Monday, June 11, 2012

Charles Dunn Co. Completes $2 Million Sale of 20-Unit Multifamily Property in Los Angeles County

 LOS ANGELES, CA, June 11, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,075,000 sale of a 20-unit apartment property located at 225 N. Ave. 53 in Highland Park near the 110 freeway.  

Albert Shilton (top right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based 225 Avenue 53, LLC, and the buyer, Remedy Investors 2, LLC, from Los Angeles.

Shilton and Rogers generated nine offers for the property, ultimately selling it for a cap rate of 6.8 percent and a price per foot of $168. Both are indicators that have not been seen in Highland Park since 2008.

“After buying the foreclosed asset in mid-2011, the investor immediately began a renovation and lease-up program that resulted in this record breaking price,” said Rogers.

Built in 1991, the property totals 12,350 square feet and was 90 percent occupied at the close of escrow. 

 The unit mix consists of 10 one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units.

 “The buyer was drawn to the property because it was non-rent controlled and offered a strong unit mix,” said Shilton. “The condition of the building allowed the buyer to obtain agency financing. Based on a projected cap rate of 6.8 percent, the buyer should have terrific cash flow.”


Darcie Giacchetto
D.G. Communications, Inc.

Voit Real Estate Services Directs $5.6 Million Office Sale to National University in San Diego, CA

 San Diego, CA (June 11, 2012) – Voit Real Estate Services’ San Diego office has successfully directed the $5.6 million sale of a 31,421 square-foot office building located at 9980 Carroll Canyon Road (top left photo) in San Diego, Calif., on behalf of the seller.

The buyer, San Diego-based National University, the second-largest private, nonprofit institution of higher education in California and the twelfth-largest in the United States, plans to use this two-story building for administrative and educational purposes, according to Brian Mulvaney (middle right photo), CCIM, SIOR, a Senior Vice President in Voit’s San Diego Office.

 Mulvaney worked with Bruce Sanders (lower left photo), Paul Brown and Matthew Bean of Voit to represent the seller, Rancho Santalina, LLC, a San Diego-based real estate investment firm. The buyer, National University, was represented by John Bucher of John Bucher Real Estate.

“We understood the development potential of this property, which sits on a 5.03-acre parcel.  The excess land can accommodate an additional building, and potentially a parking structure,” said Mulvaney. 

 “We were successful in communicating this potential, and identifying a buyer who was seeking a property with opportunities for development down the road.”

This property is located just off of the I-15 freeway at the intersection of Carroll Canyon Road and Business Park Avenue in Scripps Ranch, San Diego.


Judith Brower/Jenn Quader
Brower, Miller & Cole
(949) 955-7940

NBC 5 / KXAS-TV Announces Construction Of State-of-the-Art Media Facility to Include Telemundo and NBC Universal Businesses

DALLAS and FORT WORTH, TX June 11, 2012 /PRNewswire/ -- NBC 5 / KXAS-TV has finalized plans for construction of a state-of-the-art broadcasting and multimedia news facility to be located in The CentrePort Business Park (top left photo), just south of the Dallas-Fort Worth International Airport (bottom right photo)

The technologically advanced facility is being specifically designed to provide the resources for journalists to collect, interpret and report the news and information most relevant to North Texans 24-hours each day on multiple distribution platforms.

 The 75,000-square-foot building will combine NBC 5 facilities currently located in east Fort Worth and Dallas to the 8.1 acre site in Fort Worth.  The project developer, KDC, will commence construction at the end of June with completion slated for late 2013.

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

Brian Hocker, +1-817-654-6380

Atlanta Commercial Real Estate Show Highlights How Businesses Can Improve Bottom Line through Tax Credits

ATLANTA, GA (June 11, 2012) – State and federal tax credits are among the most powerful tools available to help businesses improve their bottom lines and help real estate developers raise cash needed for their projects. However, a huge majority of companies and developers don’t take full advantage of the credits.

 On this week’s “Commercial Real Estate Show,” companies and investors gain insight on the availability of and the ways to benefit from tax credits.

“I would say greater than 80 percent of companies don’t capture every tax credit opportunity” available to them, said guest David McMillian (top right photo), president of McMillian & Associates.

 Depending on your location, tax credits are available for new hires, renewable energy projects, movie productions, small businesses that provide health insurance to their employees and companies that retrain their employees in new technologies and equipment, guests noted.

Businesses seeking to take advantage of tax credits benefit by the guidance of a specialist, in part because the credits can be obscure and the accompanying paperwork daunting,guests advised. “They are advertised. It really is a niche environment,” said Brett Weal, a senior manager with Reznick Group. “Get an expert upfront.”

 Real estate developers can receive either federal or state tax credits for building low-income housing projects, restoring historic buildings, building in impoverished areas and developing old textile-mill sites, among other credits. The developers are then able to sell the credits to raise the equity needed to execute their projects.

The public, the developers and the taxpayers who buy the tax credits all benefit in the process, guests said. “Developers in this day and age need cash for their projects,” said Chris Rogers (top left photo) of Tax Credit Advisors. “They [the developers] tend to not need these credits themselves … There’s a market out there for these tax credits, [and the tax payers] put cash into the projects in exchange for an allocation of the credits.”

 Developers can obtain more than one kind of credit for their projects, guests noted. Robert Lewis (middle right photo), a principal with Tax Credit Advisors, cited the example of one of his clients who “generated 45 percent of the project cost” by combining multiple types of tax credits on a single project.

 The full show on tax credits is available for download at

 The next “Commercial Real Estate Show” will be available June 14 and will provide an update on the REIT market.


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

Industry leader Steven Morgan joins Avison Young in Atlanta

ATLANTA, GA, June 11, 2012 /PRNewswire/ - Steve Dils (lower left photo), Avison Young Principal and Managing Director of the company's Atlanta office, announced today that leading real estate professional Steve Morgan (top right photo) has joined Avison Young'sbrokerage operations in Atlanta.

Effective immediately, Morgan joins Avison Young as a Principal. He will focus on his specialties of office sales, leasing and investments and will provide multi-market advisory for corporate and international clients.

He was most recently Senior Vice-President and Associate Broker at Grubb & Ellis in Atlanta.

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

Sherry Quan, Nat'l Director of Communications & Media Relations: (604) 647-5098; (604) 726-0959

First Green Bank President Speaks to U.S. Green Chamber of Commerce

 MOUNT DORA, FL --- Kenneth LaRoe (top right photo), president of First Green Bank in Mount Dora, spoke to the U.S. Green Chamber of Commerce in Orlando recently.

LaRoe told the group that the U.S. banking industry faces many challenges, including environmental leadership.

“Clearly America’s banking industry is behind the times on environmental issues,” LaRoe said. “At First Green Bank, one of our missions is to help eliminate that conservation gap,” he said.
First Green Bank is ranked as one of the most environmentally “green” banks in the U.S., according to the American Bankers Association and the Independent Community Bankers of America.

First Green Bank opened in 2009 and has a branch in Ormond Beach in addition to Clermont.    Its Mount Dora headquarters, opened late last year, is the second privately constructed building in Florida to qualify for the U.S. Green Building Council’s LEED Platinum certification for energy efficiency and environmental sustainability.  

For more information about this press release, contact:  

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100,

 Paul Rountree, President, First GREEN Bank, 352-483-9100,

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780,  

Pulte Homes Hosts More Than 130 People at Windermere Terrace Grand Opening

Windermere, FL--- Pulte Homes reports it hosted more than 130 people at the recent grand opening at Windermere Terrace, Pulte’s newest single family community located off Overstreet Road in Windermere.

Sean Strickler (middle right photo), vice president of sales for Pulte Homes in Central Florida, said guests enjoyed foods from local gourmet food trucks, Yum-Yum Cupcakes and the Crooked Spoon.

Strickler said guests also met new home sales consultants Kristi McCollom and CaliAnne Howell and toured the Madison (top and bottom photos) – a two story, four-bedroom, 3.5-bath model home priced from $329,990.

McCollom and Howell also unveiled eight floor plans for single-family homes at Windermere Terrace on 50-foot and 60-foot home sites.

“Windermere is such a highly desirable community we expected a good turnout but 130 prospective home buyers is a clear sign that interest is high and the housing market in the Orlando region is bouncing back,” said Strickler.

Windermere Terrace features wooded conservation and pond view homes.  Strickler said the eight new single family home designs offered at Windermere Terrace starting from the $220s have three to six bedrooms with two to four baths and range from 1,744 to 3,649 square feet with two and three car garages.

For more information about Windermere Terrace, visit  or call 407-656-1009.

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

Kara Lushear, Marketing Coordinator Pulte Homes North Florida Division,

Lyndsey Patterson, Director of Marketing, Pulte Homes North Florida Division, 407-661-2150 ext 1416 2301 Lucien Way, Suite 400, Maitland, FL 32751;;

 Sean C. Strickler, Vice President Sales, Pulte Homes North Florida Division, 407-661-1461;    

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;