Friday, August 26, 2016

Eric Retzlaff Joins Shopoff Realty Investments as Senior Vice President and National Sales Manager

Eric Retzlaff
IRVINE, Calif. –– Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced Eric Retzlaff has joined the company as senior vice president and national sales manager.

“Eric is a seasoned professional with strong investment management experience that spans more than 30 years and includes a successful track record of sales growth and reputation for integrity,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

 “We are pleased to welcome him to the team at Shopoff Realty Investments, where his extensive background in distribution, marketing, training and management will be a great fit with our efforts to consistently provide the highest level of service and support.”

Over the course of his career, Retzlaff has helped develop and manage direct and indirect investment offerings in real estate, energy, insurance and mutual funds. He has served in a variety of senior management functions, including as chief financial officer, chief compliance officer and chief marketing officer for FINRA member firms.

Prior to joining Shopoff, Retzlaff served as managing director of RightSource Distributors, where he managed and advised emerging sponsors with product design and capital formation.

William Shopoff
 Previously, he was executive vice president and head of securities, sales and distribution with Atel Capital Group, a private equity, real estate and finance group.

Beginning in 2010, Retzlaff was president of the broker-dealer for Lightstone Securities, managing sales, marketing and compliance activities, while representing both publicly offered non-traded real estate investment trusts and private placement real estate offerings.

During his career, Retzlaff has also been a leader with AXA Distributors, Aver Development Corporation, PIMCO Equities and Endeavor Management Company.

He earned a bachelor’s degree from Principia College, and a master’s degree from Claremont Graduate University.

For a complete copy of the company’s news release, please contact:

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

NAI Realvest Negotiates $1.3 Million Sale of 132 acres of Lakefront Development Land in St. Cloud, FL

George Viele
ORLANDO, Fla. – NAI Realvest recently negotiated the sale of 132.25 acres of   residential development land with frontage on Lake Coon at 6400 Bass Highway in St. Cloud. 

NAI Realvest Associate George Viele negotiated the $1,300,000 sale on behalf of the Orlando-based sellers Margaret B. Vickery Family Limited Partnership.     

Scott Gentry, Inc. of Orlando purchased the land and was represented by Darrell Carter of Maury L. Carter & Associates.

For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3781

NAI Realvest Negotiates Professional Office Leases at Gardens of Ravaudage and Gateway Plaza in Winter Park, FL

Mary Frances West
ORLANDO, FL -- NAI Realvest recently completed two new lease agreements and one renewal totaling more than 7,000 rentable square feet of professional office space in Winter Park.

Mary Frances West, CCIM Vice President at NAI Realvest, negotiated a new lease of 1,240 square feet at The Gardens of Ravaudage, 1035 N. Orlando Ave. representing the landlord. 

  Ear, Nose & Throat Associates of Orlando, PLLC and Principal Dr. Kapil Saigal, who specializes in facial plastic and reconstructive surgery, leased the second-floor office suite.   The tenant was represented by Rick Saigal of La Rosa Realty. 

West along with Tom Kelley, II, CCIM a Principal at NAI Realvest and Associate Chris Adams negotiated a new lease for 3,950 square feet at Gateway Plaza representing the landlord of the building located at 1201 S. Orlando Ave.  

The tenant is Sirote & Permutt PC a Birmingham, AL-based law firm who leased 3,950 square feet for its central Florida offices.  Robert Kellogg of Colliers International represented the tenant.

Also at Gateway Plaza, Kelley and West negotiated a lease renewal agreement with Jones Lang LaSalle Americas, Inc. for the 1,905 rentable square feet they have occupied there for several years. 

For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3781

BLT Enterprises Launches Ground-Up Development of 500-Unit Multifamily Community in Supply-Constrained Napa, CA

Rob Solomon
NAPA, CA (Aug. 26, 2016) –  BLT Enterprises, a multi-faceted real estate investment company, has announced the planned development of Phase I of Vista Tulocay, a 500-unit multifamily community that will fill a deep void in the Napa, California housing market, according to Rob Solomon, Chief Development and Legal Officer for BLT Enterprises.

“Napa is in dire need of new housing options,” says Solomon “The city attracts more than 1,000 new residents each year, while only 200 building permits are approved annually. 

“Based on the growing need for quality housing in the region, we were able to demonstrate the strength of our planned project, as well as the benefits this development will deliver to the City of Napa.”

Vista Tulocay will be situated on a currently vacant 20-acre parcel adjacent to the Napa River and within biking distance to Napa’s vibrant downtown core. The development will occur in two phases: 
 Phase I, which was recently approved by the Napa City Council, will include 282 apartment units on approximately 12.5 acres. BLT Enterprises plans to begin development on this phase immediately.

Rendering of Planned Phase I, Vista Tulocay Residential Development, Napa, CA

Phase II, which is currently being designed and will be presented to the City for approval in the near future, is planned to include between 98 and 218 additional residential units on eight-acres.

            “The entitlement of Phase I is a tremendous milestone that marks the culmination of many years of collaboration between our firm, the Gasser Foundation and the City of Napa,” explains Shawn Guttersen, a Partner at BLT Enterprises who was integral in securing the entitlements for the project. 

“This is a historically strong market that has recently been defined by high rents and extremely low, sub-2 percent vacancy rates,” Guttersen explains.  “Our planned development marks the largest influx of housing in the city in the past five years.

“We are truly committed to serving the housing needs of the Napa community as a whole, and we are eager to begin development of this exceptional project.”

For a complete copy of the company’s news release, please contact:

Devin Ugland/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Thursday, August 25, 2016

IEC Acquires Value-Add Multifamily Asset in Silicon Valley, CA for $46 Million

555 Apartments, formerly Meritage Apartments, Milpitas, CA

Marshall Boyd
Los Altos, CA – Institutional fund manager Interstate Equities Corporation (IEC) has acquired a 137-unit, value-add multifamily property in Milpitas for $46 million.

The property, formerly called Meritage Apartments, will be rebranded to “555 Apartments.” The asset was acquired through IEC Institutional Fund III, L.P., a fully discretionary, $200 million commingled fund that closed earlier this year.

“Despite being net sellers, we have been actively acquiring assets that meet our investment criteria over the past few months, and this acquisition brings our total equity committed to roughly fifteen percent,” says Marshall Boyd, Co-President of IEC, who notes that this translates to an additional $600m of buying power in this fund which will be deployed over the next several years.

“While we continue to expand our multifamily portfolio, we are also taking a selective approach to new acquisitions,” says Boyd. “Our investment strategy is to target unrenovated or partially renovated apartment communities consisting of 20 to 400 units, located in coastal infill markets that are demonstrating steady growth and are resilient to economic pressures.

“By adhering to this thesis, we are able to deliver attractive returns to our limited partners.”

Boyd notes that Milpitas is a prime example of a market in Santa Clara County that is poised for economic growth, adding that technology sector job growth and a new BART station make this a fundamentally durable location for multifamily investments.

Julia Boyd Corso
“Milpitas is a dynamic submarket that is gaining ascendancy in the Bay Area,” explains Boyd. 

“Situated between the East Bay and Silicon Valley, Milpitas is uniquely positioned to cater to the increasing demand for quality housing near major tech employers in both regions.

“The rising employment growth in this market, coupled with the availability of mass transit options linking both Fremont and San Jose will drive resident demand for this asset.”

Julia Boyd Corso, Co-President of IEC, notes that the strength of the market and the asset’s value-add potential resulted in strong competition for this acquisition.

“There were a number of bidders for this asset,” explains Boyd Corso. “As the only discretionary capital, we were able to differentiate ourselves through surety of close. 

"In addition, our familiarity with this market and product type enabled us to emerge as the right buyer.”

Built in 1973, “555 Apartments” will undergo a series of capital improvements as part of IEC’s value-add investment strategy. 

“We can substantially increase rents through operational improvements, rebranding, and management efficiencies,” says Boyd Corso.  “By revitalizing the property, we are improving quality of life for current residents and delivering a product that will attract renters throughout the Bay Area.”

Salvatore Saglimbeni

Salvatore Saglimbeni, Stanford Jones, and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap brokered the transaction. 

In addition to the Milpitas asset, IEC has acquired four value-add multifamily properties throughout Northern and Southern California through IEC Institutional Fund III, L.P., bringing the total number of units acquired for this fund to date to 240.

For a complete copy of the company’s news release, please contact:

Katie Kea or Jenn Quader
 Brower, Miller & Cole
 (949) 955-7940

Wednesday, August 24, 2016

HFF closes $24.5 million sale of retail building in Manhattan’s Upper East Side

123 East 86th Street, Upper East Side, Manhattan, NY
 NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $24.5 million sale of 123 East 86th Street, a 7,018-square-foot, single-tenant retail property triple net leased to Citibank in Manhattan’s Upper East Side neighborhood. 

HFF marketed the property on behalf of the seller, a partnership between Madison Capital and a global real estate investment management firm.  

The asset was purchased by a private investor for $24.5 million, representing $3,492 per total square foot.

Completed in 1927 and renovated in 1998, 123 East 86th Street is fully leased to Citibank on a triple-net-lease basis through 2022 at rents significantly below market. 

The building consists of three above-grade levels with an additional 2,234 square feet of lower-level space not included in the rentable square feet.  

Situated on a 3,021-square-foot lot between Lexington and Park Avenues, 123 East 86th Street is in the heart of Manhattan’s Upper East Side.

 The property is located in the 86th Street retail corridor, a prominent upper Manhattan area drawing urban retailers, including Whole Foods, H&M, SoulCycle and Sephora, and adjacent to the 86th Street subway station with its more than 20 million riders annually. 

Rob Rizzi
The HFF investment sales team representing the seller was led by managing directors Rob Rizzi and Jeff Julien, senior managing director Eric Anton and associate director Steven Rutman.  Elad Dror and Tony Park of PD Properties represented the buyer.

“We received a tremendous response from a wide range of private and institutional investors, highlighting New York City’s appeal for high-street properties, as well as the continuing demand for cash flowing retail,” Rizzi said.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Shopoff Realty Investments Acquires Unique Coastal Huntington Beach, CA Redevelopment Project

William Shopoff
 Huntington Beach, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired 28.6 acres of land in Huntington Beach, Calif. for redevelopment for $26.5 million. The site is currently home to a former oil storage tank farm and pumping facility.

The property is located at the intersection of Magnolia Street and Banning Avenue and is situated 400 yards from the entrance to the Huntington State Beach on Pacific Coast Highway.

Additionally, the property has coastal and ocean views across the Huntington Beach Channel and the beautifully restored Magnolia and Brookhurst Marshes of the Huntington Beach Wetlands Conservancy.

“We intend to employ our expertise and creative planning to transform this now former oil terminal consisting of three 500,000 barrel tanks (approximately 63 million gallons) into a thriving new mixed-use development featuring a visitor-serving resort and commercial and residential components,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“The land parcel is in a phenomenal location with close proximity to the Pacific Ocean. Redevelopment of a site like this is a challenge on many fronts, but creates incredible opportunities, making it an ideal project for our unique team of value-add experts.”

John Santry
“We intend to have the oil tanks removed and take additional efforts, if needed, to clean up the site, and provide a development that really enhances the local community,” added John Santry, executive vice president of Shopoff Realty Investments Land Division.“

We believe that the replacement of this large industrial facility with a beautifully designed mixed use development will better serve the community by providing improved aesthetics and services.”

For a complete copy of the company’s news release, please contact:

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

Berger Commercial Realty Secures Fort Lauderdale Location for New York Law Firm's First Out-of-State Branch

Judy Dolan
FORT LAUDERDALE, FL  - Berger Commercial Realty Senior Vice President Judy Dolan recently represented Ultimate Fitness, LLC in subleasing 12,990 square-feet of office space to Gacovino, Lake & Associates, PC at Harbor Shops, located at 1815 Cordova Road in Fort Lauderdale.

The space previously served as the headquarters for Orangetheory Fitness, which purchased a new 77,000-square-foot facility in Boca Raton for $14 million. 

Gacovino Lake then leased an additional 4,667 square-feet at Harbor Shops, bringing its total space to 17,657 square-feet. Headquartered in Sayville, N.Y., Gacovino Lake has litigated 20,000 personal injury cases over the last 20 years. Serving clients across the United States, the firm will operate its location at Harbor Shops as its first out-of-state branch.

A 250,000-square-foot regional shopping center, Harbor Shops' tenants include national chains such as Publix, Total Wine, TJ Maxx, LA Fitness, Chase Bank, Massage Envy, Ross, and more.

For a complete copy of the company’s news release, please contact:

Lexi Robinson, ext. 255,

Marielle Sologuren, ext. 226,

Tuesday, August 23, 2016

Lincoln Property Co. TOBY Win in Arizona Sends Company to International Awards

Arizona Department of Environmental Quality (ADEQ) Building,
1110 West Washington Street, Central Phoenix, AZ

PHOENIX, AZ – For the second year in a row, Lincoln Property Company (LPC) Desert West has earned a regional “The Outstanding Building of the Year” (TOBY) award from the Building Owners and Managers Association (BOMA).

LPC earned the TOBY for its management of the the Arizona Department of Environmental Quality (ADEQ) Building, situated in Central Phoenix, just off of Interstate 10 in the heart of the State Capitol and fully occupied by ADEQ.

Megan Watkins
The TOBY awards are presented by BOMA and are the industry’s most prestigious honor for excellence in building quality and management.

The six-story Class A ADEQ office building is located at 1110 W. Washington St. in Phoenix. It is certified LEED Silver and houses 12 state agencies. LPC has provided third-party management services for the project since 2009.

“This building has a great history with LPC,” said said Lincoln Property Company’s Executive Vice President David Krumwiede. “Several of us were involved with the original development and management of the building, when it was delivered in 2002.

“Other team members have been actively managing the building for many years. We value this long-standing relationship and appreciate the trust that ADEQ continues to place in us to keep their property at optimal quality and efficiency.“

In addition to managing projects in its ownership portfolio, LPC Desert West also provides award-winning third party property management services. Across the Desert West region, this includes more 6 million square feet of office, industrial and retail space.

“Our mantra is that we manage like owners because we are owners, and that truly is the case,” said Lincoln Property Company’s Associate Director of Management Services Megan Watkins.

David Krumwiede

At the ADEQ building, LPC maintains open lines of communication with tenants and monitors its progress through regular surveys, the most recent of which earned a 100 percent tenant satisfaction rate. 

LPC also works with ADEQ to give back to the community through local events and hiring practices, such as through the Southwest Autism Research and Resource Center.

Amenities at the ADEQ building include a two-story atrium, grand staircase and on-site café. Low-water desert landscaping uses only reclaimed water from the building cooling towers.

 Interiors are designed to maximize indirect lighting, with motion sensor controls and automatic dimmers on all lights within 15 feet of exterior windows. Also included are automatic low water flush valves and touch-free bathrooms.

To discuss property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede, John Orsak or Megan Watkins at (602) 912-8888.

For a complete copy of the company’s news release, please contact:

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

World-Famous Floral Designer Karen Tran To Host Master Floral Class at Anantara Layan Phuket Resort in Thailand

Karen Tran

PHUKET,  THAILAND -- Renowned across the globe for her dazzling wedding and event displays, florist designer Karen Tran is bringing her high-end Master Floral Class to the glamorous Anantara Layan Phuket Resort in Thailand from 21–23 November 2016.

An internationally recognised florist and event designer, Karen Tran is a trendsetter for exquisite and elaborate floral arrangements. Her fabulous creations have been showcased in magazines worldwide and secured her a fast-growing social media following.

With more than 20 years’ experience in the luxury event industry, Karen shares the vivid passion and extraordinary expertise of her glitzy success in exclusive Master Floral Classes.

Wedding Chapel Designed by Karen Tran

Combining trendsetting artistry with a glamorous beach getaway, Karen Tran is bringing her famous Master Floral Class to Anantara Layan Phuket Resort, co-sponsored by the Iamflower Phuket florist and Luxury Events Phuket.

Master Class attendees are offered special rates in a choice of luxury rooms, suites and pool villas for their stay at Anantara Layan Phuket Resort.

Surrounded by national park forest and opening onto Layan Bay along Phuket’s sunset coast, the resort is conveniently located just 20-minutes from Phuket International Airport. One of Phuket’s most sensational resorts, the tropical island hideaway offers journeys of pure indulgence to enjoy outside of the floral workshop.

For a complete copy of the company’s news release, please contact:

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E:

Centennial Tower 21层,Temasek Avenue 3号, 新加坡邮区039190