Friday, March 27, 2015

Hold-Thyssen Negotiates New Long-Term Lease of 10,000+ Square Feet to PACE Center for Girls relocating to Counsel Square in New Port Richey, FL

Carol L. Kinnard
TAMPA, Fla. --- Carol L. Kinnard, transaction specialist at Hold-Thyssen, Inc., a commercial real estate services firm, recently negotiated a six-year lease agreement for 10,450 rentable square feet to house an educational facility at Counsel Square II in New Port Richey.  

Kinnard, who represents the landlord at Counsel Square II, said new tenant PACE Center for Girls, Inc. is a not-for-profit 501(c) 3 corporation that leased the space to relocate from Hudson.   

PACE (Practical Academic Cultural Education) provides a non-residential delinquency prevention program at locations statewide and accepts referrals from the juvenile justice system, schools and families.   Professionals at the location will be conducting alternative educational, social and counseling programs focused on adolescent girls.

Other tenants at Counsel Square include Pasco County Sheriff’s Child Protection Team and Psychological Management Group, PA, who have been tenants there for over 10 and 15 years respectively, Kinnard said. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc.


Phoenix-Area Apartments Acquired by 29th Street Capital; Multifamily Community is 29SC’s Third Recent Arizona Deal

Dusty Eddy
Phoenix, AZ (March 27, 2015) – 29th Street Capital (29SC) has acquired Williams Landing Apartments, a 72-unit multifamily community in Phoenix, Arizona’s thriving East Valley region.

Williams Landing is in the newly-designated Power Knowledge Corridor in Gilbert, which includes several universities and high-tech businesses.

 The property is just south of Loop 202, providing access to the many healthcare, technology, aerospace and tourism employers across the East Valley. It’s also near the Phoenix-Mesa Gateway Airport, allowing easy air travel options.

“With new economic activity and job opportunities throughout the East Valley, plus developments such as nearby Eastmark, 29SC believes the Phoenix metro area is poised for continued growth,” said Dusty Eddy, 29SC’s Vice President of Acquisitions.

Williams Landing Apartments, East Region
 Phoenix, AZ
 “We hope that strategic improvements and proactive management at Williams Landing will attract long-term residents seeking moderately-priced quality apartments in this booming area.”

The deal, which closed March 25, is 29SC’s ninth acquisition in the past eight months. It’s also its third Phoenix-area acquisition in four months.

In December 2014, the firm acquired two multifamily communities in Mesa: The Brittany and Sierra Madre. Williams Landing brings the total of recently-acquired East Valley units to 370.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

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

Terri Thornton
Thornton Communications

John G. ‘Sonny’ Morris of Morris, Manning & Martin Honored for Lifetime Achievement in Law

John G. 'Sonny' Morris

Atlanta, GA– The Daily Report legal publication is honoring Morris, Manning & Martin, LLP founder John G. “Sonny” Morris with its Lifetime Achievement Award.

The publication chose 22 honorees, include 18 lawyers and four judges, from a list of 125 nominees. 

The winners will be profiled in a special section and honored at a banquet in June in conjunction with the publication’s 125th anniversary.

“The honorees have made significant marks in deciding cases, in government service, building and managing firms, handling all manner of matters in private practice and in-house, representing the poor and fighting for civil rights,” the publication wrote when announcing the winners.

It’s the second major honor for Morris within a year. Emory University Law School’s Alumni Association bestowed him with its 2014 Distinguished Alumni award in September.

The award is given to an alumna or alumnus who embodies the school’s values and demonstrates extraordinary achievement in law and service to society.

Plus, in 2012, Real Estate Forum magazine named him an Atlanta Real Estate Icon, describing him as a “consummate real estate deal lawyer.”

 He is also highly-ranked in the Chambers USA, Legal 500, Super Lawyers and Best Lawyers in America publications for several years in a row. 

Morris co-founded the firm that became Morris, Manning & Martin in 1976. Under his leadership, the firm expanded into major markets throughout the United States and even overseas. 

He is now both the firm’s Chairman and a Senior Partner in the Real Estate and Real Estate Capital Markets practices.

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

Terri Thornton
Thornton Communications

$9.5 Million San Francisco, CA Peninsula Mixed-Use Property Sale Completed by Marcus & Millichap

'The Postcard Building' at 329 Primrose Road, Burlingame, CA

Richard Reisman
 BURLINGAME, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 329 Primrose Road in Burlingame, Calif.

The two-story, Tudor-style property has long been a Burlingame landmark, and is now home to downtown Burlingame’s new U.S. Post Office and One Medical, a national tenant based in San Francisco with 30 medical offices located in select markets throughout the United States. 

The asset sold at a mid-4 percent capitalization rate for $9,500,000, which is more than $1,000 per square foot.

Thomas Doglio
The property was exclusively listed for sale by Thomas Doglio, vice president investments, and Richard Reisman, associate, of Marcus & Millichap’s National Land Group in the firm’s Palo Alto office.

 The buyer, a prominent East Bay developer who was in a 1031 exchange, was procured by Eduardo Vergara, senior associate, also in the firm’s Palo Alto office.

“Doglio, Reisman, and Vergara provided guidance to the buyer and the seller throughout a short and smooth escrow period,” notes Steven Seligman, regional manager of Marcus & Millichap’s Palo Alto office.

“Burlingame is one of the San Francisco Peninsula’s most sought-after investment locations with premium boutique shops, restaurants, and upscale services,” adds Doglio.

Eduardo Vergara
“The property is strategically located among offices, retail, and city hall, making it ideal for commercial uses such as the U.S. Post Office and One Medical.”

            Built in 1945, the mixed-use asset’s interiors were fully renovated in 2012 and 2015. Locally, the property is known as “The Postcard Building.”

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

Gina Relva
 Public Relations Manager
Marcus & Millichap

(925) 953-1716

$14.8 Million Single-Tenant Medical Office Building Sold by Marcus & Millichap in Fort Myers, FL

Orthopedic Medical Center, 2531 Cleveland Avenue, Fort Myers, FL

Kirk Felici
FORT MYERS, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Orthopedic Medical Center in Fort Myers, Fla. The $14.8 million sales price equates to $377 per square foot.

Matthew Greenspon, associate vice president investments in the firm’s Raleigh, N.C. office, represented the seller, The Macsydney Co. LLC. The buyer is Rose Hill Fort Myers LLC.

Kirk Felici, first vice president and regional manager in Miami, is Marcus & Millichap’s broker of record in Florida.

            “The Orthopedic Medical Center is 100 percent triple-net-leased by Orthopedic Specialists of Southwest Florida (OSSWF), one of Florida’s premier orthopedic practices,” says Greenspon.

            The Orthopedic Medical Center is located at 2531 Cleveland Ave. next to Lee Memorial Hospital in Fort Myers. The 39,281-square-foot building was built in 1981 on 2.8 acres.

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

Gina Relva
 Public Relations Manager
Marcus & Millichap
(925) 953-1716

Thomas M. Cohen and John J. Schorgl Join Marcus & Millichap Capital Corp. in Kansas City, KS

John J. Schorgl
KANSAS CITY, KS, March 26, 2015 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has hired Thomas M. Cohen and John J. Schorgl, CCIM as senior directors in the firm’s Kansas City office, according to Bill Hughes, MMCC’s senior vice president.

            “We are pleased to have Tom and John join our Kansas City office,” says Hughes. “Their commercial real estate knowledge and experience will be of substantial value to clients and to the firm’s investment real estate professionals in Kansas and throughout the region.”

In their new positions, Cohen and Schorgl will be responsible for securing debt and equity financing for a variety of investment real estate property types, including market-rate multifamily, affordable housing, office and industrial, retail, self-storage, seniors housing, and hospitality.

Thomas M. Cohen
Both will be primarily focused on clients based in Kansas City and in the Midwest.

            Before joining MMCC, Cohen served as a principal with Johnson Capital in Kansas City. He is a graduate of Tufts University and the University of Kansas School of Law, where he earned a J.D.

Schorgl, prior to joining MMCC, served as a vice president with Johnson Capital in Kansas City. He is a graduate of the University of Missouri, and Rockhurst University, where he earned an M.B.A.

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

Gina Relva
 Public Relations Manager
Marcus & Millichap Capital Corporation

(925) 953-1716

Bull Realty Brokers $9.2 Million Sale of Barrett Creek Plaza Shopping Center in Marietta, GA

Kermit Hairston
ATLANTA (March 23, 2015) —  John Harrison VP and Kermit Hairston VP, both with the National Retail Group of Bull Realty were the only brokers involved in the sale of Barrett Creek Plaza. The sale closed on Feb. 9, 2015 for $9.2 million.

The 83% occupied, 28,841 square foot retail center is located near Town Center at Cobb Mall at 125 Ernest Barrett Parkway in Marietta, GA. The seller was MRK Barrett Creek LLC and the buyer was PMC Fund LLC.

The center has national and regional credit tenants including Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile.

“The dynamic mix of national and local tenants was attractive to potential buyers and generated interest from a variety of groups, including international investors,” commented Harrison.

John Harrison
Hairston reported, “This sale is another example of the strength in the retail investment market and the continued compression of cap rates for suburban properties.”

Harrison agreed, “Atlanta’s retail investment market is commanding interest from a wide range of buyers and investment demand is driving down cap rates.”

Barrett Creek Plaza is located two miles from Kennesaw State University, the third-largest university in Georgia with 24,100 students.

Bull Realty, Inc. ( is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services.

The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show ( The popular weekly show is broadcast on 40 radio stations nationwide, iTunes, YouTube and 404-876-1640

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

 Melissa Henry
Communications Associate
Bull Realty, Inc.
50 Glenlake Pkwy, Suite 600
Atlanta, GA  30328

404-876-1640 x 110

Thursday, March 26, 2015

RealtyTrac Finds Spokane County, Washington is Top Investment Market

IRVINE, CA -- The 16 teams that survived the manic first rounds of the NCAA men’s college basketball tournament are diverse both in geography, conference affiliation, and size — from the smaller private Xavier University in Ohio, with less than 5,000 undergraduate students, to the mammoth University of California in Los Angeles, with more than 30,000 undergraduates.

All these diverse schools have enough talent, athleticism and coaching acumen to win their next game, and maybe the next, and end up in the Final Four, where all bets are off.

Brackets based on real estate

University of California, Los Angeles, CA
But if the brackets are filled out based on real estate investing metrics, the outcome of each matchup becomes much easier to predict. Real estate when done right can be a science.

Starting with the existing Sweet 16, RealtyTrac has filled out the remaining brackets based on four key factors to fundamentally sound real estate investing in the counties where the college towns are located.

Those four factors are unemployment rate, foreclosure discount, gross rent yields and average gross profit on flipping.

Based on this methodology, the clear champion is Spokane County, Washington, home to Gonzaga University.

University of Oklahoma
A slightly higher than average unemployment rate of 7.1 percent didn’t slow down this team’s victory with a strong foreclosure discount rate of 27.6 percent coupled with a nice gross rent yield of 8.4 percent and finally a hefty average gross profit on flipping.

 Spokane County wins thanks to an average gross profit return on property flips of $64,704 — compared to $47,657 for its opponent in the real estate investing championship game, Hamilton County, Ohio, home to the Xavier University.

Xavier University 
In the Final Four, Xavier University’s Hamilton County, Ohio, beats out Monongalia County, West Virginia, home to West Virginia University, thanks to a high gross rent yield of 11.6 percent above Monongalia County’s 7.1 percent. 

Meanwhile Spokane County, Washington, home of Gonzaga University, beats out Cleveland County, Oklahoma, home to Oklahoma University with a gross rent yield of 8.4 percent compared to 7.6 percent for the Sooners.

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

Jennifer von Pohlmann
Sr. Data PR Manager
Office: 949.502.8300 ext 139

IDI Gazeley Taps JLL to Manage 47 MSF Industrial Portfolio Across Nine States

Dan Pufunt
ATLANTA, GA - IDI Gazeley Brookfield Logistics Properties, a leading global investor and developer of logistics warehouses and distribution parks, has tapped JLL to manage 47 million square feet of industrial real estate located in Atlanta, Southern Florida, Cincinnati, Memphis, Chicago, New Jersey, central Pennsylvania, Southern California and several Texas markets.

The commission represents the firm’s largest industrial property management assignment in the United States.

“High-touch customer service, consistency and value creation are all values that IDI Gazeley and JLL share, creating an ideal collaboration and setting the stage for efficient management of a significant number of industrial assets,” said Dan Pufunt, President, Property Management at JLL.

“We have the right industrial experts on the ground in each of these markets to execute our client’s strategy and to help increase the value of the portfolio.”
The assignment totals 47 million square feet across 165 properties with the average property totalling 285,000 square feet.

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

Savannah Duncan • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0870  • M: 404-901-4433

George Smith Partners Secures $21 Million in Construction Financing for New Los Angeles Multifamily Development

Jonathan Lee
LOS ANGELES, Calif. (March 2, 2015) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $21 million in financing for its client, Elite Real Estate, LLC, for the ground-up construction of  a 49-unit apartment community at 11965 – 11973 Montana Avenue in the Brentwood neighborhood of Los Angeles.

The development is planned to be one of the largest multifamily projects built in Brentwood in the past decade, totaling more than 80,088 square feet of living space, according to George Smith Partners’ Senior Vice President Jonathan Lee. 

Lee was assisted in the transaction by George Smith Partners Analyst, Adam Candler.

            “The Brentwood area has seen little development over the past ten years, fueling pent-up demand for high quality rentals in this affluent marketplace,” explained Lee.

 “This luxury, Class A development is well-positioned to be competitive in the market.  The project will feature units that are built to condominium specifications, resulting in large unit sizes when compared to neighboring communities.”

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

Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940