Saturday, March 31, 2012
ONTARIO, CA -- Clyde Stauff, senior executive vice president, and Ian DeVries, executive vice president of Colliers International represented the buyer Industrial Income Trust, Inc., a real estate investment trust based in Denver, and the seller The Caldwell Company in the $8,333,000 sale of a 102,878-square-foot distribution facility located at 5505 Concours Street (top left photo) in Ontario, Calif.
The class-A industrial facility included 65,572 square feet of cooler space.
“This transaction is indicative of the strong demand for leased class “A” industrial facilities in the West Inland Empire market,” Stauff said.
Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224
Los Angeles, CA– Commercial real estate investment banking firm George Smith Partners has closed four transactions on behalf of its clients, totaling $9.9 million.
“George Smith Partners has seen a steady increase in the volume of commercial real estate loan activity over the past quarter,” said Gary Mozer (top right photo), Principal and Managing Director of George Smith Partners.
“The market is steadily moving back into a positive place and we are seeing many of our clients both new and old, returning to the market to invest and reposition properties. These clients look to GSP’s experience and expertise to help them achieve optimal financing on their various investments across the nation.”
George Smith Partners’ Principal and Managing Director Gary Mozer and Vice President Michelle Lee (top left photo) have secured $5 million in permanent financing for a 12,500 square-foot retail center in Santa Monica, Calif. The retail center, which is located on a high traffic corner, was fully leased and 80 percent occupied at the close of this financing.
“Facing a maturing loan, the building owner came to GSP in need of a quick, conservative loan to pay off its existing debt on the 45-year-old building,” explained Mozer. “By highlighting the property’s prime location, as well as our client’s strong rental history, we were able to find a lender willing to finance the loan, while simultaneously securing a $3 million cash-out refinancing for the owner.”
GSP achieved a low loan-to-value of 50 percent, allowing the lender to forego traditional requirements for reserves or impounds on the loan. The nonrecourse loan closed with an interest rate of 5.5 percent for 10 years, with an amortization of 27 years.
George Smith Partners’ Vice President Shahin Yazdi (middle right photo) secured $2.2 million for the cash-out refinance of a seven-unit retail building in Southern California.
“This property is held in a Trust with multiple owners, of which only half were willing to sign the repayment guarantee. Most lenders require 51 percent participation or better in order to approve financing,” explained Yazdi. “By displaying the financial strength and asset control of the owners who were willing to sign the guarantee, the lender was able to make an exception on its recourse policy and finance this loan.”
Yazdi secured this recourse loan at a rate of 5.375 percent for five years, with an amortization of 25 years and a loan-to-value of 70 percent.
George Smith Partners’ Vice President Malcolm Davies (middle left photo) secured $1.5 million in financing for the acquisition of a coastal property consisting of a restaurant and apartments in the Pacific Beach neighborhood of San Diego, Calif. The loan provided the client with capital to redevelop and reposition the restaurant into a new concept.
Davies secured this recourse loan at a rate of 6.7 percent for 10 years, with an amortization of 30 years and a loan-to-cost of 90 percent.
George Smith Partners’ Vice President Shahin Yazdi secured $1.2 million in financing for the cash-out refinance of a tertiary multifamily building in San Marcos, Texas. The 25-unit apartment building was constructed in 1991. The owner is an out-of-state investor who required cash-out financing for the highly leveraged property necessitating a loan-to-value of at least 75 percent.
“In order to find a lender willing to finance our out-of-state investor, we highlighted the experience of the property’s management company and its portfolio of properties, which demonstrated to the lender that the multifamily community had stabilized operations and substantial cash flow,” noted Yazdi.
“Through our extensive capital relationships, we were able to identify an institutional lender that was active in this tertiary market and willing to provide financing to our client. The lender was also able to fund our client beyond its pre-determined LTV constraints because of the extensive list of capital improvements our client had made to the property.”
The 10-year fixed rate loan closed with a rate of 5.65 percent, with an amortization of 30 years and a loan-to-value of 75 percent.
Corynne Randel/ Judith Brower
Brower, Miller & Cole
DENTON, TX – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 13,100-square-foot medical office property located at 2805 South Mayhill Road in Denton, Texas for $5.3 Million.
Toby Scrivner, Jeff Matulis, and Karen Vinsko, the healthcare focused investment team of Stan Johnson Company, represented the buyer, an Institutional REIT based in New York.
The property (top left photo) featured a new, 15-year, triple net lease with market rental increases. The newly-constructed property is situated just off Interstate 35, adjacent to the Denton Regional Hospital, and on the campus of North Texas Hospital. Other nearby tenants include: Texas Oncology, Care Now Urgent Care, and several medical office buildings.
Posted by Alex at 9:35 AM
FLORHAM PARK, NJ – HFF announced it has closed the sale of and arranged financing for a three-property, 126-unit multi-housing portfolio in Nutley, New Jersey.
HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Balt Investments LLC purchased the assets for $15 million free and clear of debt.
The properties are the second pool of assets HFF has sold for AIG Global Investment Group. In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multi-housing portfolio in central New Jersey.
HFF senior managing director Jon Mikula (bottom right photo) represented the borrower.
AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.
JOSE R. CRUZ
HFF Senior Managing Director
ANDREW G. SCANDALIOS
HFF Senior Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
Friday, March 30, 2012
LOS ANGELES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Enrique Wong (top right photo) sales manager of the Los Angeles office, according to Kent R. Williams (middle left photo), managing director and regional manager of the office.
“Enrique has extensive commercial real estate experience, both as an investment specialist and as a manager,” says Williams. “He will be an asset to our brokerage team, and instrumental in expanding our national market-making capabilities to clients in Los Angeles and throughout the West Coast.”
Wong previously began working with Marcus & Millichap in 2000 as a multifamily property investment specialist in the firm’s Encino office. He left the firm in 2005 and became co-founder of a real estate investment firm, co-founder of a commercial real estate syndication company and founder of a mortgage brokerage firm.
In 2009, Wong received a Top 40 Under 40 Leadership Award from the San Fernando Valley Business Journal. He is a UCLA graduate with a Bachelor of Science degree in psychology with a business administration emphasis.
NEW YORK, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2011. Glen Kunofsky (lower right photo) of Marcus & Millichap’s Manhattan office ranked as one of the top investment specialists out of more than 1,000 nationwide. He was also the top-ranked single-tenant retail agent in the firm for the fifth consecutive year.
“We are proud to recognize Glen as one of the firm’s top agents and as our top single-tenant retail associate for the fifth year in a row,” says John J. Kerin (lower left photo), president and chief executive officer of Marcus & Millichap. “Glen’s accomplishments as an authority on the single-tenant sector are a tribute to his hard work and a reflection of his superior transaction expertise and unwavering commitment to client service.
Kunofsky joined Marcus & Millichap in June 2001 and was promoted to senior vice president investments in August 2008. He is a senior director of the firm’s National Retail Group.
Kunofsky facilitated transactions valued at more than $201 million last year. He is an authority in the field of sale-leasebacks and net-leased real estate transactions.
Kunofsky can be heard at the upcoming Real Share Net-Leased Conference on April 3 in New York City. He will be moderating the “Net-Leased Investment Outlook” panel, which is comprised of net-leased investment industry leaders.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
CALABASAS, CA, March 30, 2012 – In this year’s National Office Property Index (NOPI), prepared by Marcus & Millichap Real Estate Services, San Francisco, New York City and Houston are the top three markets, based on a variety of factors including vacancies, job growth and projected rents.
Meanwhile, Cleveland, Detroit and Las Vegas round out the bottom of this year’s NOPI.
U.S. office vacancy is expected to tighten to 16.6 percent by year’s end. Marcus & Millichap forecasts a doubling in demand to 47 million square feet in 2012 will dwarf the 22 million square feet of new supply.
Asking and effective rents are expected to increase 2 and 2.8 percent, respectively, with stronger gains in limited supply, gateway markets.
For a complete copy of the company’s news release and further analysis, please contact:
Stacey Corso, Public Relations Manager, (925) 953-1716
Atlanta, GA – Ackerman & Co. is proud to announce that it has acquired four medical office buildings totaling 62,000 rentable square feet in the city of Decatur for approximately $3,670,000 from AB Winn Medical LLC (Midland).
The complex, known as Winn Medical Center (top left photo), is located directly across from Dekalb Medical, a prominent hospital system that services the majority of Decatur-area residents.
“In addition its proximity to I-285 and I-85, Winn Medical Center offers easy ingress and egress, plentiful and free parking with a 6/1,000 PSF ratio, and is within walking distance to Dekalb Medical, making it an ideal location for affiliated physicians looking for an off-campus office,” said Chadd Evans (middle right photo), senior vice president of Investment at Ackerman & Co.
Evans, who will be responsible for the overall asset management, oversaw the details of the acquisition on behalf of Ackerman while the Grubb & Ellis team of Paul Johnson, Chris Dundon, Dave Linder and Bob Johnson represented the seller.
Winn Medical Center will continue to serve primarily as medical office space for physician groups, encompassing a wide range of medical specialties including dialysis, home health care, family medicine, cardiology, physiotherapy and speech-language therapy. Fresenius is the largest tenant in the park at 13,000 square feet and also the longest occupant at 20+ years.
Adam Butler (middle left photo) will serve as the local point of contact and leasing agent for Winn Medical Center. “We are seeking complimentary tenants,” said Butler. “Top prospective groups include any specialist associated with Dekalb Medical Hospital, dermatology, OBGYN, pediatrics, general dentistry and plastic surgery,“ he added.
Already tenants are recognizing the benefits of leasing across from Dekalb Medical and are taking advantage of Ackerman’s aggressive, below market rates and turnkey improvement allowances.
Pediaspeech Services Inc. and North Georgia Medical Transport have respectively signed 1,500-square-foot and 1,400-square-foot leases at Winn Medical Center. Guardian Home Care has expanded its existing space to 2,200 square feet and two additional leases are out for signature.
For more information, contact:
VP of Marketing
Thursday, March 29, 2012
As part of BGC, Grubb & Ellis will benefit from financial strength, experienced management, powerful proprietary technology and deep marketplace relationships, allowing us to create new opportunities to better serve our clients.
We look forward to continuing serving your real estate needs as part of the BGC organization. I personally look forward to the opportunities this combination will provide us to grow our relationship with you now and into the future.
Jeffrey S. Sweeney, SIOR (top right photo)
Executive Vice President/Managing Director
Grubb & Ellis Company
20 North Orange Avenue,
Suite 500, Orlando, FL 32801
ARLINGTON, VA, March 29, 2012—Interstate Hotels & Resorts today announced that JHM Interstate India has signed a contract to manage the 85-room Khyber Mountain Resort and Spa (top left photo) in Kashmir, India. The all-season resort, located at the foot of the Himalayas, is being developed by Pinnacle Resorts Pvt. Ltd., and is anticipated to open this winter.
“This management agreement represents our seventh signed hotel in India and we are delighted to be selected as the operator of this world-class resort for a new owner,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer.
“Khyber Mountain Resort and Spa, situated at the foot of the Himalayas in Gulmarg (middle left photo), a well-known ski destination in Asia, will be a high-quality, resort that will take full advantage of its prime location year-round.
“Our strong partnership with JHM, coupled with our successful management platform model, international experience, depth of resources, and local in-country expertise translate into a significant competitive advantage.
"As a result, we have developed a robust pipeline of management opportunities for franchised branded hotels and independent resorts that will enable us to continue our vigorous growth in Asia-Pacific in 2012 and beyond.”
“This will be the first major high end address in Gulmarg and will require a great deal of attention to detail,” said Umar Tramboo (lower right photo) of Khyber.
“Interstate has a substantial history managing resort properties and is very familiar with this business model and its unique needs and requirements. We look forward to working with them and building a relationship together.”
For more information on Khyber Mountain Resort and Spa, please visit: http://www.khyberhotels.com./
For more information on JHM, contact Lloyd Lauland, Executive Director, JHM Interstate Hotels India, at 91 124 3091700, or visit the company’s website: http://www.jhminterstate.com./
For more information on Interstate Hotels, visit http://www.interstatehotels.com/.
Connect with Interstate at www.linkedin.com/company/interstate-hotels-&-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com/.
Chris Daly, Jerry Daly
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Maury L. Carter & Associates Inc. Announces First-Quarter Transactions of Almost $10 Million in Florida
ORLANDO, FL -- Maury L. Carter & Associates, Inc. got off to a fast start in the first quarter of 2012, closing nearly $10 million in transactions. In addition, the firm has another $11.7 million in transactions under contract.
Maury L. Carter & Associates, Inc. recently handled the sale of 974 acres on the south side of Poinciana Parkway in Polk County. The bank owned property was purchased by Poinciana Parkway SPE, LLC for $1,300,000 cash. The Seller was Branch Banking and Trust Co. (BB&T) through its entity, Atlas FLI SPE, LLC.
Daryl M. Carter (top right photo) and John A. Evans (top left photo) of Maury L. Carter & Associates, Inc. represented the Seller.
This is the third bank owned property that Carter has sold in the last ninety (90) days. Maury L. Carter & Associates, Inc. currently has four other bank owned listings under contract.
In late December 2011 and late February 2012 respectively, Maury L. Carter & Associates, Inc. sold two properties for BB&T: a 5± acre parcel along Lake Monroe on the south side of SR 17-92 in Sanford in Seminole County for $200,000 cash; and a 34+/- acre, 61 residential lots, parcel located in Sebastian in Indian River County for $300,000 cash.
The Buyer of the Sanford property was Florida Superior Properties Economic Community Services, Inc. and the Buyer of the Sebastian tract was Campanelli Development Corp.
Daryl M. Carter, President of Maury L. Carter & Associates, Inc. represented the Seller in both transactions. Karen Ledet (lower right photo) with My Realty & Management Services, Inc. represented the Buyer in the Sanford transaction. John Mellinger with ReMax Riverside represented the Buyer in the Sebastian transactio
Maury L. Carter & Associates, Inc. represented the Seller, Saxon/Broward, Ltd, in the sale of an Office Depot in Orange City, Volusia County to Florida 101, LLC for $3,150,000 cash. Daryl M. Carter with Maury L. Carter & Associates, Inc. and William Snow with SRS Real Estate Partners represented the Seller.
Maury L. Carter & Associates, Inc. represented the Seller, Carter-Folkston Trust, in the sale of 2,400± acres located about 40 miles north of Jacksonville, Florida in Folkston, Georgia to McB TL II, LLC for $4,932,400 cash. Daryl M. Carter with Maury L. Carter & Associates, Inc. represented the Seller and Christopher Mercer with Coastal Real Estate Services, LLC represented the Buyer.
Joan M. Fisher
Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200
Orlando, FL 32806-8500
NAI Realvest Completes Renewal Lease Agreement with The Nemours Foundation for its 32,112 SF at La Vina Office at Lake Nona, FL
The Nemours Foundation, headquartered in Jacksonville was represented in the transaction by Mickey Hage of Mickey Hage, Inc.
For more information, contact
Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest,
Patrick Mahoney, President NAI Realvest, 407-875-9989 firstname.lastname@example.org
Beth Payan, Larry Vershel Communications, 407-644-4142 email@example.com
Chris Butera (middle left photo), senior associate at NAI Realvest covering Volusia and Flagler counties, negotiated the transaction representing the buyer, St. Augustine Ventures. LLC, and the seller Gateway Bank of Florida located in Daytona Beach.
The buyer paid $220,000 for the property comprised of 55 partially developed single-family lots.
For more information, contact:
Chris Butera, Senior Associate NAI Realvest 386-453-4789 firstname.lastname@example.org;
Patrick Mahoney, President NAI Realvest, 407-875-9989, email@example.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
Robert Blackwell (lower right photo), SIOR, a principal at NAI Realvest, negotiated the transaction representing the tenant, Animi LLC, of Windermere, a franchisee of Wise Up, a language school that teaches English as a second language.
The landlord, Alpharetta, Ga.-based General Electric Credit Equities, Inc. c/o General Electric Capital Corp., was represented in the transaction by Michael Sweeney of Colliers International.
Voit Real Estate Services’ Brokers Awarded Top Honors from the Association of Commercial Real Estate in Sacramento, CA
Sacramento, CA– Jason Gallelli (top right photo) and Gary Gallelli (middle left photo) of Voit Real Estate Services’ Sacramento office were honored by the Sacramento, Calif.-based Association of Commercial Real Estate (ACRE) last week at the organization’s annual award ceremony, with participation by all major brokerage houses in Sacramento.
Voit’s Jason Gallelli was named “Broker of the Year,” a distinguished award presented to one broker in Sacramento who has achieved outstanding results within the commercial real estate industry.
In addition, Jason Gallelli was recognized as “Top Retail Broker of the Year,” while Gary Gallelli was named “Top Investment Broker of the Year.” Each of these honors is bestowed on the broker who achieved the highest gross commissions in their respective categories.
“Just a year and half after opening its Sacramento office, Voit is proud to announce these achievements. The success of our team members reflects the impact Voit has had on the Greater Sacramento market thus far,” said Kevin Sheehan (lower right photo), Managing Director of Voit’s Sacramento office.
More than 700 people attended the ACRE Awards, where Voit was awarded three of the eight awards presented.
“Voit has created an environment where brokers can and do thrive,” said Jason Gallelli. “The company’s integrated services and unique entrepreneurial structure ensure that we have the tools we need to succeed in the current market. These awards speak to the strength of our team as a whole, and demonstrate why Voit is a leader in the industry.”
Voit is still adding to its Sacramento team, according to Sheehan, who confirmed that the firm is actively recruiting top industry talent for a limited number of available positions.
Jenn Quader/ Judith Brower
Brower, Miller & Cole
Voit Real Estate Services Completes Three Office Sales Encompassing 35,000 SF in Greater Sacramento, CA
Sacramento, CA (MARCH 29, 2012) –Voit Real Estate Services’ Sacramento office has completed the sale of three office properties encompassing 34,579 square-feet for a total consideration of $3.5 million in the greater Sacramento area.
“We continue to see stable growth in Sacramento’s office market, and sales activity is increasing among smaller properties,” said Robb Osborne (middle right photo), Senior Vice President in Voit’s Sacramento office. “Prices are competitive, and buyers see the opportunity to obtain these smaller office properties, which are ideal for owner-users as well as investors in the market.”
The three transactions recently completed by Voit’s Sacramento Corporate Office Group, led by Senior Vice President, Robb Osborne include:
Infinite Solutions, Inc., a company that provides information technology consulting, training, mentoring and development services, will use this property as its U.S. headquarters. This property is centrally located within the Roseville business corridor on the corner of Eureka Road and Douglas Blvd.
The Osborne team completed the $1.4 million acquisition of a 17,894 square-foot office/medical building located at 2368 Maritime Dr. in Elk Grove, Calif. Voit represented the buyer, 990 Reserve Drive, LLC. The seller, Roseville Bank of Commerce, was represented by Doug Quiroz of Cemo Commercial.
The buyer acquired the two-story office/medical building as an investment, and plans to use Voit’s services to lease and/or sell the building.
Colorado Federal Bank plans to use this fully improved office property as a corporate office and branch location.
Jenn Quader/ Judith Brower
Brower, Miller & Cole
RIVERSIDE, CA (March 29, 2012) – Voit Real Estate Services’ Inland Empire office has directed a new five-year, 105,000 square-foot industrial lease in the Meridian Business Park (top left photo), on behalf of the lessor.
Voit was successful in securing a tenant within six months for this industrial property located at 14751 Meridian Parkway in Riverside, California, according to Patrick Wood (middle right photo), Senior Associate in Voit’s Inland Empire office.
Wood worked with Walt Chenoweth, Frank Geraci, and Juan Gutierrez (lower left photo) of Voit’s Inland Empire office to represent the lessor, GE Capital Real Estate, a premier commercial real estate company with U.S. $60 billion in assets globally.
“The Voit team drew upon our knowledge of the region to successfully market the strategic location of this vacant space, and ultimately secured a tenant within six months,” said Wood. “This was definitely a joint effort. GE Capital’s ability to spec tenant improvements in the building coupled with their understanding of current market dynamics helped make this a successful transaction.”
The lessee, Russell Sigler, Inc., is the sole distributor of Carrier products in the Western U.S. and is headquartered in Tolleson, Ariz. The company plans to use this location for its operations in Riverside. Russell Sigler, Inc. was represented by Herrick Johnson and Rocky Moran of Lee & Associates, Riverside in the transaction.
The property is one of three buildings the lessor owns in the Meridian Business Park, totaling 315,000 square feet.
Jenn Quader/ Judith Brower
Brower, Miller & Cole