Monday, April 23, 2012
LOS ANGELES, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $49,733,000 in refinancing for two Northern California multifamily properties.
A 263-unit apartment complex in San Jose, Calif., received $31,560,000 and a 138-unit property in Hayward, Calif., obtained $18,173,000.
Jake Roberts (middle left photo) and Anita Paryani (top right photo), vice presidents capital markets in the firm’s West Los Angeles office, arranged the refinancing.
“The property owner already had a full-leverage loan in place and didn’t want to contribute cash to the refinance,” says Roberts. “The goal was to take advantage of the market’s lower interest rates. MMCC structured a loan that enabled the borrower to utilize the lower interest rate on a seven-year term and at closing and receive cash-out proceeds of nearly $1,000,000,” adds Roberts.
“We are seeing a number of clients move to refinance assets—even with small prepay penalties—to lock in lower, long-term fixed-rate loans,” continues Roberts.
“One year ago we looked at refinancing these assets for our client and long-term debt would have required the borrower to put in nearly $2,000,000 to complete the refinancing. This year, at the end of the day, our client was able to cash out,” Roberts concludes.
The loan is fixed at 4.22 percent for seven years, amortized over 30 years. The loan to value is 75 percent.
Press Contact: Stacey Corso , Marcus & Millichap Capital Corporation
LOS ANGELES, CA –Marcus & Millichap’s Institutional Property Advisors (IPA), the firm’s recently formed institutional multifamily brokerage division, has arranged the sale of Veteran Apartments (top left photo), a 60-unit apartment complex located near the corner of Wilshire and Westwood boulevards in LA’s Westwood neighborhood.
The sales price of $13,250,000 translates into $220,833 per unit and $345 per square foot.
Greg Harris (middle right photo) and Ron Harris (middle left photo), both executive vice presidents, and Kevin Green (lower right photo) and Joseph Smolen (lower left photo), associate directors, represented the seller, a joint venture between Realty Center Management Inc. and Trecap Partners LLC. The buyer was a Los Angeles- based private party, also represented by IPA.
“Veteran Apartments’ location defines the term ‘pedestrian-oriented,’” says Greg Harris. “The main campus of one of the nation’s top public universities, UCLA, is within easy walking distance, as are a variety of employment opportunities, a myriad of fine dining establishments and countless boutiques.”
The 38,378-square foot apartment complex was built in 1975 on .51 acres at 1260 Veteran Ave., which is less than a mile south of UCLA’s main campus and only a 10-minute commute to both Century City and Santa Monica, the two largest Westside employment centers.
Veteran Apartments features a central courtyard swimming pool with a sundeck, a large recreation room/lounge with a billiards table and fitness equipment, well-landscaped grounds and a two-level controlled access parking structure.
The complex’s well-appointed and uniquely designed units include bi-level studio and studio-plus-loft floor plans. Apartments feature granite countertops, French country-style white cabinetry, complete appliance packages and crown molding.
Public Relations Manager
MAITLAND, FL. – NAI Realvest recently negotiated the sale of an 18.35 acre parcel of land located at 2425 Frontage Rd. in Davenport for $1,300,000.
Thomas E. Hankins (top right photo), CCIM, SIOR, principal at NAI Realvest and Broker Associate Drew Saphos, CCIM negotiated the transaction representing the seller, Homebanc N.A. of Tampa.
Barnum City Grove 3, LLLP of Orlando, owner of adjoining land, purchased the foreclosed property, which is zoned Regional Activity Center (RAC-X). Barnum, who plans to establish grove operations on the property as expansion of its existing grove, was not represented by a broker in the transaction.
For more information, contact:
Thomas Hankins, CCIM, SIOR Principal NAI Realvest, 407-875-9989 firstname.lastname@example.org
Patrick Mahoney, President, NAI Realvest, 407-875-9989, email@example.com;
Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com
Tough Times Continue to Plague Retail Real Estate, Note Guests on Atlanta’s Commercial Real Estate Show
ATLANTA, GA (April 23, 2012) – The U.S. retail market is showing some signs of improvement, but the sector has a long way to go before it’s in full recovery mode.
That was the overriding conclusion of guests and show host Michael Bull on the most recent episode of the “Commercial Real Estate Show,” which provided an in-depth look at the retail market’s performance in first-quarter 2012.
The sector showed some improvement in the first three months of the year, absorbing 9 million square feet nationally to slightly push down the vacancy rate, said Suzanne Mulvee (top right photo), senior real estate strategist for Property and Portfolio Research, a CoStar company.
“But to put that into perspective, in the decade prior to the recession, we were averaging 35 million square feet [of absorption] a quarter,” she added. “So it’s a still a very tough market out there.”
Consumer spending has increased noticeably – car sales jumped about 10 percent in 2011 – but retailers remain leery of leasing more space, in part because of their concerns about the growing threat online sales pose to brick-and-mortar operations, Mulvee added.
Mike Puline (top left photo), who handles leasing in the Southeast for DLC Management Corp., said he is “cautiously optimistic” about the year ahead, noting gas prices and unemployment loom as potential drags on the sector. “I still think we’re seeing a very slow recovery,” he noted.
Also, government regulations and new federal healthcare laws could harm small retailers’ ability to expand in the near future, observed Jim O’Donnell (middle left photo), acquisitions officer for RCG Ventures. “A lot of people are thinking twice about opening a small business,” he said.
Guests also predicted more distressed properties will become available as banks become more aggressive about removing the assets from their balance sheets. “I think some of these lenders will quit kicking the can down the road,” said Michael Bull (middle right photo), founder and president of Bull Realty, said.
While some prominent retailers have filed for bankruptcy or are scaling back their portfolios, discount chains such as Dollar General and thrift stores are taking advantage and moving into the resulting space, guests said.
“Tenants that had been priced out of core suburban and high-quality CBD markets … they’re coming into [those areas] and backfilling that space,” said Robert Fransen, CIO of Coro Realty Advisors.
“It’s been interesting to watch stores that landlords may not have welcomed so readily five years agofill space and offer a real service to the community,” added John Harrison of Bull Realty’s National Retail Group.
. The next “Commercial Real Estate Show” will be available April 26 and will provide an update on the U.S. industrial market.
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354
Berger Commercial Realty Corp. Oversees Construction Of Department of Highway Safety and Motor Vehicles’ Facility in Lauderdale Lakes, FL
When completed, the facility, located 3718 W. Oakland Park Blvd., will house the Division of Drivers License, Broward County Clerk of Court and Bureau of Administrative Reviews.
“Berger Commercial Realty Corp. is proud to be involved in the construction of such an exciting project and is looking forward to the completion of the new Department of Highway Safety and Motor Vehicles’ facility,” said Berger Commercial President Lloyd Berger (top right photo).
The project is slated to be completed in April 2012.
Pierson Grant Public Relations
(954) 776-1999, ext. 226
Major Southern California Industry Leaders Set to Lead NAIOP SoCal As Members of 2012 Board of Directors
Costa Mesa, CA – NAIOP SoCal, Southern California’s leading commercial real estate organization, has announced its 2012 Executive Committee and Board of Directors. The esteemed group includes representatives from a diverse array of the industry’s most successful companies.
The 2012 Executive Committee is comprised of President Steven Ames (left photo), USAA Real Estate Company; President-Elect Lang Cottrell, LNR Property LLC; Vice President Jim Proehl, PM Realty Group; Treasurer Tom W. Wulf, Lowe Enterprises Real Estate Group, Inc.; Secretary Kevin Jennings, Bank of America Merrill Lynch; Programs & Education Liaison Pamela L. Westhoff, Sheppard Mullin Richter & Hampton; and Past President Greg Blomstrand, American Realty Advisors.
“As president of the 900-member strong NAIOP SoCal, which is the second largest NAIOP chapter in the country, I am looking forward to a successful year with this important organization.
This chapter will continue to have an influence on issues that are crucial to commercial real estate on local, regional and national levels,” said Ames. “We also will continue our philanthropic and educational focus with events throughout the year including Night at the Fights and the USC vs. UCLA Real Estate Challenge.”
Serving alongside the Executive Committee is NAIOP SoCal’s 2012 Board of Directors including: Bryan Bentrott, DEXUS Property Group; Beth Calder, CBRE; James V. Camp, J.V. Camp & Associates; Ronda Clark, Jones Lang LaSalle; Drew Emmel, Allen Matkins; Scott Farb, Reznick Group; Tom Greubel, Irvine Company Office Properties; Aaron Hill, Bixby Land Company; Eric Hinkelman, Cushman & Wakefield; John Hollingsworth, Colliers International; Fran Inman, Majestic Realty Co.;
Malcom Johnson, JPMorgan Chase; Stanley W. Lamport, Cox, Castle & Nicholson LLP; Colm Macken, Shea Properties; Kevin MacKenzie, HFF, L.P.; Patrick Maloney, Prologis; James McFadden, Grubb & Ellis Company; David Meredith; Jeff Moore, CBRE; Steve Muller, The Muller Company; Susan Orloff, Thompson Reuters;
Russ Parker, Parker Properties; Cynthia Pettyjohn, First American Exchange Company; John Premac, Chicago Title Company; Rick Putnam, Colliers International; Lance Ryan, Watson Land Company; Joel Stensby, KPRS Construction Services; Sean Tabor, Real Estate Capital Group; Louis J. Tomaselli, 360 Commercial Partners; Alison Vukovich, LBA Realty; Stephane M. Wandel, The Boeing Company; Stan Wendzel, BioRealty, Inc.; and Gregory J. West, Johnson Capital.
Spaulding Thompson & Associates for NAIOP SoCal
Santa Fe Springs, CA April 23, 2012 – Alex Blecksmith, Chris Sheehan and Adam Deierling of Colliers International have completed the $1,722,000 sale of a 16,400 square foot industrial warehouse distribution facility on behalf of the seller, a private owner from Placentia, Calif.
The property is located at 13117 Molette Street (top left photo) in Santa Fe Springs, Calif.
The property is located in the mid-counties submarket which has a base of approximately 103 million square feet of industrial product with a current vacancy level at a low 3.9 percent. The location of the property at the geographic center of both Los Angeles and Orange Counties, generated significant interest from buyers in adjacent submarkets that were looking for a large, functional fenced-yard.
Built in 1976, the freestanding facility features a large, fully secured yard, 16-foot ceiling clearance, two 12’x12’ ground level doors and a 2,000 square foot bonus canopy. It offers easy access to the 5 and 605 freeways.
Spaulding Thompson & Associates
INLAND EMPIRE, Calif. (April 23, 2012) – Voit Real Estate Services has announced the addition of a top-producing retail team to its Inland Empire office:
Tom Swieca (middle right photo), Tony Archer (middle left photo)and Sandie Smith (top right photo) will join Voit as Senior Vice Presidents.
Each of these real estate professionals has more than a decade of expertise in tenant representation and shopping center leasing and sales in both Riverside and San Bernardino counties. In addition, Dianna Bernard joins Voit as a Marketing Assistant with the Swieca/Archer/Smith team.
“Voit has rapidly picked up speed in the Inland Empire market. We have a strong track record of success with our industrial team here, and the addition of the premier retail team in the region will be instrumental in providing top-level retail solutions to our clients as well,” said Mark Read (lower left photo), Executive Managing Director for Voit, who oversees the firm’s Inland Empire operations.
“The addition of this expert team is a testament to Voit’s success in recruiting and retaining top professionals in each of the markets we serve.”
Tom Swieca and Tony Archer have been partners in the commercial real estate industry for over 15 years, and have successfully represented both landlords and tenants in significant retail centers throughout the Inland Empire, including major retailers such as Home Depot, Stater Bros., and O’Reilly Auto Parts. Swieca and Archer also represent over one million square feet of new retail development, scheduled to break ground in 2013.
Swieca has more than 32 years of commercial real estate experience and has completed more than $1 billion in sales and leasing transactions throughout his career. Prior to joining Voit, he served as a Senior Vice President in the retail group at Grubb & Ellis.
Swieca began his career at CB Richard Ellis in 1979 and holds a bachelor's degree from the University of California, Los Angeles.
Tony Archer brings two decades of commercial real estate expertise to Voit. Archer most recently served in the retail group at Grubb & Ellis, and has completed more than $600 million in sales and lease transactions.
Archer began his career in 1992 with CBRE. He holds a bachelor's degree from California State Polytechnic University and serves as a member of the International Council of Shopping Centers.
Sandie Smith served as a Senior Vice President at Grubb & Ellis for the past two years, and was previously with CBRE for over 20 years. Smith has been involved in more than $748 million in retail transactions encompassing more than 1.28 million square feet during her tenure with Grub & Ellis and CBRE.
She successfully assists many national retailers in securing sites, including AT&T, Baja Fresh, Chipotle, McDonald’s, Panera Bread and Panda Express, among others. Smith continues to handle the leasing for many shopping centers, and she aids major retailers in property disposition, such as Wal-Mart and Rite Aid.
Smith is a Founding Board Member of the Commercial Real Estate Women Network of the Inland Empire, and a member of the International Council of Shopping Centers.
Judith Brower/Jenn Quader
Brower, Miller & Cole
Five Top-Producing Brokers Join Voit’s San Diego Office. Pictured above from left to right: Brandon T. Keith, Robert Vallera, CCIM, Stephen Dok, Jeffrey A. Chasan, SIOR, and Matthew Kennedy.
San Diego, CA (April 23, 2012) –Voit Real Estate Services has added five top-producing brokers to its San Diego office, including specialists in industrial, office, multifamily and healthcare properties.
This diverse team of highly experienced brokers includes, Brandon Keith, Robert Vallera, Jeffery Chasan, Stephen Dok, and Mathew Kennedy, according to Chris Wood, Managing Director of Voit’s San Diego office.
“Voit’s depth of expertise and reputation in San Diego is rising,” said Wood. “We started with some of the best brokers in San Diego, and now we are attracting more top industry talent, which further solidifies our strength in the market.”
Brandon Keith joins Voit as a Senior Vice President, specializing in industrial and office markets. Keith brings more than 18 years of experience in the commercial real estate industry to Voit, and has completed more than $550 million in sales and lease transactions.
Robert Vallera, CCIM, joins Voit as a Senior Vice President specializing in multifamily properties. Throughout his career, Vallera has completed more than 250 apartment transactions in San Diego. He was a Founding Principal of SD Commercial Reality Advisers, Inc., where he helped to build a 20-agent brokerage team that later became a core team at Grubb & Ellis. In 2011, Vallera was named a top producing broker at Grubb & Ellis, and was ranked as the company’s second-best apartment broker nationwide.
Jeffrey Chasan, SIOR, has been hired as a Senior Vice President in Voit’s San Diego office. Prior to joining Voit, Chasan served as a Senior Vice President at Grubb & Ellis, where he was recognized as a top producer in both 2010 and 2011. Chasan is widely recognized as one of the top tenant representation brokers in San Diego. He served as a Principal at SD Commercial Reality Advisers, Inc. and was recognized as a top producer for that firm from 2007 to 2010. He has specialized in tenant representation in the office market for both sales and leasing throughout Southern California since 1987.
Stephen Dok joins Voit’s San Diego team as a Vice President, specializing in healthcare and office properties. Dok also joins Voit from Grubb & Ellis after the SD Commercial Reality Advisers, Inc.’s team was absorbed into the Grubb & Ellis company. During his time with SD Commercial Reality Advisers, Dok specialized in the medical office market and was a top producer from 2007 to 2009.
Mathew Kennedy joins Voit as an Associate, partnering with Robert Vallera, specializing in multifamily properties. Prior to joining Voit, Kennedy served as an apartment research associate at Grubb & Ellis, where he was responsible for managing the company’s owner outreach program and producing quarterly multi-housing trend reports. Kennedy earned his Bachelor of Science in Economics from Arizona State University.
Judith Brower/Jenn Quader
Brower, Miller & Cole
HFF arranges $48 million construction loan for development of 175-room Residence Inn by Marriott in Boston, MA
BOSTON, MA – HFF announced today that it has arranged a $48 million construction mini-permanent loan for the development of the eight-story, 175-room Residence Inn by Marriott in Boston, Massachusetts.
HFF worked exclusively on behalf of Boylston Properties Company, Inc. to secure the three-year, floating-rate construction financing through US Bank.
Residence Inn by Marriott will be located at 121 Brookline Avenue in Boston’s Fenway/Kenmore neighborhood. Due for completion in June 2013, the Residence Inn by Marriott will provide select service and extended stay options in studio, one- and two-bedroom guestrooms.
Additionally, the property will feature approximately 6,000 square feet of ground-floor retail and underground parking. Hotel amenities include a breakfast area, lounge/bar, 700-square-foot meeting room, indoor rooftop pool, fitness center and outdoor terrace on the top floor.
The HFF team representing Boylston Properties Company, Inc. was led by senior managing director Fred Wittmann (top right photo) and director Greg LaBine (middle left photo).
“While hotel construction financing can be challenging in the current marketplace, the combination of premier Boston location, top brand and high quality sponsorship made this an attractive loan opportunity,” said LaBine. “Even with those positive attributes, US Bank needed to show great flexibility and imagination at key points in the process in order to get this financed. Further, US Bank provided great service in quickly getting through the documentation and closing process.”
Boylston Properties Company, Inc. is an urban mixed use developer based in Boston with experience in a wide range of successful projects including corporate headquarters, retail, office, residential, research facilities and mixed use properties. Boylston Properties draws upon 30 years of development experience in Boston, the last 10 years of which have been concentrated in the Longwood Medical Area/Fenway neighborhood of Boston.
U.S. Bancorp is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,085 banking offices in 25 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, and trust and payment services products to consumers, businesses and institutions.
FREDERIC E. WITTMANN
HFF Senior Managing Director
GREGORY F. LABINE
KRISTEN M. MURPHY
HFF Associate Director, Marketing
FLORHAM PARK, NJ – HFF announced today that it has arranged a $66.25 million construction loan for The Granary (top left photo), a luxury, mid-rise multi-housing development in Center City, Philadelphia’s Logan Square neighborhood.
HFF worked exclusively on behalf of the borrower, Pearl Properties, to secure the three-year construction loan through Wells Fargo Bank.
Upon completion in 2013, The Granary will have 227 one- and two-bedroom apartment homes averaging 842 square feet each, 20,654 square feet of ground level retail space and underground parking.
Community amenities will include a lobby/lounge, fitness center, library/music room, club room with terrace, business center and pet daycare center.
The Granary is located at 20th and Callowhill Streets adjacent to Whole Foods and close to the Benjamin Franklin Parkway, the historic Granary Building, Philadelphia Sports Club, The Barnes Museum and the Philadelphia Free Library.
The HFF team representing Pearl Properties was led by managing director Jim Cadranell (lower right photo)“It was a pleasure to represent Pearl Properties on this assignment to help create a first class property in one of the hottest apartment markets in the country,” said Cadranell.
Pearl Properties is a leading Philadelphia-based owner/developer of apartments, retail and mixed-use properties.
JAMES A. CADRANELL
HFF Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing