Friday, March 6, 2009

Marcus & Millichap Lists Crystal Casino Hotel in Compton, CA for $16M

COMPTON, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the guestrooms portion of the Crystal Casino Hotel, (top right photo) a 238-room hotel and casino in Compton.

The listing price of $16 million represents $67,227 per room.

Gordon Allred, (middle left photo) vice president investments and director of the firm’s National Housing Group in Ontario, is representing the seller.

“The Crystal Casino Hotel offers an investor a unique opportunity to acquire the guestrooms portion of a full-service casino hotel in Los Angeles County,” says Allred.

“The seller will lease back the entire ground floor and retain operation of the casino, restaurant and bar.

"In addition to the sale/leaseback, the food and beverage profits and the proposed seller financing, present an opportunity to achieve positive cash flow based on current operations with an opportunity for substantial growth through improved management and renovation.”

Located at 123 East Artesia Blvd. in Compton, the nine-story hotel and casino is situated on 9.19 acres along the Alameda Corridor between Long Beach, Calif., and Los Angeles in the center of Los Angeles County.

Crystal Casino Hotel is comprised of eight floors with 238 keys above the leased ground floor, which contains the casino, restaurant and bar. The seller will lease back the entire ground floor for $600,000 per year and retain operation of the casino, restaurant and bar.

The seller will provide a $12 million all-inclusive trust deed loan at a 7.5 percent fixed rate for five years.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus and Millichap Sells a 76-Unit Apartment Complex in Winter Haven, FL

WINTER HAVEN, FL, Mar. 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of West Place Apartments, (top right photo) a 69,540 square foot apartment complex located in Winter Haven, Florida, according to Bryn Merrey,(bottom right photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,100,000. Michael P. Regan, (middle left photo) an Investment Specialist in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was also secured by Regan.

West Place Apartments is located at 3137 Woodhill Road in Winter Haven, Florida.

­­­­­­­­­­­­­­­­“West Place Apartments is an example of the basic concepts of investment real estate. This opportunity involved a quality asset with strong returns based on current numbers, great upside potential and a defined exit strategy.

"This transaction is indicative of where we have seen the market settle since the days of the ‘conversion era.’” states Regan.
Press Contact: Bryn Merrey, Regional Manager, Tampa, (813) 387-4700.

The Lynd Co. Acquires 50% Stake in Easton Group's Property Management Division

MIAMI – The Lynd Company, a top national property management firm with an office in South Florida, has acquired a 50 percent interest in Easton Management, both companies announced.

Easton Management is the property management division of Doral, Florida-based The Easton Group, founded and chaired by Edward W. Easton (top right photo).

The new company will be known as Easton Lynd Management and will be a subsidiary of the Lynd Company.

As of February 1, The Lynd Company assumed management control of seven-million-plus square feet of commercial and association property that had been developed and managed by Easton. Most of the assets are industrial and warehouse properties.

Going forward, Easton Lynd Management will provide third-party commercial property management services in Florida and 13 other states where The Lynd Group currently has a footprint.

The Lynd Company manages medium and large size apartment complexes and has 35,000 units under management, primarily in Texas and the Southeast. The company is ranked as the 35th largest national operator on the Multi Housing Council’s list of “Top 50 Apartment Managers” in the United States for 2008.

Easton Management is the 8th largest commercial property management company in South Florida based on the latest figures from the South Florida Business Journal. Both companies have been family-run for more than 30 years.

The partnership gives The Lynd Company a new platform to grow its business in South Florida where it opened an office last summer, said Lynd Regional Vice President Andrew Ginsburg.

Lynd President and COO David Lynd said his company is now two thirds on its way toward creating a full-service management platform for industrial, office, retail, and condominium association, and apartments.

“This was the next step in our expansion plan, both in asset class and geographic location,” said Lynd.

“Since we wanted to enter the Florida market in a big way, partnering with Easton Management accomplished both goals in one transaction. Ed Easton has an incredible track record and reputation in South Florida and we couldn’t be any more excited about partnering with him.”

Lynd Easton Management will benefit from the technology and protocols pioneered by The Lynd Group and the commercial real estate expertise of Ed Easton.
(David Lynd, left and brother Michael, vice president, investments, bottom left photo)

”This deal fits perfectly with our strategy of joint venturing with companies that are a natural complement to our business,” said Easton. “We have always managed assets that we bought or developed, but with Lynd as our partner, we’ll now be able to grab a bigger piece of the market, both regionally and nationally.”

Todd Templin or Marielle Sologuren, Boardroom Communications, 954-370-8999 or

Geoffrey D. Harris Named Top Loan Originator at Marcus & Millichap Capital Corp.

NEWPORT BEACH, CA– Marcus & Millichap Capital Corporation (MMCC), has named its top loan originator for 2008. The originator is Geoffrey D. Harris (top right photo) in MMCC’s Phoenix office, according William E. Hughes, (bottom left photo) the firm’s senior vice president and managing director.

“We are proud to recognize Geoffrey as the firm’s top loan originator,” says Hughes. “Harris been recognized as one of the top loan originators each year since he joined the firm in 2007.

"This achievement is a testament to his tremendous market knowledge, superior transaction expertise and commitment to providing clients with excellent capital markets knowledge and advisory services.”

Harris, a senior director in the firm’s Phoenix office, joined MMCC in June 2006. In 2007 and 2008, Harris earned the firm’s prestigious National Achievement Award and was honored as one of the firm’s top five brokers in 2008 nationwide.
Harris has more than 10 years of mortgage banking experience, having closed more than 1,400 transactions in excess of $1.5 billion in loans.
His notable transactions in 2008 included the origination and closing of a $13 million single-tenant retail store in Centerville, Utah; a $7.3 million multi-family apartment complex in Phoenix; and a $7 million office building Fort Worth, Texas.

Contact: Kathy Molitor, (925) 953-1704

Joseph Dear Joins Thomas D. Wood and Co.

ORLANDO, FL—Mar. 6, 2009— Joseph Dear (top right photo) joined Thomas D. Wood and Company on March 2, 2009, as Vice President of our Orlando Office.

As Vice President, Joe is responsible for providing clients with advice regarding the lending industry and securing both debt and equity for clients’ commercial real estate needs through a variety of lending sources including Life Insurance Companies, Banks, Credit Unions, private money and large institutional sources.

Joe has over 18 years of experience in commercial real estate, encompassing various roles in appraisal, underwriting, sales, and finance. He attended Florida State University and graduated with a B.S. Degree in Finance.

He then spent four years as a commercial real estate appraiser before joining General American Life Insurance Company as an underwriter/originator of commercial real estate loans and equity investments, covering the entire state of Florida.

After seven years with General American, he joined Broad Street Advisors as a Vice President in Investment Sales. At Broad Street Advisors, he handled investment property disposition and advisory services for institutional clients and worked on assignments throughout the United States.

After three years with Broad Street Advisors, he joined GE Real Estate in 2004 as a Vice President in the Business Property group, a position he held for five years. At GE Real Estate, Joe was responsible for covering the Central and North Florida markets and provided financing solutions for commercial real estate to include construction-to-perm loans, long-term permanent financing, and sale/leasebacks.

For further information, please contact:
Joe Dear, (407) 937-0470 ext. 7,
Jessica Gurtowski, (407) 937-0470 ext. 4,

CREC Negotiates Total 22,000 SF of Office Space at 3 South Florida Buildings

CORAL GABLES, FL – Continental Real Estate Companies (“CREC”) is pleased to announce the following leases at Lennar Corporate Center, Brickell Bayview Center and 2121 Ponce with an aggregate value of more than $5 million.

Lennar Corporate Center (top right photo)
Owner: Colony Realty Partners
Tenant: Alliance for Aging
Broker - The Campbell Group (Doug & Darren Campbell)
LL Reps – David Moret, Principal and Douglas Okun, Senior Leasing Associate
SF - 11,270
New Deal

Brickell Bayview Centre (middle left photo)
Owner: Colony Realty Partners
Tenant: Eco Concepts
Broker: The Ehrich Group (Graham Ehrich)
LL Reps: David Moret, Principal and Douglas Okun, Senior Leasing Associate
SF - 2,685
New Deal

2121 Ponce (bottom right photo)
Owner: Greenstreet Real Estate Partners, LP/CREC
Tenant: Gold Container
Broker : Transwestern (Josh Gibbons)
LL Reps : Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 2,159
New Deal

Tenant : Gold, Chavez & Gold
Broker : Newmark Knight Frank (Ryan Levy)
LL Reps: Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 1,532
New Deal

Tenant : Jet Trading & Leasing
No co-broker
LL Reps : Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 2,961
New Deal

799 Brickell Plaza (Eastern National Bank Building)
Tenant: DCSI-Group, Inc.
SF: 2,171 sf
LL Rep: Douglas Okun, Senior Leasing Associate
New Deal

Lisa Rosario Continental Real Estate Companies "CREC" 2121 Ponce de Leon Blvd, Suite 1250 Coral Gables, Florida 33134. 305-854-7342.

CresaPartners’ New Office Brings Pure Tenant Representation Back to Charlotte, NC

CHARLOTTE, N.C.--(BUSINESS WIRE)--CresaPartners, North America’s largest corporate real estate advisory firm that exclusively represents tenants, today announced its expansion into the Charlotte market.

(Downtown Charlotte office buildings, top right photo)

Led by seasoned Principals Mark Ayers, Tim Brotherton and Edwin Yarbrough, formerly of Jones Lang LaSalle/The Staubach Company, CresaPartners’ new Charlotte office will offer tenants a holistic perspective to the real estate process during tough economic times.

“We believe the economic climate creates tremendous opportunity to advise tenants in our market about one of their three largest expenses—real estate—and its impact on their bottom line,” said Ayers, managing principal, CresaPartners Charlotte.

“It’s the ideal time to establish the foundation of our firm and strengthen our cohesive team, who has successfully worked together in the past.”

Prior to founding CresaPartners’ Charlotte office, Mark Ayers served as managing principal of The Staubach Company in Charlotte, negotiating sizeable transactions for clients such as Time Warner Cable, Maersk, Senderra, Moore & Van Allen, Enovia and Wachovia.

(Downtown Epicenter, middle left photo)
For several years, Mark worked alongside Principals Tim Brotherton and Edwin Yarbrough, who served as project manager and vice president respectively.

The Charlotte principals were drawn to CresaPartners because of its commitment to tenant representation and its core operating values: integrity, partnership and entrepreneurship.

CresaPartners’ philosophy, national platform and comprehensive service offerings coupled with the principals’ combined 40 year tenure and established relationships in the local real estate market create a winning combination.

“There’s a natural synergy with the members of our new Charlotte office. They’re great people who integrate well into CresaPartners’ culture,” said Bill Goade, (bottom right photo) CEO, CresaPartners.

“We’re going to continue to recruit former competitors who remain committed to the pure tenant representation business model.”

CresaPartners’ new office is located at 4521 Sharon Road, Suite 370 in Charlotte.

CresaPartners is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Relocation Planning and Management, Strategic Planning, Workforce Location and Planning, Subleases and Dispositions, Lease Administration, Capital Markets, and Facilities Consulting.

With more than 50 North American offices, CresaPartners is the largest pure tenant representation firm in the U.S. and Canada. Through a partnership with Atisreal international real estate group, CresaPartners is a member of one of the leading real estate organizations in the world, covering 35 countries.

Jodi Goldman, 617-758-6009, National Director ofCommunications,