Marcus & Millichap Sells 55-Unit Apartment Property in Tampa, FL for $900,000

  

TAMPA, FL,  April 7, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Elizabeth Arms (top left photo), a 55-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $900,000.

Michael P. Regan (top right photo), an associate vice president investments and Francesco P. Carriera, a senior associate in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based private investor.  The buyer, a limited liability company, was secured and represented by Regan and Carriera.

Elizabeth Arms is a five-unit apartment complex built in 1971 and located at 4115 Carnegie Court A. The property is of concrete block construction and consists of six buildings on approximately 3.03 acres.

“Elizabeth Arms was a former Project Based Section 8 Community.  After having the HAP contract pulled for non-compliance issues, the property was vacated and then boarded up” says Regan.

“With the help of a local development group and a non-profit organization, we were able to close this deal through the Neighborhood Stabilization Program.  This is the second transaction we have closed with NSP funds.”

Hyde Park Pointe Apartments in Tampa Go For $1.9 Million

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hyde Park Pointe (lower left photo), a 32-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,900,000.

Casey Babb, CCIM (lower right photo), a senior investment specialist, and Luis Baez, investment specialist in the firm’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor based out of Florida.  The buyer, a limited liability company, was also secured by Babb and Baez.

Hyde Park Pointe is a 1960s vintage, “Class B” garden apartment property in a trophy location in the heart of the Hyde Park/SoHo District.  The property was fully-stabilized at the time of sale and the buyer is planning strategic upgrades to the unit interiors and building exteriors. 

“The offering received serious interest from active investors and the per unit sales price of $59,375 per unit was one of the highest in the small apartment marketplace in recent memory,” says Babb.

“It proves that fully-stabilized, well-located properties have held their value well and that investors may be slowly shifting away from ‘bank-owned only’ deals and back to quality real estate with good underlying fundamentals in-place.

“This particular buyer is planning a long-term hold strategy and should do very well with this investment,”

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

stan johnson company completes sale of 10-property retail portfolio for $10.2 million

TULSA, OK– Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 10-property retail portfolio, 100 percent occupied by CVS/pharmacies, to a Massachusetts-based private investor for $10.2 million. 

Encompassing more than 102,000 square feet, the retail properties are located in Connecticut, Kentucky (3 locations), Massachusetts, Ohio (2 locations), South Carolina (2 locations) and Virginia.

David Clary (lower right photo)  with Stan Johnson Company represented the seller, a Texas-based private owner, as well as the buyer.  

The properties were encumbered by high leverage, zero cash flow structured financing that was assumed by the buyer.

“The buyer of the properties is an experienced owner who was attracted by the investment grade credit, absolute net leases and high leverage, fully-amortizing financing requiring a low level of purchase equity,” said Clary.  “Based on this, the buyer believed the investment offered significant, long-term residual value”

Clary went on to say that “zero cash flow structured investments are an area of expertise for our firm.  We have represented buyers and sellers across the country on these and have a deep understanding of the structure.

 The CVS portfolio transaction was significant in that we have now surpassed the $1.3 billion mark on zero cash flow sales.”

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

 david@ebelingcomm.com

Essex Realty Group Brokers Sale of Mixed-Use Building in Forest Park, IL

CHICAGO, IL --   Essex Realty Group, Inc. is pleased to announce the sale of a 9,440 square foot mixed-use building in Forest Park, Illinois.

 7227-33 W. Roosevelt consists of 5,340 square feet of commercial space and one 1-bedroom, and four 2-bedroom units with 5 parking spaces.

 Doug Imber (top right photo) and Matt Welke of Essex were the sole brokers in the transaction. The price was approximately $425,000.

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

 Two Adjacent Buildings Sold for $6 Million

CHICAGO, IL, April 7, 2011.   Essex Realty Group, Inc. is pleased to announce the sale of 6610 and 6628 N. Sheridan in Chicago. The combined 124-unit 4+1 apartment buildings are located directly across from Loyola University’s campus  in Chicago’s Rogers Park neighborhood.

The unit mix for the two buildings consists of 34 studio, 74 one-bedroom and 16 two-bedroom units.

 Doug Fisher and Matt Welke (lower left photo) of Essex brokered the transaction. The price was approximately $6,000,000.

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

Marcus & Millichap Capital Corp. Arranges 3 Loans in Missouri and New York

AT&T Receives 5-Year Fixed-Rate Loan in Florissant, MO

FLORISSANT, MO., March 30, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged $1,423,360 million in acquisition financing for a 7,020-square foot retail building in Florissant, MO.

 Michael Balan, an Associate Director in the Miami office and Sean Mooney, an Associate Director in the firm’s Manhattan office, arranged the financing for the property.

“With the compression of cap rates for core assets in the New York Market, many investors are seeking higher yielding, value add, and opportunities in the tertiary markets,” states Mooney.   “The borrower negotiated to purchase of a vacant Blockbuster that AT&T had already leased and agreed to completely renovate for their use.”

Michael Balan and Sean Mooney worked closely with the borrower to facilitate the completion of his 1031 exchange. 

The loan is for five years, amortized over 30 years with a fixed interest rate of 5.89 percent.  The loan to value is 66.5 percent and was closed in 37 days.

10-Unit Multifamily Property in Brooklyn, NY Gets $875,000 Loan

BROOKLYN, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged an $875,000 fixed rate loan for the cash-out refinance of a 10-unit multifamily apartment in Brooklyn, New York. 

Brian Ursino, an associate director in the firm’s Manhattan office, arranged the financing.

 Financing for this transaction was provided by an agency and the terms of the loan are 10 years fixed with a 30 year amortization schedule. Loan to value was 55 percent.

                                                                                                (Downtown Brookly middle right photo)

$1 Million Loan Arranged for Mixed-Use Property in Manhattan

 NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a 10 year fixed rate loan for a mixed use property located at 283 West 11th Street in New York, New York. 

Brian Ursino, (lower left photo) an associate director in the firm’s Manhattan office, arranged the financing.

“The borrower was very conservative and wanted the best interest rate, which we achieved with him,” says Ursino.  “We negotiated key deal terms with the lender relating to change of commercial tenant space and its affect on the certificate of occupancy,” he adds. 

It is a 10 year fixed rate loan that is amortized over 30 years with a fixed interest rate of 5.125 percent. 

Press Contact: J.D. Parker, Vice President and Regional Manager, Manhattan

(212) 430-5100

Emerson International acquires Turtle Creek Community in Medical City Corridor in Osceola County, FL

ALTAMONTE SPRINGS, FL. --- Emerson International in Altamonte Springs recently acquired the remaining 368 developed home sites at Turtle Creek, a planned development in St. Cloud in Osceola County.

Eric Emerson (lower right photo), vice president and general manager of Emerson International, said the development includes finished 25, 50 and 70 foot home sites.

Emerson said he plans to sell finished home sites at Turtle Creek to production home builders.

“Turtle Creek represents an excellent investment opportunity for us in the Medical City Corridor, where significant job growth is anticipated over the next several years,” Emerson said.

Emerson International, a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. is the developer of the Eagle Creek Golf Community, located five miles north of Turtle Creek on Narcoossee Road in southeast Orlando. 

For more information,  contact:  

Eric J. Emerson, Vice President and General Manager Emerson International, Inc.  407-834-9560, eemerson@emerson-us.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;  or 407-461-3780.  Lvershelco@aol.com

  

Embassy Suites Chicago-Downtown Completes $12.3 Million Renovation

CHICAGO, IL, April 7, 2011—Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced that the 367-suite Embassy Suites Chicago-Downtown (top left photo) in Illinois has completed a $12.3 million renovation.

  Davidson has managed the hotel since June 1, 2010, on behalf of owners, Sunstone Hotel Investors, Inc.  Sunstone oversaw the project; Design Force of Denver, Colo., was the design firm for the renovation.

“The renovation has enhanced the overall guest experience of this exceptionally located hotel,” said Patrick Lupsha (lower right photo), Davidson’s chief operating officer.

 “All guest suites were completely renovated, including new case goods, state-of-the-art workstations, carpeting, wall coverings, two flatscreen televisions per suite and bathrooms. 

“We are confident that the significant capital investment, coupled with our expertise in the Chicago market, will establish the Embassy Suites Chicago-Downtown as the leading upscale, all-suite destination in the market.”

“Chicago is a town with an incredible architectural heritage, which made this project all the more interesting and challenging,” said Roxanne Fancy, president, Design Force.

 “In addition to guest suite interiors, we installed new carpeting, wall coverings, contrasting paint on doors and light sconces in the guest corridors.  All aspects of the renovation complement the bold and self-assured style for which Chicago is well known.”

Located at 600 North State Street, in the heart of downtown Chicago, the upscale, all-suite hotel is convenient to Michigan Avenue’s Magnificent Mile, Loyola University, Navy Pier, American Girl Place, and Lincoln Park Zoo.  The 11-story atrium hotel also is near Boeing Headquarters, City Hall and Chicago Board of Trade. 

 For further information, visit Sunstone’s Web site at www.sunstonehotels.com

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 Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/

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 Contact:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155 cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com                                            ,                                                                                                                                                                                                                             

HFF closes $42.75 million sale of Class AA, urban multi-housing community in Atlanta

 ATLANTA, GA – HFF announced today that it has closed the sale of 660 Apartments (top left photo), a 301-unit, Class AA multi-housing community in Atlanta’s Old Fourth Ward neighborhood.

HFF marketed the property on behalf of Southeast Capital Partners and The Integral Group.  AMLI Residential Properties Trust purchased 660 Apartments for $42.75 million in an all-cash transaction.  At $142,000 per unit, the transaction represents the highest price paid for a rental community in Atlanta during this cycle.  

Completed in 2009, 660 is the recipient of numerous design awards including MHN’s, “2010 Best New Development” and Building of America, “2010 Gold Medal Winner”.   This urban-core asset is the submarket leader in effective rental rates largely due to its superior design and its unique location adjacent to Historic Old Fourth Ward Park, a brand new 35-acre park.

 The HFF team representing the seller was led by senior marketing director Jason Nettles (middle right photo) and director Megan Thompson (lower left photo). 

“Institutional interest in Atlanta has increased over the past 12 months as fundamentals have improved,” says Nettles.  “While we may not see trades at 25 percent over replacement cost like we’re seeing in the gateway markets, Atlanta is clearly moving over the replacement cost benchmark.”

Southeast Capital Partners is an Atlanta-based real estate investment company specializing in the acquisition, ownership and development of rental and for sale multi-family housing. 

The Integral Group is a full-service real estate development company with specialization in investment management, real estate development, construction management and property management.

AMLI Residential Properties Trust is focused on the development, acquisition and management of luxury apartment communities nationwide.

Contacts:

Jason Nettles, HFF Senior Managing Director, (404) 832-8460 jnettles@hfflp.com

Megan Thompson, HFF Director, (404) 832-8460, mthompson@hfflp.com

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

krmurphy@hfflp.com

HFF secures $50 million refinancing for The AutoNation Building in Fort Lauderdale, FL

MIAMI, FL – HFF announced  that it has secured a $50 million refinancing for The AutoNation Building (top left photo), a 204,337-square-foot mixed-use office and retail complex plus a 522-space parking garage in downtown Fort Lauderdale, Florida.

Working exclusively on behalf of Stiles Financial Services, HFF placed the seven-year, 6.22 percent fixed-rate loan with JP Morgan Chase & Company.  Loan proceeds are being used to refinance existing debt that matured in March 2011. 

Completed in 2007, The AutoNation Building is 90 percent leased to key corporate tenants, including Auto Nation, Ever Bank, and law firms Kopelowitz Ostrow and Lewis Brisbois Bisgaard & Smith.

 The 17-story property is located at the corner of Las Olas Boulevard and SW First Avenue within walking distance to Las Olas’ restaurants, museums, the Federal Courthouse and Florida Atlantic University’s Broward County campus.

 Senior managing director Paul Stasaitis (middle right photo) led the HFF team, which included managing director Danny Finkle (lower  left photo) and associate director Kimberly Flores. 

“This transaction further illustrates continued improvement within the capital markets, particularly as it relates to best in class owners of high-quality real estate,” commented Stasaitis.

Ft. Lauderdale-based Stiles has developed more than 37 million square feet of office, retail, residential, mixed-use, and industrial properties throughout the southeastern United States.

 In addition to development, construction, architecture, realty and property management, Stiles also specializes in financing, acquisitions and asset repositioning.

Contacts:

Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333,  pstasaitis@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

                                     

Marcus & Millichap Brokers Self-Storage Properties in Denver, CO and Birmingham, AL

  

 23,459-Unit Portfolio in 3 States Listed for  $188 Million

DENVER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the A-American Self-Storage portfolio, a 46-property portfolio located in California, Hawaii and Illinois.

The listing price is $188 million. The 3.18 million-square foot, 23,459-unit portfolio may be sold together or separately.

Charles “Chico” LeClaire (top right photo), a senior vice president investments and a senior director of Marcus & Millichap’s National Self-Storage Group in Denver, is representing the seller, A-American Self Storage, a privately held self-storage company based in Los Angeles.

“A-American Self Storage is one of the largest independent owners of self-storage properties in the United States with more than 75 properties. A-American plans to retain the remaining facilities within the family portfolio,” says LeClaire.

“Because of the improving economy, more people are relocating to urban centers that offer more abundant job opportunities,” he adds. “As people migrate and downsize their residences, self-storage property operations should improve significantly through year end, making the A-American facilities an excellent long-term investment.”

All together, the facilities include 23,459 storage units encompassing 3,181,562 square feet of space in the following locations:

• California: 29 properties, 18,130 units, 2,056,173 rentable square feet, 111.79 acres
•  Illinois: 13 properties, 6,735 units, 847,247 rentable square feet, 57.91 acres
• Hawaii: four properties, 4,302 units, 278,142 rentable square feet, 9.15 acres

 LeClaire has 20 years experience as self-storage property investment specialist. He has closed more than $1 billion in self-storage property transactions nationwide during the course of his career.

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

75,897-SF  Facility in Birmingham, AL Sold for $2.5 million

BIRMINGHAM, AL, April 6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Downtown Storage (middle right photo) of Birmingham, a 75,897-square foot self-storage facility located in Birmingham, Ala, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,500,000.

Michael A. Mele (lower  left photo), vice president investments, and senior director of the National Self-Storage Group and Nicholas Walker (lower right photo), an associate in the firm’s Tampa and Ontario, offices, had the exclusive listing to market the property on behalf of the seller, a financial institution based out of California. 

 The Alabama-based buyer, a private investor, was secured and represented by Edwin Greenhalgh, an associate in Marcus & Millichap’s Birmingham office. 

Downtown Storage of Birmingham is a state-of-the-art facility situated on approximately 1.52 acres of land at 900 17th Street North.  The facility consists of 627 storage units, 519 of which are climate controlled. 

“Eddie and Brooks Lumpkin of Metro Mini Storage, along with their bank, were able to come to the table and close this transaction within a 72-hour timeline from start to finish” says Mele..

  “This is a personal record and shows that deals can be done in this market with local banking relationships. This ‘Class A’ facility fits perfectly into Metro’s portfolio and they are very excited to be the new owners,” adds Mele..

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700



Marcus & Millichap Capital Corp. Arranges 7-Year, Fixed-Rate Loan for Mixed-Use Property in Brooklyn, NY

 BROOKLYN, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a seven year fixed rate loan for a mixed use property located at 808 Prospect Avenue in Brooklyn, New York. 

Sean Mooney, an associate director in the firm’s Brooklyn and Manhattan offices, arranged the financing.

“The property was in great need of rehabilitation, with multiple violations, extensive deferred maintenance, and a certificate of occupancy that did not match the current use,” says Mooney.

 Mooney assisted the borrower in correcting the certificate of occupancy issue, cured the violations and negotiated a draw schedule for the rehabilitation that needed to be done. 

“Things are defiantly starting to loosen up with respects to financing for rehab and construction,” states Mooney.

The loan is for seven years, amortized over 30 years with a fixed interest rate of 4.875 percent.  The loan to cost is 70 percent.

  

5-Year, Fixed-Rate Loan Arranged for 461 St. John’s in Brooklyn

BROOKLYN, NY-- Sean Mooney and Christopher Marks of Marcus & Millichap Capital Corporation (MMCC) have arranged $350,000 in refinancing for a multifamily property located at 461 St. Johns in Brooklyn, NY.

Sean Mooney an Associate Director of the firm’s Brooklyn & Manhattan office and Christopher Marks, an Associate in the Manhattan office, have arranged the financing for the building.

The loan is for five years, amortized over 30 years with a fixed interest rate of 4.75 percent.  The loan to value is 75 percent.

Press Contact: J.D. Parker, Vice-President and Regional Manager, Manhattan

(212) 430-5100

Lincoln Property Company Acquires 55 Allen Plaza in Atlanta on Behalf of Pension Fund Client

ATLANTA, GA (April 5, 2011) –Lincoln Property Company, one of the most respected and diversified real estate service firms in the U.S., said today it has acquired 55 Allen Plaza (top left photo) on behalf of a pension fund client.

Lincoln has taken over leasing and management of the landmark office tower situated prominently overlooking the Downtown Connector on downtown’s northern edge.

The location of 55 Allen Plaza makes it an attractive option for companies seeking space with easy access to Atlanta’s intown markets.

The office tower’s location on the Allen Plaza mixed-use development means tenants are surrounded by amenities including restaurants, the W-Atlanta Downtown Hotel & Residences, shopping and Centennial Olympic Park.

“55 Allen Plaza is a top-quality office tower with unparalleled access and name recognition,” said Tony Bartlett (middle right photo), senior vice president of Lincoln’s Southeast Region.

 “Its tenant roster, which includes Ernst & Young, Skanska, Cushman & Wakefield and ASD, is filled with excellent companies. Lincoln intends to focus on leasing the remaining 80,000 square feet of available office space and providing top-quality management for the existing tenants at 55 Allen Plaza.”

The 350,000-square-foot Class A office tower opened in May 2007.

The addition to 55 Allen Plaza fortifies Lincoln’s already-strong position in Atlanta’s downtown and Midtown submarkets, increasing the company’s presence there to more than 1.2 million square feet.

Lincoln Vice Presidents David Danhof (middle left photo) and Leigh Braswell (lower right photo) are in charge of leasing at 55 Allen Plaza.

“The office tower at 55 Allen Plaza is the newest Class A multi-tenant building downtown” Danhof said. “Its efficient floor plates, accessibility, amenities and views make it an attractive office location.”

For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/  or http://www.lpcsoutheast.com/

For more information, contact

Tony Wilbert, Wilbert News Strategies,  404-965-5022 or 404-405-3656

43 Flamingo South Beach Condos Go Into Foreclosure In Q1 2011

MIAMI, FL--Foreclosure actions have been filed against the owners of 43 units in the Flamingo South Beach (top left photo) condominium conversion project in the first three months of 2011 by the complex's association, according to a new report from CondoVultures.com.

The project's condominium association is seeking nearly $760,000 in past-due monthly maintenance fees used to operate the trendy South Beach condo project fronting Biscayne Bay, according to an analysis of the Condo Vultures® Foreclosure Database™.

The surge in foreclosure filings at the Flamingo South Beach comes at a time when South Florida Lis Pendens actions - the first step in the repossession process - are down by two-thirds on a year-over-year basis to about 6,800 filings in the first quarter of 2011, according to the report. 

"At the peak of the market, the Flamingo South Beach condominium was one of the most popular projects for investors," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Buyers were willing to pay a premium for the units in the refurbished 1960s structure as lease rates in the complex achieved some of the highest rents per square foot in South Beach. The condo market has since changed with an increasing number of renters heading across the causeway to the new condos in Greater Downtown Miami."   

Located at 1500 Bay Road on the west side of Miami Beach, the Flamingo South Beach condominium units that are in foreclosure with the association have a combined "value" of more than $4.6 million, according to Miami-Dade County records.

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

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CB Richard Ellis Central Florida Multi-Housing Group Closes 2 Sales Valued Over $60 Million

ORLANDO, FL--The CB Richard Ellis Central Florida Multi-Housing Group is pleased to announce two more Central Florida multi-housing sales – Marina Grande (top left photo) and Quiet Waters (lower right photo).

The transactions totaled more than $60,000,000, and are a further testament to the recovery of the multi-housing sector.

Built in 2007, Marina Grande features twin luxury high-rise residential towers on the Intracoastal Waterway in the Daytona Beach area. This 486-unit asset was built as condominiums, and the remaining 414 units were sold in bulk.

Quiet Waters, which is located in the Sanford suburb of Orlando, sold to another buyer in a separate transaction.

That rental community was completed in 1965 and features barrel tile roofs and wood floors in unit interiors. Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively advised the sellers on both deals.

CBRE continues to generate strong interest in the Orlando market, and has sold more than $110,000,000 in local multi-housing assets thus far in 2011.

Contact:

Shelton Granade, T 407.839.3103, shelton.granade@cbre.com

Luke Wickham, T 407.839.3130, luke.wickham@cbre.com

Jones Lang LaSalle Completes 411,548-SF Industrial Lease with Pacific Coast Warehouse Co. in Ontario, CA

ONTARIO, CA,  April 4, 2011 — Jones Lang LaSalle represented Pacific Coast Warehouse Company in a 411,548-square-foot industrial lease at Ontario Distribution Center II  (top left photo)) located at 3601 Jurupa Street in Ontario, Calif.

Pacific Coast Warehouse will occupy the entire building after relocating from 5125 Schaefer Ave in Chino, Calif.

Jones Lang LaSalle’s Southern California Industrial Tenant Representation Team of Executive Vice President Tim O’Rourke and Senior Vice President Barry Hill represented Pacific Coast Warehouse in the transaction. 

The property owner, Ontario Industrial Partners, was represented by Steve Bellitti and Tom Taylor of Colliers International.

“With our knowledge of the Inland Empire industrial market, Jones Lang LaSalle enabled the tenant to upgrade its facility and amenities by relocating to a Class A facility, while also significantly reducing its overall expenses – this is the quintessential ‘Flight to Quality,’” said O’Rourke.

 “This transaction along with other recent deals in the market illustrate that the Inland Empire industrial market is leading the recovery in the U.S. industrial market.”

Located in the Inland Empire industrial market, Ontario Distribution Center II features a clear height of 30+ feet, 58 dock-high loading doors, 76 trailer stalls and a large secured concrete yard area.

Pacific Coast Warehouse Company dates back more than 80 years and has clearly become one of the finest 3rd party distribution organizations in the Western United States by operating as an extension of their customer and focusing on service.

Pacific Coast Warehouse Company is a privately-owned company who understands that quality service, flexibility, technology, and value added services are required for effective supply chain management. 

Pacific Coast Warehouse Company currently operates more than 1,000,000 square feet of space in Southern and Northern California.

For further information, please visit our website, http://www.joneslanglasalle.com/.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

HFF closes sale of two-building, Class A office complex in Dallas, TX

DALLAS, TX – HFF announced today that it has closed the sale of Bluffview Towers (top left photo), a two-building, 196,356-square-foot, Class A office complex in Dallas, Texas.

HFF marketed the property on behalf of the seller, Capstar Real Estate Advisors along with an institutional partner.  CDI purchased Bluffview Towers for an undisclosed amount. 

Bluffview Towers is located at 3860 and 3890 Northwest Highway close to Love Field, the residential neighborhoods of Bluffview, Park Cities and Preston Hollow.  The property’s East Tower has 126,132 square feet in seven stories and the West Tower totals 70,224 square feet in four stories.

 Renovated in 2009, the property is 96 percent leased to tenants including GSA, Inland American, Sewell, HEB Grocery and Atrium Companies.

Contacts:

Andrew Levy, HFF Senior Managing Director, (214) 265-0880, alevy@hfflp.com

Todd Savage, HFF Associate Director, (214) 265-0880, tsavage@hfflp.com

 Elizabeth Malone, HFF Managing Director, (214) 265-0880, emalone@hfflp.com

Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com