Wednesday, September 14, 2011

Inland Empire Apartment Complex in Riverside, CA Commands $32.5 Million in Sale Completed by Marcus & Millichap’s Ontario, CA office

 RIVERSIDE, CA Sept. 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Waterstone Magnolia (top left photo), a 304-unit multifamily community located at 3610 Banbury Drive in Riverside.

The sales price of $32.5 million represents $106,908 per unit, or $139 per foot.

 “This well-maintained apartment complex in the heart of the Inland Empire was an excellent value-added play for the new ownership,” says Doug McCauley (lower right photo), regional manager of the firm’s Ontario office.

  “Waterstone is positioned for both short- and long-term growth because of the area’s improving demographics and its proximity to schools, universities, prime retail corridors, key employers and Southern California’s freeway system.”

Constructed in 1985, the 233,584-square foot Waterstone Magnolia has a mix of one- and two-bedroom apartments spread across 15.15 acres in an urban infill setting. The apartment community is easily accessible from State Routes 91 and 60, as well as Interstate 15. In addition, residents can walk to nearby restaurants, the Galleria at Tyler Mall and Kaiser Permanente Riverside Medical Center.

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

HFF named to market for sale Sysmex Corporate Center in Lincolnshire, IL

CHICAGO, IL – HFF announced today that it has been named to market for sale Sysmex Corporate Center (top left photo), a newly-constructed, triple-net leased office property in Lincolnshire, Illinois.

HFF is marketing the property on behalf of the sellers, Bridge Development Partners, LLC and Globe Corporation.

Completed in 2010, Sysmex Corporate Center has 162,739 square feet of office space that is 100 percent, triple-net leased to Sysmex American, Inc. as their North and South American headquarters. 

The lease is guaranteed by Sysmex Corporation, a Japan-based company that is principally engaged in the health care business and publicly traded on the Tokyo Stock Exchange (TYO: 6869.T). 

Sysmex specializes in the development, manufacturing, sale and service of clinical laboratory equipment, laboratory test drugs and products related to laboratory testing. 

Sysmex has a current investment grade credit rating of A from Rating and Investment Information, Inc. a Japan-based credit rating agency. 
The four-story property is LEED Gold certified; one of only five Class A office buildings in Chicago’s north suburban office market to have been awarded this distinction by the U.S. Green Building Council. 

Sysmex Corporate Center is located at 577 Aptakisic Road close to Interstates 94 and 294 in the northern Chicago suburb of Lincolnshire. 

The HFF investment sales team representing the seller is led by senior managing directors Jaime Fink (middle leftt photo) and Jeffrey Bramson (lower right photo).

Bridge Development Partners, LLC ( is a privately-owned firm focused on the development and acquisition of industrial and office real estate.

Globe Corporation ( and its affiliates operate as a diversified set of investment companies concentrating on real estate, investment management and private equity.

Jaime M. Fink, HFF Senior Managing Director, (312) 528-3650,  
Jeffrey M. Bramson, HFF Senior Managing Director, (312) 528-3650,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

KB Home to Participate at Zelman & Associates 2011 Housing Summit in Dallas, TX

LOS ANGELES, CA--(BUSINESS WIRE)--KB Home (NYSE: KBH), one of America’s premier homebuilders, announced today that President and Chief Executive Officer Jeffrey Mezger (top right photo) and Executive Vice President and Chief Financial Officer Jeff Kaminski (lower left photo) will participate at the Zelman & Associates 2011 Housing Summit on Tuesday, September 20, 2011 in Dallas.

 In connection with their participation at the Housing Summit, the two executives will meet one-on-one with institutional investors throughout the day and Mr. Mezger will take part in a builder panel discussion.

A copy of the investor presentation materials provided at the conference will be available for viewing and download through the Company’s website on September 20.

 To access the presentation materials, go to the investor relations section of the KB Home website at and select the link under Events and Presentations. The presentation will be available for 30 days.

For more information about KB Home's new home communities, call 888-KB-HOMES or visit

KB Home
Katoiya Marshall
310-893-7446 or

Teles Properties Names Sharran Srivatsaa as New Chief Operating Officer

BEVERLY HILLS, CA--(BUSINESS WIRE)--The Board of Directors of Teles Properties has selected Sharran Srivatsaa (top right photo) as the firm’s new Chief Operating Officer.

Srivatsaa will focus on the firm’s core offerings that consist of technology, marketing, and integrated operations. Additionally, he will be responsible for Teles’ corporate finance strategy and is charged with building the firm’s proprietary research and analytics platform.

Srivatsaa joins Teles after spending several years at Credit Suisse and Goldman Sachs, where he focused on working with management teams of fast-growing businesses across the country on strategic planning and corporate finance.

 In addition to his Wall Street experience, Sharran brings a deep technology background from his time working with founding teams of cutting-edge companies in Silicon Valley such as Lightera (acquired by telecom giant CIENA) and international mobile-payment powerhouse, Obopay.

“I have worked with Sharran on business transactions over the last 10 years and I am excited to have him join our leadership team,” said Peter Loewy (middle left photo), Chairman and CEO of Teles.

“He brings a unique set of skills that is hard to find in the marketplace: a core technology background combined with stellar Wall Street experience topped off with international hospitality training at Four Seasons and Ritz-Carlton.”

Teles Properties was founded in Beverly Hills in 2007 by a group of real estate veterans who believed that there was a more modern and efficient way to represent residential real estate.

Since then, Teles has proved itself to be a progressive, technology-oriented boutique real estate firm serving key markets in Los Angeles and Orange counties. With offices in Beverly Hills, Brentwood, Newport Beach and now Pasadena, Teles recently launched an International Division to link buyers to properties around the globe.

Teles Properties
Peter Hernandez

San Diego Buildings Earn Prestigious LEED Certifications

SAN DIEGO, CA--(BUSINESS WIRE)--The Irvine Company today announced that two of its premier San Diego properties have been awarded prestigious Leadership in Energy and Environmental Design (LEED) certifications, a designation reserved for the highest performing, most sustainable buildings.

101 W. Broadway (top left photo) a 20-story office building in downtown San Diego, and La Jolla Centre (middle right photo), a two-building office complex in La Jolla-University Towne Centre, received LEED certifications from the Washington, D.C.-based U.S. Green Building Council.

101 W. Broadway earned the highest level of certification attainable—LEED Platinum—in the Existing Buildings: Operations and Management category, which scores buildings on water and energy efficiency, waste management, sustainable purchasing, temperature monitoring, commuting programs, environmentally friendly cleaning and other criteria.

To earn LEED Platinum certification, buildings have to score 80 or higher out of a possible 110 points, including bonus points.

101 W. Broadway is only the second existing office building in San Diego to earn LEED Platinum and is among just a select number of buildings nationally with the honor, according to the U.S. Green Building Council.

Built in 1982, 101 W. Broadway is among even fewer from its era to hold LEED Platinum status. It is the second Irvine Company Office Properties building to earn LEED Platinum certification after Hyatt Center in downtown Chicago.

La Jolla Centre earned LEED Silver certification in the Existing Buildings: Operations and Management category. For LEED Silver certification, buildings have to score 50 to 59 points out of a possible 110 points.

 Built in 1986 and 1989, La Jolla Centre joins Irvine Company Office Properties’ Symphony Towers in downtown San Diego with LEED Silver certification.

“These certifications are an honor and speak to the quality of operations at 101 W. Broadway and La Jolla Centre,” said John Turner, San Diego regional vice president of Irvine Company Office Properties.

 “The certifications were made possible by our customers, cleaning and maintenance staff and the building management teams. We are pleased that our customers can share in the operating benefits associated with being in sustainable buildings.”

To find out more about LEED certification, please click on

To learn more about The Irvine Co., please visit

Irvine Company
Erin Freeman, 949-720-2587

Gladstone Development Corp. Announces Acquisition of Major Connecticut Grocery-Anchored Center

GREENWICH, CT.--(BUSINESS WIRE)--Gladstone Development Corp. announces that Winrock LLC has completed the purchase of The Shops at Ledgebrook (top left photo), a grocery-anchored shopping center in Winsted, Connecticut for a purchase price of $15,360,000.

The center, located on Route 44 (New Hartford Road), contains over 105,000 square feet of leasable space and is 92% occupied. It is anchored by Super Stop & Shop and Rite Aid. The center also contains other strong national and regional tenants, including Cingular, State Farm, TD Bank and Webster Bank, along with a host of local retailers.

Richard Gladstone, a principal in Winrock LLC and President of Gladstone Development Corp., said: “We are pleased to announce the acquisition of The Shops at Ledgebrook.

“The center is well located on Route 44, has a strong tenant roster and is the dominant shopping center in the Winsted market. We believe that The Shops at Ledgebrook will continue to be a popular choice for retailers and local residents for many years to come.”

Gladstone Development Corp., based in Greenwich, CT, is a real estate investment company that specializes in the acquisition, leasing and redevelopment of shopping centers on the East Coast.

With principals that have over 70 years of combined experience in commercial real estate, Gladstone Development Corp. has owned commercial properties in 11 states and seeks further acquisitions of retail, multi-family, office and industrial properties.

 For more information, visit the company’s website at

Gladstone Development Corp.
Richard H. Gladstone, President, 203-629-5100

Marcus & Millichap Promotes Travis R. Trauvetter to Vice President Investments in San Diego, CA Office

 SAN DIEGO, CA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Travis R. Trautvetter (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 John Vorsheck (lower left photo), regional manager of the firm’s San Diego office.

 “Travis has earned a reputation as an extremely knowledgeable investment specialist,” says Vorsheck. “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.”

 Trautvetter specializes in the sale of office and industrial properties. In 2010, he was Marcus & Millichap’s No. 1 office and industrial property agent nationwide.

Most recently, Trautvetter held the position of associate vice president investments.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

$42 Million Hospitality Loan in Orlando, FL Closed by Marcus & Milllchap Capital Corp.

ORLANDO, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged $42 million in refinancing for the newly renovated Doubletree by Hilton – Orlando at SeaWorld on International Drive.

Steven Rock (middle right photo) a senior director in the Manhattan office of MMCC, arranged the loan.

The 1,100-room resort offers a mix of business and family amenities, including 60,000 square feet of convention/catering space, and many other facilities.

“The resort is located in one of the world’s most popular vacation spots, Orlando. In fact, this year, surpassed New York City as the country’s largest tourist destination,” says Rock.

“To complete this transaction, we worked diligently to understand each and every detail of the property’s operating fundamentals,” Rock notes.

“The property has recently finished a complete renovation and has enjoyed a significantly improved operating performance. As a result, the owner wanted to refinance the property.

“We brought a great lender to our client and they were successful in providing a three-year loan term on terms acceptable to our client,” Rock adds.

“The capital markets are very challenging right now, especially for financing hotels,” Rock concludes. “In spite of these challenges, we were able to bring in a lender that understood those complexities and was able to perform.”

According to the property ownership, the hotel is enjoying rapid growth since the new renovation and is a great destination.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

Marcus & Millichap Capital Corp. Arranges $31.7 Million Refinancing in New York City


 NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a $31.7 million refinancing loan for a nine-property multifamily and retail portfolio in New York City. The portfolio features 122 residential units and 14 commercial units.

Gerald Kray (top right photo), a senior director in the firm’s Manhattan office, and Jake Roberts (middle left photo) and Anita Paryani (lower right photo), vice presidents capital markets in West Los Angeles, arranged the financing.

“When the borrower first approached us about the transaction, their lender was dragging its feet on providing a suitable refinance for the assets,” says Roberts.

“The client requested a non-recourse mortgage and a large cash-out, which many lenders are averse to providing,” adds Kray.

“After thoroughly reviewing and scrubbing the financials, MMCC notified the client that through our strong banking relationships we believed we could provide proceeds well in excess of what the borrower originally thought was possible and nearly $5 million more than their current lender was offering,” says Paryani.

 “In the end, MMCC arranged the financing through a regional bank that had been aggressive for us on other deals, but was not well known in the market, and we were able to convince them to provide the cash-out needed at an incredible rate.”

The loan is fixed at 5.5 percent for 10 years with 30-year amortization and 70 percent LTV and a step down prepay penalty.

The properties were built in the second decade of the 1900s in prime Manhattan locations.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

Marcus & Millichap Earns a Spot on 2011 InformationWeek 500 List of Top Technology Innovators Across America

 DANA POINT, CA Sept. 14, 2011 – Marcus & Millichap, the largest real estate investment services firm, today announced that it made this year’s InformationWeek 500, an annual listing of the nation’s most innovative users of business technology.

This is the sixth consecutive year that Marcus & Millichap has earned a spot in the InfoWeek 500 ranking for its technology programs, which serve more than 1,200 investment professionals and their private and institutional investor clients nationwide.

 Marcus & Millichap also secured a spot as one of the highest-ranking real estate services firm in this year’s survey, coming in at 196.

The 2011 list was revealed last night at a gala awards ceremony at the exclusive InformationWeek 500 Conference taking place at the St. Regis Monarch Beach Resort in Dana Point, Calif.

“This recognition by InformationWeek is one of the highest honors our Information Services department can receive,” says Richard Peltz (top right photo) chief information officer of Marcus & Millichap.

“And we are proud to be consistently recognized for our innovative technology platforms. Ranking within this list for the past six years is a testament to the level of service we provide to all of our real estate sales agents and loan originators,” he adds.

Additional details on the InformationWeek 500 can be found online at

Press Contact for InformationWeek  Winnie Ng Schuchman,  Vice President, Marketing,  631.406.6507,
Press Contact for Marcus & Millichap: Stacey Corso, Public Relations Manager,

Ashton Woods Homes Starts Construction of Nine Townhomes at Lakeside Villas in Windermere, FL

ORLANDO, FL. --- Ashton Woods Homes has started construction of nine town homes at Lakeside Villas (top left photo), located off S.R. 535 and Reams Rd. in Windermere.

Michael Roche, vice president of sales and marketing for Ashton Woods Homes in the Orlando region, said new three-bedroom, two-and-a-half bath town homes range is size from use 1,432 square feet of living space to 1,601 square feet, priced from $124,900.

Lakeside Villas boasts state-of-the-art amenities that include a fitness center with kid’s room, clubhouse with billiards room, resort-style pool with lap lanes, beach volleyball, outdoor fireplace and barbeque areas. 

Ashton Woods Homes is one of the nation’s largest private homebuilding companies, with operations in Orlando, Tampa, Atlanta, Raleigh, Dallas, Houston, Austin and Phoenix.

For more information, contact:
Michael Roche, VP Sales & Marketing Ashton Woods Homes-Orlando 407-647-3700,;
John Reny, President, Ashton Woods Homes-Orlando 407-647-3700
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142   

$150.1 million sale of 3 Bethesda Metro Center in Bethesda, MD closed by HFF

 WASHINGTON, DC. – HFF announced today that it has closed the sale of 3 Bethesda Metro Center (top left photo), a 17-story, 368,400-square-foot, Class A office building in Bethesda, Maryland.

HFF marketed the property on behalf of the seller, Meridian Group.  Brookfield Office Properties Inc. purchased 3 Bethesda Metro Center for $150.1 million. 

3 Bethesda Metro Center is situated at the southwest corner of Wisconsin Avenue and Old Georgetown Road adjacent to the Bethesda Metrorail Station and one block from Bethesda Row. 

The property is comprised of a 17-story office building connected to a three-story structure that offers street-level retail space with two levels of office space above. 

Parking is provided for 1,311 vehicles.  3 Bethesda Metro Center is 93 percent leased to tenants including Bureau of National Affairs, Bank of America and Merrill Lynch.  The site also has excess density for future development.

The HFF team representing Meridian Group was led by senior managing directors Jim Meisel (middle right photo)  Dek Potts (lower left photo) and Andrew Weir (bottom right photo), executive managing director Steve Conley and real estate analyst Jessica Dickinson.

 Based in Bethesda, Maryland, The Meridian Group is a real estate investment and development firm with a strategic focus in the metropolitan Washington, D.C. region. 

Meridian has acquired or developed commercial real estate worth over $2.2 billion, totaling 7 million square feet and 429 acres of development land since it was founded in 1993.

Brookfield Office Properties Inc., focused on property, renewable power and infrastructure assets, has more than $100 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA

Stephen C. Conley, HFF Executive Managing Director, (202) 533-2500                                                                                  
Stephen Dek Potts Jr., HFF Senior Managing Director, (202) 533-2500                                   
James A. Meisel, HFF Senior Managing Director, (202) 533-2500,                             
Andrew M. Weir, HFF Senior Managing Director, (202) 533-2500                                                                                          
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                            

Marcus & Millichap Facilitates Sale of Settler’s Pointe Office Complex in Tampa, FL for $1.2 Million


 TAMPA, FL, Sept. 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Settler's Pointe Office Complex (top left photo), a 12,879-square foot office building located in Tampa, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $1,200,000.

Moe Derbala (bottom right photo), an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a private investor.  The listing agent also secured the buyers of the property, private investors based out of Seminole, Florida.

 Settler's Pointe Office Complex was built in 1981 and is situated on 1.08 acres.  This well-maintained office building is located at 14914 Winding Creek Court in Tampa, Florida, just minutes from Interstate 275. 

Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, (813) 387-4700

HFF arranges $12.8 million in acquisition financing for Marbrisa Apartments in Tampa, FL

 MIAMI, FL – HFF announced today that it has arranged $12.8 million in acquisition financing for Marbrisa Apartments (top left photo), a 224-unit, multi-housing community in Tampa, Florida.

HFF worked exclusively on behalf of the borrower, Blue Rock Partners, LLC, to secure the seven-year, fixed-rate loan through Freddie Mac. 

 HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to acquire the property.

Marbrisa Apartments is located at 4949 Marbrisa Drive close to Gunn Highway in northwestern Tampa.  The property has one- and two-bedroom floor plans and is 98.6 percent leased.  Community amenities include a swimming pool, nature walk, playground and barbeque and picnic areas.

The HFF team representing Blue Rock Partners, LLC was led by director Elliott Throne (lower right photo).

“Freddie Mac offered the most aggressive terms that enabled Blue Rock to finance their acquisition of Marbrisa and enjoy a very low, fixed interest rate over the next several years,” said Throne.

Blue Rock Partners, LLC, a Florida-based real estate company, purchased Marbrisa Apartments in cooperation with Deerfield Beach-based Konover South LLC and Florida Value Partners.

Elliott P. Throne, HFF Director, (305) 421-6543,                                                                                                                                                         
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                          


Thailand’s Le Meridien Koh Samui Resort & Spa set to open Sept. 30

 Koh Samui, Thailand (Sept. 14, 2011)…Starwood Hotels & Resorts is pleased to announce that Le Meridien Koh Samui Resort & Spa (top left photo) will open to guests on September 30, 2011. 

Located on an idyllic stretch of exclusive Lamai Beach, Le Meridien Koh Samui Resort & Spa is a chic and intimate boutique resort that provides guests with a unique blend of stylish amenities, luxury services, an inspiring atmosphere and rich, cultural experiences, offering guests an enchanting stay with a new perspective.

 To celebrate the grand opening, Le Meridien Koh Samui Resort & Spa is inviting brides and grooms to take advantage of the “Thai Me Down” wedding package: 3M Baht to buy the resort for 3 days. 

“We are thrilled to introduce the Le Meridien brand to Koh Samui, and to offer this one-of-a-kind wedding package,” said Wayne Buckingham (middle right photo), Starwood Hotels & Resorts’ regional vice president of Thailand, Vietnam and Cambodia. 

“Our offering is unique to the island – a boutique hotel with a focus on contemporary art, a multi-cultural ambience and outstanding cuisine.  It’s the perfect retreat for a fabulous wedding weekend, and we can’t wait to welcome couples and help them launch to a lifetime of memories with an incredibly romantic weekend.”

 Hwee Peng Yeo
 Director of Asian Markets
 Glodow Nead Communications – Asia
 Level 21, Centennial Tower
 3 Temasek Avenue
 Singapore 039190
 Tel : 65 9768.6087

 Glodow Nead Communications
 1700 Montgomery Street, Suite 203
 San Francisco, CA 94111
 T: 1 415.394.6500
 C : 1 650.892.4769 F: 415.403.9060

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Paramount Hotel Group Plans to Add 8 to 12 Hotels to Managed Portfolio Over Next 12-18 Months

FAIRFIELD, NJ, Sept. 14, 2011—Officials of Paramount Hotel Group, an independent hotel management and ownership company, today announced plans to aggressively ramp up its third-party management business and expects to add eight to 12 new properties to the company’s portfolio over the following 12 to 18 months.

 To lead the new initiative, the company announced that Steve Wilson (top right photo) has joined Paramount as vice president of development.

“We have been owners and operators of hotel properties, as well as third-party operators, since our company’s inception,” said David A. Simon (middle left photo), CEO of Paramount.

 “Due to the substantial upswing in distressed property sales this year, we see significant demand for third-party operators who can turn these properties around and create new value for investors. 

 “We have the infrastructure and systems in place well beyond the typical operator, including highly experienced operating staff, as well as renovation and repositioning expertise, all of which will be critical to the success of these properties.”

“Steve brings more than 30 years of owner and hotel investor relationships to Paramount along with a strong sales approach to business,” Simon added.

 “In addition to long-standing relationships with institutional investors, he has strong ties to passive investor groups that are seeking alternative investments, like hotels, that can generate appropriate risk-adjusted returns. 

“We expect to work with owners who have sourced their own deals, as well as work with investors to identify suitable acquisition opportunities.” 

The company initially will target individual properties in the eastern half of the country, but has the interest and capabilities to manage nationwide in a portfolio situation.  The focus will be on branded and independent properties, ranging from 100-room, select and limited-service hotels to 500-room, full-service hotels. 

Prior to joining Paramount Hotel Group, Wilson was vice president of franchise development for LaQuinta Inns & Suites.  Previously, he was director of development for U.S. Franchise Systems.  He began his career in operations with the Sterling Group. 

“Like the other members of Paramount’s senior management team, I have owned hotels and fully understand and appreciate owner issues and concerns, which is how Paramount uniquely approaches management,” Wilson said.  “Paramount’s laser focus on sales and marketing, coupled with its owner mentality and proprietary operating systems, gives Paramount a significant competitive advantage.”

Paramount Hotel Group is a third-party, independent management and ownership group that focuses on hotel operations, acquisition and development opportunities, construction management and technical services support.  

Additional information about the company may be found at

 Contact: Chris Daly or Jerry Daly, (703) 435-6293,