Tuesday, January 3, 2012
MileStone Community Builders to Break Ground in Cedar Park with The Reserve at Brushy Creek in West Austin, TX
AUSTIN, TX--(BUSINESS WIRE)--MileStone Community Builders, LLC, announced today that through a deal brokered by Duncan Commercial, it has secured land to offer luxury Cedar Park homes for sale with its newest development, The Reserve at Brushy Creek (top left rendering).
Building on the company’s tremendous success in West Austin with West Cypress Hills, where the luxurious Pinnacle Collection was debuted in early 2011, MileStone is carrying that success forward into Cedar Park in early 2012. The Reserve at Brushy Creek will be located near the intersection of Parmer Lane and Brushy Creek Road.
The land contract was brokered by Joe Duncan (lower right photo), Founder and Owner of Duncan Commercial, and Patrick Shelton, Partner of Duncan Commercial. Founded in 1985, Duncan Commercial is Austin’s premier land brokerage firm specializing in sophisticated land brokerage deals.
“This is an exceptional property in a great location, held by the Will Wilson family for more than three generations,” said Joe Duncan, Founder and Owner, Duncan Commercial. “We were pleased to have the opportunity to act as the brokerage firm between the Wilson family and MileStone Community Builders to develop a new luxury home community in Cedar Park.”
MileStone Community Builders
Natalie Bowers, 512-535-8306
Inaugural Orange County Commercial Real Estate ‘Spire Awards’ to be Presented by Commercial Real Estate Women – Orange County, CA Chapter
Orange County, CA, Jan. 3, 2012 – The first annual “SPIRE Awards” program, recognizing commercial real estate achievements by men and women in Orange County, has been announced by the Commercial Real Estate Women, Orange County chapter (CREW-OC).
Open to individuals and teams in development, construction, brokerage, interior design, lending and architecture, CREW’s SPIRE Awards recognize Superior Performance In Real Estate. The Inaugural SPIRE Awards will be presented during a cocktail reception on March 1. All Nominees will be published in the OCBJ on February 27, 2012.
Nomination forms for the first awards, which are due by January 23, are now available for download at www.crewocspireawards.com. CREW-OC will recognize the individual or team selected in the categories of:
Development/Building and/or Renovation Project; Best in Leasing; Best in Sales; Most Significant Loan[ CREW-OC Member and Philanthropist.
Bringing a major commercial real estate awards contest to Orange County is long overdue,” notes Jennifer Stroffe (top right photo), President of CREW-OC and a Senior Associate at Friedman Stroffe & Gerard, P.C.
“Commercial real estate is one of this county’s key industries. Orange County has served as a tremendous source of innovation in the field, and we are a catalyst for commercial real estate trends nationwide. Our SPIRE Awards will recognize some of the finest in the industry each year.”
The Inaugural SPIRE Awards are co-chaired by Dana White (middle left photo), Vice President of Bank of the West, Past-President of CREW-OC and Co-Chair of CREW SPIRE Awards, and Sheldon Ascher of the Orange County Business Journal and Co-Chair of CREW SPIRE Awards.
Commercial Real Estate Women of Orange County (CREW-OC) is a member organization of the Commercial Real Estate Women Network and has been serving Orange County real estate professionals since 1988. CREW-OC is a non-profit organization established to promote and sponsor educational and professional activities for its members in the field of commercial real estate.
Further information on the organization is available at www.crew-oc.org.
Brower, Miller & Cole
SAN FRANCISCO--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO) announced today a lease of approximately 302,000 square feet at its industrial building in Hialeah, Florida.
A Miami based global producer and distributor of food products will occupy 100% of the facility as its new corporate headquarters.
Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate located in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
Additional information about Terreno Realty Corporation is available on the company’s web site at http://www.terreno.com/.
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael A. Coke, 415-655-4580
SAN DIEGO, CA. (Jan. 3, 2011) – Voit Real Estate Services’ San Diego office has completed the $2.9 million sale of Canyon Terrace (top left photo), a 28,444 square-foot industrial property located at 9170-9190 Camino Santa Fe in San Diego, Calif.
This single-story, flex building includes single and multi-tenant space ranging from 4,274 square feet to 28,444 square feet, according to Randy LaChance (lower right photo), Vice President, SIOR, in Voit’s San Diego office.
LaChance worked with Jon Danton, an Associate in Voit’s San Diego office to represent the seller, LMC Camino Santa Fe, LLC.
“We knew that attractive SBA financing was available on the property, so the Voit team quickly identified a buyer who was looking to acquire a space as an owner-user,” said LaChance. “This is a high-quality space that offers a great deal of flexibility, and our team was successful in negotiating a deal that was ideal for both parties.”
The buyer, Prinbo, LLC, was represented by Glenn Arnold of Cassidy Turley. Prinbo, LLC plans to move its company, San Diego Valve & Fitting Company, into the building.
Further information is available at http://www.voitco.com/.
Brower, Miller & Cole
Vornado Refinances Eleven Penn Plaza in Manhattan for $330 Million Realizing $126 Million of Net Proceeds
PARAMUS, N.J.--(BUSINESS WIRE)--VORNADO REALTY TRUST (NYSE:VNO) announced that on December 28, 2011 it completed a $330 million refinancing of Eleven Penn Plaza (top left photo), a 1.1 million square foot Manhattan office building.
The seven-year loan bears interest at LIBOR plus 2.35%, today 2.64%. The loan amortizes based on a 30 year schedule beginning in the fourth year.
The Company realized net proceeds of approximately $126 million after repaying the existing loan on the property and closing costs.
Vornado Realty Trust is a fully integrated equity real estate investment trust.
Vornado Realty Trust
Joseph Macnow, 201-587-1000
DAYTONA BEACH, FL--(BUSINESS WIRE)--Consolidated-Tomoka Land Co. (NYSE Amex: CTO), a publicly traded real estate company, announced today that it closed on a land purchase at year-end of three parcels approximating 17 acres from Halifax Hospital Medical Center (top left photo) for a sales price of $3,245,537.
The three Daytona Beach parcels are located on the south side of LPGA Boulevard, between Clyde Morris and Williamson Boulevards.
Halifax Hospital Medical Center previously purchased the property from Consolidated Tomoka in 2003 but elected not to go forward with its plans for a new hospital.
John P. Albright, President and Chief Executive Officer stated, “This closing finalizes the repurchase of the last parcels from Halifax under a re-purchase agreement signed in 2009, while satisfying the Section 1033 exchange reinvestment requirement.
“Consistent with our ongoing business plan, the Company is actively identifying reinvestment opportunities through the Section 1031 tax-deferred exchange process to convert the proceeds from this sale into an income-producing property.”
The Company also announced the closing at year-end of a sale of the vacant former Barnes & Noble store (middle right photo) in Lakeland, Florida, for $2.9 million.
Mr. Albright stated, “Consistent with our ongoing business plan, the Company is actively identifying reinvestment opportunities through the Section 1031 tax-deferred exchange process to convert the proceeds from this sale into an income-producing property.”
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of Section 1031 tax-deferred exchanges.
Visit our website at http://www.ctlc.com/.
Consolidated-Tomoka Land Co.
Bruce W. Teeters, 386-274-2202
Sr. Vice President
CBL Completes More Than $380 Million in Financing Activity Generating over $160 Million in Cash Proceeds
CHATTANOOGA, TN.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) today announced that in December 2011 it had closed four separate loans totaling $383.0 million. After repayment of the existing loan balances, the new financing activity generated excess proceeds of more than $160.0 million.
Commenting on the financings, John Foy (top right photo), Vice Chairman and Chief Financial Officer, said, “These new loans demonstrate our continued strong borrowing relationships as well as the tremendous value in our dominant mall assets. We are pleased to generate more than $160 million in cash proceeds from these new financings, further enhancing the flexibility of our balance sheet.”
CBL closed a $140.0 million ten-year non-recourse loan with an institutional lender. The loan is secured by Cross Creek Mall (middle left photo) in Fayetteville, NC, and bears a fixed interest rate of 4.54%. CBL also closed a $60.0 million ten-year non-recourse CMBS loan secured by The Outlet Shoppes at Oklahoma City in Oklahoma City, OK, bearing a fixed interest rate of 5.73%.
CBL closed a five-year extension and amendment of the existing non-recourse loan secured by St. Clair Square in Fairview Heights (St. Louis, MO), IL, increasing the borrowing amount to $125 million. The loan interest rate was reduced to LIBOR plus 300 basis points.
CBL also closed a recourse loan secured by The Promenade (lower right photo) in D’Iberville, MS, with a three-year initial term and two two-year extension options. The loan bears interest of 75% of LIBOR plus 175 basis points. These two loans were financed with institutional banks.
In total during 2011, CBL completed more than $2.3 billion in financing activity, including three credit facilities totaling $1.15 billion and property-specific debt totaling $1.18 billion.
Additional information can be found at
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice President - Corporate Communications and Investor Relations
Posted by Alex at 10:38 AM
Destin, FL, January 02, 2012 --(PR.com)-- The worst real estate markets forecast for 2012 have been issued by Housing Predictor, which selects the 25 best and 25 worst markets annually. Cities are chosen that have the highest probability of reaching their forecasts.
For a complete list of the cities cited, please contact Mike Colpitts, 850-622-1016
Despite the troubled economy, and the struggling real estate market more than 15 states are projected to experience housing inflation in 2012, indicating that after more than five years of hard times in many areas of the country stabilizing factors are projected to impact much of the U.S. in the New Year.
However, there’s no shortage of real estate markets that will experience housing deflation as the nation struggles to recover from the worst downturn in real estate in decades.
Housing Predictor issues more than 230 local housing market forecasts in all 50 U.S. states, and updates them throughout the year as local market conditions warrant.
Consumers, real estate companies, home builders, Wall Street bankers, investors, homeowners and many of the country's largest retailers trust Housing Predictor, which is celebrating its fifth anniversary. Housing Predictor also regularly surveys visitors on real estate related issues and keeps visitors up to date on mortgage rates.
HONOLULU, HAWAII--(BUSINESS WIRE)--A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NYSE: ALEX), announced today that it has completed the acquisition of a 4.35-acre, fee-simple parcel within the 7-acre Gateway at Mililani Mauka Shopping Center complex (top left photo) from Castle & Cooke Properties for $8.2 million.
The parcel includes approximately four acres of land zoned for commercial development and a 5,880 square-foot multi-tenant retail building, which is fully occupied.
“The acquisition and proposed development of the Gateway site is well-aligned with our overall real estate strategy,” said Christopher J. Benjamin, (middle right photo)president of A&B Properties.
“Not only does it allow us to utilize 1031 tax deferred proceeds to acquire an income producing property in a thriving local community, but it also enables us to further employ our real estate expertise in Hawaii to develop an important community resource while creating value for our shareholders,
Alexander & Baldwin, Inc. is headquartered in Honolulu, Hawaii and is engaged in ocean transportation and logistics services through its subsidiaries, Matson Navigation Company, Inc. and Matson Logistics, Inc.; in real estate through A&B Properties, Inc.; and in agribusiness through Hawaiian Commercial & Sugar Company.
Additional information about A&B may be found at its web site: http://www.alexanderbaldwin.com/.
Alexander & Baldwin, Inc.
For media inquiries:
Meredith J. Ching, 808-525-6669
For investor relations inquiries:
Suzy P. Hollinger, 808-525-8422
SANTA ANA, CA (Jan. 3, 2012) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today released its 2012 National Real Estate Forecast, which predicts a year of slow but continued growth for all commercial real estate property sectors.
“Although a variety of economic and political factors, including continued high unemployment, an upcoming U.S. presidential election and the unresolved European sovereign debt crisis weigh on the minds of real estate owners, users and investors, we anticipate gradual improvement in leasing markets and a boost in investment sales volume,” said Robert Bach (top right photo), senior vice president, chief economist.
“This is based on an assumption of GDP growth in the range of 2.0 to 2.5 percent in 2012, still below the economy’s long-term potential of around 3 percent, and an average of 125,000 net new payroll jobs per month.”
Specifically, Grubb & Ellis expects property sectors to continue to move ahead in the following sequence, from best-performing to worst-performing: multi housing, hospitality, industrial, retail and office.
For a complete copy of the company’s news release and statistics, please contact:
Julia McCartney, Phone: 714.975.2230
FT LAUDERDALE, FL, Jan. 3, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Villa Teresa Apartments (top left photo), a 38-unit apartment building in Wilton Manors, Royal Palm Apartments, a 52-unit apartment building in Lauderdale Lakes and Emerald Plaza, a mixed-use building in Dania Beach, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office.
Senior Vice President Investments Evan P. Kristol (middle right photo)and Still Hunter, III (lower left photo) and Senior Associate Joseph P. Thomas of the firm’s Fort Lauderdale office represented the seller of the three properties, a private investor from Ft Lauderdale, Fla.
Kristol, Hunter and Thomas also secured the Boca Raton limited liability company who purchased Villa Teresa and the limited liability company from Lauderdale Lakes who purchased both Royal Palm Apartments and Emerald Plaza. The three properties closed on December 21, 2011.
Villa Teresa is a 38-unit multi-family property consisting of two, two-story apartment buildings located on NE 29th Drive in Wilton Manors, Florida. The property consists of 12 one-bedroom units and 26 two-bedroom units. The property sold for $2,175,000 to a limited liability company from Boca Raton, Fla.
Royal Palm Apartments is a 52-unit apartment community located at 3001 NW 35th Avenue in Lauderdale Lakes, Fla. The property consists of 36 one-bedroom units and 16 two-bedroom units between three buildings. Royal Palm Apartments sold for $1,750,000 to a limited liability company from Lauderdale Lakes, Fla.
Emerald Plaza is a mixed use property with 29 residential units and five retail bays located at 5950 SW 40th Avenue in Dania Beach, Florida. The property consists of three two-story buildings consisting of 27 one-bedroom units, two two-bedroom units and five retail bays. Emerald Plaza sold for $1,500,000 to a limited liability company from Lauderdale Lakes, Fla.
“The portfolio generated tremendous investor interest with more than 50 site tours and 30 initial bids during our two-week marketing period,” says Thomas. “We were able to navigate through the holiday season and successfully close each transaction in less than 30 days.”
Press Contact: Gregory Matus, Regional Manager / Vice President,
Fort Lauderdale, (954) 245-3400
UNIONDALE, NY (Jan. 3, 2011) – In the wake of the U.S. Department of Housing and Urban Development’s implementation of new closing documents for its Federal Housing Administration (FHA) Multifamily mortgage insurance program, Arbor Commercial Mortgage, LLC has announced it has funded the nation’s first FHA-insured loan with HUD’s new multifamily loan documents.
Arbor, a national, direct commercial real estate lender, provided the $18,000,000 FHA-insured 223(f) loan for the refinancing of College Towne West Apartments (top left photo), a 532-unit, market-rate apartment complex in Lansing, MI. It was a 34-year fully amortizing loan.
“In the third quarter, HUD made substantial changes to its multifamily loan documents and Arbor was pleased to have been the first FHA Multifamily Accelerated Processing (MAP) lender in the country to close an FHA-insured loan in conjunction with the new documents,” said Joseph Donovan (middle right photo), Arbor’s Senior Vice President and National FHA Director. “We had experienced and capable transaction participants on both the borrower and HUD sides, resulting in a seamless closing and successful outcome.”
College Towne West Apartments benefits from the fundamental strength of the Lansing, MI, multifamily market, as it feeds the housing demands of Michigan State University as well as state capital employees. As a result, the property has a student concentration of approximately 70 to 75 percent.
Originating the loan for Arbor was Michael Jehle (lower left photo), Midwest Regional Director, in Arbor’s Bloomfield Hills, MI, office.
“In a state in which many sources of funding will not often participate these days, Arbor was able to provide extremely attractive loan terms and proceeds for our repeat borrower in this deal,” Jehle explained. “Arbor was pleased to participate as the FHA Multifamily Accelerated Processing lender in this transaction.”
Contact: Christopher Ostrowski, firstname.lastname@example.org