Thursday, April 29, 2010

Morrison Commercial Real Estate Completes 3 office Lease Transactions totaling 75,487 SF in Central Florida

ORLANDO, FL -- Greg Morrison, (top right photo)  CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 75,487± square feet.

Morrison and Emily Zinaich of Morrison Commercial Real Estate represented the landlord in leasing a 57,319 square foot space to Digital Risk, LLC in the Maitland 200 building located at 2301 Maitland Center Parkway. Tom Green of Providence One Asset Management represented the tenant in this transaction.

Morrison and Zinaich also represented the landlord in leasing 6,563 square feet to Informa Software at the Maitland 100 located at 2300 Maitland Center Parkway in Maitland, FL. Lawson Dann of Bishop Beale represented the tenant in this transaction.

In Downtown Orlando, Greg Morrison and Damien Madsen (middle left photo) renewed a lease of 11,605 square feet for South Milhausen, P.A. at the Gateway Center. The tenant was represented by Todd Watson of Woodward Properties.

Morrison Commercial Real Estate Announces Morrison CLW Property Services New Management Assignment of University Corporate Center III

ORLANDO, FL-- Greg Morrison, CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced that Morrison CLW Property Services has been assigned the management of the University Corporate Center III (UCCIII) building,(bottom right photo)  totaling 104,154± square feet located at 11474 Corporate Blvd, Orlando, FL.

Cathy Veasey of Morrison CLW Property Services will oversee the day to day operations as Senior Property Manager for the property while  Morrison and Emily Zinaich of Morrison Commercial Real Estate will continue to handle the leasing.

University Corporate Center III is a full service building with high quality finishes throughout. The four 36,000± square foot floor plates were efficiently designed with the high-tech and corporate user in mind. UCCIII is close to the Greenway (417), University of Central Florida, Central Florida Research Park as well as several dining and retail establishments making its’ location convenient for its’ tenants.

Contact:  Buffy Gillette, Phone: 407.219.3500, Email:

HEI Hotels & Resorts Completes Acquisition of Le Méridien Hotel in Center City Philadelphia

NORWALK, CT—HEI Hotels & Resorts, a rapidly growing hotel ownership and operating company, today announced that it has acquired the 202-room Le Méridien hotel in Center City Philadelphia.

The property was developed as an adapative reuse project by Development Services Group, Inc. of Memphis, TN, utilizing the historic YMCA building that had been closed for several years. HEI also will operate the hotel upon its upcoming opening in May.

“This marks our third Le Méridien and third hotel in downtown Philadelphia, a perfect complement to our portfolio of upper upscale hotels in markets with high barriers to new entry,” said Steve Mendell, (middle right photo) HEI’s president – acquisitions and development.

“The beautifully constructed adaptive reuse will be a significant addition to the Philadelphia marketplace and a tremendous addition to our growing portfolio.”

Located at 1421 Arch Street, the hotel originally was built as a YMCA in 1912 and designed by famed architect Horace Trumbauer.

The 10-story Georgian revival style building underwent an extensive renovation to create an ideal setting for business and leisure travelers. The classic, red-brick building is located on the north side of Arch Street, just west of Broad Street and within a block of the under-way expansion of the Pennsylvania Convention Center, in the heart of Philadelphia’s Central Business District.

The Le Méridien hotel lobby is located on the ground level, with guest rooms on floors five through 10 of the 10-story building. The hotel will feature 5,330 square feet of meeting space, including a 2,900-square-foot ballroom that can accommodate groups of up to 250.

 The full-service, boutique-style hotel also houses a cocktail/wine bar and gourmet restaurant, named Amuse, concierge service and a state-of-the-art fitness center.

“Center City is in the midst of a revival, and the Le Méridien is well positioned to benefit from the on-going development in the area, including the expanding convention center,” said Roger Clark, (lower left photo) senior vice president, acquisitions and development. “We fully expect the hotel to become the premier destination for travelers seeking the brand’s unique amenities and appealing décor.”

Media Contacts:
 Jess Petitt, HEI Hotels & Resorts, 203-849-2228,
Chris Daly, Senior Vice President, Daly Gray Public Relations, ph: 703-435-6293,
Follow us on Twitter:

Marcus & Millichap Sells $14.3M Apartment Portfolio in Southern California

GARDEN GROVE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the Grove Park Apartments portfolio (top left photo) , a 13-building, 104-unit, 74,000-square foot multifamily community in Garden Grove.

 The sales price of $14.3 million represents $137,500 per unit and $191 per square foot.

John L. Nguyen, a vice president investments and a director of the firm’s National Multi Housing Group in Newport Beach, represented the seller and the buyer.

“The portfolio was sold as an affordable housing development and all 13 properties closed escrow together,” says Nguyen. “The property is located in the Buena-Clinton area, which historically has been one of the most challenging areas within Garden Grove/Santa Ana.”

Five of the properties are located on Keel Avenue and eight are on Morningside Avenue in Garden Grove.

The Grove Park Apartments unit mix consists of 72 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments and 16 three-bedroom/two-bath units.

Garden Grove is located in northern Orange County, just south of Los Angeles. Garden Grove is known for its annual Memorial Day weekend Strawberry Festival, one of the largest community festivals in the western United States.

Marcus & Millichap Opens New Office in North Carolina

RALEIGH, NC– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Raleigh, according to Gary R. Lucas, (middle left phto)  regional manager.

 The office is located at 101 J Morris Commons Lane, Ste. 130, Morrisville, N.C. 27560. The phone number is (919) 388-1278 and the fax number is (919) 388-1542.

“During the next several years, there will be opportunity for growth throughout the Carolinas,” says Lucas. “By acting as long-term advisers to real estate investors and throughout the region, Marcus & Millichap will assist them in acquiring both local and out-of-state investment properties.”

Retail Center in Cerritos, CA Sold for $9.8M

CERRITOS, Calif., April 27, 2010– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the 58,126-square foot Del Amo Plaza neighborhood retail center (middle right photo)  in Cerritos.

The sales price of $9,839,600 represents $169 per square foot.

Chris Maling, a first vice president investments and a senior director of the firm’s National Retail Group (NRG) in Los Angeles, and David Maling, a vice president investments and a director of the NRG, also in Los Angeles, represented the seller.

“Currently operating at 91 percent occupancy, the center is anchored by national tenants Starbucks, Bally Total Fitness and Quiznos,” says Maling. “This stable investment gives the investor an opportunity for steady cash flow in an up-and-coming market.”

Located on the signalized southeast corner of the intersection of Pioneer Boulevard and Del Amo Boulevard at 11853 Del Amo Blvd. in Cerritos, the property is near Interstate 605 and California State Route 91. Area traffic counts total approximately 25,000 cars per day.

Newly renovated, Del Amo Plaza was constructed in 1963 on 4.69 acres.

Cerritos is located midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim in the heart of Southern California.

Marcus & Millichap Capital Corp. Refinances Multifamily Asset for $10.6M

LONG BEACH, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10,625,000 loan to refinance a garden-style apartment building in Long Beach.

Richard Judge, a senior director/vice president capital markets in the firm’s Newport Beach office arranged the loan for the property.

“The driving force behind this origination was my ability to negotiate relief of a $200,000 prepayment penalty with the existing lender and to procure $2 million in cash-out proceeds from the new loan for my client,” says Judge.

“This transaction is indicative of owners who are looking to place long-term fixed debt on assets earmarked as long-term holds in their portfolios and to utilize existing equity to acquire new assets. The deal closed in 30 days.”

The loan has a loan-to-value of 75 percent and a 5.82 percent interest rate, fixed for 10 years with a 30-year amortization.

The 108-unit property was built in 1969. The average unit size is approximately 850 square feet.

Lender-Owned Multifamily Asset in Arlington, TX Sold

ARLINGTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Lodge at Legacy Park (bottom left photo) , a 256,800-square foot 476-unit lender-owned multifamily asset in Arlington.

Will Jarnagin and Michael Ware, multifamily investment specialists in the firm’s Dallas office, represented the seller, a regional bank. Marcus & Millichap also represented the buyer, a New York-based private equity investor.

“The Lodge at Legacy Park is representative of a highly sought-after asset type in the commercial real estate investment market– a well-built distressed asset in a solid location,” says Jarnagin. “Marcus & Millichap’s nationwide platform and in-depth knowledge of the Dallas/Fort Worth market assisted the lender in finding an extremely well-capitalized out-of-state buyer quickly. We were able to close the transaction in 11 days,” he adds.

The property is located at 2601 Furrs St. in Arlington, within the Dallas/Fort Worth Metroplex, approximately 12 miles south of Dallas/Fort Worth International Airport, 15 miles east of Fort Worth and 20 miles west of downtown Dallas.

The Lodge at Legacy Park was built in 1978 and has 384 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 68 two-bedroom/two-bath apartments. Amenities include a business center, two swimming pools, a hot tub, a picnic area and sand volleyball.

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

Las Vegas Leads Nation Again in Foreclosure Volume

IRVINE, CA--They are rolling the dice in Las Vegas these days –- on the casino craps tables as well as on foreclosure charts, betting how many more homes will go under.

A first-quarter analysis of the housing market released today by Irvine, CA-based RealtyTrac®’ shows Las Vegas continues to post the nation’s highest metro foreclosure rate with one in 28 housing units receiving a foreclosure filing (3.51 percent) — 4.9 times the national average,

.A total of 28,480 Las Vegas housing units received a foreclosure filing during the quarter, an increase of nearly 13 percent from the previous quarter but a decrease of 19 percent from the first quarter of 2009.

Vegas, however, is not alone on the high-volume foreclosure list. Cities in California, Florida, Nevada and Arizona once again accounted for all top 20 foreclosure rates among metropolitan areas with a population of at least 200,000 -- even while the majority of those top metros reported decreasing foreclosure activity from the first quarter of 2009.

California accounted for 10 out of the top 20 metro foreclosure rates, followed by Florida with seven, Nevada with two and Arizona with one.

Foreclosure activity declined on a year-over-year basis in 14 of the cities in the top 20 and in eight of the cities in the top 10.

 In contrast, foreclosure activity in the first quarter increased on an annual basis in 159 of the 206 metro areas tracked in the report, and foreclosure activity nationwide increased 16 percent from the first quarter of 2009.

“The decreasing foreclosure activity in some of the nation’s top foreclosure hot spots in the first quarter is largely the result of government intervention and other non-market influences, and not a sure signal that those areas are out of the woods yet when it comes to foreclosures,” said James J. Saccacio, (top left photo)  chief executive officer of RealtyTrac.

“For example, the federal government’s new program designed to encourage short sales, which was launched April 5, may have caused some lenders to delay initiating foreclosure against distressed properties — particularly in hard-hit housing markets where a short sale costs less than a foreclosure.

Top 10 metro foreclosure rates

Modesto, Calif., foreclosure activity decreased 13 percent from the first quarter of 2009, but the metro area still documented the nation’s second highest metro foreclosure rate, with one in every 34 housing units receiving a foreclosure filing (2.93 percent).

Other California cities in the top 10 were Riverside-San Bernardino at No. 4 (2.82 percent), Stockton (skyline photo middle left)  at No. 5 (2.77 percent), Merced at No. 6 (2.76 percent), Vallejo-Fairfield at No. 8 (2.41 percent) and Bakersfield at No. 9 (2.33 percent).

With one in every 35 housing units receiving a foreclosure filing (2.82 percent) the Cape Coral-Fort Myers metro area in Florida documented the third highest metro foreclosure rate despite foreclosure activity decreasing nearly 6 percent from the previous quarter and decreasing nearly 26 percent from the first quarter of 2009. The other Florida metro area in the top 10 was Orlando-Kissimmee at No. 10 (2.30 percent).

The Phoenix-Mesa-Scottsdale metro area in Arizona documented the nation’s seventh highest metro foreclosure rate in the first quarter, with one in every 38 housing units receiving a foreclosure filing (2.63 percent). First quarter foreclosure activity in Phoenix was up 23 percent from the previous quarter and up 9 percent from the first quarter of 2009.

Cities outside Sun Belt post big increases

Several cities in the top 100 but not in the top 20 posted substantial year-over-year increases, continuing the trend of foreclosure activity spreading to areas previously protected from the brunt of the real estate slump.

Foreclosure activity increased nearly 171 percent from the first quarter of 2009 in Columbia, S.C., and the city’s foreclosure rate ranked No. 99, with one in every 202 housing units receiving a foreclosure filing.

Baltimore’s first quarter foreclosure rate was also below the national average, with one in every 170 housing units receiving a foreclosure filing, but the city’s foreclosure activity increased nearly 141 percent from the first quarter of 2009.

Salt Lake City and Charlotte, N.C. also posted year-over-year increases in foreclosure activity of more than 100 percent.

Contact:  Tammy Chan, Atomic PR, Direct: 212-699-3646, Mobile: 408-802-8682,