Woolbright Development finds opportunity in West Palm Beach, FL

          

 BOCA RATON, FL – Woolbright Development announces the acquisition of Village Commons (top left photo) in West Palm Beach, Fla.  Woolbright will oversee the center’s leasing, property management, construction management, marketing and promotions.

“Village Commons is a great center with a very appealing location and a strong tenant mix; it also offers the potential for improvement in leasing and its aesthetic appearance,” said Jorge Morell, (middle right photo) vice president of Woolbright.

“Our immediate goals are to fill the vacancies and invest in the overall appearance and atmosphere at the center; in addition to making the center more attractive, we will roll out our marketing programs to assist the tenants in growing their businesses.”

Located at 701-971 Village Blvd. northwest of Palm Beach Lakes Blvd., the 169,000 square-foot Village Commons is a Mediterranean-style open-air center, featuring lush landscaping, decorative tile accents and a prominent courtyard area with ample seating and a sparkling fountain as the centerpiece. 

“Village Commons has all the elements to be the ultimate shopping destination in West Palm Beach,” said Morell.  “Our plans are to beautify the center and optimize the tenant mix; this will result in the creation of an attractive and desirable common gathering place.”

Village Common is anchored by Publix and CVS. Additional retailers and restaurants in the center include Starbucks, Panera Bread, Coldstone Creamery, PNC Bank, Duffy’s Sports Bar and Grill, and many other national, regional and local merchants. Despite the challenging economic climate that has plagued Florida; the center’s strengths have played a role in merchants’ success.

“We credit our success to Village Commons’ premier location near I-95 and our prominent location in the courtyard of the center,” said Abe Dababneh, (middle left photo) owner of Smoke Inn. “We look forward to working with Woolbright and are excited for the improvements they have planned to enhance the overall appearance of the center and increase business.”

The area’s growing demographics also show real market potential exists for Village Commons.  Over the last decade, the population has grown nearly 24 percent within a one-mile radius and it is expected to continue to outpace Florida’s averages for the next five years. 

   Village Commons is surrounded by upscale private golf course communities, is located near the Palm Beach Airport and also is close to the Palm Beach Mall, which has its own plans for re-development.

“Our restaurants have a loyal following and our guests have responded favorably to our location in Village Commons,” said Paul Emmett (lower right photo), owner of Duffy’s.  “Our customer base has grown extensively in the past five years at this location, making Duffy’s of the Villages one of the best performing Duffy’s restaurants in South Florida.”

Leasing of the center will be managed Jennifer McNeil.  Morrell will oversee the property management.

 Media contact:  Rachel Shapiro, Pierson Grant Public Relations,
(954) 776-1999, ext. 230, rshapiro@piersongrant.com

                           

Chinese New Year Noted by Orlando Architect C.T. Hsu + Associates

Happy Chinese New Year

From Your Friends at C.T. Hsu + Associates, Orlando, FL

新年快樂

Chinese New Year is the most important of all traditional Chinese holidays.  It is often is called the Lunar New Year because it is determined by the lunar calendar and falls anywhere between late January and mid February.  This year, it falls on February 3, 2011. 

The origins of this holiday date back to 2600 B.C. when the Emperor Huang Ti (top right photo)  introduced the first cycle of the Chinese zodiac based on ancient legend.

 When Lord Buddha summoned all animals to bid him farewell before he departed the Earth, only twelve animals came.  As a reward, he named a year after each one and proclaimed that people born in each animals' year would possess some of that animals personality.

 2011 is the Year of the Rabbit, and is often noted as the happiest sign of the Zodiac.  Rabbits are creative, compassionate, and sensitive.  

People born in Rabbit years (1939, 1951, 1963, 1975, 1987, 1999) are friendly, outgoing and prefer the company of others. They also prefer to avoid conflict. 

Some famous people born under the sign of the Rabbit include Walt Whitman, Marie Curie, Hu Shee, Michelangelo Buonarroti, Napoleon Buonaparte, and Albert Einstein (lower left photo).

 Contact: C.T. Hsu + Associates, P.A, 820 Irma Avenue · Orlando, FL 32803 · 407 423 0098 · Fax 407 423 4793, www.CTHSU.com

Chatham Lodging Trust Announces Proposed Public Offering of Four Million Common Shares

 

PALM BEACH, FL,  Feb. 2, 2011 - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it is commencing an underwritten public offering of four million common shares.

  The company expects to grant the underwriters a 30-day option to purchase up to 600,000 additional common shares to cover overallotments, if any.

  

The company intends to use the net proceeds of the offering to repay debt under its secured revolving credit facility, to acquire additional hotels, including the previously announced hotel in Pittsburgh, Pa. and for general business purposes.

A registration statement relating to these common shares has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 

This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the company's common shares, nor shall there be any sale of these common shares or a solicitation of an offer to buy these common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Barclays Capital and UBS Investment Bank are acting as the joint book-running managers for the offering. 

FBR Capital Markets is acting as the joint lead manager and Morgan Keegan, Credit Agricole CIB, Piper Jaffray, Stifel Nicolaus Weisel and JMP Securities are acting as co-managers. 

A copy of the prospectus can be obtained by contacting Barclays Capital, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y. 11717, telephone (888) 603-5847 or by e-mail at barclaysprospectus@broadridge.com, or UBS Securities LLC, Prospectus Department, 299 Park Avenue, New York, N.Y. 10171 or by telephone at (888) 827-7275.

 The prospectus may also be obtained by contacting any of the other underwriters listed above.

Contact:    

Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media), (703) 435-6293,  jerry@dalygray.com

Dennis Craven, Chief Financial Officer, (Company), (561) 227-1386,                

dcraven@cl-trust.com



NAI Realvest Negotiates New and Renewal Leases totaling 5,500 SF in Apopka, FL and Orlando

 ORLANDO, FL – NAI Realvest recently negotiated two lease agreements for industrial space that totals 5,500 square feet in Orlando and Apopka. 

 Michael Heidrich (top right photo), principal at NAI Realvest, brokered the transactions on behalf of the landlords. 

 At the Mackin Commerce Center in Apopka, Heidrich negotiated a new lease with Doormax, Inc. and Wesley J. Aksell for 1,500 square feet at Suite B-4, 2312 Clark Street.  Orlando-based Mackin Commerce Center Ltd. is the landlord.

 Heidrich also negotiated a renewal agreement with Class A Carpets, Inc. at Goldenrod CommerCenter.  The tenant renewed its lease early, extending for two more years the occupancy of suites 110 and 115 with 4,000 square feet at 1460 N. Goldenrod Rd.   COP-Goldenrod, LLC of Maitland is the landlord.

For more information, please contact

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

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

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

Easton Lynd Management Purchases $62 Million Worth of Notes on Pool of Distressed Properties

MIAMI, FL (Feb.  2, 2011) — Easton Lynd Management, a commercial real estate investment and management entity tied to The Lynd Company of San Antonio, has made a major investment in a pool of distressed real estate assets scattered throughout the United States.

 The company purchased $62 million worth of notes on 14 office, industrial and retail properties in Florida, Texas, Illinois, Indiana, New York, Ohio, Maine, and Washington D.C.

The total amount of space is 1.3 million square feet.  The seller is an undisclosed special servicing agent assigned to handle disposition of the distressed assets. Some of the notes are associated with properties owned by the lender, while the balance is connected to properties still going through the foreclosure process.

 “We have a big appetite for this type of product and another $100 million dollars of equity available to invest,” said A. David Lynd (top right photo), president of Easton Lynd.

 “We are actively looking for more opportunities that make sense. Once lenders and their servicers decide to sell they are looking for serious buyers who bring certainty of close.  Our ability to close all cash in a very condensed time frame makes us a good fit for anyone looking to divest of these kinds of troubled assets.” 

 Easton Lynd’s Senior Vice President Zac Gruber (middle left photo) said this transaction plays to the strength of the company.

 “Our ability to work out problems at both the loan and property level by utilizing our management experience allows us to create value for each investment. This skill set is what gives us a competitive advantage in this arena.”

 This is Easton Lynd’s first major bulk purchase of distressed assets. With the transaction, Easton Lynd now owns and manages approximately 12 million square feet of commercial real estate throughout the United States.

 “We believe it’s the right time to be buying assets at this point in the cycle, said Albert Couto, COO of The Easton Group, a co-owner of Easton Lynd, along with The Lynd Company.  “We will continue to be active in this space as opportunities present themselves.”

Couto pointed out that the $62 million note purchase is the fourth major acquisition that The Easton Group has been involved with in the past 90 days.

Media Contact:

Todd Templin, Boardroom Communications, 954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

Easton Lynd Management LLC Contact: A. David Lynd, President, 210-364-3964, alynd@thelyndco.com

Investment sales team joins HFF San Francisco

 SAN FRANCISCO, CA – HFF (Holliday Fenoglio Fowler, L.P.) announced today that the highly-regarded investment sales team of Steven Golubchik (top right photo) and Nicholas Bicardo (middle left photo) has joined the firm’s San Francisco office.

  The two brokers will focus on capital markets transactions in the office, industrial and retail sectors throughout Northern California.

Steven Golubchik, who was a vice president and senior member of Grubb & Ellis’s Capital Markets Group, joins HFF as a director and will focus on the disposition of office and industrial assets in Northern California and throughout the Pacific Northwest.

Nicholas Bicardo, who was a vice president and senior member of Grubb & Ellis’s Capital Markets Group, joins HFF as a director and will focus on the disposition of retail properties throughout the Pacific Northwest with a primary focus on Northern California.

During the course of their career, Mr. Golubchik and Mr. Bicardo have been involved in more than $1.5 billion in investment sales transactions nationally including multi-market portfolios as well as single-asset sales of Class A, B, and C properties.  In the last 18 months at Grubb & Ellis, they closed more than $170 million in transactions with a focus on value-add repositioning plays.

“The addition of Steven and Nicholas continues HFF’s goal to expand our west coast presence.  In the past two years, we’ve grown our investment sales group tremendously with the addition of individuals and teams within the Los Angeles, Orange County and San Francisco offices,” said Michael Leggett (lower right photo), senior managing director and co-office head of HFF San Francisco.

Contacts:                 

Michael Leggett, HFF Senior Managing Director, (415) 276-6300 mleggett@hfflp.com

Gerry Rohm, HFF Senior Managing Director, (415) 276-6300, grohm@hfflp.com

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

krmurphy@hfflp.com

HEI Hotels & Resorts Promotes Four General Managers at East Coast Hotels

 NORWALK, Ct., Feb. 2, 2011—Officials of HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today named new general managers at four of its properties in Virginia and Pennsylvania.  All four were promoted from other HEI hotels. 

The newly named general managers are:  Julie Cashin, Sheraton Crystal City Hotel (middle  left photo), 1800 Jefferson Davis Highway, Arlington, Va.; Bob Krol, The Westin Philadelphia, (middle right photo) 99 South 17th Street at Liberty Place; Ryan McCarthy, Embassy Suites Tysons Corner (lower  left hotel), 8517 Leesburg Pike, Vienna Va.; and David Fabian, Embassy Suites Philadelphia – City Center (lower right photo), 1776 Benjamin Franklin Parkway. 

“These promotions clearly demonstrate the strength and depth of our internal talent pool,” said Ted Darnall  (top right photo), chief operating officer of HEI.

 “We devote a lot of time and resources to attracting and retaining the most talented professionals in our industry.  We have implemented a series of programs that encourage career development in terms of education and leadership responsibilities.  David, Julie, Bob and Ryan have been with the company for some time, and these promotions acknowledge their individual records of achievement and allow them to take their talents to the next level.”   

About the General Managers:

·         Julie Cashin—Cashin joined HEI in 2008 as director of operations at Le Méridien Cambridge, Mass., and was later promoted to general manager of the Embassy Suites Tysons Corner in Virginia.  Previously, she was general manager of the Embassy Suites in Williamsburg, Pa., for Winegardner & Hammons, Inc.    Earlier, she served as assistant manager of Humewood Castle in Kiltegan, Ireland.  She has a Bachelor of Science degree from the School of Hotel Administration at Cornell University in Ithaca, N.Y.  She will report to Brian Mayer, senior vice president of operations, Region 2.

·         Bob Krol—Krol joined HEI as general manager of the Embassy Suites Philadelphia in 2007 from Interstate Hotels & Resorts, where he served as general manager of the Embassy Suites Philadelphia Airport.  Prior to that he was general manager of the Four Points by Sheraton.  In addition, he was rooms division manager and director of sales for the Sheraton University City, for Carnival Hotels.  Krol went to Fairleigh Dickinson University and graduated with a bachelor’s degree in business administration.  He will report to Michael Miner, senior vice president of operations, Region 1.

·         Ryan McCarthy—Prior to joining HEI in 2009 as assistant general manager of the Embassy Suites Tysons Corner, he was assistant general manager and director of food & beverage at the Embassy Suites Lexington for Winegardner & Hammons, Inc.  Earlier in his career, he was general manager of Fiorella’s Italian Restaurant, where he oversaw front and back of house operations, and  comedy club supervisor and beverage controller for The Doubletree Hotel-Lowell, Mass.  He has a Bachelor of Science degree in Business Administration from Fitchburg State College in Massachusetts.  McCarthy will report to Brian Mayer.

·         David Fabian—Fabian was vice president of revenue management with HEI before becoming a hotel manager of the Embassy Suites Orlando Downtown, in Florida, in 2007.  Prior to HEI, he was vice president of revenue management for Wyndham Worldwide Hotel Group.  Previously, he was director of sales and marketing for the Westin Stamford, in Conn., for Merritt Hospitality.  Also, Fabian was regional director of revenue management, mid-Atlantic region for Starwood Hotels and Resorts.  He graduated from Indiana University of Pennsylvania with a bachelor’s degree in Hotel, Restaurant and Institutional Management.  He will report to Michael Miner.

Media Contact: Chris Daly, media (703) 435-6293 chris@dalygray.com

                  

Richfield Adds Six Hotels to Portfolio in 2010, Opens 2011 with Three More

DENVER, CO, Feb. 1, 2011—Officials of Richfield Hospitality, a leading hotel management company, today announced that the company added six hotels to its third-party management and ownership portfolio in 2010 and has started the new year with three more.

The company has taken over management of the Sheraton Bloomington, Minn., hotel (top left photo) and will oversee a $12.5 million renovation of the hotel and convert it to the Doubletree Hotel brand. 

The company has signed contracts to acquire a full-service hotel in which it will invest 75 percent of the capital and another full-service hotel as a sliver investor.  Both hotels are located in the top 50 MSAs and are expected to close during the first quarter.  Richfield will manage both hotels.

“We met or exceeded all of our 2010 goals and are particularly encouraged by a number of new partnerships and relationships that will allow us to leverage our and our partners’ capital to aggressively acquire hotels in 2011,” said Greg Mount (middle right photo),  Richfield Hospitality president.

  “We expect to exceed our 2010 pace in 2011 and add as many as 10 properties to our portfolio both through third-party management and acquisitions/joint venture partnerships. 

“Our partners, Richfield and our parent company, City Development Limited, continue to have significant capital to deploy, ranging from structured finance to joint ventures and direct acquisitions.

Mount said third-party management will remain Richfield’s core business, although it has the flexibility and capital to provide sliver equity of up to 25 percent.

“We have added significantly to our bench strength with experienced operators like Moby Ahmed (lower left photo) and Tom Clearwater to accommodate our recent growth and our planned growth this year,” he noted.  “We are opportunistic but will grow on a deliberate, planned basis.”

Additional information about Richfield Hospitality may be found at the company’s website: http://www.richfield.com/

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

Real Estate Capital Institute Scoreboard: Washington’s Impact on Income Property Murky

CHICAGO, IL - Washington's legislative impact on income-property real estate surfaces as the hot topic (e.g., Agencies fate, Frank-Dodd).  Yet the action timeline is still not clearly defined, or not in the immediate future.

 Instead, the markets are still digging out of many problems supply/demand issues.  Meanwhile, the ownership burdens ease as capital has returned to full with a plethora of funding options resurfacing as noted below:

• Capital sources offer more flexibility, including reducing fees, prepayment penalties and other restrictions to keep existing performing loans as well as winning new business.

• More bridge and subordinate debt lenders return to the funding arena. Senior debt lenders cautiously allow additional leverage, although subordinate debt is more carefully scrutinized including source and uses, escrows, default provisions and remedies, etc. 

• The competition for larger loans is pushing a number of lenders to accept smaller deals.

• Most permanent loan spreads over treasuries staying flat since last fall, as funding sources have scant investment alternatives with similar risk profiles.  The market prefers longer-term debt instruments.

•  As for overall pricing, 5.5% often surfaces as a floor on ten-year funds for more typical leverage deals; rate floor are rare for lower leverage, conservative loans.

• While mortgage spreads stay the course, Treasuries are another story.  Short-term obligations are at record-wide spreads, suggesting the markets are concerned about stagflation.  Such pricing indicates that many investors believe the Fed will be more timid about raising rates, despite inflation fears, deficit spending and other global fiscal policy concerns. 

 Strong sponsorship with partially distressed portfolios voluntarily surrenders assets to lenders as if no strategic value play exists after all other reasonable options are exhausted.  Depending upon the circumstances, lenders cooperate with borrowers as long as all parties act in good faith.

The Real Estate Capital Institute's director, Jeanne Peck (top right photo), suggests, "Recovering capital markets provide fuel for accelerating loan workouts.  In general, funding sources are maintaining underwriting discipline; only truly troubled and ill-conceived projects will fail."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

Furthermore, call the Real Estate Capital RateLine at

7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

Contact: Jeanne Peck, Research Director

Toll Free 800-994-RECI (7324)

mailto:director@reci.com

http://www.reci.com/

Colliers International Closes 3 Deals in California; 1 in Tennessee

 Thibiant International Leases  217,929 Square Feet  of Industrial Space Totaling $8.48 million in Chatsworth, CA

LOS ANGELES, CA, Jan. 31, 2011 – Colliers International, the second largest global real estate services organization, has negotiated four industrial leases totaling 217,929 square feet.

 The total combined value of the leases is approximately $8.5 million. Colliers represented the tenant, Thibiant International, a Chatsworth-based cosmetics company in the transactions. The leases represent renewals for three of Thibiant’s current facilities and an expansion into a 62,400 square-foot warehouse.

John DeGrinis (top right photo), SIOR, executive vice president, Patrick DuRoss (top left photo), associate vice president, and Jeff Abraham, associate, all of TEAM DeGRINIS, based in Colliers International’s Encino office, represented the tenant.

Thibiant’s existing landlord, ParRam, LLC, an Encino-based private investment company, represented themselves.  Gordon Mace and Joshua Linn of Beitler Commercial represented the landlord, MSF Estrella Property Co., a Beverly Hills-based private investment company for the fourth facility.

Thibiant has a fairly complex operation that incorporates R&D, manufacturing and distribution of cosmetic products.

 “We’ve worked with Thibiant for many years and have learned a lot about their flow of operations,” said DeGrinis.  “Over 18 months ago, we really started to analyze Thibiant’s processes so we could see if there were facility alternatives that would enhance the flow and efficiency of their operation and ultimately reduce overall operating costs.”

“Over the past year, we’ve explored multiple options including a consolidation plan to relocate into a single building.  We searched nearby, in other submarkets, and found a couple of off-market facility alternatives,” continued DuRoss. 

“After exploring all of these options, Thibiant determined that the best alternative was to move from a 300,000 square foot footprint in five buildings to a 217,929 square foot footprint in four buildings.  Thibiant will remain in three of its existing facilities, and replace two with another nearby facility that was more efficient and cost effective.”

 Thibiant’s operating costs were reduced significantly as a result of finding a more efficient footprint and eliminating wasted space.

 TEAM DeGRINIS is a specialized group within Colliers International that provides consulting on industrial and R&D real estate requirements in the Ventura County and San Fernando Valley.

With a combined 40 years of experience in the commercial real estate industry, TEAM DeGRINIS is a leader in sharing strategic local market insight and has completed more than $425 million in transactions over the past five years.

 For more information, visit www.colliersmn.com/teamdegrinis
.

 Colliers International Completes the Sale of 29,681-Squre-Foot Office Building for $2.575 Million in Placentia, CA

PLACENTIA, CA, Jan. 31, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 29,681-square-foot three-story office building located at 774 Placentia Ave., Placentia, Calif. to Interface Rehab, Inc. The transaction is valued at $2.575 million.

 The seller, Kenyon Placentia Inc. a Playa Del Rey-based investment firm was represented by Clyde Stauff  (middle right photo), SIOR, executive vice president in Colliers International’s Irvine office.

 “This property will be used as an office for the new tenant who provides comprehensive rehabilitation and consultation services to patients throughout Southern California,” said Stauff.

  “Interface Rehab will continue to grow the business in the larger, new building, which will undergo an interior remodel.  The building was previously occupied by McMullen Argus Publishing, Inc., a publisher for popular magazines, such as Hot Rod, for more than ten years.”

 Colliers International Completes $2.383 Million Sale of an Industrial Building in Westlake Village, Calif.

 WESTLAKE VILLAGE, CA, Jan. 31, 2011. – Colliers International, the second largest global real estate services organization, has completed the sale of an industrial building located at 3580 Willow Lane, Westlake Village, Calif. to Johnston Plumbing, a plumbing equipment company based in Ventura, Calif. The transaction is valued at $2.383 million.

Built in 1994, the property offers 16,144 square feet of space and is close to the 101 freeway.

 The seller, a Santa Barbara-based family trust, was represented by Chris Itule (middle left photo), senior associate, based in Colliers International’s Encino, Calif. office and Jeff Albee (lower right photo), Senior Vice President, also based in Colliers International’s Encino Calif. office.

The buyers, Garry and Linda Fishman of Johnston Plumbing were represented by Tony Principe, president of Westoaks Commercial Group. 

 “We were able to acquire strong price per foot for this property in this market,” said Itule. “This property is ideal for the buyers’ business and offers abundant space for them to build out.”

Colliers International Completes $1.17 Million Sale of KFC/ Taco Bell Building in Lake City, Tenn.

LAKE CITY, TN, Jan. 31, 2011. – Colliers International, the second largest global real estate services organization, has completed the sale of a 4,608-square-foot retail building located at 117 Colonia Lane in Lake City, Tenn. to Oak Park, Calif.-based Calvert Family Trust, a private investor. The transaction is valued at $1,175,000.

Built in 1980, the freestanding, retail building was renovated in 2006 and is leased to KFC/Taco Bell. Situated on 0.89 acres of land, the building is located­­­ just minutes from downtown Lake City and a half hour from Knoxville, Tenn.

 “Our client needed to exchange out of an industrial asset into a more stabilized property that provided a secure return on investment. After selling their previous asset to an industrial owner/user, we located this this property for our client.

“ This stabilized asset offered the security and ease of management they were seeking,” said Jeff Albee, senior vice president in Colliers International’s Encino office, who represented the buyer in the transaction, along with Jeff Gould (lower left photo), senior associate in Colliers International’s Encino office. 

The seller, Harbor View LLC, a private investor, was represented by Jay Gomez, James Kaye and Lindsey Lantis of Colliers VGK Investments.

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

http://www.colliers.com/

Essex Realty Group Brokers Sale of 74-Unit Vintage Apartment Building in Chicago

CHICAGO, IL, Jan. 31, 2011--Essex Realty Group, Inc. is pleased to announce the sale of a vintage 74-unit apartment building in the Rogers Park neighborhood of Chicago just one block from Lake Michigan. 

The property, 7665 N. Sheridan Road (top left photo) Chicago consists of 13 Studio, 48 one-bedroom, and 13 two-bedroom units.

 Doug Imber of was the broker for the transaction.  The sale price was approximately $4,400,000.

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

  Contact: Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902,

dougimber@essexrealtygroup.com

Arbor Appoints Erica Mileo as Director, Conferences & Tradeshows

 Uniondale, NY (Jan. 31, 2011) – Arbor Commercial Mortgage, LLC, a leader in the commercial real estate finance industry, announced today the appointment of Erica Mileo (top right photo) to Director, Conferences and Tradeshows, in Arbor’s Uniondale, NY, headquarters.

She reports to Bonnie Habyan (lower left photo), Executive Vice President, Marketing.

 Ms. Mileo is now responsible for driving the Arbor family of companies’ brand awareness and qualified new business leads through conferences, tradeshows and other events.

 She will also oversee the creation of engagement programs and processes that focus on new business opportunities at conferences and tradeshows and the utilization of such events in driving high-level networking opportunities and new partnership ventures with various real estate industry companies and associations.

Prior to joining Arbor, Ms. Mileo held the position of Marketing Manager at McGraw-Hill Construction, a division of The McGraw-Hill Companies.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Marcus & Millichap Arranges Sale of 13 CVS Drugstores in 11 States to Cole Real Estate Investments

 PHILADELPHIA ,PA Jan. 31, 2011 - Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced that it has arranged the sale of a portfolio of 13 single-tenant net-leased CVS drugstores nationwide to Cole Real Estate Investments (Cole) of Phoenix, one of the nation’s most active buyers of high-quality, income-producing commercial real estate assets, for approximately $70.1 million.

 The properties are located in 11 states including California, Florida, Georgia, Kansas, Minnesota, Mississippi, New Jersey, New York, Oklahoma, South Carolina and Texas.

(Top left photo of  CVS Pharmacy at 14240 Tamiami Trail North, Naples, Fla.).

All of the properties in the 174,000-square-foot portfolio are new stores, opened in 2009 and 2010, and are subject to 24-year triple-net leases.

Dean Zang, (top right photo)  vice president investments; Mark Taylor, (middle left photo) vice president investments; and Chris Munley, senior associate, are the Marcus & Millichap brokers, based in the firm’s Philadelphia office, who represented the seller in the transaction. Chad Adams, director of acquisitions, represented Cole.

“We are pleased to acquire a prime portfolio of CVS properties, which exactly fits the parameters of our conservative acquisition strategy, focused on income-producing ‘necessity retail’ properties, long-term leased to creditworthy tenants,  and providing a stable flow of income for our investors,” said Kim Kundrak (lower right photo), senior vice president and chief acquisitions officer for sing-tenant retail at Cole.

Zang explained, “This portfolio sale demonstrates that investors are increasing their transactions nationwide. As cap rates continue to compress for Class A assets, we will see acquisition volume increase in the B and C sector moving into 2011.”

“Single-tenant properties net-leased to national credit tenants such as CVS are in high demand among investors,” added Taylor.

 “This trend is expected to continue in 2011 as well-capitalized private investors and REITs with strong balance sheets continue to acquire assets. These particular CVS assets each have 24 years of lease term remaining, further strengthening their intrinsic, long-term value.”

Additional Marcus & Millichap investment professionals providing representation on these transactions were: J.D. Parker, broker of record (BOR) for New York State; Tim Speck, BOR for Texas; Solomon Poretsky, BOR for Minnesota; Adam Christofferson, BOR for Kansas; Bill Buford, BOR for South Carolina; John Leonard, BOR for Georgia; Greg Matus, BOR for Florida; and David Bohanon, BOR for Oklahoma.

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

Chatham Lodging Signs Agreement to Acquire Upscale Extended-Stay Hotel in Pittsburgh

PALM BEACH, FL, Jan. 31, 2011—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it has signed a contract to acquire an upscale extended-stay hotel in Pittsburgh, Pa. for $24.9 million. 

The acquisition will be funded in part through the assumption of an existing $7.3 million mortgage loan.  The hotel will be the 14th property acquired by Chatham since its initial public offering.

“Our disciplined approach to acquisitions remains focused on upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators,” said Jeffrey H. Fisher (top right photo), Chatham's chief executive officer. 

“Pittsburgh is home to six Fortune 500 companies, the University of Pittsburgh, Carnegie Mellon University, the University of Pittsburgh Medical Center and Hillman Cancer Center, as well as three professional sports venues.”

Following completion of the acquisition, the hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.  Completion of the acquisition is subject to lender approval and satisfactory completion of due diligence and other customary closing conditions.

Business Update

Chatham anticipates that it will report pro forma revenue per available room (RevPAR) for the fourth quarter 2010 of $83.27, up 3.5 percent compared to the same period of the prior year. 

As highlighted in our December 16th business update, the fourth quarter RevPAR reflects the adverse impact of rooms out of service at three hotels due to accelerated renovations, which are expected to continue through the first quarter of 2011. 

Pro forma RevPAR is calculated as if Chatham had owned all 13 of its hotels for the entire fourth quarter of both 2009 and 2010.  Pro forma RevPAR for the three months ended December 31, 2010 is based on Chatham’s internal reporting and has not yet been audited and, therefore, is subject to revision based on the audit.

Additional information about Chatham may be found at http://www.chathamlodgingtrust.com/

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Contact: 

Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media) (703) 435-6293, jerry@dalygray.com                                                                                                                                                     Dennis Craven, Chief Financial Officer, (Company), (561) 227-1386, dcraven@cl-trust.com