Thursday, May 17, 2012

Watt Properties Awards Charles Dunn Co. 526,000-SF Retail Property Management Assignment in Los Angeles and Ventura Counties, CA

LOS ANGELES, CA. May 17, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been awarded a nearly 526,000 square foot property management assignment from Watt Properties, a division of Santa Monica, Calif.-based Watt Companies.

The seven-property portfolio consists entirely of retail centers – six of them located in Los Angeles County and one in Ventura County.

“We are honored to add Watt, a major regional commercial real estate owner, to our diverse roster of property management clients,” said Patrick Conn (top right photo), president of Charles Dunn Company’s Management Services division.

 “Our ability to proactively provide an entrepreneurial, hands-on approach combined with our depth of management resources, were both key factors in winning this substantial new business.”

The properties Charles Dunn will be managing range in size from nearly 11,000 square feet to more than 132,000 square feet. Romy Miura, senior portfolio manager with Charles Dunn, will oversee management on all seven locations with James Byun (lower right photo) serving as assistant property manager.

“This is the first time Watt has gone outside of its own firm for property management services,” said Wendy Campbell (middle right photo), vice president, property management, Watt Commercial Properties.

 “We selected Charles Dunn Company based on the firm’s consistently strong level of customer service and depth of expertise in successfully managing retail properties. Additionally, we were seeking a firm that was a match with our corporate culture and values that would be a natural extension of our company. Charles Dunn fit that requirement as well.”


Darcie Giacchetto
D.G. Communications, Inc.

Colliers International Completes $1.01 Million Sale of an 8-Unit Multifamily Property in Altadena, CA

Los Angeles, CA, May 17, 2012 – Colliers International, the third largest global real estate services organization, has completed the $1.01 million sale of an eight-unit apartment property located at 692 E. Pine Ave (top left photo). in Altadena, Calif.

 Han Widjaja Chen (bottom right photo) and Jeff Abraham of Colliers International represented the seller, a Northridge-based private investor. Chen also represented the buyer, Pasadena-based 692 Pine, LLC. The property was purchased at a 6.50 percent cap rate and was 100 percent occupied at the close of escrow.

“The Colliers International brokers worked together with the seller who was in a 1031 exchange, to identify a buyer for the property,” said Chen.

 “Additionally, there was a collaborative effort within Colliers to team with our firm’s North Los Angeles industrial brokers, John DeGrinis, Patrick DuRoss and Jeff Abraham, to help achieve the client’s business expansion by selling the apartment property and acquiring an industrial building for the seller’s business.”

Darcie Giacchetto
Spaulding Thompson & Associates

Colliers International Completes $4.46 Million Sale of a 40-Unit Multifamily Property in Glendale, CA


Los Angeles, CA, May 17, 2012. – Colliers International, the third largest global real estate services organization, has completed the $4,462,000 sale of a two-story, 40-unit apartment property located at 401-403 W. Glenoaks Blvd (top left photo). in Glendale, Calif.

Han Widjaja Chen (middle right photo) of Colliers International represented the buyer, Glendale-based Meridian-Kenwood, LLC.

Judy Stevens of Prudential California represented the seller, Arcadia-based 727 Del Coronado, LLC. The property was purchased at a 6.41 percent cap rate. The property was fully occupied at close of escrow.

 “Colliers International was able to negotiate a favorable price for this multifamily property,” said Chen.

“We also helped the buyer navigate through a grueling due diligence period. The buyer was pleased with the purchase and the high cap rate providing positive leverage for the buyer.”

 Chen added that the buyer plans to add value to the property by making capital improvements to the units and re-tenanting of the property.


Darcie Giacchetto
Spaulding Thompson & Associates

NAI Realvest Negotiates Two New Office Lease Agreements in Lake Mary, FL and Maitland, FL

MAITLAND, FL--- NAI Realvest recently negotiated two new lease agreements in Lake Mary and Maitland totaling 2,124 square feet of Class A office space.

 Senior Broker Associate Mary Frances West (top right photo) CCIM represented the tenant RPO Management LLC in the lease of 1,002 square feet at Lucien Green, 2250 Lucien Way, Suite 270 in Maitland.   Natany Bramingham, Inc. of Warrington, Pa., is the landlord and was represented
by Nathan Eissler of Realty Capital. 

In Lake Mary, West represented the landlord, Interchange-Primera II, LLC of Daytona Beach in a lease agreement with Stewart Title Company for suite 105 with 1,122 square feet in Primera Court II at 735 Primera Blvd.   The new tenant, who was represented by Nan McCormick (lower left photo) of CBRE, is relocating from Altamonte Springs.

 The 31,840 square foot Primera Court II is currently 96 percent leased.

For more information, contact:

Mary Frances West CCIM, Senior Associate NAI Realvest, 407-875-9989;
Patrick Mahoney, President NAI Realvest, 407-875-9989;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 

New Castle Hotels and Resorts Teams With RHS Holdings, LLC to Launch the Inns at Armory Square in Syracuse, NY

 SHELTON, CT and SYRACUSE, NY -- May 17, 2012 - -Officials of New Castle Hotels and Resorts, a leading hotel owner, operator and developer, today announced its joint venture and  long term management agreement for the Residence Inn/Courtyard by Marriott (top left rendering) project currently under development by RHS Holdings, LLC, a prominent Syracuse-based real estate development firm. 

The combination hotel, a 78- room Residence Inn and 102-room Courtyard by Marriot, constructed under one roof, will be located in the heart of the city’s Armory Square district and is the first new-build hotel in downtown Syracuse in more than 50 years.   

The hotels, scheduled to open a year from today, also mark the return of Marriott brands to downtown Syracuse.  The project is the largest, non-office building new construction project in downtown Syracuse in more than 25 years.

Armory Square (lower left photo) is one of the great urban redevelopment stories in the country.  In its heyday, the neighborhood was home to numerous hotels.  The addition of our hotels will assure the Syracuse visitors a unique and memorable experience,” said Richard Sykes, vice president RHS Holdings, LLC.

 Gerry Chase (middle right photo) and his team from New Castle have deep roots in Syracuse.  They’ve been involved in managing five hotels in the Syracuse market over the last 25 years, so their knowledge of the market, coupled with their hotel industry experience made them the only choice for this venture.”

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

Lauralee Dobbins
Daly Gray, Inc.

RealtyTrac® Reports U.S. Residential Foreclosure Activity Shifting Eastward

IRVINE, CA. – May 17, 2012 — RealtyTrac® (, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for April 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 188,780 U.S. properties in April, the lowest monthly total since July 2007.

April foreclosure activity decreased 5 percent from the previous month and was down 14 percent from April 2011. One in every 698 U.S. housing units had a foreclosure filing during the month.

“Rising foreclosure activity in many state and local markets in April was masked at the national level by sizable decreases in hard-hit foreclosure states like California, Arizona and Nevada,” said Brandon Moore (top right photo), CEO of RealtyTrac.

“Those three states, and several other non-judicial foreclosure states like them, more efficiently processed foreclosures last year, resulting in fewer catch-up foreclosures this year.

“In addition, more distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore continued.

“Our preliminary first quarter sales data shows that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.”  

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

Christine Stricker
949.502.8300, ext. 268

Michelle Schneider
949.502.8300, ext. 139

Order Custom Data:
Tyler White
949.502.8300, ext. 158