Wednesday, April 29, 2009

Marcus & Millichap Settles Suit With Sperry Van Ness and Two Former M&M Brokers

(Below are two releases received by DONE DEALS on the same issue. The Marcus & Millichap release was received first and is posted below. The statement from Sperry Van Ness follows the Marcus & Millichap release)

ENCINO, CA— Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, will recover significant damages from its former Portland, Ore. broker of record Gary Imbrie, (middle left photo) his son Ryan Imbrie (bottom right photo) and Sperry Van Ness International Corporation, Inc.

According to Paul Mudrich, (top right photo) senior vice president and chief legal officer of Marcus & Millichap, the Imbries left Marcus & Millichap in June 2004 to open a Portland office for competitor Sperry Van Ness.

Marcus & Millichap filed a lawsuit against the Imbries and Sperry Van Ness in Irvine, Calif., alleging that they misappropriated key business documents and attempted to misappropriate an exclusive listing, in an effort to jumpstart their new venture.

“While Marcus & Millichap respects the decision of any of its independent contractor sales agents to leave the firm and pursue other opportunities,” says Mudrich, “we will not permit departing sales agents to disrupt our customer relationships, or to take confidential and proprietary business documents with them.”

Mudrich explains that the firm pursued this action “to make it clear to departing salespersons and Marcus & Millichap’s competitors that the firm will vigorously protect itself from any such unfair acts of competition.”

Although the Imbries and Sperry Van Ness denied the allegations, they have agreed to pay Marcus & Millichap to obtain the dismissal of the pending action, according to Mudrich.

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

Sperry Van Ness Says M&M's Allegations Had 'No Merit Whatsoever'

IRVINE, CA--Sperry Van Ness International Corp. Inc. announced today that it had entered into a settlement with competitor M & M involving a former disgruntled Oregon-based broker who had left M&M to join SVN as a National Advisor in 2005.

Both the broker and SVN were sued by M & M in Orange County Superior Court, and that case was later dismissed by the judge on grounds that the case should have been filed by M & M in Oregon.

M & M appealed the adverse decision against it, and while the appeal was pending, the case was settled through a private mediation that took place in Portland, Oregon in late January 2009.

Pursuant to the terms of the settlement, SVN agreed to pay M & M the amount of $15,000. SVN denied having engaged in any wrongdoing or unlawful conduct.

A mutual release and waiver of claims was given by both sides, including a release of any claims SVN might have had against M & M and its attorneys for malicious prosecution and abuse of process.

A subsequent, separate settlement was reached between M & M and its former Oregon broker, which SVN had no involvement or participation.

Kevin Maggiacomo, (bottom right photo) president of Sperry Van Ness, characterized the claims brought by M & M against SVN as "having no merit whatsoever." The Company's decision to settle was based on 'nuisance' value."

Contact: Kevin, Maggiacomo, president, Sperry Van Ness,

Marcus & Millichap Secures $12.95M Listing for Development site in Valley Village, CA

VALLEY VILLAGE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Sherman Village, a 150,486-square foot development site in Valley Village, a district in the San Fernando Valley region of Los Angeles.

The listing price is $12.95 million.

Greg Harris, (bottom left photo) executive vice president investments and a senior director of the firm’s National Multi Housing Group (NMHG) in Encino, is representing the seller, a Southern California-based private investor.

“Valley Village is a prime San Fernando Valley location adjacent to Sherman Oaks and Studio City,” says Harris. “The area’s average household income is approximately $90,806 per year.”

Located at 12629-12729 Riverside Drive in Valley View, the property is near U.S. Route 101, the Ventura Freeway, Interstate 405, the San Diego Freeway and State Route 170, the Hollywood Freeway. The asset is also proximate to the Sherman Oaks Fashion Square and the Sherman Oaks Galleria.

Sherman Village is a 3.45-acre site entitled for the development of 264 multifamily units on eight parcels.

Founded in 1939, Valley Village was an upscale part of North Hollywood until officially recognized by the Los Angeles City Council as a separate community.

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

Stirling Sotheby’s International Realty negotiates lease agreement for 4,558 SF of Class A office space in Downtown Orlando

ORLANDO, FL --- Stirling Sotheby’s International Realty recently negotiated a new long-term lease agreement for 4,558 square feet of Class A office space on the 14th floor of the Plaza North Tower, (top right photo) located on Orange Ave. at Church St. in downtown Orlando.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said John Kurtz of Stirling Sotheby’s International Realty’s World Marketing Center Team negotiated the lease agreement representing the landlord, Swamp Donkey LLC.

The lease agreement is worth more than $500,000, Soderstrom said.

The tenant is Jaymor Group, a real estate investment and development firm based in Ontario.

For more information, please contact:

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty, 407-588-1260

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