Thursday, June 7, 2012

Charles Dunn Co. Completes $19 Million Sale of Two Medical-Related Office Buildings in Orange County, CA

LOS ANGELES, CA, June 7, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $19,255,000 sale of two medical-related office buildings totaling approximately 100,000 square feet in the Orange County, Calif. cities of Cypress and Costa Mesa.

The buildings are fully occupied by WCCT Global LLC, an early phase drug development Clinical Research Organization (CRO).

Darrell Levonian (middle left photo), Justin Mendelson (lower right photo) and Fred Sheriff from the Charles Dunn Company’s Century City office represented the buyer Davies-Torrance Trust from the San Francisco area, and the seller, a private family LLC who also had a significant ownership interest in the tenant, WCCT Global. 

“This transaction was complex and multifaceted.  It spanned over one year from start to finish and involved the marketing team’s ongoing advisory input throughout the entire process,” said Darrell Levonian, executive managing officer with Charles Dunn Company.

“Each member of our team brought their own unique set of skills to the table to successfully execute the two-property portfolio sale on behalf of the ownership.” 

Levonian added that the relationship with the seller was born out of a disciplined prospecting protocol by Mendelson. The preference of the ownership was to sell the buildings to a single buyer, reorganize the debt and equity structure of its real estate holdings, and to diversify its overall portfolio.

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

Darcie Giacchetto
D.G. Communications, Inc.

Faris Lee Investments Completes $8.2 Million REO Sale of Coconut Marketplace in Kapaa, Hawaii

 IRVINE, CA, June 7, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $8.2 million sale of Coconut Marketplace (top left photo), a 66,265 square foot retail center situated on 7.6 acres on the island of Kaua’i.

 The property is located at 4-484 Kuhio Highway in the Kapaa-Wailua area, one of only two major resort retail destinations in Kauai and the only resort destination on the East Shore.
Donald MacLellan (top right photo), senior managing director, and Christopher Tramontano (middle left photo), director, with Faris Lee Investments represented the seller, LNR Partners, LLC, who was in foreclosure on the property.

  RSI Real Estate along with the Beall Corporation represented the all-cash buyer, Honolulu-based SMK Inc. Faris Lee garnered ten offers on the property from local and mainland investors, as well as larger investment funds. The firm employed an aggressive positioning strategy for Coconut Marketplace, a retail center hard hit by the economic downturn.

“This property was approximately 60 percent vacant with another 25 percent of the tenants in default at the close of escrow,” said MacLellan.

“We marketed Coconut Marketplace as a rare, value-add fee simple opportunity in Hawaii. The asset is in need of a significant repositioning as well as some necessary capital improvements to ultimately attract new tenants that will appeal to both locals and visitors.” 
Built in 1972 and renovated in 2006, Coconut Marketplace is located along Kuhio Highway which sees 28,340 vehicles per day and is a short distance from the Lihue airport. The property is just steps from the Pacific Ocean and benefits from outstanding access and visibility.

“Faris Lee Investments has a deep, decade-long history completing complex, retail center transactions throughout Hawaii,” said Rick Chichester, president and COO with Faris Lee Investments.

“It is a very localized market with a unique tourism and residential base. We worked to identify an ideal buyer who understood these market fundamentals. We believe they will be able to maximize value for the center as well as add to the retail options of those who patronize the center.”

MacLellan added that this is the third retail center sale Faris Lee has completed for LNR over the past few  years. In late 2011, Faris Lee completed the $79.3 million sale of The District at Green Valley Ranch (bottom left photo), a 384,107 square foot landmark community retail center near Las Vegas.


Darcie Giacchetto
Spaulding Thompson & Associates
For Faris Lee Investments

Colliers International Completes $1.95 Million Sale of Office Property in Thousand Oaks, CA

Thousand Oaks, CA. – Colliers International, the third largest global real estate services organization, has completed the $1.95 million sale of an approximately 12,800 square foot office property located at 199 E. Thousand Oaks Blvd. in Thousand Oaks, Calif. 

 Chris Itule (top right photo), senior associate, Jeff Albee (middle left photo), senior vice president, and Jeff Gould (lower right photo), senior associate, of Colliers International represented the seller, a locally based private family trust, as well as the buyer, who is a financial services owner/user that plans on relocating its business to this building.

“Through an aggressive marketing campaign, Colliers reached out to the owner/user tenant base in the area,” said Itule. “We received multiple competitive offers and selected the most qualified owner/user buyer to close on this transaction.”

 Situated adjacent to the 101 and 23 freeways, the property was built in 1964 and is a multi-tenant asset which is well-located just east of the busy intersection of Thousand Oaks Blvd. and Moorpark Road.


Darcie Giacchetto
Spaulding Thompson & Associates

Marcus & Millichap Hires Bruce Stankavage as a Self-Storage Investment Specialist in Columbia, SC Office

COLUMBIA, SC– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Bruce Stankavage (top right photo) as an associate in the firm’s Columbia, S.C., office, according to Gary R. Lucas (lower left photo), managing director of the firm and regional manager of the Columbia office.

In his new position, Stankavage will focus on the sale of self-storage properties in North Carolina, South Carolina and Virginia. He is also a member of the firm’s National Self-Storage Group (NSSG). Stankavage is partnered with Michael A. Mele in Marcus & Millichap’s Tampa office.

Stankavage began his career in 1999 as an owner, developer, operator, manager and investor of self-storage facilities. Throughout his career, he has been involved in more than $100 million in self-storage transactions throughout his career.
Stankavage received his Bachelor of Arts degree from Lafayette College.

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

American Healthcare Investors Secures $200 Million Credit Facility on Behalf of Griffin-American Healthcare REIT II

NEWPORT BEACH, CA – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT II, Inc., announced  that the REIT has entered into a $200 million unsecured revolving line of credit with Merrill Lynch, Pierce, Fenner & Smith Incorporated and KeyBanc Capital Markets as joint lead arrangers.

Bank of America will serve as administrative agent with KeyBank National Association acting as syndication agent.  The credit line may be increased up to $350 million upon meeting certain conditions.  The unsecured credit facility may be utilized to acquire, finance or re-finance properties, as well as for other corporate purposes.

 “Since the beginning of 2012, Griffin-American Healthcare REIT II has expanded its portfolio of healthcare-related properties by more than 60 percent, based on purchase price, to approximately $724 million,” said Jeff Hanson (top right photo), principal of American Healthcare Investors and chairman and chief executive officer of Griffin-American Healthcare REIT II.

 “Thanks in part to lending partners like Bank of America, KeyBank National Association and the other lender parties to this new line of credit, we are equipped to continue our pursuit of attractive acquisitions.”

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

 Damon Elder                                                                                     
 (714) 356-1460

Davidson Hotels & Resorts to Operate Hyatt Chicago Magnificent Mile

 CHICAGO, Ill., June 7, 2012—Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced that it has taken over management of the rebranded 417-room Hyatt Chicago Magnificent Mile (top left photo)which will undergo a $25 million re-invention that will completely transform the hotel into Chicago’s newest Hyatt hotel.

 Owned by Sunstone Hotel Investors, the Hyatt Chicago Magnificent Mile marks the second hotel that Davidson operates on behalf of Sunstone, and its seventh Hyatt-branded hotel. 

“Davidson has deep insight into the Chicago hotel marketplace, as we’ve owned and operated properties throughout the Windy City for over 15 years,” said Patrick Lupsha (middle  right photo), Davidson’s chief operating officer.

 “With a $25 million renovation and the implementation of our proprietary management and marketing systems, the hotel is well positioned to stand out among its peers.”

Located at 633 North Saint Clair Street in Chicago, the 17-story hotel is adjacent to Northwestern University’s Downtown campus and Northwestern Memorial Hospital, just steps from Chicago's Gold Coast, Lake Michigan and the famed Magnificent Mile retail district. 

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

Jerry Daly/Chris Daly
Daly Gray, Inc.

Cyndi Norwood                                                         
Davidson Hotels & Resorts                                       
(678) 349-0909                                                           


Interstate Hotels & Resorts Opens Third Netherlands Hotel

ARLINGTON, VA, June 7, 2012—Interstate Hotels & Resorts today announced the opening of the 80-room Holiday Inn Express Amsterdam-South (top left photo) effective June 1. 

The hotel is the third of a nine-hotel portfolio currently being developed across the Netherlands.  As previously announced, the portfolio is jointly owned by Interstate and TVHG Budget Group Beheer BV (TVHG) and operated by Interstate Hotels & Resorts under long-term contracts.

“Europe is a significant part of our strategic growth plan and this partnership with TVHG demonstrates our commitment to the region, particularly with well-regarded local partners,” said Jim Abrahamson (lower right photo), Interstate’s chief executive officer. 

 “These nine hotels will give us a significant market presence in this vibrant country and we look forward to continuing our partnership with TVHG.” 

Located in Amsterdam’s financial district with tram and bus stops at the door, the Holiday Inn Express Amsterdam South is convenient to the VU Medical Center and the RAI Congress Center. 

For more information, visit

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

Jerry Daly/Chris Daly
Daly Gray, Inc.

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289                                                                        

Robert Kellogg Joins Lincoln Property Company Southeast’s Orlando Office

ORLANDO, FL (June 7, 2012) – Robert Kellogg (top right photo), an experienced broker who has spent his entire career in the central Florida market, has joined Lincoln Property Company Southeast’s Orlando office as vice president, office.

At Lincoln, Kellogg’s main focus will be on representing tenants and landlords in office leases.

Most recently the vice president of Grubb & Ellis’ Office Services Group in Orlando, Kellogg’s areas of expertise include the leasing of office, industrial and medical properties.

He also has represented property owners in the purchase and sale of buildings. Kellogg has worked for several of Orlando’s top brokerage firms, including NAI Welsh, where he served as a leasing agent, and GVA Advantis, where he was an associate director.

 For more information on the Southeast Region of Lincoln Property Company, please visit

To check out the blog, go to

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

Stephen Ursery
Wilbert News Strategies