Wednesday, May 16, 2012

Avison Young adds top-producing capital markets veterans to New York City office

 NEW YORK CITY, NY,. May 16, 2012 /PRNewswire/ - Arthur J. Mirante, II (top right photo), Principal and Tri-State President of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today the hiring of two top-producing capital markets professionals to join the company's New York City office.

Effective immediately, Justin Piasecki (top left photo) joins Avison Young as a Principal and Amy Levenson joins as an Executive Vice-President in the New York office.

Piasecki most recently worked at the Carlton Group, where he was one of the
firm's top producers and dealmakers.

 Previously the head bank note trader with Goldman Sachs, Levenson brings more than 20 years of Wall Street experience to her role at Avison Young.

For a complete copy of the company’s news release, please contact:

Media Relations:
Christa Segalini, Beckerman PR                 
(201) 465-8021; (908) 448-8591 cell

Sherry Quan, Avison Young
(604) 647-5098; (604) 726-0959 cell

Austin-Based Legend Communities Finalizes Acquisition Of Galveston's Harborwalk Community And Yacht Club

GALVESTON, TX, May 16, 2012 /PRNewswire/ -- A real estate vision over 40 years in the making will soon be realized and further expanded with news that Austin-based development company, Legend Communities, Inc., has closed its acquisition of the 550-acre Harborwalk project (top left photo) in Galveston.

Legend Communities, a full service developer of master-planned lifestyle communities, multi-family and associated commercial and maritime projects in Central Texas, California and Colorado, completed the purchase of Harborwalk from U.S. banking franchise, BBVA Compass.

Legacy International Resort Properties, a real estate consulting, sales and marketing firm headquartered in Austin, brokered the deal on behalf of Legend Communities.

 First introduced by oilman John Mecom (middle right photo) as Flamingo Isles in the 1970s, the Harborwalk project currently features 380 lots, a 7,500-square-foot sales office, 156-slip marina expandable to 400 slips, 5,500-square-foot ship store, swim center with tiki bar, and an 11,000 square-foot yacht club with restaurant.

The closing also includes an additional 400 acres of land for home development, 60-plus acres for new canal development, and nearly 150 home sites.

For a complete copy of the company’s news release, please contact:

Al Sommers, +1-512-330-0500,

Agree Realty Announces Venice, FL Development Project

FARMINGTON HILLS, MI  /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired the southeast corner of Indian Avenue and S. Tamiami Trail in Venice, FL and will ground lease the parcel to JPMorgan Chase.

The Company and Chase have previously executed a twenty-year ground lease. Chase intends to construct a retail bank branch on the site.
"We are extremely pleased to announce another Florida development project on behalf of an industry-leading net lease tenant,”  said Joey Agree (middle right photo), President and Chief Operating Officer.

“With this announcement, we now expect to have five projects under construction by the end of the third quarter. We continue to expand our presence in Florida as our development team uncovers high-quality opportunities to add to our growing portfolio."

Agree Realty Corporation is primarily
engaged in the development and acquisition of single tenant retail properties leased to industry leading retail tenants. 

 Agree Realty owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 million square feet of leasable space.

For additional information, visit the Company's home page on the Internet at


Alan Maximiuk,
Chief Financial Officer,

KW Property Management & Consulting Adds Six New Clients and 1,941 Units in Miami, FL Area

MIAMI, FL, May 16, 2012 – KW Property Management & Consulting, a statewide leader in turnkey property management, has been selected to handle property management services for the following new residential and commercial clients:

999 Brickell Property, LLC (Commercial office building)
Square footage: 97,418
999 Brickell Avenue, Miami Fl, 33131 (top left photo)

Silver Shores Master Association, Inc. HOA
15601 Silver Shores Boulevard 
Miramar, FL 33027
1249 Units (top right photo)

Brickell Key II Condominium Association, Inc.
540 Brickell Key Dr. # C3
Miami, FL 33131
396 Units (middle left photo)

Yacht Harbour Condominium Association, Inc.
2901 S Bayshore Dr.
Miami, FL 33133
142 Units
Island Place at North Bay Village Condominium Association, Inc.
1455 N Treasure Dr.
North Bay Village, FL 33141
124 Units

Cloisters On the Bay Condominium Association, Inc.
3471 Main Highway
Coconut Grove, FL 33133
40 Units (lower right photo)         

 For more information, visit

Media Contact:

Brittany Nguyen
Becker Public Relations
2506 Ponce de Leon Blvd.
Coral Gables, FL 33134
Telephone 305/444-2181 X 221

Marcus & Millichap Facilitates Sale of Andover Bay Townhomes for $1 Million in St. Petersburg, FL

ST. PETERSBURG, FL, May 16, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Andover Bay Townhomes (top left photo), an 18-unit townhome subdivision located in St. Petersburg, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $1,000,000.

Casey Babb (middle right photo), a CCIM and senior multifamily specialist, and Luis Baez (lower left photo), multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership.  The buyer, a limited liability company, was secured and represented by Babb and Baez.

Andover Bay Townhomes is located at 7450 39th Place North.  This is a partially completed, 45-lot townhome subdivision.  The developed townhome units consist of five two-bedroom/two-and-a-half bath units at 980 square feet and 13 three-bedroom/two-and-a-half bath units at 1,400 square feet.  The ready-to-build lots will yield seven additional two-bedroom/two-and-a-half baths and 20 three bedroom/two-and-a-half bath townhomes.

“Andover Bay presented serious challenges due to construction defects that were uncovered during due diligence” comments Babb.  “At the final price however, it was a win-win situation for both the buyer and the seller.  The buyer plans to rehab the existing units, build out the vacant lots and hold the property as a rental until the ‘for-sale’ housing market improves” adds Babb.

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

Excess Space Retail Services Celebrates 20-Year Anniversary

LAKE SUCCESS, NY. – MAY 16, 2012 – Excess Space Retail Services (“Excess Space”) is celebrating its 20-year anniversary as the first national consulting and advisory firm to specialize in surplus real estate disposition and lease restructuring for retailers. 

The company was founded by President and CEO Michael Wiener (top right photo) in May 1992 and currently has offices in Lake Success, NY and Huntington Beach, Calif.

Highlights of Excess Space's success in the past 20 years include:

  • Over $3.5 Billion in savings to clients
  • Over 16,000 retail stores successfully disposed
  • Over 7,000 retail leases effectively restructured

 "In our 20 years, we have seen dramatic changes in the retail market including multiple peaks and valleys," said Wiener. 

"Today, albeit more cautiously, retailers have once again started to expand.  In fact,  many of those same retailers are simultaneously undertaking in-depth portfolio analyses, so as to identify weaker stores that can potentially be downsized, closed and/or relocated."

 Wiener went on to say that there is also a definitive trend towards downsizing/rightsizing as companies adjust to smaller footprint requirements mostly as a result of very strong internet sales.  For now and the foreseeable future, this trend will be a driving factor in many of the anticipated closings/relocations.

Excess Space can be found on Twitter@ExcessSpace.

For more information about the privately held firm, please visit


David Ebeling
Ebeling Communications
(949) 278-7851

Emerson International, Hanover Capital Partners acquire development site for 66 new homes on Avalon Road in Winter Garden, FL

ALTAMONTE SPRINGS, FL. --- Emerson International in Altamonte Springs and Hanover Capital Partners in Orlando, recently acquired a community development site approved for 66 homes on Avalon Road in the Winter Garden area.

 Eric Emerson (middle right photo) vice president and general manager of Emerson International, said the Emerson-Hanover Partnership plans to start development of the custom home community of Avalon Reserve immediately.

Emerson said new homes at Avalon Reserve will range in size from 2,300 to 4,700 square feet of living space priced from the $250s.. Home builders at Avalon Reserve will be announced in a few weeks, Emerson added.

Emerson International which has developed luxury communities and Class A office buildings in Orlando, Longwood and Altamonte Springs,  is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies.

  Hanover Capital Partners is a private, family real estate development and investment company headed by longtime Orlando home builder Bill Orosz (bottom left photo).

For more information, contact

 Eric J. Emerson, Vice President and General Manager Emerson International, 407-834-9560;;
William S. Orosz, President, Hanover Capital Partners, 407-206-9301;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

HFF arranges $17.4 million refinancing for seniors housing community in Los Angeles area

IRVINE, CA – HFF announced today that it has arranged a $17.4 million refinancing for Nantucket Creek (top left photo), a 172-unit seniors housing community in Chatsworth, California.

HFF worked on behalf of Universe Holdings Development Company to secure the 10-year, 3.88 percent, fixed-rate loan through Freddie Mac. 

The financing replaces the property’s senior note that was originated in 2004 when Universe Holdings acquired the property from the original developer. 

The loan will be securitized through Freddie Mac’s CME Program and HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.  In a separate transaction, existing mezzanine participating debt was paid off and Universe Holdings now owns the property outright.

 Nantucket Creek is located at 9225 East Topanga Canyon Boulevard in northwest San Fernando Valley in greater Los Angeles.

The 98.5 percent leased property is situated on 13.53 acres of land and has one-bedroom, one-bath units throughout. 

Community amenities include gated access, recreation room, clubhouse, library, fitness center, swimming pool, billiards room, shuffle board court and tennis courts.

The HFF team representing Universe Holdings Development Company was led by director Charles Halladay (top right photo).

“We are very pleased with the positive outcome and the timing of this transaction.  Our investors managed to improve their equity and cash flow position by participating in an orchestrated effort that concluded the complicated transaction on the day both loans were due,” commented Henry Manoucheri, chairman and CEO of Universe Holdings.

Universe Holdings Development Company is a private real estate investment firm that is aggressively purchasing multi-family properties throughout Southern California with an interest in rapidly growing their portfolio.


CHARLES W. HALLADAY                                    
Ca. Lic. #01756300                                           
HFF Director                                                       
(949) 253-8800        

HFF Associate Director, Marketing
(713) 852-3500                                            

CalPERS and GI Partners Launch $500 Million Fund to Buy Technology Advantaged Core Real Estate

SACRAMENTO, CA – The California Public Employees' Retirement System (CalPERS) announced today the launch of TechCore, LLC, a $500 million core real estate fund established with its real estate partner GI Partners to invest in technology advantaged properties in the United States.

The new fund, led by the Menlo Park, California-based GI Partners, will purchase data centers, internet gateways, corporate campuses for technology tenants, and life science properties located in core metropolitan cities throughout the nation and leased to industry leading tenants.

“This partnership represents the next generation of innovative investments to come in core real estate that is wired and ready to support the technology,” said Joe Dear (top left photo), Chief Investment Officer for CalPERS.

TechCore is a continuation of a long-standing and successful relationship between CalPERS and GI Partners. CalPERS committed $500 million to GI Partners Fund I in 2001, an investment that generated a 31 percent net annualized internal rate of return.

CalPERS committed additional capital to GI Partners Funds II and III and has awarded GI Partners select separate account mandates including CalEast Global Logistics, LLC, a transportation advantaged warehouse and logistics real estate owner and operator.

“We are pleased to further expand our relationship with GI Partners with the TechCore commitment,” said Ted Eliopoulos (middle right photo), CalPERS Senior Investment Officer for Real Assets. “We believe the firm’s experience, network and investment discipline will prove successful.”

CalPERS, with assets of approximately $235 billion, is the largest public pension fund in the U.S. It administers retirement benefits for more than 1.6 million California state, local government, and public school employees, retirees, and their families on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees.

 The average CalPERS pension benefit is $2,332 per month.

The average benefit for those who retired in the most recent fiscal year that ended June 30, 2011, is $3,065 per month.

 More information about CalPERS is available at


External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs