Friday, July 15, 2011

Marcus & Millichap Names Mondana Hamzavi Vice President

 ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has elected Mondana Hamzavi (top right photo) vice president, according to senior vice president and managing director, Martin E. Louie (lower left photo).

“Mondana has been instrumental in the implementation of numerous business systems and processes that provide more services to the firm’s agents and employees,” says Louie.

“Her strategic planning and accounting skills and her determination to achieve the department’s goals have been of enormous benefit to the firm.”

Hamzavi began her career with Marcus & Millichap in 2007 as a controller. Her responsibilities include overseeing multiple areas within the accounting department, including general ledger, financial reporting and accounts payable.

Hamzavi’s background includes experience as a senior finance executive at MGA Entertainment, ABC Family Channel, Warner Bros. Studios and Sony Pictures.

Hamzavi received her degree in mathematics/computer science from Portland State University. She is a California CPA.

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

Marcus & Millichap Names Yitzie Sommer Vice President


ENCINO, Calif., July 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has elected Yitzie Sommer (top right photo) vice president, according to John J. Kerin (lower left photo), president and chief executive officer. Sommer works in the firm’s Chicago Downtown office.

“Research is an integral part of our client services and Yitzie’s contributions to the firm’s research division have been invaluable to our agents and clients,” says Kerin. “As vice president, Yitzie will continue to work closely with our investment specialists to support property valuation and advise clients on the latest market trends and developments.”

Sommer began his career with Marcus & Millichap in 1999 as a part-time research intern in the Chicago office. He joined the firm full time in 2001 as the research manager for the Chicago, Indianapolis and Milwaukee offices. In 2002,

Sommer became the research manager for the National Office and Industrial Properties Group (NOIPG). He was promoted to senior director of research for NOIPG in 2004. Since May 2010, Sommer’s responsibilities have expanded to include all commercial property groups, including retail.

 Sommer’s research has been published in NAIOP’s Development magazine and Real Estate Forum and has been used in case studies at the Harvard Business School and at Dartmouth’s Tuck School of Business. Sommer is a member of International Council of Shopping Centers (ICSC) and currently serves as vice chairman of the NAIOP Young Professionals Forum.

Sommer graduated from Brandeis University with a bachelor’s degree in political science.

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

Leed-Certified Multifamily Asset Commands $133 Million in Los Angeles


 IPA has arranged one of the largest single-property transactions to have closed in LA County since 2005.

LOS ANGELES, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has negotiated the sale of The Millennium Warner Center (top left photo), a newly constructed 438-unit luxury multifamily community. The 415,040-square foot complex traded for $132,850,000.

 IPA’s Stan Jones (middle right photo) and Ron Harris (lower left photo), executive vice presidents investments; Sal Saglimbeni (lower right photo), an associate vice president investments; and Joseph Smolen, an associate director; represented the seller, Warner Center Apartments LP. The buyer was Wesco LLP, an Essex Property Trust-sponsored joint venture.  

“There is tremendous demand for newer, Class A assets in core California markets and these opportunities are few and far between,” says Jones.  “The Millennium Warner Center is currently in a rapid lease-up and is absorbing 40 to 70 leases per month. Given the intense buyer demand and leasing momentum, investors are willing to assume the lease-up risk for true core assets,” he adds.

 “The demand has also created an environment in which developers are building new ground-up construction again in many Los Angeles neighborhoods, as is evidenced by the number of cranes in view all over the city,” adds Harris.  “In addition, there is ample financing available for these high-quality, newly constructed institutional assets.”

 Located at 21201 Kittridge St. in the thriving Warner Center business district, The Millennium Warner Center is one of the first LEED-Certified Silver multifamily assets in the Los Angeles MSA. 

 It has a mix of one-, two-, and three-bedroom units and boasts a state-of-the-art amenities package that includes two resort-style swimming pools with expansive sun decks as well as a 24-hour health club facility with tanning beds, saunas and men’s and women’s locker rooms.

 More than 10 million square feet of office space is located within a three-mile radius of The Millennium Warner Center.

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

Seniors Housing Gains Momentum, Marcus & Millichap Finds

WALNUT CREEK, CA—Marcus & Millichap Real Estate Investment Services Inc. has published a new report noting the seniors housing sector has improved significantly since last year, as demand begins to pick up from aging baby boomers.

Another year of subdued construction is tempering supply concerns, paving the way for a modest recovery during 2011. The resumption of job creation has begun to restore healthcare benefits for Americans, for instance, enabling the re-employed to move ahead with procedures requiring rehabilitative services in skilled nursing facilities.

 This increase in demand has fueled investment activity from institutions and REITs, whereas last year few institutions risked investing in this sector. Instead there were a healthy number of county healthcare systems disposing of their core assets.

For a complete copy of the report, please contact Stacey Corso,

Greystar Expands Development and Construction Expertise with Key Hires

CHARLESTON, SC, July 15, 2011 --( Greystar Real Estate Partner announced that it has hired Jerry Brand and Ali Warner to further expand the company’s growing development and construction capabilities in major markets throughout the U.S.

Brand has joined Greystar as Senior Managing Director and will direct development efforts in the west with his principal focus on Seattle, Northern California, Southern California, and Phoenix.

 Warner is joining Greystar as Managing Director located in their San Francisco office. Ali spent his past 6 years as Vice President of Acquisitions for Urban Housing Group sourcing multi-family and mixed-use development opportunities in Northern California. Ali will continue to focus on development opportunities throughout Northern California and Seattle for Greystar.

“We are extremely excited to have Jerry and Ali join the Greystar family and look forward to many exciting new projects and future iniatives,” said Scott Wise, Executive Director of Greystar Real Estate Partners.

 To learn more about Greystar, visit

Contact  Tricia Peters, (602) 522-1228,

Grubb & Ellis: U.S. Office Market First Look: 2011-Q2

 SANTA ANA, CA--The following summary was prepared by Bob Bach (top right photo),  Grubb & Ellis Co. senior vice president and chief economist:

  • The market took a modest and – considering the poor economic news of late – an unexpected turn for the better in the second quarter.
  • The vacancy rate fell by 40 basis points, which is a pace more in line with a typical market recovery than with the numbers posted in recent quarters. However, at 17.3 percent, vacancy remains well above the 12-14 percent range that represents a balanced market.
  • Absorption totaled 12.0 million square feet in the second quarter. It was the strongest performance since the third quarter of 2007, which – not coincidentally – was the quarter when the financial markets first seized up, a harbinger of the collapse in September 2008.
  • At 14.7 percent, CBD vacancy remained far below the 18.7 percent rate in the suburbs, but the velocity of the recovery in the suburbs was greater in the second quarter – stronger absorption and less new space added.

Deliveries totaled 1.7 million square feet in the second quarter with the new Hess Tower in downtown Houston accounting for about half of that. Hess will occupy the building in August, which will boost third quarter absorption at the local and national levels.
  • Space still in the construction pipeline remained very low at 19.5 million square feet. More than half of the total is located in New York City and the Washington, D.C. area, each of which have just over 5 million square feet in the pipeline.
  • Average rental rates showed little movement at the national level. The average Class A asking rental rate for space available at the end of the second quarter was $31.06 per square foot per year, full service gross, a decline of 0.5 percent from the first quarter.
  • The average Class B rate of $22.91 was 0.1 percent below the first quarter. Preliminary numbers released last quarter suggested that rates might be turning, but those meager gains were revised away.
  • Broadly speaking, the recovery has not progressed enough to push asking rental rates higher. But some submarkets, notably areas with growing technology companies, have already turned the corner as landlords lighten up on concessions.
  • Sublease space moved lower by 1.5 million square feet to a total of 83.1 million square feet at the end of the second quarter. Sublease space has returned to a normalized level as it has been successfully leased or converted to direct available space when the leases expire.


This may be one of those rare occasions when the performance of the office market says more about the economy than vice versa. Despite soft economic data in recent months, tenants absorbed space at a respectable clip in the second quarter, driving down the vacancy rate by 40 basis points to 17.3 percent.

The office market is a lagging indicator, so this improvement could be related to the stronger labor market early this year, and it could be short-lived. But it also appears to be an indication of business confidence, a sign that companies feel good enough about their prospects that they are willing to make multi-year commitments for new space.

Many economists still think that a second-half pick-up is possible, which would sustain the office market recovery. And, conversely, the willingness of businesses to expand may sustain the economy.

Look for the twin recoveries of the economy and the office market to continue at a modest pace through the remainder of this year.

Contact: Janice McDill, Direct: 312.698.6707• Fax: 312.698.5941,

National Retail Properties, Inc. Increases Common Dividend


ORLANDO, FL, July 15, 2011 /PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 38.5 cents per share payable August 15, 2011 to common shareholders of record on July 29, 2011.

 The dividend represents an annualized rate of $1.54 per share and marks the twenty-second consecutive year National Retail Properties has paid increased annual dividends per share.  National Retail Properties is one of only four publicly traded REITs and 105 publicly traded companies in America to have increased annual dividends for 22 or more consecutive years.

"We are proud to reach our twenty-second consecutive year of increased annual dividend payments," said Craig Macnab (top right photo), Chairman and CEO.  "A consistent and increasing dividend is extremely important to our shareholders and is a track record we intend to perpetuate."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2011, the company owned 1,223 Investment Properties in 46 states with a gross leasable area of approximately 13.3 million square feet. For more information on the company, visit

Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

$148 Million Of New Miami Condo, Rental Units Deeded To N.Y. Bank

MIAMI, FL--For the second consecutive year, HSBC Bank USA’s Buffalo, N.Y. office has taken back a block of more than 500 new residential units from a borrower in Greater Downtown Miami, according to a new report from

A year ago in the second quarter of 2010, a Florida entity controlled from a principal address on the 27th floor of the bank's 40-story One HSBC Center in Downtown Buffalo took title to nearly 870 units and one million square feet of salable space in two towers at the ICON Brickell complex (top left photo) in Greater Downtown Miami, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

At the time, the value attributed to the residential units located in the Brickell Avenue Area neighborhood was nearly $344 million, according to Miami-Dade County records.

Earlier this month beginning on July 1, a series of newly created Florida entities controlled from the bank's same principal address on the 27th floor of the One HSBC Center  (lower right photo)in Downtown Buffalo took title to 531 new residential units in the Midtown Miami complex in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to Miami-Dade County and Florida Secretary of State records.

In this latest transaction, the HSBC Bank USA-controlled entities took title to more than 573,000 square feet of salable space under three separate Florida corporate entities, according to Miami-Dade County records.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

Southern Commercial Completes Over $6 Million in Transactions for 2nd Quarter 2011

 ORLANDO, FL--Southern Commercial Real Estate Advisors completed $3,100,000 in lease transactions totaling over 260,000 SF, and $3,800,000 in sale transactions totaling over 94,800 SF during 2nd quarter of 2011.  

Southern Commercial recently completed transactions with LG Electronics for 96,000 SF, Sale of 5220 Vanguard Street for 88,000 SF, American Furniture for 39,250 SF, Fisher & Paykel for 22,000 SF, Orange County for 20,000 SF,  Signature Brands for 19,200 SF, Exide Technologies for 18,000 SF, and Atlantic Tower Services for 19,068 SF to name a few.

Media Contact: Celeste MacKenzie, 321-281-8503,   

Chatham Completes First of Two Transformative Acquisitions

 PALM BEACH, FL – Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium-branded, select-service hotels, today announced that it has acquired the five Innkeepers hotels listed below, which comprise a total of 764 rooms, for a total purchase price of $195 million, or approximately $255,000 per room. 

The previously announced acquisition nearly doubles Chatham’s existing hotel investments.

Residence Inn Anaheim
Garden Grove, Calif.
Residence Inn San Diego
Mission Valley, Calif.
Residence Inn Tysons Corner
Tysons Corner, Va.
Doubletree Guest Suites Washington, D.C.
Washington, D.C.
Homewood Suites on the Riverwalk
San Antonio, Texas


 “These top-tier branded hotels give us a strong presence in some of the country’s prime hotel markets,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president. 

 “The hotels are in excellent physical condition, with four of the five hotels having been recently renovated, providing a solid foundation for future growth.  Based on our previous operating experience with these properties, we know these assets well and expect great results from them.”

Chatham funded the acquisition through the assumption of five individual mortgage loans, secured by the hotels, totaling $134.2 million, as well as available cash and borrowings under its senior secured revolving credit facility.  The five loans have a weighted average interest rate of 6.0 percent and mature in 2016
They will amortize based on a 30-year amortization period, other than the loan related to the hotel in Garden Grove, Calif., which will be interest-only for the first two years after closing.  The five loans are pre-payable in whole at any time without prepayment premiums or defeasance.

These five hotels will continue to be managed by Island Hospitality Management, a hotel management company that is 90-percent owned by Fisher.

 Additional information about Chatham may be found at

Jerry Daly, Carol McCune, (Media), Daly Gray Public Relations, (703) 435-6293, 
DennisCraven, (Company), Chief Financial Officer, (561) 227-1386,                                                                                                                                      

Arnall Golden Gregory Extends Lease 10 Years at 171 17th Street in Atlanta Station

ATLANTA, GA (July 15, 2011) - The law firm Arnall Golden Gregory LLP has agreed to extend its lease 10 years at 171 17th Street in Atlantic Station (top left photo) in a deal that allows for continued growth.

The firm will reconfigure its space to increase efficiencies and provide additional capacity to grow to 190 attorneys in Atlanta. The firm also has an office in Washington, D.C.

Arnall Golden Gregory, which has served growing public and private companies for more than 60 years, is one of the original tenants at 171 17th Street, the first office tower to open at the pioneering Atlantic Station mixed-use development in Midtown Atlanta.

The firm remains committed to its current space because of the building's quality, accessibility and convenience, and its prominent location. The 21-story building has become a landmark for the thousands of people who travel daily through the heart of the city.

Midtown is the center of Atlanta's legal community, and by extending its lease, Arnall Golden Gregory reaffirms its loyalty to the area.

"Arnall Golden Gregory is one of the original anchor tenants at 171 17th Street, and the building ownership is quite pleased the firm extended its commitment to the tower," said Carter Executive Vice President Mike Shelly (lower right photo), who represented the landlord. "Arnall Golden Gregory is precisely the caliber of tenant we seek at 171 17thStreet."

Brad Armstrong and David Demarest of Jones Lang LaSalle represented Arnall Golden Gregory in the transaction.

 For additional information on Carter, please visit

Laura Dudebout
O: 404.965.5023
C: 678.642.4301