 million represents $152,000 per unit and $196 per square foot.

The IPA brokerage team of Stan Jones  (top right photo), executive vice president investments, Sal Saglimbeni (middle left photo) associate vice president investments and Phil Saglimbeni (bottom right photo), associate vice president investments, represented the seller, Equity Residential. The buyer was Interstate Equities Corp. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“The area's limited multifamily construction pipeline, along with the resumption of job growth, will reinforce the current recovery in apartment operations,” says Jones. “Greenhaven should experience solid NOI growth as a result.”

 “Greenhaven’s central location is a key component of it attractiveness,” adds Sal Saglimbeni. “The property is ideally situated near major Bay Area employment hubs, including the Peninsula, Silicon Valley, Oakland and the 680 Corridor.”   

Located at 31770 Alvarado Blvd., the 193,560-square foot property is just north of the Fremont city border, near major transportation corridors, including State Route 84, State Route 92, Interstates 880, 238 and 580, Bay Area Rapid Transit (BART) and Amtrak.

Union Landing, the city’s main retail hub, is located less than a mile from the property and hosts more than 100 acres of retail, entertainment and dining, including Century 25 Theatres, Best Buy, Lowe’s, Lucky, Walmart, Office Max and Petco.

 Greenhaven Apartment Homes includes 102 one-bedroom/one-bath units, 48 two-bedroom/one-bath units, 80 two-bedroom/two-bath apartments and 20 three-bedroom/1.5 bath apartment homes. The average home size is approximately 774 square feet.

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



Orlando’s Marketplace Advisors, Inc. Celebrates 10th Anniversary

Founder David Marks Bullish on Central Florida Commercial Real Estate

ORLANDO, FL--- Marketplace Advisors, Inc., a real estate consulting company that focuses on retail districts, town centers, sustainable community development, celebrated its 10th anniversary in May, and founder and president David Marks (top right photo) said he is becoming more optimistic about the future of commercial real estate markets in Central Florida.

“The Central Florida region has experienced employment growth of 20,400 jobs over the last 12 months (March 2010 to March 2011), a two percent increase. 

Several pockets of commercial and residential activity are occurring in the Horizons West area in southwest Orange County, Lake Nona’s Medical City area (middle left aerial photo) , The Villages (lower right photo), and the UCF area,” Marks said.

Marks said these areas all have strong demand factors driving development.  “Employment drives residential development and residential development drives retail and service businesses.  All of these area hotspots are being driven by these circular factors,” Marks said.

Marks has more than 25 years of experience in commercial real estate consulting and community planning. His 10-year study of sustainable community planning in the U.S. and Europe has generated a unique database of planning and development models.

Marks is a frequent speaker at U.S. urban planning and community development conferences and conventions and is now currently negotiating with several New York publishers on a book that details his study.

For more information, please contact:  

David Marks, Marketplace Advisors, Inc., 407-694-7040, dmarks@cfl.rr.com;

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

Trulia and RealtyTrac Survey Reveals 54 Percent of American Adults Now Believe Housing Recovery Remains Unlikely Until 2014 or Later

 

SAN FRANCISCO, CA,  May 18, 2011 – Trulia, a top resource for homebuyers, sellers and renters, and RealtyTrac, the leading online marketplace for foreclosure properties, today released the latest results of an ongoing survey that has tracked American attitudes toward foreclosed homes since 2008.

 Harris Interactive® conducted this online survey on their behalf from April 15 to 19, 2011, among 2,018 U.S. adults aged 18 and over.

Key Findings
 

American Expectations for Housing Market Recovery Falters

As more cities across the nation experience double dips in home prices , more than half (54 percent) of U.S. adults believe recovery in the housing market will not happen until 2014 or later, according to the survey released today.

 In a previous survey conducted six months ago , 42 percent of American adults said they thought the market would turn around by 2012 or had already turned around. Now, only 23 percent continue to think this will happen.

For a complete copy of the survey, please contact:

Chip Scarinzi for Trulia, chip.scarinzi@edelman.com, 415.486.3221

Daisy Kong, dkong@trulia.com, 415.400.7391

Michelle Sabolich for RealtyTrac, michelle.sabolich@atomicpr.com

 415.593.1400 ext. 1233

Adam J. Simon, CCIM, Joins Grubb & Ellis

CHICAGO, IL (May 18, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Adam J. Simon (top right photo), CCIM, has joined the company as vice president, Private Capital Markets. 

He brings more than six years of experience in investment sales, specializing in multifamily and mixed-use properties and joins the Chicago Multi Housing team of Brian Pohl, senior vice president, and Symeon Stavrakas, senior associate.

 “We’ve seen an uptick in activity in the multifamily investment market, and bringing someone on board with Adam’s track record, relationships and expertise positions us to better support our clients as they expand their activities in the sector,” said Shawn P. Mobley (bottom  left photo), president, Brokerage Services.

 While leading the Simon Group, which he founded in 2008, Simon provided disposition advisory services, third-party acquisitions, equity placement and structured financing for investment clients throughout the Midwest. 

Previously, he spent a year as an associate director in Cushman & Wakefield’s investment sales division after serving as a founding co-partner and managing broker of C.B. Commercial Inc., a commercial real estate brokerage firm he founded in 2005.  Under his leadership, the firm facilitated in excess of $600 million in property transactions from 2005 to 2008. 

Contact:  Erin Mays, Phone: 312.698.6735

Email:  erin.mays@grubb-ellis.com

         

Refinancing of southeast Houston multi-housing community arranged by HFF

                                       

HOUSTON, TX – HFF announced today that it has arranged refinancing for College View (top left photo), a 104-unit multi-housing community adjacent to San Jacinto Community College  in southeast Houston.

HFF worked on behalf of Venterra Realty to secure the 10-year, 5.66 percent fixed-rate loan with Morgan Stanley Mortgage Capital, Inc.  Loan proceeds replaced maturing debt on the property

College View Apartments is situated on 5.5 acres at 333 Luella Boulevard about 25 miles southeast of downtown Houston in La Porte.  The property has seven residential buildings with one-, two- and three-bedroom units averaging 819 square feet each.  Community amenities at the 90 percent leased property include a swimming pool and business center.

The HFF team that represented Venterra Realty was led by director Cortney Cole (lower right photo).

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States.  Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million.  The organization has completed in excess of $1.3 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs over 350 people.

Contacts:  

Cortney R. Cole, HFF Director, (713) 852-3500, ccole@hfflp.com

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

krmurphy@hfflp.com                                                    

             

Stan Johnson Company More Than Doubles Size of Los Angeles Office

  

 LOS ANGELES, CA (May 18, 2011) — Stan Johnson Company, one of the nation’s leading real estate brokerage and advisory firms specializing in net-lease investment sales, announced today that it has more than doubled the size of its Los Angeles office, adding three veteran brokers to its team.

 Lindsey Scully, Ed Breslin and Jackie Baker will now serve as associate directors for the Los Angeles office.  The trio joins Stan Johnson Company associate directors Derek Layne and Brad Richardson who helped launch the office in October 2010. 

Lindsey Scully (top right photo) has owned and operated, LES, Inc., a commercial brokerage firm based in Southern California, for over 11 years. She has successfully brokered over $480 million in commercial real estate deals including industrial, office, retail as well as self-storage and mixed-use developments, having worked with numerous high profile developers and investors throughout California and Canada.

Ed Breslin (middle left photo) brings over 9 years of commercial real estate experience to Stan Johnson Company, most recently serving as vice president of investments for REMAX/Commercial. He has closed more than $175 million in sales transactions since entering the business with the majority being in the multi-family and single tenant net leased investments.   He also has a strong financial background, working previously with Goldman Sachs and Prudential Securities.

With over seven years of commercial real estate experience, Jackie Baker (middle right photo) recently served as principal at a boutique brokerage firm where she specialized in the sale and lease of commercial properties. Previously, she worked with both First Industrial Realty Trust and The Staubach Company in the industrial leasing sector.  Throughout her career, she has completed transactions encompassing more than 2.8 million square feet.

“We’re excited about bringing in three seasoned commercial real estate professionals to help grow our office in Los Angeles,” said Daniel Herrold, Executive Managing Director, who heads up the company’s west coast expansion efforts.  “These three bring a wealth of experience in different facets of commercial real estate, as well as strong local relationships that we will be able to leverage.  I’m excited to watch them ramp up their business in our new office.”

The company’s expansion strategy kicked off in late 2008 with the launch of an office in Houston, Texas followed early last year with an office launch in Chicago, Illinois. The company also has a Capital Markets office in Oklahoma City, Oklahoma.

Contact:  David Ebeling, Ebeling Communications, (949) 278-7851 david@ebelingcomm.com

Sun Hospitality Sells Florida Hotel

TAMPA, FL (May 18, 2011) – The Plasencia Group’s Sun Hospitality division is pleased to announce the sale of the Suburban Extended Stay in Melbourne, FL.  (top left photo)  The hotel, which was on a ground lease, sold to GB Holdings for an undisclosed amount in a transaction that closed last week.   

 Sun Hospitality Advisors, a subsidiary of TPG that handles limited-service hotel transactions, was engaged by the seller as their exclusive advisor in the sale of the 132-room property.  

The hotel, at 1125 Airport Boulevard, is located less than a mile from Melbourne International Airport, three miles from Florida Institute of Technology, and just minutes from area beaches.

"Transactions involving ground leases are always a challenge, because most buyers are seeking fee simple assets,” explained Robert O’Leary, vice president of Sun Hospitality’s southeast region.

  “In this instance, the buyer is a first-time hotelier who is already a successful entrepreneur in the Melbourne area."  GB Holdings plan extensive renovations to the property in order to retain the franchise.

Media Contact: Karen Brand, VP Marketing & Communications  /  (203) 202-4549   /  kbrand@TPGhotels.com

Cuhaci & Peterson Architects Awarded Contract to remodel Sweetbay Grocery store in St. Petersburg, FL

ORLANDO, FL--- Cuhaci & Peterson Architects, LLC based in Baldwin Park has recently been awarded a contract to design the remodeling of a Sweetbay Grocery store in St. Petersburg.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the 35,000 square foot facility is located on 4th Street in St. Petersburg.

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, lvershelco@aol.com

  

Only 2% Of New Condos Unsold In Downtown Fort Lauderdale and Beach

MIAMI, FL---Less two percent of the nearly 5,100 condos created in the Downtown Fort Lauderdale and Beach market during the South Florida real estate boom remain unsold as of March 31, 2011, according to a new report from CondoVultures.com.

The unsold inventory was reduced even further between January and March of 2011 when buyers acquired 76 developer units for nearly $10.7 million, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and Beach™.

 

A super majority of the units that transacted in the first quarter of 2011 were in the Village East condominium (top left photo) conversion, where a 68-unit bulk deal traded for $7.65 million in February. The other developer units to transact in the first quarter of 2011 were located in the Coconut Grove Residences on Fort Lauderdale Beach (lower right photo), according to an analysis of Broward County records.

"Downtown Fort Lauderdale and the Beach is arguably one of the most stable coastal condo markets in the tricounty South Florida region based strictly on remaining unsold developer units," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "As a result of a somewhat anti-development city commission during the boom years, several new condo projects planned for Downtown Fort Lauderdale and the Beach were never constructed. Many of the units that ultimately were built ended up coming on line right as the real estate crash was beginning.

"Buyers with preconstruction purchase contracts at the time opted to go forward with their transactions rather than lose their deposits of typically 20 percent." 

 

 Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

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NAI Realvest negotiates new lease agreement for Indoor Soccer at 33rd Street Industrial Center in Orlando

ORLANDO, Fla. – NAI Realvest recently negotiated a new lease agreement for 11,100 square feet at 4600 LB McLeod Rd. in the 33rd Street Industrial Center (top left photo) in Orlando. 

Michael Heidrich, a principal at NAI Realvest, brokered the transaction representing the landlord, Columbus, Ohio-based 33rd Street Properties LLC.  The tenant is Orlando Fox Soccer Corporation of Orlando, who leased the space for an indoor soccer playing field. 

In other business, Heidrich negotiated a lease for 3,200 square feet of industrial space at South Orange Business Park Unit 113, 10501 S. Orange Ave. representing the landlord Orlando 1, LLC of Banner Elk, N.C.   The new tenant is Phoenix based Gorman Roofing Services, Inc. who was represented in the transaction by Jeff Tanner of Coldwell Banker Commercial NRT.

For more information, contact:

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

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

     

Morrison Commercial Real Estate Completes Sale of 48,662-SF Office Building in Lake Mary, FL

ORLANDO, FL (May 18, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of a building sale totaling 48,662± square feet with over 11 acres of land. 

Greg Morrison, Damien Madsen & Lisa Bailey of Morrison Commercial Real Estate represented CRM Florida Properties in the sale of 1097 Sand Pond Road in Lake Mary for $3,000,000.00. 

The Buyer was Meritas, LLC, represented by Miguel de Arcos of Sperry Van Ness.  Mertias plans to convert the building to a dormitory for its private school, Lake Mary Preparatory School.

 Contact: Buffy Gillette, Phone: 407.219.3500, Email:  bgillette@morrisoncre.com

Interstate Hotels & Resorts Adds Two Hotels to Management Portfolio

ARLINGTON, VA, May 18, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that the company has assumed management of two premium-branded, select-service hotels owned by Summit Hotel Properties, Inc. (NYSE: INN), a Sioux Falls, S.D.-based hotel real estate investment trust (REIT).

 The hotels are the Homewood Suites Jackson-Ridgeland in Mississippi (top left photo) and the Staybridge Suites Denver Cherry Creek in Colorado (middle right photo).  Interstate’s Crossroads Division, which specializes in select-service hotels, operates the two extended-stay properties.

“We began our relationship with Summit in February when they selected us to manage 65 hotels, and we look forward to building on this as Summit continues to acquire more properties,” said Thomas F. Hewitt (bottom  left photo), Interstate’s chairman and chief executive officer.  “With the addition of these two properties, Interstate now has 338 hotels in its portfolio worldwide, and our pipeline, both international and U.S., is very active.”

Located at 853 Centre Street in Ridgeland, Miss., north of Jackson, the 91-room Homewood Suites Jackson-Ridgeland features spacious studio, one- and/or two-bedroom suites with separate living and sleeping areas. 

With its easy access to Interstate 55, the property is convenient to downtown Jackson and surrounding businesses, as well as a number of leisure attractions, including Annandale Golf & Country Club, Vicksburg casinos and the area’s best shopping venues.

The 121-suite Staybridge Suites Denver Cherry Creek at 4220 E. Virginia Ave., Glendale, Colo. enjoys a convenient location south of Denver, minutes from downtown attractions. 

For business travelers, the hotel is within five miles of the Denver Convention Center and proximate to Infinity Park Events Center and the state capital’s government offices and major downtown businesses.  For leisure travelers, the hotel is a short drive to Mile High Stadium and close to Elitch Gardens Theme Park, Denver City Park and the Denver Zoo.

Additional information about Interstate is available at the company’s website:  www.ihrco.com

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 Contact:

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

jerry@dalygray.com

Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

carrie.mcintyre@ihrco.com