Tuesday, April 3, 2012

Marcus & Millichap Facilitates Sale of Penny Pinchers Self-Storage in Charlotte, NC


CHARLOTTE, NC, April 3, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Penny Pinchers Self-Storage (top left photo), a 49,688 square foot self-storage facility located in Charlotte, North Carolina, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $1,025,000.

Michael A. Mele (middle right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group, Allen Smith (middle left photo), a vice president investments in the Charlotte Uptown office; and associate Stacey Gorman (lower right photo) in the Atlanta office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer, a private investor, was secured and represented by Mele and Gorman.

Penny Pinchers Self Storage is located at 124 Dorton Street.  This self-storage facility was built in 1974 and renovated in 2008.  It currently has a 77 percent physical occupancy.  This investment has 334 self-storage, non-climate controlled units and 19 units for RV/boat parking.  These units range from 50 to 600 square feet.

“This deal once again shows the power of the Marcus & Millichap platform” says Mele.  “We had Florida owners who wanted to sell a property in North Carolina. 

"Using multiple brokers and our extensive national database, we were able to find a buyer in South Carolina who was a perfect fit.  No other firm can access these kinds of buyers for a deal this size” adds Mele.

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

Berger Commercial Realty Corp. Awarded Exclusive Lease Listing in Pembroke Pines, FL

 FORT LAUDERDALE, FL–Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced Vice President Joseph Byrnes (top right photo) has been awarded an exclusive lease listing.

 He is representing landlord Silver Lakes Professional Campus in the lease of 48,800-square-feet of available retail space located at 17720-17796 Pines Boulevard in Pembroke Pines.

 Byrnes currently represents more than 800,000 square feet of office, industrial and retail space. He is a retail real estate specialist in the capacity of landlord and tenant representation.

 Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Banks to Have More Commercial REO Properties on Balance Sheets

 ATLANTA, GA – Expect banks to have more real-estate-owned (REO) assets on their balance sheets in the coming years as they become more aggressive in dealing with troubled loans.

 That was one of the points made during the most recent episode of the “Commercial Real Estate Show,” which provided an in-depth examination of the U.S. banking industry and the distressed real estate market. Topics included bank failures, tips for lenders and borrowers saddled with non-performing assets, short sales, and selling notes and foreclosed properties.

Discussing the likely rise in REO properties, Christopher Marinac (top right photo), a managing principal and director of research for FIG Partners LLC, said, “The marketplace is very positive on banks, and bank stocks have done better the last couple of months, but there still is the mechanical disposition of [troubled] assets, and there’s a lot out there to still be done.”

 The number of bank failures is likely to decline to around 60 in 2012, Marinac added, a figures he attributes in part to the improving health of the industry and also to the FDIC’s reluctance to aggressively close institutions in an election year. Out of the 7,000 banks and savings and loans, about 850 are on the FDIC’s troubled list, he said.

 U.S. banks currently have about $10 trillion in total assets; approximately $300 billion of those assets are REO properties, Marinac estimated. “But remember, that’s just the assets that have been foreclosed,” he said. “If you look at the pipeline of problems that are out there, it’s a bigger number, and there’s the shadow inventory of potential problems out there.”

 Rob Whitmire (middle left photo), a partner with Bull Realty and director of the firm’s Special Assets Services Group, said a lender should react swiftly when a loan first shows signs of trouble. The lender should begin compiling reports on the underlying asset at that time and should “get all the information from the borrower [it] can when [it] still [has] a good relationship” with the borrower, he said.

 Borrowers should be quick to act in the same situation as well. “Delay will not help,” said Richard Gaudet (middle right photo), principal of Glass Ratner, a financial advisory firm.

 It’s also a mistake for distressed borrowers to “get greedy,” Gaudet added. “I often get people that walk in and in the first meeting they say, ‘I just want to do the right thing. Help me get this debt paid off.’ By the third meeting, they’re saying, ‘How much more can I get?’”

As for banks trying to sell foreclosed properties, it’s critical that they map out a process for countering offers from potential buyers, guests noted. “You don’t want to tell the buyer, ‘No, we don’t like you. Go away,’” show host Michael Bul (lower left photo)l, founder and president of Bull Realty, said. “When you don’t counter, that’s kind of what you’re saying.”

 The next “Commercial Real Estate Show” will be available April 5 and will examine when businesses should buy their own office space.


Stephen Ursery
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354

HFF marketing for sale The North Shore Hotel in Evanston, IL

CHICAGO, IL – HFF announced today that it has been named to market for sale The North Shore Hotel (top left photo), a 185-unit independent living retirement community in Evanston, Illinois. 

HFF is marketing the property on behalf of the seller, IRMCO Properties & Management Corporation. 

The North Shore Hotel is situated on a 1.5-acre site at 1611 Chicago Avenue across the street from Whole Foods and within walking distance of Northwestern University in Evanston. 

Originally built in 1919, the property has a six-story main building plus a single-story retail building to the immediate north.  Units are offered in studio, one- and two-bedroom layouts as well as room-only options without kitchens.

 The 90 percent occupied property currently offers residents three meals per day, daily housekeeping services, bath and linen service and a 24-hour front desk attendant.

 Community amenities include a pool, library, billiard room, fitness center, movie theatre, arts and crafts studio, ice cream parlor, grand ballroom, computer lab and on-site medical services and Wellness Center.

The HFF investment sales team representing IRMCO is led by executive managing director Matthew Lawton and managing directors Sean Fogarty, Marty O’Connell, Ryan Maconachy (middle right photo), Brian Kelly and director Chad Lavender (middle left photo).

“Due to its outstanding location, the property also provides an adaptive re-use opportunity to student housing or conventional multi-housing investors,” said Lawton.


SEAN P. FOGARTY                                 
Managing Director                                      
(312) 528-3675                                         

HFF Associate Director, Marketing
(713) 852-3500

HFF named to market for sale 1401 South State in Chicago

CHICAGO, IL – HFF announced today it has been named to market for sale 1401 South State (top left photo), a Class A, 22-story, urban loft high-rise in Chicago, Illinois.

HFF is marketing the property on behalf of the seller, Lincoln Property Company.  The property is offered on an all cash basis.

 1401 South State is located two blocks south of the Roosevelt Road retail corridor in downtown Chicago’s South Loop neighborhood close to all transportation options including the CTA station at Roosevelt Road and the Metra South Shore Line trains at Museum Station as well as Interstates 90, 94, 55 and 290, and Lake Shore Drive. 

Completed in 2008, the property has 278 studio, one- and two-bedroom apartment homes averaging 850 square feet each, 2,488 square feet of ground floor retail space and 195 parking garage spaces. 

Community amenities include a fitness center, sky garden with fire pit and barbeque grills, wireless cyber cafĂ©, business center, bicycle storage, dog run with bathing station and a private resident park. 
The HFF investment sales team representing Lincoln Property Company is led by executive managing director Matthew Lawton (middle right photo) and managing directors Sean Fogarty (middle left photo) and Marty O’Connell (lower right photo).


SEAN P. FOGARTY                                 
Managing Director                                      
(312) 528-3675                                         

HFF Associate Director, Marketing
(713) 852-3500

HFF closes $31 million sale of 321 East 22nd Street in Gramercy Park, NYC

 NEW YORK, NY – HFF announced today that it has closed the $31 million sale of 321 East 22nd Street (top left photo), a 117-unit, six-story multi-housing property in Manhattan’s Gramercy Park neighborhood.

HFF marketed the property on behalf of the seller, GID Investment Advisors, LLC.  BRG (Benedict Realty Group) purchased 321 East 22nd Street for $31 million.
321 East 22nd Street is located between First and Second Avenues near Midtown Manhattan in Gramercy Park.  The 96 percent leased property has an average unit size of 441 square feet and includes 6,000 square feet of commercial space. 

The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios (middle right photo) and Jose Cruz (middle left photo), and directors Jeffrey Julien (lower right photo) and Kevin O’Hearn (lower left photo).

GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that employs over 650 real estate professionals in multiple offices throughout the United States.

 During its 51 year history the company has acquired or developed over 54,000 residential units and in excess of 13 million square feet of commercial space.

As of December 31, 2011, GID controls a real estate portfolio consisting of 107 properties located in 19 states, and totaling more than 35 million square feet comprised of over 22,000 residential units and more than 5.7 million square feet of commercial space.

 In addition, GID has more than 12 million square feet of fully entitled properties in its development pipeline.

The Benedict Realty Group (BRG) is a real estate investment and property management firm specializing in the burgeoning middle-income residential market in New York City and neighboring boroughs. 

With a growing portfolio of properties in Manhattan, Queens, Brooklyn and the Bronx, BRG employs its expertise to generate attractive returns for its investors and to improve the quality of life for its residents.


HFF Senior Managing Director         
(212) 245-2425                                   

JOSE R. CRUZ                                  
HFF Senior Managing Director       
(973) 549-2000                                   

HFF Associate Director, Marketing
(713) 852-3500

Manhattan Residential Sales Prices Up from a Year Ago, Reports Brown Harris Stevens

New York, NY -- According to the first quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,483,591 was up 9% from same period in 2011.

 A leading factor in the higher average price was a steep incline of 42% in the number of sales over $10 million when compared to the same period last year.

The average price for cooperatives sold during the first quarter of 2011 was up 10% from a year ago, at $1,181,715.

The average condominium price was $1,889,560 the highest average in three years, up 8% from a year ago with all size categories seeing an increase in price.

There were 1,800 first quarter closings reported at the time of this report, 2% more than a year ago.

“The record-setting sale at 15 Central Park West (middle right map and middle left photo),  in which our firm was delighted to represent both the buyer and the seller, had a significant impact on this quarter’s report but it’s important to note that there were 16 additional transactions over $10 million that closed this quarter,” said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.

“Another sign of the improving residential market is that the number of sales was up 2% from the first quarter of 2011.

"New York City’s recovery continues to best most predictions and this combined with a stable inventory of available apartments makes me optimistic about the coming months.”

 New developments accounted for 41% of all condo closings, up from 35% in the first quarter of 2011.

On the East Side, larger apartments did better with 2 bedrooms seeing an increase in average price of 3% and three bedroom and larger apartments seeing a 9% increase over the same period last year. 

 On the West Side three bedroom and larger apartments saw a 52% increase over the first quarter of 2011 due in large part to the $88 million sale at 15 Central Park West.

 If this transaction is disregarded the average price for three-bedroom and larger apartments would be $4,384,461, 22% higher than a year ago. The average condo price per square foot was $1,731 but if the same deal is not factored in it would be $1,598, 18% higher than the first quarter of 2011.

In the Downtown market, the average condo price per square foot rose 4% over the past year to $1,241. Smaller apartments showed the biggest gains in average sales price with studios rising 12% over the first quarter of 2011 and one bedrooms up 11%.

Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York.

 The company has offices throughout New York City, the Hamptons, and Palm Beach. Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer. 

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


Jennifer Little
Rubenstein Public Relations

PCCP LLC Provides $27.35 Million Senior Loan to Refinance Millbrae Paradise Mixed-Use Project in Millbrae, CA

 SAN FRANCISCO, CA- PCCP, LLC announced it has provided a $27.35 million senior loan to refinance Millbrae Paradise (top left rendering), a residential condominium and retail development in Millbrae, Calif., on behalf of the developer and owner, San Francisco-based LF George Properties.

 The senior loan will be used to refinance 59 completed Class A condominium units and 20,000 square feet of first and second floor retail space that is 80 percent occupied.

The Millbrae Paradise project started construction in 2008 and was completed in late 2010.

“Due to the quality of the product and the tightness of the San Francisco Bay Area market, particularly peninsula locations between San Francisco and San Jose, this project has performed very well over the past 15 months since opening,” said Jim Galovan,  vice president with PCCP.

 “We believe that this attractive, Class A property with very little nearby competition will continue to capture its share of the Bay Area for-sale market.”

Millbrae Paradise offers onsite amenities including a 2,000 square foot fitness center, a large center courtyard with seating, landscaping, fire pit, barbecues and fountains, and a lounge common area.

The property is well-located. It is one mile from the San Francisco Airport (lower left photo), 15 miles south of San Francisco, and 20 miles north of Palo Alto.

The property is less than one mile from Highway 101 and is across the street from the Millbrae BART station (20-minute BART ride to downtown San Francisco). Both El Camino and Broadway Avenue, which sit adjacent to Millbrae Paradise, are heavily retailed corridors within Millbrae that provide many boutique shopping and food-related amenities within walking distance of the property.  Five grocery stores are located within one mile of the property. 


Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224 www.pccpllc.com

Colliers International Completes Two Building 305,778 Square-Foot Industrial Investment Sale in Huntington Beach, CA

 HUNTINGTON BEACH, CA (April 3, 2012) Clyde Stauff (top right photo), senior executive vice president, Colliers International has completed the sale of two class-A industrial buildings in Huntington Beach for  $33,000,000. Stauff represented the buyer, PPF Industrial 5800 & 5900 Skylab Road, LLC, as well as the seller, DCS Holdings, Inc.

The two-building acquisition consisted of a 138,000-square-foot building located at 5900 Skylab Road leased to Fisher & Paykel, and a 167,778 square foot industrial building located at 5800 Skylab Road leased to Modular Wind Energy (MWE).

“The two Skylab facilities represent the “best in class” for industrial facilities in the West Orange County market. 

"The location within the master-planned Boeing/Huntington Beach industrial center, as well as the aesthetics and functional features of the buildings made for a unique acquisition opportunity for the Buyer,” Stauff said.


Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

Colliers International Tampa Bay Closes 25,000 SF Industrial Lease for Expanding Company

 TAMPA, FL (April 3, 2012) – In a move to accommodate its anticipated growth, Florida Asset Remarketing has leased 25,482 square feet of flex space at 501 Hobbs Street (top left photo) in Tampa. The new property, which has office and warehouse space, is more than double the size of the company’s previous location a few miles away.

Ed Miller (middle left photo), CCIM, SIOR and Dee Seymour (middle right photo), MCR, CCIM, SIOR of Colliers International Tampa Bay represented the tenant, Florida Asset Remarketing, which reconditions, leases and sells copiers and copying equipment.

Mark McKell (lower right photo) of Colliers International Tampa Bay represented the landlord, Franklin Park Properties, LLC.

 The property is compact, with 3,000 square feet of office space, and features grade-level loading in a convenient location near I-75 and I-4.

“We wanted to stay as close to the I-75 corridor as possible, as this is a desirable location for distribution-oriented businesses,” said Mike Herman, President of Florida Asset Remarketing. “And it gives us the additional office and warehouse space we need to grow.”

 Herman plans to hire two new employees this month and intends for Florida Asset Remarketing to expand its market and take on new customers in the near future.

 “This is indicative of the pent-up demand that exists for small businesses,” said Colliers’ Miller. “Expansion is on the minds of many business owners right now as the economy starts to show some signs of improvement.”


Noelle Anderson, APR
Principal & President
True Blue Communications

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