Monday, August 8, 2011
EL MONTE, CA, Aug. 8, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to sell a 124,966 square-foot, 2.86-acre development site (top left photo) in El Monte. The listing price is $7,500,000.
Daniel Withers and Lonnie McDermott, investment specialists in Marcus & Millichap’s Encino office, have the exclusive listing to market the property on behalf of the seller, a private partnership.
“A savvy investor or developer has the opportunity to transform this land into a mixed-use project with multiple uses, or a quality affordable housing project,” says Withers.
“The City of El Monte has identified an absolute need for new multifamily housing development as well as retail designed to serve this urban corridor.
"As a result of the city’s pro-development stance, it will work diligently with any investor or developer to make an innovative urban infill project come to fruition,” adds McDermott.
Located at 2668 Santa Anita Ave., the site currently has two apartment buildings, built in 1963, commercial uses and a single-family residence. The commercial real estate occupying the land is approximately 60 percent vacant and generates about $175,000 annually.
El Monte is located in Los Angeles County’s San Gabriel Valley.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
CBL Properties and Horizon Group Properties Declare Grand Opening of The Outlet Shoppes at Oklahoma City a Success
Shoppers flocked in record number to enjoy the fully leased center throughout grand opening weekend.
“Shoppers from as far as 200 miles have come to enjoy a selection of stores that was not available in Oklahoma before now. We are pleased The Outlet Shoppes at Oklahoma City opened to such a tremendous reception and anticipate this positive momentum will continue.”
“The crowds over grand opening weekend were unbelievable,” said Gary J. Skoien (lower left photo), chief executive officer of Horizon Group Properties. “Reports from our retail partners indicate that sales levels have handily beat plans and expectations.
“ The Outlet Shoppes at Oklahoma City has already proved to be a great addition to the market and we are confident in its continued success.”
Additional information can be found at www.cblproperties.com.
Horizon Group Properties, Inc.
Gina Slechta, SCMD, Vice President of Marketing
CBL & Associates Properties, Inc.
Katie Reinsmidt, Vice President -Corporate Communications
and Investor Relations
Jones Lang LaSalle's Industry-First LeaseAccountingChanges.com Microsite Receives Prestigious BMA B2 Award
As one of the oldest and most well respected business-to-business (B2B) communications award programs in the industry, the B2 Awards recognize and honor best-in-class B2B marketing including advertising, branding campaigns, PR and digital strategy.
Jones Lang LaSalle's marketing team Jennifer Alberts, Leslie Gall, Jane Manderino, Paige Steers and Meghan Vaughn led the firm's efforts to launch the site, partnering with the firm's subject matter experts Mindy Berman, Michael Billing and Vivian Mumaw.
"Since the new lease accounting standards will dramatically impact every organization that holds a lease, and will have important ramifications across all corporate functions, from corporate real estate and finance to technology and human resources, we wanted to design a site that provides actionable tools and information to help clients formulate robust strategies to support successful compliance," said Vivian Mumaw (top right photo), Jones Lang LaSalle's Global Leader, Lease Administration.
"We are pleased to receive this prestigious award, and to be recognized for transforming a creative marketing idea into a strategic initiative that was the first of its kind in the marketplace to engage the industry around this critical subject."
For more information, visit www.marketing.org.
CONTACT: Paige Steers, +1-312-228-2797, firstname.lastname@example.org, or Joanna Krupa, +1-773-230-3587, email@example.com
Web Site: http://www.joneslanglasalle.com
Pacific Medical Buildings Selects Grubb & Ellis as Leasing Agent of Future Shady Creek Medical Center in Newport Beach, CA
Scheduled for completion in 2013, the center is a four-building Class A development that will offer 150,000 square feet of medical office space.
Garth Hogan, senior vice president and the group’s director, along with David Kluver, associate vice president, and John Scruggs, associate, will service as leasing agents of the center.
“A growing trend in the healthcare industry has been a rise in consolidations among medical groups, which has created a need for larger blocks of medical office space,” said Hogan.
“This project provides medical users large medical office suites at a state-of-the art site that otherwise are not available in the Irvine area. Adding to its attractiveness, Shady Creek Medical Center will be developed and managed by one of the premier medical office building development firms in the western U.S.”
According to CoStar, one of the leading commercial real estate information companies in the U.S., there are currently only three existing Orange County properties that have available medical office space sized larger than 10,000 square feet.
Shady Creek Medical Center will include three two-story medical office buildings, each comprising 50,000 square feet, and a 7,200-square-foot building designed for retail and commercial uses. The property will offer a parking ratio of five spaces per 1,000 square feet.
Located at the intersection of Sand Canyon and Alton Parkway, Shady Creek Medical Center will be adjacent to Hoag Orthopedic Institute (middle left photo), which has 70 beds and nine operating rooms, and Hoag Hospital Irvine (middle right photo), an 84-bed inpatient and outpatient hospital with intensive care, medical-surgical, cardiology, anesthesia care and emergency services that opened in fall 2010.
The property is also within walking distance of Kaiser Permanente Irvine Medical Center and offers easy access to Interstate 5 and 405, as well as California State Route 133.
BuildingIQ Awarded $1.2 Million Federal Grant to Reduce Building Energy Consumption in Sydney, Australia
SYDNEY, AUSTRALIA--(BUSINESS WIRE)--BuildingIQ, a leading energy management software company, has been awarded a $1.2 million grant from Commercialisation Australia, an initiative of the Australian federal government.
With this grant, the largest awarded among 13 companies, BuildingIQ will expand its offerings to continue to redefine the way energy is managed in commercial buildings.
As the recent heat waves across the country have shown, power grids are struggling to cope with increasing energy demand.
Much of this demand is from Commercial buildings which consume 20 percent of all power and with the downturn in the sector, are struggling with growing energy costs.
BuildingIQ’s software is providing relief by reducing energy costs and peak power loads in commercial buildings -- without costly upgrades or capital expenditures. Building managers can also take advantage of demand reduction incentive programs by automating DR events with minimal risk to tenant comfort. BuildingIQ enables smarter, more profitable buildings.
“With this funding, we look forward to extending our presence around the world, and working with the industry to enable smarter buildings to connect to a smarter grid,” said Mike Zimmerman (top right photo), CEO of BuildingIQ.
“The future of energy management is proactive optimization – basically a more intelligent, more profitable way to manage energy in commercial buildings. We are privileged to have been recognized by the Australian government as a pioneer in our field and look forward to further expanding our product offerings.”
Vantage Communications for BuildingIQ
Tory Patrick, +1-202-558-9826
ROCKVILLE, Md.--(BUSINESS WIRE)--Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has entered into several contracts with a single buyer to dispose of its entire industrial portfolio as well as two office assets.
The assets to be sold comprise a total of approximately 3.1 million square feet. The sales prices under the contracts aggregate to $350,000,000.
The assets to be sold consist of 16 industrial assets (comprising the entirety of WRIT’s industrial division) along with the Crescent and Albemarle office buildings.
The contracts consist of five separate purchase and sale agreements, each covering one or more separate assets.
Three of the contracts (which aggregate to $235.7 million of assets) are expected to close on or about September 1, 2011. An additional contract (representing $44.6 million of assets) is expected to close on or about October 3, 2011. The final contract (representing $69.7 million of assets) is expected to close on or about November 1, 2011.
Each of the contracts represents a separate binding obligation to purchase the associated assets. The escrow deposits under the contracts aggregate to $20 million.
"In initiating these sale transactions, WRIT has taken a major step towards executing on a strategic goal we set for ourselves at the beginning of the year.
“Having our industrial portfolio under these contracts enables us to focus our attention on redeploying expected sales proceeds in assets that better fit our long term strategy of acquiring properties inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics," stated George F. “Skip” McKenzie (top right photo) President and Chief Executive Officer of WRIT.
“We’re delighted to be moving forward with our strategic plan at this current pace.”
Washington Real Estate Investment Trust (WRIT)
William T. Camp
Executive Vice President and Chief Financial Officer
“This tract pairs the best of both worlds for an investor looking to protect against downside while also capturing the appreciation this growth corridor is sure to realize during the next cycle,” said Mr. Owings, a senior associate at Cushman & Wakefield, based in the firm’s Atlanta office.
Catherine Langell - Cushman & Wakefield
404-853-5217 – firstname.lastname@example.org
With the introduction of the custom-designed iPad Sage app, Marquis Residences’ newest high-tech sales tool, brokers can now offer international clients remote, in-depth tours of specific homes, allowing interested buyers to visit Marquis without physically entering the building or even Miami.
“Sage’s 3D-generated look creates an up-close, panoramic experience, with vivid views that were previously accessible only in-person,” notes Lori Ordover (middle left photo), managing member of The Ordover Group, sales and marketing consultant for Africa-Israel USA.
At Marquis Residences, 60 percent of buyers are foreign, with the bulk being Brazilians. Other buyers hail from Italy, Singapore and France. Although Brazilians are increasingly buying up properties throughout South Florida, Marquis is uniquely attractive because of its relatively small scale – 292 units as opposed to nearby properties which house as many as 1,800 condominiums in one development.
And, with increased interest from the overseas community, Americor Mortgage has begun handling the international loans, providing speedy approval processes and faster closing times. Buyers are now closing in 15-20 days through Americor, compared to the traditional bank route that can take well over a month.
“It’s a hassle-free and speedy process that Americor Mortgage has provided for our international buyers and we’re delighted to be working with them,” continues Ordover. “We are seeing buyers from Venezuela, Columbia, Greece, Italy and many more thanks to the addition of Americor.”
Marquis Residences consists of single-level homes, duplex townhouses and suites, all furnished with high-end stainless steel Viking appliances in European-style gourmet kitchens, including a choice of teak, zebrano and other exotic natural wood cabinetry. All bathrooms are by Sand Studio and feature Duravit Starck water closets and double sink.
Residents have access to luxury five-star hotel services, including concierge, security, valet, housekeeping and room service. An 8,000-square-foot spa and fitness center overlooks the Biscayne Bay, while the 14th floor sky pool and private balconies offer stunning views of the city below.
There is private elevator access to many of the homes and residents can dine out at Tempo Miami’s chic Amuse Restaurant & Lounge (lower right photo), or enjoy their full menu in the privacy of their own homes.
Homes start at $590,000 for a 1,477-square-foot two-bedroom, two-and-a-half bath residence and go up to $2.2 million for a 3,017-square-foot, two-and-a-half bedroom, two-and-a-half bath duplex penthouse.
For more information, contact the sales office at 305-571-4000, visit www.Marquis-Miami.com or stop by the sales office at 1100 Biscayne Boulevard.
Robin Dolch; Robin@hundredstoriespr.com
Robin Diamond; Rdiamond@hundredstoriespr.com
Under the partnership, FreemanGroup will license to LHA online hotel operation products focusing on property-level employee resources, job training, certification, and measurement services in English and Spanish.
LHA will provide these resources through its website, http://www.latinohotelassociation.com/, to members at a 25 percent discount in either PDF or standard text formats.
“FreemanGroup is well-regarded in the hospitality industry for creating and providing the highest quality associate training,” said Angela Gonzalez-Rowe (top right photo), president and founder of LHA.
“The dynamics of the hospitality industry in Latin America are quickly changing from independent properties to internationally-branded hotels. These courses provide state-of-the-art instruction in English and Spanish to best train participating associates. We look forward to building on LHA’s new relationship with FreemanGroup for years to come.”
“Latinos have steadily become one of the largest groups working in the hospitality industry today, yet due to language barriers, they often lack the tools necessary to fully implement their duties and prepare for advancement,” said Bill Freeman (lower left photo), founder, FreemanGroup.
“Our programs address more than the fundamentals of quality care and service; they also focus on some of the less common pitfalls and successful tactics for operating a 21st century hotel. Providing the instruction in their native language eliminates translation errors and puts the associate in a comfort zone that enables him/her to more quickly learn the job skills.
For more information, contact the Dallas office at 972-479-1345 or visit www.freemangroupsolutions.com.
Additional information is available at the association’s website, www.latinohotelassociation.com.
Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293
Tom Capocefalo, corporate managing director of Studley, represented the law firm. Chris Dekker, senior associate of CB Richard Ellis, represented the Pasadena, Calif.-based Tetra Tech.
"This is a permanent expansion in the Miami market for Luks, Santaniello," Capocefalo says, adding the law firm is planning to add six to eight attorneys in the coming months plus staff. "Museum Tower offered the greatest economic value for this tenant's requirements," he notes.
Capocefalo says the law firm looked at several buildings during the course of its search, but the class A caliber of Museum Tower and its proximity to the Miami-Dade Courthouse (middle left photo) were the dealmakers as was the landlord's business acumen.
"Gaedeke does a brilliant job of facilitating and making tenants feel like they can get the deal done," he stresses.
Location and landlord also were the convincing factors for Tetra Tech, which is expanding with a move from 8550 NW 33rd St. "I looked at several other buildings in the downtown and Brickell.
It was really my top choice for several reasons," says Ken Caban, Southeast Florida regional manager for Tetra Tech. "It's a very central location for lots of our existing and future clients. The ownership was very accommodating with our requirements."
The back-to-back signings nudge the 234,104-sf Museum Tower's occupancy to 86% and reduces the 16th floor's availability to 3,680 sf. Gaedeke's largest block of open space in the high rise is the 18th floor, featuring 14,000 sf with a 360-degree panoramic view of downtown Miami and Key Biscayne Bay.
Museum Tower's proximity to the courthouse is reflected in its tenant base, which is heavily weighted by law firms. Also close by is the Metro Rail station as well as easy access to Interstate 95.
Negotiations for both leases lasted just a few months. "There is more activity in Miami then there's been in a while," Fetter says. "It's really picking up."
Gaedeke Group, founded in 1995, is a full-service real estate firm that provides investment, acquisition, management, leasing construction management and portfolio management services.
Headquartered in Dallas, Gaedeke's current portfolio encompasses three million square feet of class A office properties in Arizona, Florida, Tennessee, Texas, Washington, D.C. and Germany.
The South Florida ARA sales team, led by ARA Principal Avery Klann (middle right photo), Senior Vice President Hampton Beebe (middle left photo), and ARA Principal Richard Donnellan (lower right photo), represented institutional advisor, Invesco Real Estate, in the sale of the 180-unit community to an affiliate of Bay Harbor Island, FL-based Atlantic | Pacific Companies.
Constructed in 1986 and 96% occupied at the time of the sale, investor interest in the community was very strong and resulted in ARA conducting 59 tours in just a one month period.
According to ARA’s Klann, “Invesco had previously implemented a modest interiors upgrade program in 80% of the units that positively impacted rent premiums at the time.”
Randy Weisburd, Chief Operating Officer of Atlantic | Pacific Companies added, “this property has untapped upside potential and the implementation of an enhanced upgrade program will allow A|P to further increase value.”
The property is located within the acclaimed Boca Del Mar PUD, a self-sufficient 2,000-acre master planned community strategically located in central Boca Raton.
This desirable community, approved for 10,500 homes back in the 1970’s, is approximately 93% built out and offers a wide range of residential options in a heavily amenitized and safe environment.
Boca Colony is located on the north side of the Country Club at Boca Raton within the PUD, offering an 18-hole par 70 championship golf course, golf range, practice greens, golf shop, a tennis center with six state-of-the-art Har-Tru courts and renovated clubhouse with restaurants and banquet areas.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Marti Zenor of ARA Florida at mzenor@ARAusa.com or 561-988-8800.
For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
Local Contact: National Contacts:
Marti Zenor Amy Morris or Lisa Robinson
ARA Florida ARA National
(561) 988-8800 (404) 495-7300