Monday, August 29, 2011

First Capital Provides $10 Million Credit Facility to First Service Networks



ATLANTA, GA,  LINTHICUM, MD and BOCA RATON, FL.--(BUSINESS WIRE)--First Capital, a specialized commercial finance company, announced that it has provided a $10 million asset-based credit facility to First Service Networks, a multi-site facilities maintenance and repair specialist that works with clients in multiple industries including restaurant, retail, transportation and logistics.

First Service Networks works with clients to deliver quality on-demand and scheduled maintenance while lowering overall costs. First Capital was chosen to do the transaction because of its ability to quickly provide the client with a structuring solution that supports the client’s working capital requirements and future growth. Proceeds provide working capital needed to meet the company’s growth strategy.

“We are experiencing rapid growth as a result of obtaining new customers with multiple national locations,” remarked Mark McEneaney, CFO of First Service Networks.
  
 “As a result we needed to find a commercial lender that could understand our business and maximize our available assets so we could concentrate on the execution of our growth strategy. First Capital was able to quickly create a financing package that allows us to continue to grow our business in a timely fashion.”

John Nooney (top right photo) Executive Vice President and MidSouth Regional Manager for First Capital, remarked, “First Capital was chosen to do the transaction as we understood the client’s challenges during a high-growth stage and were able to provide both the structure and certainty of timely funding to accommodate their business needs.”

This transaction was referred to Mark Pickering and will be serviced by First Capital’s MidSouth Region managed by John Nooney and located in Atlanta.

For further information relating to this deal or for working capital financing solutions in the MidSouth region, please contact Mr. Pickering or Mr. Nooney 678-594-5900.

in New York, Los Angeles, Atlanta and Oklahoma City with sales offices located across the United States. For more information, please visit.

For more information, please visit www.firstservicenetworks.com and  www.firstcapital.com

Contacts: First Capital, Laura Smith, 561-623-1918, Lsmith@firstcapital.com

Kramer-Triad Management Group Named Office of the Year at Associa’s 2011 Summer Conference




NOVI, MI.--(BUSINESS WIRE)--Associa, the nation’s leading community association management firm, is proud to announce that Kramer-Triad Management Group was named the 2010 Office of the Year at the 2011 Associa Summer Conference held in Washington, D.C.

Associa’s highest honor, Office of the Year is awarded to the Associa company with the highest performance during the prior fiscal year in the areas of client growth, client retention, employee morale and fiscal responsibility.

“Winning Office of the Year is a tremendous honor and a tribute to the hard work and dedication of our entire staff,” said President Jeff Gourlie (top right photo). “It is because of their outstanding knowledge and enthusiasm for the industry, that we continue to serve our clients in the best ways possible, and I could not be more proud of them.”

Kramer-Triad is a recipient of the prestigious Accredited Association Management Company (AAMC) designation from the Community Associations Institute (CAI). AAMC is the highest designation awarded to management firms from CAI.

To learn more about Associa and its charitable organization, Associa Cares, go to www.associaonline.com and www.associacares.com. Find us on Facebook, follow us on Twitter and watch us on YouTube.

Contact: Associa, Carol Piering, 214-716-3848, cpiering@associaonline.com

Marcus & Millichap Promotes Jeffrey J. Taughinbaugh to Vice President Investments in Palo Alto, CA



 PALO ALTO, CA, Aug. 29, 2011 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Jeffrey J. “J.J.” Taughinbaugh (top right photo) to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an associate has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Steven J. Seligman (bottom left photo) vice president and regional manager of the firm’s Palo Alto office.

 “J.J. has earned a reputation as an extremely knowledgeable investment specialist,” says Seligman. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Taughinbaugh began his career with Marcus & Millichap in July 2004, specializing in the sale of retail properties.

Most recently, Taughinbaugh held the position of senior associate.

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

HFF secures $29 million in financing for Bressi Ranch Village Center in Carlsbad, CA


IRVINE, CA – HFF announced today that it has secured $29 million in financing for Bressi Ranch Village Center (top left photo), a 111,403-square-foot, dual grocery-anchored, trophy retail center in Carlsbad, California.

Working on behalf of Cornerstone Real Estate Advisers LLC, which was representing an institutional separate account investor, HFF placed the fixed-rate loan with an insurance company affiliate of Hartford Investment Management Company.

Loan proceeds were used to acquire the property in a sale closed by HFF in June.

Located in the coastal Southern California city of Carlsbad, Bressi Ranch Village Center is part of the prestigious 525-acre master planned Bressi Ranch development. 

Constructed in 2009 after nearly seven years of planning, the center is 97 percent leased and is anchored by Stater Bros., Trader Joes, Unleashed by PETCO, Souplantation Express, Chase Bank and Rubios.

The HFF team representing Cornerstone was led by senior managing directors Dana Brome (middle right photo) and Tim Wright (middle left photo) and associate director Zack Holderman (bottom right photo). 

Cornerstone Real Estate Advisers LLC, with affiliate and subsidiary offices in the US, UK, Europe and Asia, is one of the world's largest real estate investment advisers. 

 It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. 

Cornerstone is a member of the MassMutual Financial Group.  Cornerstone has assets under management totaling more than $30 billion. 

More information is at www.cornerstoneadvisers.com.

Contacts:  
Dana Brome, HFF Senior Managing Director, (860) 275-6826, dbrome@hfflp.com  
Timothy Wright, HFF Senior Managing Director, (858) 552-7690, twright@hfflp.com                     
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


$12.9 Million Multi-Tenant Portfolio Sale Generates Strong Interest in Monroe, MI





MONROE, MI, Aug. 29, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Telegraph Plaza Portfolio, a three-property multi-tenant retail portfolio located in Monroe to Cole Real Estate Investments.

 The sale price is $12.9 million or $91 per square foot, which is the largest retail sale by dollar volume to take place in Michigan year-to-date.

 Ashish Vakhariya (middle right photo), a senior associate in the Detroit office of Marcus & Millichap, represented the seller, a national developer, and worked with Scott Holmes of Cole Real Estate in closing this transaction.

“When marketing this portfolio, it was apparent that investors are actively seeking core retail assets with quality long-term tenants,” says Vakhariya. “Given the strength of the tenant line-up, the property generated interest from both local and out-of-state investors alike.  In the end, several private and institutional investors presented offers on these stabilized multi-tenant assets.”

Details of the 141,935-square foot portfolio sale are as follows:

The center was newly constructed in 2006 and has a healthy list of credit tenants including Kohl’s (top left photo), TJ Maxx and PetSmart. All tenants have long-term leases in place and overall occupancy is 92%.  The center is located in the hub of the retail corridor.             

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

Tolaris Realty Group Reports 70 Percent Increase in Housing Sales During First Half of 2011, with a Big Uplift



 LAKE FOREST, FL. --- Tolaris Realty Group, which sells luxury homes throughout Central Florida, reports its sales so far in 2011 are up 70 percent over the same period last year.

Rick Bavec (top right photo), principal and managing director of Tolaris Realty Group, said Tolaris sold over 30 properties from Jan. 1 through July 31.

Bavec said cash sales dominated the market at the start of the year but lately mortgaged sales have taken the lead.

“I’ll take the optimistic view. I see it as a sign of stabilization in Central Florida’s housing market,” Bavec said.

“It means families are coming back in, that’s healthier for neighborhoods and communities, and that drives the housing market,” he said.

For more information, contact
Richard Bavec, President Tolaris Homes/Tolaris Realty Group, 407-402-9866; rbavec@Tolarishomes.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 (fax 407-644 4410) Lvershelco@aol.com.  

Sale of two office assets in Paris valued at €39.6 million




PARIS, Aug. 29, 2011 --: MRM (Euronext ISIN FR0000060196), a mixed real estate investment company specialising in retail and office property, announced today the signature of an agreement with the company FONCIERE LFPI for the sale during the fourth quarter of 2011 of two fully let office properties - a 5,900 sqm building on Quai de Dion-Bouton in Puteaux (middle left map) and a 4,600 sqm building on Avenue Paul Doumer in Rueil-Malmaison (bottom right photo).

 This transaction, which will take the form of the sale of the wholly-owned subsidiary of MRM holding the properties, is based on a valuation of €39.6 million for the two buildings.

 Jacques Blanchard (top right photo), Chairman and Chief Executive Officer of MRM, comments: "The two assets sold form part of the portfolio of stabilised office properties and net proceeds from this transaction will contribute to the financing of current investment programmes on development properties."

For the transaction, MRM was advised by Lefèvre Pelletier & Associés, Etude Theret Leroy Rebérat acting as notary, Jones Lang Lasalle and CB Richard Ellis. FONCIERE LFPI was advised by Wragge & CO, PwC and Etude Morin acting as notary.

 MRM first-half results will be published on 15 September 2011 before the market opens and will be presented during an information meeting to be held the same day.

 A listed real estate investment company, MRM owns a mixed portfolio of office and retail properties comprising both stabilised assets and value-added opportunities.

 Its portfolio has been built up gradually since the second half of 2007 with the contribution of properties from DynamiqueBureaux and Commerces Rendement, two investment companies created and managed by CB Richard Ellis Investors, and acquisitions carried out directly by its subsidiaries.

 MRM's real estate operations are managed by CB Richard Ellis Investors. MRM is listed in Compartment C of Euronext Paris (Bloomberg code: MRM:FP - Reuters code: MRM.PA).

 For more information, contact:

 MRM , 65/67, avenue des Champs-Elysées, 75008 Paris, France            
T: +33 1 58 62 55 55, relation_finances@mrminvest.com
Isabelle Laurent, DDB Financial, 55, rue d'Amsterdam, 75008 Paris, France
T: +33 1 53 32 61 51, isabelle.laurent@ddbfinancial.fr




Small Business, Individual Real Estate Investors Are Key to the U.S. Housing Market's Recovery: An Open Letter from HomeVestors, America's #1 Home Buyer, to President Obama



- Hedge Funds are Not the Answer to the Government's REO Challenge - Local Investors are Already Helping Markets Recover and Can Do Much More - What the Government Can Do to Help Small Business Real Estate Investors 


DALLAS, TX,  Aug. 29, 2011 /PRNewswire via COMTEX/ -- HomeVestors of America, Inc., known as the "We Buy Ugly Houses®" company, last week sent a letter to President Obama asking the federal government to take several steps to help small business and individual real estate investors further aid in the recovery of battered U.S. housing markets by investing in the government's excess inventory of single-family houses.

"Our solution has the benefit of being simple and having been tested," wrote the co-presidents of HomeVestors of America in response to the Obama Administration's call for input on the 'Disposition of Real Estate Owned Properties' by government enterprises.

"There is little risk to the federal government in helping small investors help the market recover, while the upside is tremendous: Local private investment in local communities and job creation to repair and rehabilitate houses, with affordable sale and rental housing produced as a result."

"In contrast," the HomeVestors executives wrote, "reliance on big, national (or even global) investors including hedge funds, and complicated programs, are less likely to produce meaningful results, more likely to take longer to execute, and more likely to cost the government more money over time."

The full text of HomeVestors' letter to President Obama may be obtained by contacting David L. Hicks (top right photo) or Kenneth Channell (bottom left photo), Co-Presidents, HomeVestors of America, at www.HomeVestors.com.
       
       

British Columbia commercial real estate investment market remains strong despite global economic turmoil, Avison Young reports




VANCOUVER, British Columbia, Canada, Aug. 29, 2011 /CNW/ - The British Columbia commercial real estate investment market maintained its traditional strength in the first half of 2011 after reaching record deal and dollar volume highs in 2010.

During the first six months of 2011, $594 million was invested in 36 transactions involving office, industrial and retail assets in BC.

A lack of supply hampered deal and dollar volumes in all asset classes, which led to lower deal and dollar volumes when compared with the record-setting $1.026 billion in investment sales activity by the mid-point of 2010.

The low cost of debt continued to drive down yields with private investors representing the majority of both vendors and purchasers. Industrial and office product captured 75% of the dollar volume invested by private buyers. REITs, which were the second most active purchasers of commercial real estate assets in the first half of the year, spread their investments almost equally among office, retail and industrial assets.

These are some of the key trends noted in Avison Young's Mid-Year 2011 British Columbia Real Estate Investment Review, released today. The semi-annual report tracks office, industrial and retail investment sales in BC greater than $5 million.

"It is a perfect storm for vendors in the marketplace right now," comments Michael Keenan (top right photo), Senior Vice-President and Managing Director of Avison Young's Vancouver office.

"With a stable economy and banking system inspiring investor confidence, historic low interest rates, a lack of available quality commercial real estate, and an inordinately high demand for commercial product that doesn't exist, the combination of those factors has created an aggressive pricing environment and downward pressure on yields.

Vendors, should they choose to dispose of assets, will find buyers of all types working to meet their pricing expectations."

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

Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; or cell: (604) 726-0959
Andrew Petrozzi, Research Manager, Vancouver: 604) 646-8392
Michael Keenan, Senior Vice-President and Managing Director, Vancouver: (604) 647-5081
Michael Gill, Principal, Avison Young: (604) 647-5067
Rob Gritten, Principal, Avison Young: (604) 647-5063

Gap Inc. to Bring Banana Republic Flagship to Avenue des Champs Élysées


  


PARIS--(BUSINESS WIRE)--Gap Inc. announced today plans to open its first Banana Republic store in France in Paris in early December 2011.

Synonymous with culture, quality, heritage and style, the store will be located on Avenue des Champs Élysées (lower left photo), one of the most popular international shopping destinations in the world.

“Following the success of our London and Milan openings, we are delighted to bring Banana Republic to Paris and take another exciting step in our international growth strategy,” said Stephen Sunnucks (top right photo), president, International, Gap Inc. “With loyal customers across Europe, both in our stores and online, we are confident that Banana Republic’s proposition of affordable luxury will resonate well with Parisian customers.”

 The flagship store is part of Gap Inc.’s ongoing strategy to bring Banana Republic’s affordable luxury offering to new markets around the world, including Europe.

 Last year, the company opened its first Banana Republic store in Italy in Milan. In 2010, the company also made Banana Republic products available to European customers online by launching a dedicated e-commerce site (www.bananarepublic.eu).

Today, this site services 21 European countries, including France. Gap Inc. currently operates more than 600 Banana Republic stores in the United States, United Kingdom, Canada, Italy, and Japan.

 For more information, please visit www.gapinc.com.

Contact:  Gap Inc., Catherine Rhoades, 415-427-2807, press@gap.com

Mari Breen Palace Appointed Director of Sales and Marketing for the Hilton Burlington Hotel



 BURLINGTON, VT., Aug. 29, 2011 – The Hilton Burlington Hotel (bottom left photo) announced today that Mari Breen Palace (top right photo) has been named director of sales and marketing. In her new role, she is responsible for leading the day-to-day sales and marketing initiatives for the 258-room hotel. 

“We are delighted to welcome Mari back to her hometown of Burlington to join the Hilton,” said General Manager Jeff Webb. “With 14 years of director-level sales experience, Mari is a great asset to the Burlington team and brings an established history and relationship with the community and key clients.”

Palace most recently served as group sales manager for the Sheraton Providence Hotel in Rhode Island.  Prior to that she was general manager for the Residence Inn by Marriott in Shelton, Ct.

 Her extensive hospitality career includes director of sales and general manager positions for a number of hotels in Rhode Island and Connecticut. 

 In 2008, Palace served as pre-opening director of sales and marketing for NYLO Hotel in Warwick, Rhode Island, responsible for all hotel opening sales and marketing initiatives.

 For more information,  visit the website: www.hilton.com/burlington.

Contact:  Jeff Webb, General Manager, Hilton Burlington, (802) 859-5034 / jeff.webb@ihrco.com

Essex Realty Group Brokers Sale of Remaining Units in Eastgate Village in South Loop of Chicago



CHICAGO, IL --   Essex Realty Group, Inc. is pleased to announce the bulk sale of the remaining 26 residential units in the Eastgate Village (top left photo) development located in the South Loop area of Chicago.

The property is a master planned community constructed between 25th Street on the north, Martin Luther King Drive on the east, 26th Street on the south and Prairie Avenue on the west and just few blocks from the 31st Street beach off of Lake Michigan.

 The original project consisted of 107 newly constructed condominium and townhomes. The units sold by Essex included 10 condominiums and 16 townhomes.

 Jim Darrow and Jordan Gottlieb of Essex represented the seller and Matt Welke, also of Essex, represented the buyer. The price was approximately $4,100,000.

  Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 Contact: Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902