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