Tuesday, November 15, 2011
MBA Enters Into Agreement with Chartered Realty Investor Society to Create Online CRI Preparation Course Through CampusMBA
Washington, DC (Nov. 15, 2011) - The Mortgage Bankers Association (MBA) today announced it has executed an agreement with the Chartered Realty Investor Society (CRIS) to provide a course through CampusMBA, MBA's award winning educational arm, to help those seeking a Chartered Realty Investor (CRI) designation to prepare for an assessment examination.
Under the agreement, MBA will develop and offer through CampusMBA an instructor-guided, online, self-study prep course to complement the CRI Level 1 study guide, currently being offered by CampusMBA.
"We are proud to join with CRIS to offer top-notch training for commercial real estate finance professionals," said David H. Stevens (top right photo), President and CEO of MBA. "CRIS is known for its ethics-based approach to professional development and anyone carrying a CRI designation is recognized for his or her commitment to professional excellence and ethical conduct."
For additional information, visit MBA's Web site: http://www.mortgagebankers.org/.
Contact: Matt Robinson, (202) 557-2727, firstname.lastname@example.org
HOUSTON, TX – HFF announced today that it has arranged a refinancing for Waters Edge Apartments (top left photo), a 184-unit multi-housing community in northwest Austin, Texas.
Working exclusively on behalf of Venterra Realty, HFF placed the seven-year, adjustable-rate, securitized loan through Freddie Mac (Federal Home Loan Mortgage Corporation).
HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program. Proceeds are refinancing an existing financing on the property that was arranged by HFF in 2006.
Waters Edge Apartments is located at 12330 Metric Boulevard just west of Interstate Highway 35 in north Austin. Situated on 6.62 acres, the property has seven buildings with one- and two-bedroom apartments and townhomes averaging 760 square feet each. Community amenities include a two-story fitness pavilion, sports court, resort-style pool, business center and entertainment room. Venterra at Waters Edge is 95 percent occupied.
The HFF team representing Venterra Realty was led by director Cortney Cole.
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets totaling over $850 million in value that generates gross annual income in excess of $125 million. The organization has completed in excess of $1.5 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs approximately 450 people.
Cortney R. Cole, HFF Director, (713) 852-3500, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
Stirling Sotheby’s International Realty Handles 8,100 SF Lease on Sand Lake Road in Southwest Orlando for Rocco's Tacos & Tequila Bar
ORLANDO, Fla. --- Stirling Sotheby’s International Realty Commercial Division recently represented the tenant, Rocco’s Tacos & Tequila Bar in securing a new lease agreement for an 8,100 square foot restaurant facility overlooking Little Sand Lake on Restaurant Row on Sand Lake Road in southwest Orlando.
Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said International Commercial Division Associate Mark Arnold (lower right photo)represented Rocco’s Tacos, an upscale West Palm Beach-based restaurant chain with locations in West Palm, Boca Raton, Fort Lauderdale and Palm Beach Gardens.
“Rocco’s Tacos is a very successful restaurant concept that offers upscale Mexican fare, with guacamole prepared at tableside, and the largest selection of premium tequilas in Florida,” Arnold said.
The new Rocco’s Tacos & Tequila Bar location, at 7468 W. Sand Lake Rd., is the former home of the Samba Room Restaurant.
Arnold said Rocco’s Tacos will appeal to both Orlando residents and visitors to the area as both a dining and entertainment destination of choice.
“Rocco’s Tacos is extremely popular in South Florida, with “standing-room-only” crowds most nights,” Arnold said.
Mark Arnold, Stirling Sotheby’s International Realty 407-581-7890, marnold@stirlingSir.com
Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890 Rsoderstrom@stirlingSir.com
Destiny Spang, Rocco’s Tacos & Tequila Bar 215.704.9554, Destiny@CarmaPR.com
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142 firstname.lastname@example.org.
NEW PORT RICHEY, FLA., Nov. 15, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cheri Court Apartments (top left photo), a 27-unit apartment building located in New Port Richey, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.
The sales price of $550,000 represents $20.00 per square foot.
Michael P. Regan (bottom right photo), an associate vice president investments, Francesco P. Carriera, a senior associate and Nicholas Meoli, a multifamily investment specialist all based in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company in Greenwich, Connecticut.
The listing agents also secured the Florida-based buyer of the property.
Cheri Court Apartments was built in 1974 and is located at 5432 Cheri Court.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.045 per common share, payable December 22, 2011 to common stockholders of record on December 7, 2011. The $0.045 per share quarterly dividend equates to $0.18 on an annualized basis.
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications
LOS ANGELES, CA, Nov. 15, 2011 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the sale of a 50-unit multifamily property located at 123 California Ave. (top left photo) in Santa Monica.
Kimberly Roberts Stepp (lower right photo) of Charles Dunn Company who is out of the firm’s West Los Angeles office procured the seller, Petrikas Family Limited Partnership from Riverside, Calif. Hamid Soroudi, also from Charles Dunn Company’s West Los Angeles office represented the buyer, Xenon Investments from Los Angeles, Calif. The property closed at just above a 4 percent cap rate.
Built in 1959, the multifamily property is located in Santa Monica on California Ave. near Ocean Ave. The property has controlled access, courtyard, subterranean parking, and a pool.
Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224
Stirling Sotheby's International Realty has a Big Deal for Investors--36 Home sites at Mission Inn Golf & Country Club in Lake County, FL Comes with Turnkey Development Team
ORLANDO, Fla. -- Stirling Sotheby’s International Realty is willing to make potential investors a deal they can’t refuse in Lake County: 36 finished home sites in the Las Colinas subdivision at Mission Inn Resort Golf & Country Club (top left photo) priced at $35,000 each and all the development expertise you need to turn them into finished villa, duplex or estate homes priced to sell from the mid $200s to the $600s. http://www.stirlingsir.com/eflyers/agents/marnold/mi.html.
Called Mission Inn Resort and Residences, the 36 homesites within Las Colinas comprise some of the most desirable home sites in Lake County, according to Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty.
“Mission Inn ranks as one of the most prestigious resort communities in Florida,” Soderstrom added.
Featuring its own resort hotel, conference center, country club, spa, golf academy, marina and two world class 18-hole golf courses – including the championship El Campeon and Las Colinas course (middle right photo) – Mission Inn has a reputation worldwide, Soderstrom said.
Soderstrom said that as soon as an investor joins the development team, he plans to establish a full-time, onsite sales office to market Mission Inn Resort and Residences to homebuyers.
“Our first job will be to invite Central Florida homebuilders to join us as exclusive builders,” Soderstrom explained, “but we will launch a worldwide marketing effort to sell new homes at Mission Inn Resort and Residences almost immediately,” he said.
Mark Arnold (lower left photo) is the Stirling Sotheby’s International Realty agent handling the sale of the property
Arnold, a member of the Global Real Estate Advisors Group at Stirling Sotheby’s, said target buyers include active adults and retired families in nearby Lake County communities, second home and vacation home buyers as well as area executives.
Arnold said he expects that all 36 home sites will sell – as finished luxury resort homes – within about 36 months.
“That’s a very enviable return for investors in this day and age,” Soderstrom added.
To view a video of the property, visit http://vidnat.com/watch_video.php?v=O6472UDN5W3K
For media information, contact:
Mark Arnold, Stirling Sotheby’s International Realty 407-581-7890 email@example.com
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
Originally built in 1979 and located between Neiman Marcus and the W Buckhead, Shops Around Lenox is Buckhead’s premier open-air shopping destination. Merchants include Crate & Barrel, Tootsie’s, Lululemon, Cosabella and Paper Source. The property is directly adjacent to Lenox Square Mall, and within walking distance of 3,000 hotel rooms, 4.5 million square feet of office space and six department stores.
The HFF team representing the borrowers was led by managing director Matthew Schoenfeldt (middle right photo) and senior managing director Mark Sixour (lower left photo).
Healey Weatherholtz Properties, LLC is an Atlanta-based real estate company and operator of retail properties. HWP collaborates with leading merchants to re-develop premium locations nationwide. .
Alex. Brown Realty, Inc. (www.abrealty.com) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with clients and joint venture partners in properties located throughout the United States.
Matthew R. Schoenfeldt, HFF Managing Director, (312) 528-3650, firstname.lastname@example.org
Mark D. Sixour, HFF Senior Managing Director, (404) 832-8460
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
NORFOLK, NB -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 101 hotels in 23 states, today announced its results for the third quarter ended September 30, 2011.
Revenues from continuing operations for the 2011 third quarter decreased 0.4 percent to $23.4 million, compared to the same year-ago period.
Net loss attributable to common shareholders was $(1.8) million, or $(0.08) per diluted share, for the 2011 third quarter, compared to a net loss of $(0.5) million, or $(0.02) per diluted share, in the 2010 same quarter.
The 2011 third quarter loss includes an impairment charge of $2.7 million, taken against 14 held for sale properties.
Of this, $0.7 million was taken on 13 of the hotels due to market changes, and $2.0 million was taken on one other hotel due to changes in its projected holding period.
There also was a recovery of previously recorded impairment on two sold properties and one held for sale hotel in the amount of $0.1 million.
Twenty hotels were classified as held for sale during the 2011 third quarter. The 2010 third quarter loss included a net $0.9 million impairment charge.
For a complete copy of the company’s news release and statistics, please contact:
Ms. Krista Arkfeld, Director of Corporate Communications, email@example.com
Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
TORONTO, Nov. 15, 2011 /PRNewswire/ - Mark E. Rose (top right photo), Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today the opening of a newly-formed office in Las Vegas, Nevada.
The newest American office marks Avison Young's ninth location outside
of Canada and represents the next step in the firm's aggressive growth
and expansion strategy.
Effective immediately, industry veteran Joseph E. Kupiec (bottom left photo)joins Avison Young as a Principal and Managing Director of the Las Vegas office to help launch the company's brokerage business in Nevada. He was most recently Executive Vice-President, Managing Director of Grubb & Ellis' Las Vegas office.
Contact: For further information/comment/photos: Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959
ORLANDO, FL (November 15, 2011): Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of two lease transactions totaling 18,146± square feet.
Lisa Bailey (top right photo) and Phil Marchese (lower left photo) of Morrison Commercial Real Estate represented the Landlord in leasing 12,960± square feet to Pepperidge Farms located at 7101 Presidents Drive in Orlando. Dick Rossiter of Jones Lang LaSalle represented the Tenant in this transaction.
Contact: Buffy Gillette, Phone: 407.219.3500
UNIONDALE, NY (Nov. 15, 2011) - Arbor Commercial Mortgage, LLC (“Arbor”), a leading national direct commercial real estate lender, has announced today the appointment of John A. Hay (top right photo) to Director in Arbor’s Bethesda, MD, office.
Mr. Hay is responsible for originating loans nationwide using Arbor’s complete product portfolio with a special focus on Fannie Mae DUS®, Federal Housing Administration (FHA) and bridge loan transactions. He reports to Ken Fazio (lower left photo), Senior Vice President, National Production Manager.
Mr. Hay is a dedicated commercial real estate professional with 23 years of diversified experience in the business. Prior to joining Arbor, Mr. Hay was a Senior Loan Officer with Alliant Capital, LLC, a Fannie Mae DUS® Multifamily lender. While with Alliant, Mr. Hay was responsible for originating multifamily debt on a nationwide basis with a particular focus on the Mid-Atlantic and Northeast regions.
Previous to that role, Mr. Hay was a Director with KeyBank Real Estate Capital Markets, where he originated senior loans and structured debt, equity and mezzanine investments for both residential and commercial properties nationwide.
During his tenure at KeyBank, Mr. Hay oversaw a loan origination team focused on permanent mortgages, including Fannie Mae, Freddie Mac and FHA loans. He also structured debt products for new construction, rehabilitation and stabilized projects and oversaw a $100-million, co-mingled opportunity fund focused on distressed residential investment nationwide.
Mr. Hay received his Master of Business Administration degree in Finance and Entrepreneurial Management from the University of Pennsylvania’s Wharton School. He received his Bachelor of Engineering degree in Electrical Engineering and Mathematics from Vanderbilt University. He resides in Chevy Chase, MD.
For more information about Arbor, visit www.arbor.com.
Contact: Christopher Ostrowski, firstname.lastname@example.org
ATLANTA, GA (Nov. 15, 2011) – Those looking for a solid commercial real estate investment bet in 2012 would do well to look to apartment properties in the nation’s secondary and even tertiary markets.
That was just one of the insights provided by this week’s “Commercial Real Estate Show,” which presented a wide-ranging look at the U.S. commercial real estate market and the state of real estate investment trusts (REITs) heading into next year.
Compressed capitalization rates in some of the larger, primary U.S. markets mean that “a best bet [in 2012] would be to look at secondary and tertiary markets,” said Mitch Roschelle (top right photo), the practice leader of PricewaterhouseCoopers’ Real Estate Advisory Practice. In conjunction with the Urban Land Institute, PricewaterhouseCoopers recently released the “Emerging Trends in Real Estate 2012” report.
Roschelle also noted that office properties located in secondary and tertiary markets and in need of some “TLC” represent good investment opportunities, as does land anywhere.
“Land is an incredible opportunity,” noted show host Michael Bull (middle left photo) of Bull Realty. “You see some prices, and it just blows your mind how low they are.”
Still, “2012 may very well be a good year to start placing some bets in the sector, but I don’t think-to use a poker term-that it’s a year to go ‘all in,’” Roschelle said. “The recovery is going to be gradual, and there will no doubt be opportunities in 2013 and maybe 2014 to still make some bets on the way up.”
As for REITs in 2012, Fitch Ratings has a “stable” outlook for multifamily, office, industrial and retail REITS, and a “positive” outlook for healthcare REITs, said Steven Marks (middle right photo), managing director of REITs for Fitch Ratings.
In the third quarter, multifamily REITs surprised by showing some slowing earnings, while REITs with suburban office properties demonstrated “a little bit of a positive upward trajectory,” Marks said.
Robert Lehman (lower left photo), a partner with Ernst & Young, noted that potential federal spending cuts could harm the commercial real estate sector in the short term by decreasing governmental demand for office space. However, consumer confidence could rise as a result of a “more fiscally responsible government,” which would boost the economy and the real estate sector, Lehman added.
The show is available for download here. The show airs on Saturdays in Atlanta on Biz 1190 at 10 a.m. ET and on Talk 920 on Sundays at 9 a.m. ET.
The next “Commercial Real Estate Show” airs November 19 and will provide an update and analysis of the U.S. self-storage industry.
America’s “Commercial Real Estate Show” is a national talk radio show about commercial real estate. New shows are available every Thursday at the show website, http://www.creshow.com/.
Contact: Stephen Ursery, Wilbert New Strategies, email@example.com