Atlanta’s Senior Housing Specialist Arbor Company Makes Changes and Turns Itself Around

  

TAMPA, FL -- CLW Health Care Services Group, headed by Allen McMurtry (top right photo), will be highlighting turnaround stories of Senior Housing communities over the next few issues. The Arbor Company of Atlanta, GA is featured today.

THE COMMUNITY

• 60-unit purpose built Assisted Living/Memory Care (46 AL/14 MC)

• Middle-income suburb of major southeastern city

• Built in the mid-1990s

• Prior manager was a large, nationally recognized Assisted Living provider

THE STORY

What made the turnaround work after The Arbor Company took over?:

1.            Changing the name to one used for other Arbor-managed communities in the area, whereby quickly gaining credibility in the market place.  The other communities were well established and successful.

2.         Hiring an experienced Executive Director, whom Arbor knew.  He was then made the leader of the detailed takeover plan.

3.         Hiring an experienced Marketing Director, who could hit the ground running.

4.            Planning and quickly implementing a $150,000 refurbishment of the common areas, with specific attention paid to Memory Care. Upgrading the common areas immediately and making some small improvements in the apartments as they turned over allowed management to start improving rental revenue. 

5.            Working diligently to get a customer service “culture” established. Using an organized communication program, Arbor moved quickly to convey to the residents, families, and staff that the community was having a new beginning.

6.            Completing a thorough analysis of rent levels and level of care charges as compared to the competition. Arbor then implemented appropriate new street rates in order to increase revenue and occupancy as quickly as possible. This also allowed Arbor to begin selective rent discounting on apartments that were more difficult to lease.

7.            Configuring and leasing some apartments as roommate suites (two people per apartment), which gradually increased revenue per occupied apartment and thus improved the bottom line. This strategy was particularly effective with Memory Care apartments. 

8.            Moving to eliminate the perception of leadership instability in the community by hosting group and individual meetings with families and community leaders. 

  (Arbor residence at Crabapple Road, Alpharetta, GA, middle right photo)

Greatest weakness:

The greatest weakness found in the community – and directly reflected in its low occupancy -- was a lack of the leadership and team spirit that is required to make a community successful.

Arbor worked diligently to encourage employees to actively participate in crafting new service and personnel standards that would reflect “The Arbor Way.” With ownership in the new plan, employees embraced the changes and rapid improvements in all areas of operations, including occupancy, soon resulted.

(Arbor residence in Athens, GA, middle left photo)

Main challenges:

Resident Assessment & Level of Care Programs:  The introduction of the Arbor resident assessment and levels of care program to residents, families and staff was challenging.

 This Arbor-developed program was instituted early on and, not surprisingly, was met with some resistance.  Arbor had to “sell” themselves and the care program they provided. Fortunately, with a lot of hard work in this area, they were able to get a 30% increase in LOC fees in the first year after they took over.

Staffing expenses: Labor costs were extremely high when Arbor arrived, with overtime being a major factor.

Arbor worked diligently to establish better controls to bring labor expenses back in line and, after about three months, they were able to accomplish that goal.

Personnel changes:  

As Arbor became involved in day-to-day operations they concluded they needed to replace some department heads.  It took about 6 months to get a great leadership team in place.

Dining operations:  Arbor quickly made some major changes in the menus and in dining service, which paid significant dividends in a short period of time.

Favorable response to the dining changes by residents and families greatly helped Arbor’s credibility as it made other necessary operational adjustments.

The old saying “If the food isn’t right, nothing is right” once again proved to be true.

Results:

Year   Occup      Revenue              NOI   Operating Margin

2007   n/a           $2,799,170            $440,854     16%

2008   78%         $2,776,889            $653,955     24%

2009   95%         $3,100,488            $872,092     28%

2010   95%         $3,328,985            $956,034     29%

Notes:  2010 data is annualized through October

Arbor assumed management in February 2008 

The Arbor Company

The Arbor Company, based in Atlanta, Georgia, has been in the senior living management business for over 20 years.  They currently manage 15 communities, containing 1,298 units, in 7 states.

For more information on the services Arbor provides, please contact M.E. Costello or Ellison Thomas at 404.237.4026 and visit them on the web at www.arborcompany.com

CLW IS PLEASED TO ANNOUNCE THREE RECENT SALES:

• Sedgebrook & Monarch Landing (Entrance Fee CCRCs - 963 total units) located in Lincolnshire & Naperville, Illinois

• $13.9 million sale of AvonLea & Gulf Breeze Courtyard located in Tupelo, Mississippi & Gulf Breeze, Florida

• $9.5 million sale of Summerfield Retirement Residence located in Bradenton, Florida

Contact:

Allen McMurtry, CLW Health Care Services Group, 4301 Anchor Plaza Parkway, Suite 400Tampa, FL 33634. PH:  (813)-349-8349

amcmurtry@clwrg.com

CLW Health Care Services Group  

Essex Realty Group Brokers Sale of Multiple Apartment Buildings in Chicago

CHICAGO, IL --.   Essex Realty Group, Inc. is pleased to announce the sale of multiple apartment buildings on the South Side of Chicago.  2304, 2310 & 2320 W. Garfield (top left photo) is located in the Gage Park neighborhood of Chicago.

The property consists of 3 separate buildings: 2 6-unit walk-ups and one 18-unit courtyard building.

12837, 12841 & 12845 S. Hoyne (lower right photo)  is located in the Blue Island neighborhood of Chicago and consists of an 18-unit building with 3 one-bedroom and 15 two-bedrooms apartments.

Doug Imber and Matt Welke of Essex were the brokers in the transaction. The sale price for Garfield was approximately $690,000. The sales price for Hoyne was approximately $475,000.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

If you would like more information, please call Doug Imber at 773.305.4902 or e-mail him at dougimber@essexrealtygroup.com

Dizengoff-Trading Co. Acquires 65 Condo Units on Palm Beach, FL

BOCA RATON, FL (Jan. 5, 2011)–Dizengoff-Trading Company has purchased the remaining 65 units at 2560 South Ocean (top left, middle right and left  photos), a 94-unit mid-rise condominium project, also known as the “Whitehouse”, located in beautiful Palm Beach, Florida.

The real estate investment company paid $6.9 million for the units, which averages approximately $96 per square foot. The same units were selling on average for $385 per square foot in 2006 at the peak of the real estate boom. 

Ninety-percent of the purchased residences are already leased and Dizengoff plans on leasing the remainder. Dizengoff purchased the 65 units from a South Florida bank.

 Originally constructed in 1975 as a rental property, 2560 South Ocean was converted to a condominium in 2006 following major renovations.

The property sits on the exclusive island of Palm Beach  between the Intracoastal Waterway and the Atlantic Ocean. All of the units have private balconies that offer breathtaking views of both bodies of water, and residents have deeded access to the beach. Other amenities include a waterfront pool, fitness center and barbecue patio area.

The residences feature well-designed studio, one, two and three-bedroom floor plans with penthouses on the seventh floor.

The units average 1,104 square feet in size, with a full appliance package, wood cabinets, Corian® countertops, ceramic tile flooring in kitchens and bathrooms and stacked washers and dryers in the two & three bedroom units.

 The property is within walking distance to the beach, Palm Beach Golf Course, retail establishments and world class resorts and hotels.

 Dizengoff-Trading Company is a value-oriented real estate investment firm targeting the purchase of bulk condominium units at mid-rise and garden-style multi-family complexes throughout South Florida.

2560 South Ocean is Dizengoff’s fourth such purchase in Florida in the past 15 months, totaling 434 units.

Dizengoff acquired bulk units at Portofino at Jensen Beach in Jensen Beach in September 2009, bulk units at the Condominiums at Courtney Park in Lake Worth in November of 2009 and bulk units at Bermuda Cay in Boynton Beach in July of this year. Both 2560 South Ocean and Bermuda Cay are located on the Intracoastal.

 Dizengoff- Trading Company (1952) LTD. specializes in the development and management of residential and commercial properties.

The company has been ranked among the top 50 service and trade companies by Dun and Bradstreet in Israel, reflecting its considerable financial strength and wide-ranging capabilities.

The company has offices in Israel, the United States, the United Kingdom and the Czech Republic. For more information, visit the company web site at www.dizengoff-trading.com

.

 Media Contact:

Todd Templin and/or Jennifer Clarin, Boardroom Communications

(954) 370-8999/Todd Cell: 954-290-0810

 

Joint Venture Acquires Fountain Square II Office Building in Tampa, FL

TAMPA, FL (Jan, 5, 2011) – A joint venture consisting of affiliates of TriGate Capital, LLC, Feldman Equities, Inc., and Tower Realty Partners, Inc. has acquired the 134,065 square-foot Fountain Square II office building (top left photo).

 Tower Realty Partners, Inc. will manage and lease the building.

Fountain Square II is a Class A office building located in the prestigious Fountain Square Office Park, which is located in Tampa's Westshore office market.

The property has nearly immediate access to Veterans Expressway and is less than a five-minute drive from the Tampa International Airport.

Fountain Square I and III, which are adjacent to Fountain Square II, are both entirely leased to JP Morgan Chase under a recently executed 15 year lease.

The office park is a true campus setting with a central lake and extensive landscaping. Fountain Square II features an on-site fitness center and restaurant.

The building has a structured parking garage that provides 100% shaded parking and has a capacity of 4 cars per thousand square feet. Fountain Square II is a modern, architecturally distinctive, crescent shaped building with reflective glass. It is presently approximately 70% leased and occupied.

In October of 2010, the TriGate Capital-led joint venture acquired a first mortgage note that was secured by the Fountain Square II property. The note was subject to a bankruptcy proceeding that had been filed by the previous owner.

Recently, the joint venture obtained title to Fountain Square II through a confirmed bankruptcy plan. The joint venture presently has no debt on the property.

 Ownership is implementing an aggressive leasing program and is well-capitalized to provide for prospective tenants’ construction requirements and brokerage commissions in order to attract credit tenants.

TriGate Capital is a market leading real estate private equity firm focused on quickly and efficiently matching an appropriate capital solution for real estate projects. TriGate Capital manages a fully discretionary real estate fund, TriGate Property Partners, LP, on behalf of institutional investors.

TriGate Capital invests in value added real estate assets and financial restructuring opportunities emanating from changes in the real estate capital markets.

 TriGate Capital is majority owned and controlled by Jay Henry (top right photo), Jon Pettee (middle left photo) and Jeff Yarckin (middle right photo).

Each has over 20 years of experience, including leadership positions at premier investment funds and operating companies, and collectively have been responsible for over $10 billion of real estate investments.

For more information, please go to www.trigatecapital.com

.

Tower Realty Partners is an Orlando based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower was formed in 1987 by Cliff Stein (middle left under Jon Pettee photo) and Reid Berman (middle right under Jeff Yarckin photo). Since its inception, Tower has acquired over $1 billion of office properties.

 For more information, please go to http://www.towerrealtypartners.com/

Feldman Equities is the modern business entity that encompasses a century of success in commercial real estate development. In the last 25 years, Larry Feldman (lower left photo)  and his father Ed, have developed or acquired over 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion.

.For more information, please go to http://www.feldmanequities.com/

 Contact: Larry Feldman (516) 509-6775

LFeldman@FeldmanEquities.com

Equity Partners Negotiates New Leases at University Science Center and Alafaya Corporate Center in Orlando

 Applied Visual Technology Takes 10,247 SF in University Science Center

ORLANDO, FL - Equity Partners negotiated a lease agreement with Applied Visual Technology, Inc. d.b.a AVT Simulation for 10,247 square feet of office space at 12001 Science Drive in University Science Center (middle left photo) in East Orlando.

 Michael Fess (top right photo), president of Equity Partners Inc., and Faith Thompson (top left photo), Leasing Associate, represented the landlord, University Science Center, Inc. and Steve Coughlin of Coughlin Commercial represented the tenant.

Computerized Training Systems Leases 2,099 SF at Alafaya Corporate Center

ORLANDO FL - Equity Partners negotiated a lease agreement with Computerized Training Systems for 2,099 square feet of office space at 2100 North Alafaya Trail in Alafaya Corporate Center (middle right photo) in East Orlando.

Michael Fess president of Equity Partners Inc., and Faith Thompson Leasing Associate, represented the landlord, Alafaya Corporate Center, LC.

 Allen Sportswear Contracts for 1,539 SF at Alafaya Corporate Center

ORLANDO - Equity Partners negotiated a lease agreement with Allen Sportswear for 1,539 square feet of office space at 2100 North Alafaya Trail in Alafaya Corporate Center in East Orlando.

Michael Fess, president of Equity Partners Inc., and Faith Thompson, Leasing Associate, represented the landlord, Alafaya Corporate Center, LC.

Contact:

 Faith Thompson, Leasing Associate, Equity Partners, Inc.

Licensed Real Estate Broker, 201 South Orange Avenue, Suite 720, Orlando, Florida 32801

407.660.4949 phone

407.808.2656 cell

407.660.4995 fax

www.equitypartners.net

Marcus & Millichap Promotes Peggy Brooks Smith to Associate Vice President Investments--Washington, DC

  

WASHINGTON, DC – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Peggy Brooks Smith (top right photo) to associate vice president investments.

 This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to David Feldman (top left photo), regional manager of the firm’s Washington, D.C. office.

 Most recently, Smith held the title of senior associate in the Washington, D.C. office.

Since joining Marcus & Millichap in 1997, Smith has brokered the sale of numerous multifamily and retail assets in the District and in Montgomery County. She was named an associate of the firm in January 2001 and was promoted to senior associate in September 2003.

In November 2010, Smith became an associate vice president investments. During her tenure at the firm, she has received three sales awards and is a director of the National Multi Housing Group.

A 35-year veteran of the commercial real estate industry, and a designated CCIM, Smith has arranged multiple commercial real estate transactions in the Capital region, including the initial land assemblage for 1200 K Street N.W., one of D.C.’s major office buildings.

A graduate of the American University and recipient of an Alumni Recognition Award, Smith was recently named chairwoman of the newly formed Real Estate Council of the American University Kogod School of Business. Smith was also a founding member and former President of CREW Washington and serves on the Chapter’s Advisory Council.

 Mark Thomson Moves Up to Associate Vice President Investments-Philadelphia

 PHILADELPHIA, PA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Mark Thomson (middle right photo)  to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists.

It represents excellence in the development and servicing of long-term client relationships, according to Spencer Yablon (middle left photo), vice president and regional manager of the firm’s Philadelphia office.

 Most recently, Thomson held the title of senior associate in the Philadelphia office.

Thomson joined the firm as a sales intern in June 2005 and was named an associate in June 2007. In 2008, Mark was ranked as the No. 1 agent in the Philadelphia office. He was promoted to senior associate in June 2009 and associate vice president investments in November 2010.

Tammy Saia Earns Associate Vice President Investments Post—Oak Brook, IL

OAKBROOK TERRACE, IL– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Tammy Saia (lower right photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists.

It represents excellence in the development and servicing of long-term client relationships, according to Steven Weinstock (lower left photo), regional manager of the firm’s Oak Brook office.

 Most recently, Saia held the title of senior associate in the Oak Brook office.

After being named an associate of the firm in November 2004, Saia was promoted to senior associate in September 2006. She has received three sales awards from Marcus & Millichap and is a designated CCIM.

Currently, Saia serves as a senior director of the National Retail Group and Net Leased Properties Group, specializing in the sale of retail and net-leased assets nationwide.

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

Residential Shortsales Spike 49% In South Florida In 2010

 MIAMI, FL--The number of residential shortsale transactions in the tricounty South Florida region jumped by 49 percent on a year-over-year basis in 2010, according to a new report from CondoVultures.com.

Buyers purchased nearly 16,800 residential properties in Miami-Dade, Broward, and Palm Beach counties in 2010 at prices below - or short of - the outstanding loan amount owed by sellers.

In 2009, buyers purchased nearly 11,300 properties short of the financing amount due, according to an analysis by the licensed Florida sell-side brokerage CVR Realty™.

"All indications are that shortsales will increasingly be the primary focus of buyers searching for properties in the South Florida market," said Hernan Osorio (top right photo), the director of sales for CVR Realty™.

"With the federal government's loan modification program having a minimal effect and the economy failing to create enough jobs to jump start the South Florida housing market, more homeowners are being faced with the prospect of losing their residences, either through foreclosure or shortsales.

“ Luckily for sellers who do want out but are mindful of their credit, several lenders are beginning to view shortsales as a viable alternative to the foreclosure process."

Lenders sold 19,800 residences in South Florida in 2010, down six percent from 2009 when 21,050 bank-owned properties were transacted, according to the report based on Florida Association of Realtors data.

Buyers are still anxious to acquire bank-owned properties but lenders have grown more hesitant to unload these repossessions given the economics involved.

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

Arbor Closes Three Fannie Mae DUS® Loans Totaling $8.5M Across Midwest

Uniondale, NY (Jan. 4, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans totaling $8,510,000 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® Multifamily Affordable Housing (MAH) Low-Income Housing Tax Credit (LIHTC) Loan product lines across the Midwest.

These loans include:

 Northland Park Apartments, Sterling, IL (top left photo) – The 160-unit complex received $4,135,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Curtiss Apartments, Downers Grove, IL (middle right photo) – The 26-unit complex received $1,875,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Lamar Place, Mission, KS (lower left photo) – The 84-unit complex received $2,500,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing (MAH) Low-Income Housing Tax Credit (LIHTC) Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Patrick McNulty (lower right photo), Director, in Arbor’s full-service Chicago, IL, lending office.

“Although the Northland Park Apartments are located in a smaller market area, Arbor was comfortable with the financing given the high quality of the asset and the property’s solid operating history,” McNulty said.

“An exceptional rate near historic lows was delivered, With regard to Lamar Place, we took the deal under application with a short closing timeframe on the underlying acquisition.

“Despite last minute obstacles, Arbor was able to deliver the loan within the promised timeframe.”

Contact: Christopher Ostrowski, costrowski@arbor.com.

Joint Venture Acquires City Center Office Building in St. Petersburg, FL

 ST. PETERSBURG, FL, Jan. 4, 2011 – A joint venture consisting of affiliates of Second City Capital Partners, Feldman Equities, Inc., and Tower Realty Partners, Inc. has acquired the 242,115 square-foot City Center office building complex  (top left photo) at a price of $16.5 million or $68 per square foot.

Tower Realty Partners, Inc. will manage and lease the building.

City Center is a Class A office property consisting of two buildings that are connected by an enclosed, glass atrium lobby. The atrium features a glass skylight ceiling suspended 35 feet above a marble floor with abundant sunlight and a dramatic lobby entrance.

The two towers of four and twelve stories provide unmatched views of Tampa Bay and the downtown St. Petersburg skyline. With the largest floor plates in downtown St. Petersburg, City center provides exceptional office layout efficiency.

 City Center was awarded the 2006 and 2007 BOMA Toby Award for Building of the Year, as well as the BOMA Toby Award for Property Manager of the Year 2006.

The new ownership will be investing over $6 million dollars into the property, including at least $1.7 million in capital improvement upgrades.

These upgrades will include the complete modernization of all of the building’s elevators and garage elevators, new elevator cabs with high end finishes, lobby upgrades, and common area improvements. In addition, ownership is planning to upgrade the elevator lobbies of the multi-tenanted corridors.

(Towers Realty founders Reid Berman, left and Clifford Stein, right)

Second City Capital Partners (“SCCP”) is a private equity company headquartered in Vancouver, British Columbia and is led by world renowned investor Sam Belzberg (top right photo).

SCCP is a multi-fund private equity group, targeting mid-market companies and distressed real estate assets across Canada and the United States. SCCP offers investors a range of alternative investment solutions and strategies through a multifaceted venture platform. SCCP seeks controlled buyout structures including minority equity interest positions with trusted partners.

 Please contact Jamie Farrar at 604 806-3353 with any inquiries.

Tower Realty Partners is an Orlando based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower was formed in 1987 by Cliff Stein and Reid Berman (middle left photo).

 Since its inception, Tower has acquired over $1 billion of office properties. Currently, Tower’s assets consist of over 3.5 million square feet office property throughout Florida.

For more information, please go to http://www.towerrealtypartners.com/

Feldman Equities is the modern business entity that encompasses a century of success in commercial real estate development. In the last 25 years, Larry Feldman and his father Ed Feldman, have developed or acquired over 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion.

Mr. Feldman gained a national reputation as a property turnaround specialist when he was the Chairman and CEO of the publicly traded Tower Realty Trust, Inc (NYSE: TOW).

Feldman Equities recently acquired the debt on the Class A Fountain Square II office building in Tampa, Florida, in a joint venture with Trigate Capital and Tower Realty Partners. Feldman Equities is recognized for its hands-on approach to turning around distressed assets.

Contact: Larry Feldman (516) 509-6775

HFF closes sale of two Port of Houston industrial buildings

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Barbour’s Cut Business Park (top left photo) and Bayport Container Terminal (middle right photo), two industrial properties totaling 582,840 square feet in the Port of Houston.

The HFF investment sales team was led by senior managing director Rusty Tamlyn (middle left photo)  and real estate analyst Trent Agnew who represented the seller, Granite Properties, Inc. 

 Duke Realty Corporation (“Duke Realty”) purchased the properties for an undisclosed amount in an all cash transaction. 

The properties are part of a larger 15-property industrial portfolio HFF is marketing on behalf of Granite Properties in Houston and Dallas.

 Granite Properties made a strategic decision to divest of their industrial holdings and focus on office acquisitions in their existing markets and expand to the east and west coasts of the United States.

Barbour’s Cut Business Park and Bayport Container Terminal were developed in coordination with the Port of Houston Authority (lower right photo) and are fully leased to Gulf Winds International with more than 10 years of remaining lease term. 

They are located adjacent to container terminals at 1000-1200 East Barbour’s Cut in Morgans Point (Barbour’s) and 5300 State Highway 146 in Sea Brook (Bayport) along Houston’s Ship Channel.  Barbour’s Cut Business Park includes two buildings totaling 356,600 square feet and Bayport Container Terminal consists of a 226,240-square-foot building.

“Houston’s industrial market has outperformed its peers across the country and going forward it should show strong growth as absorption picks up due to the minimal overhang of supply,” said Tamlyn. 

“The assets Duke Realty acquired are in irreplaceable locations directly across the two container yards and fit nicely with their port/gateway city strategy.”

Granite Properties, Inc. is a diversified real estate investment and management company with offices in Atlanta, Dallas, Denver, and Houston.  Currently they own, manage and lease more than 10.5 million square feet of office, industrial and retail property.

Duke Realty is a real estate investment trust, publicly traded on the NYSE with a market cap of $2.78 billion.  Duke Realty currently owns more than 135 million square feet of industrial, office and medical office properties in 18 major U.S. cities.

Contacts:                      

Rusty tamlyn, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500,

rtamlyn@hfflp.com 

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

\krmurphy@hfflp.com

                                                           

HFF closes $18.7 million sale of residential development site in Manhattan’s Clinton/Hell’s Kitchen neighborhood

NEW YORK, NY – The New York and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) have closed the sale of a residential development site on 37th Street between 9th and 10th Avenues in Manhattan’s Clinton/Hell’s Kitchen neighborhood.

HFF senior managing directors Andrew Scandalios (middle right photo) and Jose Cruz (middle left photo) along with directors Jeffrey Julien and Kevin O’Hearn represented the buyer, Jackson Development, LLC, who purchased the site for $18.7 million free and clear of debt.

The development site is located at 431-439 West 37th Street within the Hudson Yards Redevelopment Site (top left rendering), which upon completion will include 24 million square feet of office space, 13,500 units of housing, one million square feet of retail and two million square feet of hotel space all within walking distance of the New York City subway system,

Times Square and Penn Station.  The proposed property is a 12-story luxury residential building totaling 110,700 gross square feet. 

“Currently in New York City, we are seeing a historic lack of new construction; only 0.8 percent of supply this decade, which points to excellent rent and sale price appreciation over the short to mid-term for projects like the 37th Street development,” said Scandalios.

“The Clinton/Hell’s Kitchen area is one of the fastest growing residential neighborhoods in New York City and this was an outstanding opportunity to develop a prime site in Hudson Yards, which is fast becoming a popular, vibrant mixed-use neighborhood,” added Cruz.

Contacts:      

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425 ascandalios@hfflp.com

Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com

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

 krmurphy@hfflp.com

HFF closes sale of Atlanta area grocery-anchored retail center

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Everson Pointe (top left photo), an 81,428-square-foot, grocery-anchored retail center in Snellville, Georgia.

HFF directors Richard Reid (middle right photo) and Jim Hamilton (lower left photo) led the investment sales team on behalf of the seller, Edens & Avant.  The property was purchased free and clear of debt for an undisclosed price.

Everson Pointe is situated on a 9.8-acre site at 3035 Centerville Highway (State Highway 124) in Snellville, an east Atlanta suburb.  The property is anchored by Kroger and is 86% leased.

“Everson Pointe is a well-located suburban grocery-anchored shopping center.  The property benefits from excellent fundamentals such as layout, visibility, traffic counts and Kroger, a dominant grocer in the market,” said Reid.

Edens & Avant develops, owns and operates neighborhood shopping places in primary markets throughout the East Coast. 

Focusing on retail in major metro areas, the company has built a portfolio of more than 128 retail centers in 15 states with regional headquarters in Washington D.C., Atlanta, Boston, Miami and Columbia, South Carolina.

Contacts:   

Richard M. Reid, HFF Director, (404) 832-8460 rreid@hfflp.com

Jim R. Hamilton, HFF Director, (404) 832-8460 jhamilton@hfflp.com

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

krmurphy@hfflp.com

                 

Colliers International Negotiates $5.482 Million Lease of a 15,444-SG Office Space in Los Angeles

 LOS ANGELES, CA – Colliers International, the second largest real estate services organization globally, has negotiated a 10-year lease for a 15,444-square-foot office space located at 221 S. Figueroa St (top left photo). in Downtown Los Angeles for The Associated Press.  The transaction is valued at $5.5 million.

 Nathan Pellow (middle right photo), senior vice president, based in Colliers International’s Downtown Los Angeles office represented the tenant along with Brian Feist, senior managing director of Colliers International in New York.  Chris Runyen, managing director with Charles Dunn Company represented the landlord, US Bank.

 Built in 1977, the building is part of a multi building campus in the heart of Downtown Los Angeles and is home to US Bank (Formerly California National Bank), One Legacy, and UCLA Extension.

“This deal represents a significant lease extension by a quality national tenant in DTLA in the last quarter of 2010,” said Pellow. “AP had already invested significant money into the space with respect to IT infrastructure.  We were able to lock in the lease on this facility at below market rates with a sizeable TI allowance.”

 For further information,  please contact:

Angela Hwang, Regional Marketing Coordinator

Greater Los Angeles, Colliers International

Tel: 213 532 3258

angela.hwang@colliers.com

http://www.colliers.com/

Follow us at www.twitter.com/colliersgla