Monday, October 31, 2011

Mike Rinner, MAI Joins Grubb & Ellis Landauer as Vice President in Denver Office





 DENVER, CO (Oct. 31, 2011) – Grubb & Ellis Landauer Valuation Advisory Services today announced that Mike Rinner, MAI (top right photo), has joined the company’s Denver office as vice president. 

 In this position he will help expand services offered locally as well as oversee a group of appraisers.  Rinner will report to Jaimee Keene, managing director, Rocky Mountain Region.  

 “With his background in litigation and consulting services, as well as appraisal and the economic analysis of complex and development properties, Mike is an excellent addition to our growing practice in Colorado,” said Keene, who leads Landauer’s Denver office. 

 Rinner joins Grubb & Ellis Landauer from The Genesis Group, a market research and analysis firm where he spent 15 years as executive vice president, economist and senior analyst. 

He spent the majority of his appraisal career with David Craig & Company, where from 1973 to 1993 he was a senior appraiser focusing on properties in the Midwest, south-central and mountain-west regions of the U.S. 

Throughout his 38-year career he has specialized in the consulting, valuation and litigation support services for residential and commercial properties, including retail, office, industrial, multi housing, land, mixed-use and transit-oriented facilities, as well as developments.  He began his career in 1973 with Timber Mortgage Company. 

 Rinner holds a bachelor’s degree from the University of Kansas and is a member of the Appraisal Institute.  During his membership he has served as president of the Kansas Chapter and as director and regional representative for the Kansas and Colorado chapters, as well as on the regional ethics committee. 

Contact: Julia McCartney, Phone: 714.975.2230
Email:  julia.mccartney@grubb-ellis.com       


Colliers International Completes Two Property Sales Totaling $1.9 Million in Hollywood, CA.



HOLLYWOOD, CA, Oct. 31, 2011. – Colliers International, the third largest global real estate services organization, has completed the sale of a 3,950-square-feet property located at 801 Seward St  (top left photo). and the sale of 7,405-square-feet parking lot located at 758 Seward St (lower right aerial map). in Hollywood, Calif. The total transaction is valued at $1.92 million.

 Kathleen A. Silver, CCIM, Senior Vice President, and Kay Thorpe, Associate, both based in Colliers International’s West Los Angeles office represented the Buyer,D’ziner Sign Company. The Sellers, private investors, were represented by Nicole Mihalka of Cushman & Wakefield.

The property boasts a corner location and is a freestanding, creative office building with a large open space in the heart of Hollywood Media District providing an ideal fit for D’ziner Sign Company to design and fabricate signs.

 “With very little product available of its kind, to find a commercial building in prime Hollywood, with a large parking lot nearby for sale as well, is a rare and unique find," said Silver. 

 “We were able to successfully locate these two properties to complete a needed 1031 exchange requirement for D’ziner Sign Company, a premier sign company serving the entertainment industry,” added  Thorpe.


Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA


St. Regis Hotels & Resorts Adds a New Prestigious Address in China with the opening of The St. Regis Tianjin





Tianjin, China,  Oct. 3, 2011) – Today St. Regis Hotels & Resorts is pleased to announce the opening of The St. Regis Tianjin (top left photo) an iconic new landmark on a rapidly evolving city skyline that is destined to become Northern China’s most prestigious gateway for business leaders, society tastemakers and discerning travelers.

The St. Regis Tianjin will introduce visitors to a new level of bespoke service, luxury and amenities at the city’s premier address.

 “We look forward to offering our discerning guests access to the distinguished St. Regis legacy with the highest expression of personalization, refined elegance and uncompromised guest experiences.” said Mr. Qian Jin, Senior Vice President of Operations, Greater China, Starwood Hotels & Resorts,

“The St. Regis Tianjin is destined to introduce a new & unparalleled standard of flawless service, classic sophistication and modern luxury into this rapidly growing city.”

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

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Singapore 039190

Glodow Nead Communications • San Francisco • New York • Singapore
O: 65.9768.6087 or 1.415.394.6500 • E hweepeng@glodownead.com• FB: GlodowNead

Crossman & Co. VP Justin Greider negotiates 10 Long-Term Lease Transactions in Third QuarterTotaling More Than 20,000 SF



ORLANDO, FL. --- Crossman & Company vice president Justin Greider (top right photo) closed on nine lease agreements at six Publix anchored retail centers in Florida and South Carolina during the third quarter.  He also teamed up with associate Craig Katterfield (middle left photo) in negotiating a 10th lease for a total of more than 20,000 square feet of retail space.

Greider’s lease transactions, which were all long-term – three to five years and one 20-year lease – include:

At 3,322 square feet the largest single lease agreement, a new five-year deal that will bring a new Five Guys Burgers & Fries restaurant to Island Crossing (lower left photo), a Publix anchored retail center located at 11 Palmetto Bay Rd. on Hilton Head, S.C.

Three new five-year leases at Stadium Corners at Viera, a Publix anchored retail center currently under development on Viera Blvd. at Stadium Parkway in Rockledge.  Kim Bo Chinese Restaurant will open a new 1,400 square foot dining room there; Fantastic Sam’s will open a 1,200 square foot styling salon, and Island Animal Clinic a 1,200 square foot facility.  The center and these Tenants should open in the first quarter of 2012.

At Lake Miriam Square, a Publix anchored retail center located at 4730 S. Florida Ave. in Lakeland -- Jynelle’s Salon & Spa leased 1,950 square feet for three years, and a Healthy Habits health food store leased 1,300 square feet for five years.

A new 20-year lease of 1.1 acres that will bring a new PNC Bank branch to the Publix anchored Cooper City Commons, located at 9359 Sheridan St. in Cooper City. A new three-year lease of 1,200 square feet of retail space to MetroPCS at Publix in the Highlands, located at 2125 E. CR 540a in Lakeland.

A new five-year lease of 7,318 square feet to Office Depot at Northeast Park, a Publix anchored retail center at 200 37th Ave. N. in St. Petersburg.

Greider and Katterfield teamed up at Rockledge Crossings, a Publix anchored retail center located at Murrell Rd. in Rockledge, to negotiate a new five-year lease agreement that will bring a new 1,225 square foot MetroPCS store to the center

And for the largest transaction of the year for Greider, he negotiated the lease termination of a 47,955 square foot closed Publix location at Horizon Village, located at 2855 Lawrenceville Suwanee Road in Suwanee, Ga., just outside of Atlanta.  The former Publix space will be converted into a movie theater concept which includes full-menu food offerings for patrons along with first-run movies.

John Crossman, president of Crossman & Company said Greider ranks as one of the firm’s most productive leasing specialists.

“Justin has a broad network of contacts, he is thoroughly committed to our industry and he is very good at what he does,” Crossman said.

“Altogether, it has been a busy quarter,” Crossman added. “and we are seeing many positive signs of economic recovery,” he added.

For more information,  contact:

 Justin M Greider, Vice President, Crossman & Company, 407-581-6225; Jgreider@crossmanco.com
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

ARA Executes Sale of Seagrass Development Site in Tony Beaches Submarket of Jacksonville, FL



Jacksonville, FL (Oct.  31, 2011) — The Jacksonville office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, brokered the sale of the 23 acre Seagrass Development Site (top left aerial photo) on behalf of Atlanta-headquartered TriBridge Residential, a multi-family investment, acquisitions, property management, development and construction firm.š

 ARA Jacksonville-based vice president, Matt Wilcox, served as lead broker on the deal, working together with ARA Orlando-based principal, Kevin Judd (middle right photo) and ARA Tampa-based vice president, Patrick Dufour (lower left photo).

 Located in the highly affluent area of Atlantic Boulevard and San Pablo Road, this high barrier-to-entry site represents an incredible opportunity for the buyer to develop a unique multifamily property in the affluent Beaches Submarket of Jacksonville,

Florida.š Seagrass is ideally situated across the street from high end retail, including a recently opened Fresh Market and less than three miles from the world renowned hospital, The Mayo Clinic, and the average household income within a one mile radius of the site is $101,093, nearly double the average household income for the city of Jacksonville.

The site is currently entitled for 399 units and available for immediate development upon site plan approval from the city of Jacksonville.š It is currently cleared, pad ready and all utilities have been delivered to the site.š

 According to Matt Wilcox, “Seagrass is an irreplaceable, truly infill site located in the strongest submarket in the Jacksonville MSA.š With high local occupancy rates, rising effective rents and no units slated for delivery in the foreseeable future, Seagrass presents its buyer with an excellent opportunity to take advantage of the tightening market in Jacksonville and be the newest product available to potential residents.”

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.šš

  For detailed information on ARA’s extensive multihousing investment services, visit http://www.arausa.com/.

Colliers International Sells 15, 978-SF Retail Property in Los Angeles



LOS ANGELES, CA, Oct. 31, 2011 – Colliers International, the third largest global real estate services organization, has completed the sale of a 15, 978-square-feet retail property located at 7500 Melrose Ave., (top left photo) Los Angeles. The transaction value remains confidential.

 Fred Córdova, Senior Vice President/CART Western Regional Director, Tom Lagos, Director of Retail Services Group, Morgan McEvoy, Vice President, Frank Magana, Associate, and Ryan Eddy, Associate, all based in Colliers’ Downtown Los Angeles office along with Mike Fay, President of Colliers’ Miami office, represented the Seller. The Buyer, Fresh & Easy, was represented by Mike Grannis and Brent Cunningham of Highland Partners.

Built in 1997, this Fresh & Easy location offers street-front retail and restaurant space and 6:1 on-site parking, and is well-located in the heart of the Hollywood / Melrose retail corridor.

 “This was a sale to an owner/user, Fresh & Easy, who saw the terrific opportunity to gain a position in the Hollywood and Melrose community,” said Córdova.
  

Contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA


Robert Plouffe Appointed Executive Chef for the Bourbon Orleans Hotel in New Orleans



 NEW ORLEANS, LA, Oct. 31, 2011 -- The Bourbon Orleans Hotel (middle left  photo) announced today the appointment of Chef Robert Plouffe (top right photo) as executive chef for the 218-room boutique property in the French Quarter of New Orleans.  Plouffe will be responsible for kitchen staff leadership and banquet and restaurant food production at the property.

 “We are delighted to welcome Chef Robert to the hotel,” said General Manager Mark Wilson. “With 20 years of international kitchen and food preparation experience, Chef Robert is a creative, diligent and quality focused individual and will be a great asset to the Bourbon Orleans team, guests and clients.”

Most recently Plouffe was Sous-Chef de Cuisine with Aramark Corp, providing his management and culinary skills in directing the food preparation operations for the 3 million square foot New Orleans Convention Center.

Chef Robert’s experience includes Pastry Chef Responsibilities at the new Roosevelt Hotel in New Orleans, and five years with executive positions within kitchens of the Hilton Luxury Collection in New Orleans Jamaica, & Fort Lauderdale.   

Although Chef Robert’s passion is as a pastry chef, his early career began in Montreal, Canada as chef and owner of a group of restaurants.  He gained extensive international experience in St Thomas and St Croix, Virgin Islands before joining Hilton in Jamaica.

 Plouffe received a Diploma in Culinary and Pastry at the Institute de Tourisme et d’Hoteliere du Quebec, and has completed internships in Tours, Laval and Paris, France.

 For more information, visit the web site: http://www.neworleanshotelcollection.com/.

Contact:
Mark Wilson
General Manager
504 523 2222

Saturday, October 29, 2011

Grubb & Ellis Selected to Market 142 Acres of Land Known as “Holy City” in Los Gatos, CA


  
SAN JOSE, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that private real estate investor Earl Pelligrini selected Dave Haugh, senior vice president, and James Viso, associate,  both of the Industrial Group, to market for sale 142 acres of land known as the “Holy City” in Los Gatos (top left photo). 

 Located east of Highway 17 along the Old Santa Cruz Highway, the land is being marketed with the opportunity for development. 

The Holy City was founded in 1919 by cult leader William E. Riker (lower left photo) and roughly 30 followers.  It was incorporated as a town in 1926 and included tourist services, a restaurant and a gas station.  The Holy City grew to more than 300 residents.  It was disincorporated in 1959 and one retail building remains on the land.  It also continues to have its own zip code: 95026.

 “This large parcel of land provides prospective investors with the opportunity to develop in an area that is rich in history and is also easily accessible via Highway 17 and the Old Santa Cruz Highway,” said Haugh.  “It’s a beautiful area with quite a bit of potential.”

Contact:  Julia McCartney, Phone: 714.975.2230                                     
Email:   julia.mccartney@grubb-ellis.com                                                                                                               

Behringer Harvard Acquires Second Multifamily Property in Fort Lauderdale Metro Area




DALLAS, TX  /PRNewswire/ -- Behringer Harvard announced today its acquisition of a 280-unit, garden-style multifamily community at 5750 Lakeside Drive, immediately east of U.S. Highway 441 in Margate, Florida.

 The community, which will be rebranded as Lakes of Margate (middle right photo), comprises 13 apartment buildings of two or three stories each, a clubhouse, and two storage buildings, all constructed in 1986-1987 on a 13.8-acre site 15 miles southeast of Fort Lauderdale-Hollywood International Airport.

"Lakes of Margate is a well-leased multifamily community with a long history of stabilized occupancy in one of Fort Lauderdale's strongest apartment submarkets. This property also offers strong potential for value creation through unit upgrades," said Mr. Samuel A. Gillespie, Chief Operating Officer of Behringer Harvard Opportunity REIT II, Inc.

 "We're pleased to pursue a second co-investment project with Grand Peaks Properties, a respected real estate firm with strong experience in strategically acquiring and managing multifamily communities across the country."

Behringer Harvard acquired a 92.5 percent ownership interest in Lakes at Margate, which was purchased for the portfolio of Behringer Harvard Opportunity REIT II, Inc.

Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property. Lakes of Margate was 94 percent leased as of September 30, 2011.

 The new owners plan to invest approximately $2.3 million in capital improvements including upgrades to the apartment units.

Contact:  Barbara Marler of Behringer Harvard, +1-469-341-2312, bmarler@behringerharvard.com; or Nicole Traycoff of Richards Partners for Behringer Harvard, +1-214-891-5751, nicole_traycoff@richards.com

Marcus & Millichap Announces Two Promotions in Oak Brook, IL and Detroit




Ryan Engle Promoted in Oak Brook, IL Office


OAK BROOK, IL– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Ryan Engle (top right photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Steven D. Weinstock (bottom left photo), regional manager of the firm’s Oak Brook, Ill. office.

Most recently, Engle held the title of senior associate in the Oak Brook office.

After being named an associate of the firm in February 2007, Engle was promoted to senior associate in October 2008. He has received two sales recognition awards from Marcus & Millichap.

Engle is an associate director of the firm’s National Multi Housing Group and Special Assets Services Group.


Andrew S. Daitch Earns New Post in Detroit

 DETROIT, MI –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Andrew S. Daitch (middle right photo)  to first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Jonathan Dwoskin (lower left photo), regional manager of the firm’s Detroit office.

Most recently, Daitch held the title of vice president investments.

Daitch joined the firm in January 2000 and was promoted to senior associate in August 2005. He was named vice president investments in July 2008. He has received nine sales recognition awards from Marcus & Millichap.

Daitch specializes in the sale of multifamily investment real estate. He is a senior director of the firm’s National Multi Housing Group and was one of the firm’s Top Ten agents nationwide in 2008.
  
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Stirling Sotheby’s International Realty named exclusive broker of the Historic Metcalf Building in Downtown Orlando



ORLANDO, FL. --- Stirling Sotheby’s International Realty has been named exclusive brokers for the historic Metcalf Building (top left photo), located on S. Orange Avenue and Pine Street in Downtown Orlando directly across from The Plaza twin towers building.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty in Orlando, said the historic 10 story building was one of Orlando’s first “skyscrapers” when it was constructed in the center of the central business district in 1923.

The nearly 40,000 square foot building served as Disney’s first Florida headquarters. The Metcalf building was extensively renovated and restored in 2003.

Current tenants include Lawyers Alvarez, Sambol & Winthrop, P.A., the downtown branch of TDBank and Tanqueray’s Bar and Grille, a popular downtown nightspot for more than 30 years.

Stirling’s commercial real estate specialists Jere Matheny (middle right photo) and Mark Arnold (lower left photo) listed the building for sale.

Matheny said the building will be extensively marketed to national and international buyers, real estate investment firms and potential investors.  

Early interest in the building has come from Canada, the Mideast and South America. 

Stirling will be launching an extensive global marketing campaign that will include 580 Sotheby’s International Realty offices in 42 countries.

“There is a good chance the buyer will be an international real estate investor from outside the U.S.,” said Matheny.

To see a brochure on the property, go to http://metcalfbuilding.com/pdf/100_S_Orange_Ave_Brochure.pdf

To view  a video of the Metcalf building, go to

 For media information, contact

 Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142   Lvershelco@aol.com.  

Crossman & Co. Completes New Long Term Lease Agreement with Great Clips at Shoppes of Citrus Park in Tampa, FL


TAMPA, FlL--  Crossman & Company, the Orlando-based firm that ranks as one of the largest retail property management and leasing companies in the Southeast, recently negotiated a five-year lease at the Shoppes of Citrus Park, 7851 Gunn Highway in Tampa.

Leasing Associate Tracy Harrison represented the landlord at the Shoppes of Citrus Park in the retail lease agreement for 1,200 square feet.  The new tenant, Great Clips was represented by Brian Bern of Franklin Street Real Estate Services.

For more information, contact:

Tracy Harrison, Leasing Associate, Crossman & Company, 407-423-5400 
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.

WeinPlus develops CLEAR process improvement solution





ST. PETERSBURG, FL. --- WeinPlus Real Estate Advisory Services in St. Petersburg plans to trademark the CLEAR process improvement system it developed for its clients including both publicly traded and private real estate owners, a leading grocery retailer and a public school district.

Rachel Elias Wein (top right photo), AIA, principal of WeinPlus, said her CLEAR process improvement technique has applications in many industries besides commercial real estate development.

CLEAR is highly effective, Wein said, because it is logical, practical and productive.

Already, CLEAR has helped a publicly traded REIT dramatically improve its tenant coordination procedures by increasing efficiency, directly resulting in hundreds of thousands of dollars in additional revenue.

“CLEAR stands for Collaborate, Learn, Evaluate, Act and Respond,” Wein explained.

For more information, contact

Rachel Elias Wein, AIA, Principal, WeinPlus, 727-386-9346, http://www.weinplusassociates.com/
Larry Vershel, Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com



Tolaris Realty Group starts property management division in Central Florida

  
 SANFORD, Fla. –Tolaris Realty Group now has a property management division.

 Richard Bavec, who heads Tolaris Realty Group, based on SR 46 west of Sanford at Lake Forest said,  “We’ve been asked by many investors and property owners to be the ‘eyes and ears’ of their properties in Central Florida.”

 The property management division will work out of Tolaris Realty Group’s Lake Forest headquarters.

 For more information, contact:

 Richard Bavec, President, Tolaris Realty Group, 407-402-9866,  rbavec@tolarishomes.com;
Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com  


NAI Realvest Negotiates New Class A Office Lease at Primera Court I in Lake Mary, FL



 ORLANDO, FL --- NAI Realvest recently negotiated a new lease agreement for 2,670 square feet of Class A office space at Suite 235, Primera Court I, 725 Primera Blvd. in Lake Mary. 

 NAI Realvest Senior Broker Associate Mary Frances West (top right photo), CCIM brokered the transaction.   The landlord at Primera Court I is Interchange-Primera I, LLC based in Daytona Beach. 

 The new tenant America’s Mortgage Professionals, a lender that specializes in residential mortgages including FHA, VA, Freddie Mac and Fannie Mae, is headquartered in Fort Lauderdale.   

For more information, contact:

Mary Frances West CCIM, NAI Realvest, 407-875-9989,  mwest@realvest.com;
Patrick Mahoney, President, NAI Realvest 407-875-9989,  pmahoney@realvest.com;  
Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com  


NAI Realvest Negotiates Renewal Lease of more than 20,600 SF of Industrial Space in Orlando, FL




MAITLAND, FL – NAI Realvest recently negotiated a renewal lease agreement for 20,610 square feet of industrial space in Suite 202 at 7803 Southland Blvd., off Sandlake Road in southwest Orlando.

 Robert Blackwell (top right photo), SIOR principal at the firm, and Suzanne Serino of Avison Young in Chicago, negotiated the transaction representing the tenant Streamlite, Inc. of Atlanta, Ga.

 The landlord is Distribution Funding, LLC of Orlando, represented by Bryan O’Hair of Prologis.

For more information, contact:  
Robert Blackwell, SIOR, NAI Realvest 407-875-9989; or rblackwell@realvest.com;     
Patrick Mahoney, President, NAI Realvest 407-875-9989,  pmahoney@realvest.com;  
Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com  


Friday, October 28, 2011

CalPERS Efforts Save State More Than $1 Billion in Employee Health Costs in Three Years





SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) recently reported to the State Legislature that it has saved the state $1.2 billion in health care costs since 2008.

In a letter to California’s Joint Legislative Budget Committee Chair, State Senator Mark Leno (middle left photo), CalPERS Chief Executive Officer Anne Stausboll (top right photo) reported CalPERS reduced the cumulative health care costs for state and public agency employees by $1.2 billion over the last three years.

Of that amount, CalPERS achieved more than $587 million in savings for the State’s General and Special Funds. The letter accompanied a required report to the Committee regarding CalPERS 2012 health rate premiums and one-time savings.

The report indicated savings for 2011 were just over $78 million, including more than $36 million in savings for the State General and Special Funds. Pharmacy copayment changes, the use of high-performance provider networks, and CalPERS value-based purchasing and health care cost savings initiatives accounted for a large portion of those savings.

 The report shows 2012 health cost savings at more than $104 million with almost $50 million in savings for the State General and Special Funds. In her letter, Stausboll wrote that CalPERS was able to negotiate premium rate increases of only 4.1 percent for 2012 to help achieve those savings.

“Each year, the (CalPERS) Board of Administration carefully considers specific strategies that will reduce the premium costs by extracting costs from the system on a long-term basis, and strategies that will result in one-time savings,” wrote Stausboll. “We will continue to pursue robust rate negotiations and partner with our health plans to minimize future rate increases and ensure CalPERS members have access to affordable, quality health care.”

CalPERS is the largest purchaser of public employee health benefits in California, and the second largest public purchaser in the nation after the federal government. CalPERS provides health benefits to more than 1.3 million State and public agency active and retired members at an annual cost of nearly $7 billion.


Contact:
External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Bill Madison, Information Officer

Two New Leases From Berger Commercial Realty Corp.



 FORT LAUDERDALE, FL – Judy Dolan (top right photo) and Greg Milopoulos (bottom left photo) of Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced two lease transactions.

 Dolan and Milopoulos represented landlord GA 4711 Australian Avenue, LLC in the lease renewal of 3,064 square feet of warehouse space in Mangonia Park, located at 4711 N. Australian Avenue in West Palm Beach, to tenant Jack the Bike Man.

Dolan and Milopoulos also represented landlord Merrill Industrial Center, Inc. in the lease of 4,071 square feet of space in a warehouse located at  3406 SW 26th Terrace in Fort Lauderdale to tenant Brandwood LLC.

 For more information, visit http://www.bergercommercial.com/.

Contact:
 Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226


Canadian REIT Acquires $16 Million Net-Leased Retail Property in Vorhees, NJ




VORHEES, NJ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of a retail condominium (top left photo) in Vorhees net leased to BJ’s Wholesale Club. The sales price of $15.9 million represents $138 per square foot.

Matthew Gorman and Tom Gorman, senior associates in Marcus & Millichap’s Philadelphia office, along with Michael S. Shover, an associate also based in Philadelphia, represented the seller, a prominent local developer that owns a substantial portfolio of office and retail properties.

 The Gormans and Shover teamed up with Marcus & Millichap’s Mark Taylor (middle left photo), a first vice president investments, and Dean Zang (middle right photo), a vice president investments, to represent the buyer, H&R REIT of Canada.

“We worked diligently to execute this transaction,” explains Matthew Gorman. “From marketing to closing, the entire transaction took only 90 days.

“With a loan assumption involved, it was remarkable. The seller needed to raise cash quickly and had lots of equity in this property. Initially, it looked like a straight-forward net-lease deal until BJ’s announced plans to sell its operations, which raised questions about the company’s future credit rating,” he continues.


 “Also complicating the transaction was the property’s subordination to a condo association. Finally, there was a debt assumption, which in some cases can take up to 90 days alone.”

In the end, the property’s excellent location in a market with high barriers to entry, high land costs and strong demographics, combined with the strength of Marcus & Millichap’s brokerage platform, resulted in a qualified buyer, which was sourced from a large pool of interested investors, says Matthew Gorman.

 “We received nine offers from institutional and private investors, including 1031 exchange buyers and local, high net-worth individuals. “Both domestic and international capital expressed interest in this asset.”

Located at 152 Route 73, the 115,396-square foot property was developed as a reverse build-to-suit for BJ’s Wholesale Club in 2004. BJ’s has 13 years of term remaining on its existing 20-year lease.

BJ’s is co-anchored by a Lowe’s Home Improvement store, which is located in the 355,917-square foot Cedar Hill Shopping Center, a regional power center. Virtua Health recently constructed a two million-square foot, 125-acre medical center across the street from Cedar Hill, further boosting BJ’s property values over the long term.

The affluent population within a five-mile radius of the property totals more than 153,000.

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


Bulk Condo Sale in Suburban Tampa Nets $10.2 Million

  


RIVERVIEW, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Allegro Palm (top left photo), a 432-unit condominium community in Riverview. The sales price of $10,275,000 represents $50,368 per unit and $49 per square foot.

Still Hunter, III (middle right photo) and Evan P. Kristol (lower left photo) senior vice presidents investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a South American investment group.
 
“Allegro Palm was built in 2000 as a Class A apartment community and was operated as such until March 2005 when it was converted to condos,” says Hunter. “The developer sold more than 200 condominiums at an average price of nearly $175,000 per unit before sales stalled.”

“The new ownership acquired the unsold inventory at an incredible discount to peak value,” adds Kristol. “Allegro Palm is a well-located, high-quality community with tremendous upside potential.”

The Allegro Palm property is located at 5501 Legacy Crescent Place in Riverview, Fla., approximately 14 miles from Tampa near Ybor City, Interstate 75 and Lee Roy Selmon Expressway. In all, the sale included 204 condominiums, 32 detached garages, 11 carports and 22 storage units.

The property has seven floor plans with 76 percent two-, three- and four-bedroom units. The living spaces feature ceramic tiling, built-in shelving, large walk-in closets and vaulted ceilings. Community amenities include two resort-style pools, outdoor lounge with fireplace and basketball and tennis courts.

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


Webinar on SBA 504 Loans for small business owners expanded by Mercantile Capital after more than 280 people register to participate





ORLANDO, FL. --- Mercantile Capital Corporation has expanded its Nov. 1 webinar for small business owners who want to learn how changes in the rules governing U.S. Small Business Administration (SBA) 504 loans for small business owners can help them.

Christopher G. Hurn (top right photo), chief executive officer of Mercantile Capital Corporation, said record response to the webinar announcement shows how much interest their is in the new rules, which will allow borrowers to include many operating expenses in their loan request.

Mercantile Capital Corporation ranks as one of the nation’s most active providers of SBA 504 loans, which were designed for small business owners who want to acquire or develop their own facilities.

 Hurn said new SBA 504 rules permit use of SBA 504 funds to refinance commercial property loans at below market interest rates over fixed 20 year terms with as little as 10 percent down, and will permit SBA 504 financing of many business operation expenses as well. Moreover, the 10 percent equity requirement need not be entirely cash.

The new rules are in effect until September of 2012, so it is imperative that businesses make their decisions and lock in their rates soon, Hurn said.

Small business owners can register for the free webinar by visiting tiny.cc/SBA504RefiUpdate.


For more information, contact:
Chris Hurn, Mercantile Capital Corporation, 407-786-5040
Robin Lashley, Mercantile Capital Corporation, 407-786-5040