Tuesday, May 22, 2012

John McRitchie Joins McCarthy Building Companies, Inc. as Vice President, Commercial Services in Southern California

NEWPORT BEACH, CA,  MAY 22, 2012 ––McCarthy Building Companies, Inc., one of Southern California’s preeminent builders, recently added John McRitchie (top right photo) to the firm’s commercial services team as vice president, commercial services in the Southern California Division.

Formerly a vice president, project executive for Rudolph & Sletten, Inc., McRitchie brings more than 18 years of experience in the California construction marketplace. His diverse background includes significant projects in higher education, laboratory, R&D, justice, entertainment and mixed-use facilities.

“John’s vast experience in technically complex projects, preconstruction abilities and proven ability to keep all project stakeholders working together and focused on a common goal will be a tremendous asset to our already strong commercial business team,” said Mark Mardock, McCarthy executive vice president for education and commercial services.

Vegas; Dallas; Houston; St. Louis and Atlanta.  McCarthy is 100 percent employee owned.  More information is available at.
For a complete copy of the company’s news release, please contact: 

Laura Mickelson (LM Communications)
(949) 453-0851

Susan Garritano (McCarthy Building Companies, Inc.)
(314) 968-3300

HFF arranges financing for The Roosevelt Collection in Chicago, IL

 CHICAGO, IL – HFF announced today that it has arranged financing for The Roosevelt Collection (top left rendering), a mixed-use development in Chicago, Illinois.

HFF worked on behalf of the borrower, a joint venture between McCaffery Interests, Inc. and Canyon Johnson Urban Funds, to secure the senior loan through Prime Finance. 

The Roosevelt Collection is located at 150 West Roosevelt in Chicago’s South Loop neighborhood.  Completed in 2009, the mixed-use property consists of nearly 400,000 square feet of retail space, 342 multi-housing units and a 1,500 stall parking garage in addition to development rights for three additional residential towers totaling 1,158 units. 

The multi-housing portion of the property is currently 95.6 percent leased.  The retail portion of the property is currently leased to Kerasotes Show Place ICON Theater and is undergoing leasing development.  Active negotiations are underway with several other retailers and restaurant operators to complete retail leasing for the project. 

The HFF team representing the borrower was led by senior managing director Mike Kavanau (middle right photo) and managing director Steve Skok (lower left photo).

McCaffery Interests, Inc. is a Chicago-based firm which targets investment and development opportunities located in urban, in-fill locations.  Since 1991, McCaffery Interests has successfully acquired, developed and/or redeveloped nearly $1 billion of outstanding real estate assets, including numerous mixed-use projects.

Canyon Johnson Urban Funds, a series of joint ventures between Canyon Capital Realty Advisors and Earvin “Magic” Johnson, have been successfully deploying equity and debt capital in densely populated, ethnically diverse communities across America since 2001.   


MICHAEL KAVANAU                              
HFF Senior Managing Director             
(312) 528-3650                                       

STEPHEN SKOK                                
HFF Managing Director               
(312) 528-3650                               

HFF Director, Marketing
(713) 852-3500

CEO Nexus to Host CEO Forum at Rollins College June 12 with Philip Holt, Founder of Video Game Studio Row Sham Bow

 ORLANDO, FL--- CEO Nexus will host its next CEO Forum at Rollins College Tuesday, June 12, featuring keynote speaker Philip Holt (top right photo), founder, president and chief executive officer of online gaming studio Row Sham Bow in Orlando.

Steve Quello (bottom left photo), president of CEO Nexus, said the Forum, which begins at 6 p.m. in the Gallery at Rollins College, is open to area CEOs and corporate principals.

To register for the CEO Forum at Rollins, or to learn more about CEO Nexus, visit http://www.ceonexus.com/.     

 For more information about  this press release, please contact:

 Linda Pope, Events Coordinator, CEO Nexus 407-590-6101, PopeL@ceonexus.mobi;

Tom O’Neal, Ph.D, Executive Director, Florida Economic Gardening Institute/GrowFL 407-882-1120, oneal@ucf.edu

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com  

Marcus & Millichap Promotes Erin E. Patton to Associate Vice President Investments

 COLUMBUS, OH –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Erin E. Patton (top right photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Michael L. Glass (lower left photo), vice president and regional manager of the firm’s Columbus office.

Most recently, Patton held the title of senior associate.

Patton began her career with Marcus & Millichap in November 2004 and was named senior associate in November 2007. She specializes in the sale of retail and net-leased real estate and has received three sales recognition awards from the firm.

 Contact:  Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap arranges sale of Storage House in Gulfport, FL for $1.135 Million

ULFPORT, FL, – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Storage House (top left photo), a 23,400-square foot self-storage facility located in Gulfport, Florida, according to Richard Matricaria (middle right photo), regional manager of the firm’s Tampa office.

The asset commanded a sales price of $1,135,000.

Adam Wides (middle left photo), a self-storage specialist and Michael A. Mele (lower right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group, both in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

he buyer, a private investor, was secured and represented by Mele and Wides.

Storage House is located at 1219 49th Street South.  The facility sits on 0.98 acres of land and was constructed in 2000.  This asset consists of two single-story buildings with a total of 183 self-storage units, of which 142 are climate-controlled.  Amenities include; perimeter fencing, video surveillance, roll-up doors, gated entry, electronic security and a manager’s office.

“Adam has done a great job of marketing smaller properties to our private clients”, says Mele.   “We are very pleased with the execution of the transaction. The buyer was a first time buyer who received financing through the SBA 504 program. The deal took less than 40 days to complete and it went through seamlessly” adds Wides.

Press Contact: Richard Matricaria, Regional Manager, Tampa, (813) 387-4700

Retail Real Estate Set for Rebound, Predicts Atlanta Law Firm

 LAS VEGAS, NV - Fueled by luxury retailers and discount retailers such as dollar stores, the retail real estate sector is poised to experience increased leasing and improving fundamentals in the second half of 2012.

 That’s the take of Hartman Simons, an Atlanta-based national commercial real estate law firm that represents both tenants and landlords in retail leases as well as developers in retail developments.

 The firm’s attorneys provided their analysis of the sector as the 2012 ICSC RECon convention got underway in Las Vegas. The convention began on May 20 and will run through May 23.

 “The amount of leasing activity we’re involved in is 10 times what it was a year ago,” said Peter Hartman (top right photo), a partner with the firm. “Of course, it’s all relative. It’s not yet close to where it was in 2006 or ’07.”

“Retail real estate is certainly healthier and moving in the right direction,” Hartman said. “There have been fits and starts, but overall the entire sector from our perspective is greatly improved.”

 The return of some large and important retailers such as Target to new developments and the growth of discount retailers like Dollar General are two of the trends fueling the sector’s increased development and leasing activity, according to Hartman. The firm has recently represented developers in the development of Target-anchored centers in the Southeast.

As for store performance, luxury and discount retailers are both thriving, Hartman said. “It’s the mid-level space that seems to be pretty flat,” he added.

 Retail developers have grown “selectively aggressive” in pursuing new opportunities in part because financing has become easier to obtain, according to Hartman. And those new opportunities usually involve residential and sometimes office uses, he said.

 “Everybody’s big on having a multifamily component, or at least being near multifamily,” Hartman said.

 Hartman Simons is representing North American Properties in its development and construction of Avalon (lower left photo), a $600 million, mixed-use project in suburban Atlanta.
For more information, go to www.hartmansimons.com or call 770-955-3555.

  Public Relations Contact:

 Tony Wilbert
Wilbert News Strategies

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

CRE Show Urges Borrowers and Lenders to Get Real about Troubled Loans

 ATLANTA, GA (May 22, 2012) – Be prepared and be realistic.

 That’s the essence of the advice offered to borrowers and lenders dealing with troubled loans in the latest episode of “America’s Commercial Real Estate Show.”

In the episode, show host Michael Bull (top right photo) and his guests take a detailed look at loan workout strategies and the various issues surrounding non-performing loans.

“If you’re a lender, get on [the troubled loan] early,” said Bull, the founder and president of Bull Realty. “Bring in professionals. If you’re a borrower, develop a plan.”

 Non-performing loans continue to plague the commercial real estate sector, noted Tom Fink (top left photo), senior vice president for Trepp LLC. Approximately 10 percent of CMBS loans are delinquent, and the total value of such loans is about $60 billion, he said. Furthermore, CMBS loans totaling $120 billion are set to mature over the next two years and roughly half of those are underwater, he added.

Shows guests offered a range of tips for borrowers and lenders saddled with troubled loans.

 A lender should “be a Boy Scout: be prepared,” said Mindy Planer, a partner with the Arnall Golden Gregory law firm. “Know what your best recovery is and know what the borrower is going to want.”

 Lenders should also be careful about launching lawsuits against troubled borrowers to maximize their recoveries and should instead move quickly to take hold of the non-performing asset, said John A. Christy (middle right photo), a managing partner of the Schreeder, Wheeler & Flint law firm.

 “For some reason, [lenders] feel there’s some need to ignore the realities of the financial situation of the borrower … so what they do is defer getting their hands on the real estate and get mired in these counter-claims and endless litigation that puts off the inevitable,” he added.

 “That’s a good point: with some of these borrowers, there’s so many people chasing them anyway, it’s like a worthless cause,” Bull added.
Guests said borrowers should take the time to understand the motivations and capabilities of their lenders. “Sometimes banks are under a consent decree or something that actually prevents them from doing certain actions,” said Joe Briner (middle left photo), a partner with GGG Partners, a corporate turnaround firm. “So being aware and building that into the process of negotiating is an important aspect of getting loans worked out successfully.”

Michael Bull will also speak on loan workout strategies at the Information Management Network’s upcoming Southeast Bank/Financial Institutions Forum on Special Assets and Real Estate Workouts on June 28-29 at the Hyatt Regency in Atlanta.

 The next “Commercial Real Estate Show” will be available May 24 and will feature interviews from the International Council of Shopping Centers’ annual RECon trade show and convention in Las Vegas.

 Public Relations Contact:

 Tony Wilbert
Wilbert News Strategies

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

Two Cassidy Turley Buildings Win Regional TOBYs

ATLANTA, GA – [May 22, 2012] Cassidy Turley, a leading commercial real estate services provider in the U.S., said today that two Atlanta office buildings it manages won 2012 TOBY Awards from the Building Owners and Managers Association (BOMA) Southern Region.

 BOMA Southern Region bestowed The Outstanding Building of the Year (TOBY) designation on the Georgia Power Company headquarters tower (top left photo) at 241 Ralph McGill Blvd. The landmark tower competed in the Office Building, 500,000 to 1 Million Square Feet category.

Piedmont West  (middle right photo) at 1800 Howell Mill Road was recognized as the Southern Region Medical Office Building of the Year.

 “We’re honored that BOMA selected two Cassidy Turley-managed buildings for TOBY Awards,” said Holly Hughes (lower left photo), senior managing director of Cassidy Turley Atlanta. “Cassidy Turley is committed to providing excellent property and facility management for our clients.”

 BOMA’s TOBY Awards recognize properties that exemplify superior building quality and management practices. TOBY Awards are the most prestigious and comprehensive programs of their kind in recognizing quality in commercial buildings and rewarding excellence in commercial building management.

 The Georgia Power Building is a 24-story tower with more than 853,000 square feet of office space. Piedmont West is a 10-story medical office building with 264,000 square feet of office and ground-level retail space.

Because Georgia Power headquarters and Piedmont West won regional TOBYs, they now advance to the international TOBY Awards level. International award winners will be announced at the BOMA International Conference in Seattle in late June.

Public Relations Contact:

 Tony Wilbert
Wilbert News Strategies

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