Thursday, July 19, 2012

IPA Sells 264-Unit Apartment Complex in San Antonio, TX


 SAN ANTONIO, TX, July 19, 2012 –Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of The Venetian (top left photo), a  182,984-square foot multifamily asset in northwest San Antonio. The terms of the sale were not disclosed.

Will Balthrope (middle right photo), an IPA executive director, and Scott Lamontagne (lower left photo), an IPA director, represented the seller, a private syndicator from the Pacific Northwest. Balthrope, Lamontagne and Drew Kile, an IPA associate director, also secured the buyer, an individual investor from the Northeast.

 “Strong rental conditions and attractive returns make San Antonio multifamily assets appealing to institutional investors,” says Balthrope.

“The Venetian presented the investment community with an excellent opportunity to add value,” adds Lamontagne.

“The northwest quadrant of San Antonio is known for its high concentration of corporate employers, which provide a steady flow of potential renters and job opportunities,” comments Kile.

Located at 7771 Joe Newton St., the property is situated in a highly visible location just off Culebra Road, which has a traffic count of 45,000 vehicles per day. The location is less than one mile from inner Loop 410, approximately four miles from outer Loop 1604 and is approximately three miles from Highway 151, which bisects the award-winning, 1,300-acre, master-planned Westover Hills community.

The Venetian features gated access, lighted tennis courts and basketball courts, two large swimming pools, a 24-hour fitness center, a slate billiard table, and a large TV lounge with built-in kitchen and views of the main pool and tennis court.


Stacey Corso
Public Relations Manager
(925) 953-1716

Essex Realty Group Brokers the Sale Of Mixed-Use Property Building in Chicago, IL

 CHICAGO, IL, July 19, 2012- Essex Realty Group, Inc. is pleased to announce the sale of 1459 W. Taylor, a 5 unit mixed-use property, anchored by a Potbelly Sandwich works and located in the heart of Little Italy.  

There are 4 apartments at 1459 W. Taylor, with the following unit mix: One 2,172 SF Storefront, Two 2 Bed/1 Bath Apartments, Two 3 Bed/1 Bath Apartments and Two tandem outdoor parking Spaces.

Jim Darrow (top right photo) and Jordan Gottlieb (top left photo) of Essex represented the sellers and Doug Imber and Kate Varde represented the buyers in the transaction.  The price was approximately $1,458,333.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 Essex Realty Group Brokers Sale Of  2 Apartment Buildings in Chicago's Rogers Park Neighborhood

 CHICAGO, IL, July 19, 2012 - Essex Realty Group, Inc. is pleased to announce the sale of 1257-1310 W. Lunt, two vintage corridor style apartment buildings located across the street from one another in Chicago’s Rogers Park neighborhood. 

The subject properties consist of 54 apartments in 1257 W. Lunt and 56 apartments in 1310 W. Lunt. Combined the Apartment Unit Mix consists of seventy-nine Studios and thirty 1 bed/1 bath, and one 2 bed/1 bath.

 Doug Imber (lower right photo) and Kate Varde (lower left photo) of Essex were the brokers in the transaction.  The price was approximately $6,500,000


Douglas S. Imber
Essex Realty Group, Inc.

Marcus & Millichap announces sale of Tellus self storage portfolio in Tennessee for $4.5 million

 MEMPHIS MSA, TN, July 19, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tellus Self Storage Portfolio (top left photo), a 198,910-square foot self-storage facility located in the Memphis MSA, Tennessee, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $4,500,000.

Michael A. Mele (middle right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group (NSSG) in the Tampa, Fla. office of Marcus & Millichap and Anne Williams, associate and broker of record in the firm’s Memphis, Tennessee office, represented the Mississippi-based seller. 

Tellus Self Storage Portfolio is located at 7384 Raleigh LaGrange Road. Each facility is equipped with both climate and non-climate controlled units among a variety of other amenities.  Combined, the portfolio has a total of 146,355 net rentable square feet and 844 storage units.

“This deal is a great example of how effective the Marcus & Millichap marketing platform is,” comments Mele. “Through our extensive marketing, we were able to find a first time buyer from out of the region for a property in Memphis, Tennessee and close the deal with CMBS financing,” adds Mele.

 “This was a great match between a motivated seller and a buyer eager to transact in the current market,” offers Williams.          

Press Contact:

 Richard D. Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700

Voit Real Estate Services Adds Powerful Office Team in Las Vegas

Las Vegas, NV  (July 19, 2012) – The Cayton Office Team, led by Jayne Cayton (top right photo) and recognized as a top-producing brokerage team in the Las Vegas market, has joined Voit Real Estate Services’ Las Vegas office. 

The addition of this team is in line with Voit’s ongoing strategy to have top teams in place in each commercial product type in the Las Vegas market, according to Mike Montandon, Managing Director of Voit’s Las Vegas operations.

“Voit’s Las Vegas office was founded by the top industrial and retail brokers in our region, including Kevin Higgins and Kit Graski.  The addition of this top-producing Office Team further expands our depth of expertise, providing the opportunity to create additional solutions for our clients by expanding our work with office product in the market,” explained Montandon.

The Cayton Office Team includes Jayne Cayton and Paula Lea (lower left photo), each of whom brings extensive market knowledge and an entrepreneurial spirit to Voit, according to Montandon.

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

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

Colliers International Names Kevin McKenna as Executive Vice President, Industrial Specialty in Ontario, CA Office

 July 19, 2012 – Ontario, Calif. – Colliers International, the third largest global real estate services organization, has named Kevin McKenna (top right photo) as executive vice president, industrial specialty, based in the firm’s Ontario, California office.

McKenna has completed more than $3 billion of real estate transactions in his 25-year career and has been perennially ranked in the top tier of industrial brokers in the country. He comes to Colliers from CBRE where he served as executive vice president.

“Kevin is regarded as one of the most successful commercial real estate brokers within Southern California. Bringing him on board adds even more top-flight quality to our industrial bench,” said Martin Pupil (lower left photo), regional managing director, greater Los Angeles, Colliers International.

 “Kevin will now round out our Inland Empire office and create an even stronger presence for our industrial group, especially in the institutional client area, where Kevin excels.”

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

Darcie Giacchetto,

Colliers International Awarded 3.8 Million SF Industrial Property Management and Leasing Assignment in California

 Ontario, CA, July 19, 2012. – Colliers International, the third largest global real estate services organization, has been awarded a property management and leasing assignment totaling nearly 3.8 million square feet.

 The firm will manage a Southern California industrial and distribution property portfolio which includes 18 facilities within the counties of San Bernardino, Los Angeles and Orange on behalf of Hawaii-based owner, James Campbell Company LLC.

“We selected Colliers International to manage our sizeable Southern California industrial portfolio because of the firm’s exceptional performance on two Campbell portfolios of similar size in Chicago and Atlanta,” said Sydni Roberson, vice president of James Campbell Company.

“Colliers has delivered standardized integration with Campbell’s proprietary systems, access to a national network of real estate professionals and resources, and proven results in the management and leasing platform,”

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

Darcie Giacchetto,

Interstate Hotels & Resorts Forms Joint Venture, Acquires Williamsburg, Va. Hotel


 ARLINGTON, VA and WILLIAMSBURG, VA., July 19, 2012—Interstate Hotels & Resorts today announced that it has formed its fourth joint venture with Waramaug Hospitality LLC and a private investment group and acquired the 295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg) (top left photo) for an undisclosed amount.

 The hotel will immediately undergo a $7.5 million comprehensive renovation and convert to the upper upscale DoubleTree by Hilton brand.  Interstate will manage the hotel under a long-term contract.

“We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer. 

“With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market.”

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

Jerry Daly, Chris Daly                                                      
Daly Gray                                                                            
(703) 435-6293                                                                                                               

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

Wyndham Hotel Group Announces First Wyndham Hotel in Scotland


LONDON (July 19, 2012) – Wyndham Hotel Group, the world’s largest hotel company with over 7,150 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today signed a franchise agreement with MAP Property & Leisure Developments Angus Limited (Mappld) to open the first Wyndham® Hotels and Resorts branded property in Scotland, Wyndham Grand The Angus.

Located adjacent to the Forbes of Kingennie Resort just five miles from Dundee, the five-star hotel will be the second Wyndham®-branded hotel in the U.K., joining Wyndham Grand London Chelsea Harbour (top centered photo)in London, and is expected to open in 2015.

Wyndham Grand The Angus will include 187 guest rooms and 10 two-bedroom luxury lodges that stand alongside an 18-hole championship golf course designed by Darren Clarke (top right photo), Open Champion 2011-12 at the heart of a new five-star destination resort.

Additional information is available at
For more information about hotel franchising opportunities visit

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

Helen Coop, Susannah Porsz or Julie Giraud
The Communications Building,
 Leicester Square
+44 (0) 870 626 9000

10th New South Florida Condo Tower Begins Construction And More To Come


MIAMI, FL -- With one new condo tower already completed in South Florida, developers have initiated construction on at least 10 new high-rises - the latest being the 374-unit Brickell House (top left rendering) in Greater Downtown Miami that hosted a groundbreaking on July 18, 2012 - and are planning to assemble several more construction cranes in the next 18 months as the post-crash development era gains momentum, according to a new report from

Miami City Commissioner Marc Sarnoff (lower right photo) - who was a guest speaker at the BrickellHouse construction launch ceremony - predicted that "between 15 and 17 cranes" would be assembled in Greater Downtown Miami and the nearby neighborhood of Coconut Grove by the end of 2013.

"You would all agree the [previous Miami] building boom was extravagant and was extraordinary," Sarnoff said. "It is good to see that Miami is coming back."

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Winston James Development negotiates expansion lease agreement with Surf Board Manufacturer at Beville Road Business Park in South Daytona, FL

SOUTH DAYTONA, FL --- Winston James Development, Inc. recently negotiated a lease agreement  at Beville Road Business Park located on Beville Road at SR 5A in South Daytona.

Winston Schwartz (top right photo), president of Winston James Development, which developed the Beville Road Business Park, said he completed an expansion lease for NCounter, a surf board manufacturer that’s well known in the area. The lease totals 1,050 square feet.

For more information,  contact:

 Winston Schwartz, President, Winston-James Development, Inc.  933 Beville Rd., South Daytona, Fla. 32119; 386-760-2555;
Larry Vershel, Larry Vershel Communications 407-644-4142

Faris Lee Investments Completes Sales to Two Bank-Occupied Properties in Los Angeles County Totaling More Than $7.8 Million

 IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the sales of two single-tenant NNN leased bank properties in Los Angeles County totaling more than $7.8 million. The assets include a property occupied by California Bank & Trust in San Dimas and a property occupied by Chase Bank in Eagle Rock.

Built in 1989, the California Bank & Trust property totals 10,415 square feet and sold for $3,681,000. It is situated on .82 acres and is located at 530 W. Bonita Avenue in San Dimas.

Dennis Vaccaro (top right photo), senior managing director, and Matthew Mousavi (lower left photo), director, with Faris Lee Investments represented the buyer, 850 “F” Street LLC from San Jose, Calif. Vaccaro and Mousavi also represented the seller, Newport Beach-based CIM Financial LLC. The closing cap rate was 5.95 percent.

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

Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

Voit’s Phoenix Office Expands Asset Services Division With Addition of Eva Bates

 Phoenix, AZ – As part of its strategic effort to further grow its asset and property management services, Voit Real Estate Services’ Phoenix office has announced the addition of Eva Bates (top right photo) as a Property Manager, according to Don Morrow (lower left photo), Managing Director of Voit’s Phoenix operations.

Coinciding with the addition of Bates, Voit has taken on an additional one million square feet of management assignments in the Phoenix market, including a portfolio owned by Capital Commercial Investments which encompasses more than 736,000 square feet in Maricopa County.

“The addition of both Eva and these new assignments is well-aligned with our strategy to continue to grow our full-service platform, which includes asset and property management for both distressed and stabilized properties,” explained Morrow.

 “One major difference at Voit is that our team understands real estate from an owner’s perspective. Eva’s skills are well-aligned with this distinction, as she has experience working within ownership groups, and brings an owner’s perspective to her management.”

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

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

NAI Realvest Negotiates Leases at CommerCenters in DeBary, Sanford and Orlando totaling more than 20,000 SFt


 MAITLAND, FL – Michael Heidrich (top right photo),  a principal at NAI Realvest recently negotiated three leases for industrial space totaling 20,224 square feet at CommerCenters in DeBary, Sanford and Orlando.

Facility Services and Maintenances, Inc. signed a new lease for 9,375 square feet at 4140 Flex Court in Monroe CommerCenter South.  Scott Erickson of Investor Realty Services Inc. represented the tenant.

At Hanging Moss CommerCenter (middle left photo), 6112 Hanging Moss Rd. in Orlando, tenant EC Events LLC recently leased 2,000 square feet then once they occupied saw twice the space was needed so terminated that agreement and signed a new lease for 4,400 square feet. Heidrich brokered the transaction representing the tenant and the landlord COP-Hanging Moss, LLC.

Heidrich represented the landlord Springview CommerCenter LLC in a lease renewal agreement with Lake Mary-based Artscape, LLC for 6,449 square feet at 290 Springview Commerce Drive in the center located off U.S. Hwy 17-92 and Highbanks Road.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan or Larry Vershel, LV Communications, 407-644-4142

Arbor Enhances FHA Multifamily Lending Business, Hiring Two New Originators

 UNIONDALE, NY (July 19, 2012) - Arbor Commercial Mortgage, LLC (“Arbor”), a leading, direct commercial real estate lender, continues the aggressive expansion of its Federal Housing Administration (FHA) multifamily loan platform and FHA-dedicated origination team on a national basis with the appointment of two veteran FHA Originations Directors in the company’s Columbia, MD, and Broomfield, CO, offices.

 Allan Rugg and Nicholas D. Paez were each appointed as FHA Originations Directors in Arbor’s Columbia, MD, and Broomfield, CO, offices, respectively. Both are responsible for originating FHA-insured multifamily, seniors housing and healthcare facility loans nationwide on an expedited basis for acquisition, refinance and construction transactions. They both report to Joseph Donovan (top right photo), Senior Vice President, Director of FHA Lending.

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

 Chris Ostrowski
Arbor Realty Trust, Inc.
Tel: (516) 506-4255
333 Earle Ovington Blvd, Suite 900
Uniondale, NY11553

Marcus & Millichap Promotes Krone Weidler to Associate Vice President Investments

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Krone Weidler (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 Richard Matricaria, regional manager of the Tampa office.

Most recently, Weidler was a senior associate.

Weidler began her career with Marcus & Millichap in March 2005 as a seniors housing investment specialist. She was promoted to senior associate in March 2007. Weidler is also a member of the firm’s National Seniors Housing Group (NSHG).

Weidler received her MPA from the University of South Florida.


Stacey Corso
Public Relations Manager
(925) 953-1716

Griffin Capital Securities Announces Strategic Alignment of Sales Team to Better Serve Independent Broker-Dealer Partners

El Segundo, CA – Griffin Capital Securities, the distributor of Griffin Capital Net Lease REIT and Griffin-American Healthcare REIT II, both publicly-registered, non-traded real estate investment trusts, announced the integration of two previously separate sales forces dedicated to each respective REIT. 

 “When Griffin Capital Securities became the dealer manager for Griffin-American Healthcare REIT II, in order to maintain continuity and stability for both products following the transition we chose to maintain dedicated sales forces for a limited amount of time,” said Kevin Shields (top right photo), chairman and chief executive officer of Griffin Capital Corporation. 

 “In accordance with industry best practices, and to drive greater efficiency within our selling group, we have now integrated these teams into one of the most experienced, professional and effective sales forces in the industry.”

 In January, 41 of 45 employees of Grubb & Ellis Capital Corporation (the former dealer manager for Griffin-American Healthcare REIT II) joined Griffin Capital Securities, including the entire 30-member internal and external wholesaling team. 

Griffin-American Healthcare REIT II transitioned its sponsorship from Grubb & Ellis Company to co-sponsorship by Griffin Capital Corporation and American Healthcare Investors on January 9, 2012.  

 “The integration of our sales team further strengthens Griffin Capital Securities and dramatically improves the quality of service we provide to our financial advisor and broker-dealer partners,” said Jeffrey Schwaber (lower left photo), president of Griffin Capital Securities. 

“Thanks to the talent, dedication and hard work of this sales team, Griffin Capital Securities has grown to become one of the top five equity raising dealer managers in the non-traded REIT space.”


Lee Allan
Vice President, New Media
Griffin Capital Corporation
Office Phone: 310-606-5900
Cell Phone: 310-621-1601

Damon Elder
SVP, Marketing & Communications
American Healthcare Investors
(949) 270-9207 direct
(714) 356-1460 cell

Corecon Technologies Recognized as a Constructech 50 Company

  Huntington Beach, CA – Corecon Technologies, Inc., a leading provider of web-based construction software for the architecture, engineering and construction (AEC) industry, was selected as a prestigious Constructech 50 for 2012. Corecon has received this award for the second year in a row.

 The Constructech 50 is a listing of the most influential construction technology providers with a strong and ongoing market presence. Corecon’s powerful, user-friendly solution has been benefiting construction professionals by helping streamline the management of new business leads and projects for over a decade.

 Developed by experienced construction industry professionals, Corecon’s flagship product is Corecon V7.

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

Laura Mickelson,
 LM Communications                   

Bunzl Distribution Southeast Inc. Renews Lease at Miramar Park of Commerce

MIRAMAR, FL – Bunzl Distribution Southeast, Inc., a re-distributor of paper and plastic disposable products to the janitorial and foodservice industries with 90 branches throughout North America, has renewed its lease of 76,326 sq. ft. of space at 9702-9376 Premier Parkway in the Miramar Park of Commerce (top left photo).

 “We chose to renew in the Miramar Park of Commerce in large part because of the proximity to major highways for our trucks,” said Bunzl South Florida General Manager Viktor Frengut.  “Also, Sunbeam has always been fair and good to work with as our landlord.”

Representing the Park in the transaction was Ryan Goggins of Sunbeam Properties, developer of the Park. Representing Bunzl Distribution Southeast, Inc. was Mark Sonnenberg of LaSala-Sonnenberg Commercial Realty.

 “We value our tenants and do all that we can to retain them,” said Vice President of Sunbeam Properties Maridee Bell. “So when Bunzl expanded in the Park about 18 months ago, we worked closely with them to meet their needs. That in turn led Bunzl to renew its lease with us now.”

Lindsey Marmorstein
Pierson Grant Public Relations
6301 NW 5th Way, Suite 2600
Fort Lauderdale, FL 33309
P:  954-776-1999, ext. 255
F: (954) 776-0290

Colliers International Completes $2.28 Million Sale of a Property Occupied by Circle K Gas & Convenience Store in Phoenix, AZ

Phoenix, AZ, July 18, 2012. – Colliers International, the third largest global real estate services organization, has completed the $2,285,000 sale of a single-tenant, NNN leased retail property occupied by a Circle K Gas Convenience store (top left photo) in Phoenix, Ariz.

Built in 1987, the property totals 3,078 square feet and is located at 1901 West Cactus Road.

Chris Maling (middle right photo) and David Maling (lower left photo), senior vice presidents with Colliers International represented the seller, Fullerton, Calif.-based D.E.E Holdings, LLC. The buyer was a family trust from La Jolla, Calif. and was represented by Jon Boland of Voit Real Estate Services in San Diego. The transaction closed at a 7.35 percent cap rate.

“This investment offered the buyer no landlord responsibilities as well as 12 years remaining on the long-term lease with several rental increases during that time,” said

David Maling. “Single tenant triple net properties with a national credit retailer such as this offer a stable and passive investment with favorable year over year returns.”

 “The buyer was sourced through our database of brokers throughout California,” said Chris Maling. “We leveraged our team structure to provide the property to many qualified buyers as well as reach out to our outside brokerage community.”

 This Circle K Gas & Convenience Store is located on the corner of West Cactus Road and North 19th Avenue. It is near several apartment complexes and commercial businesses with a traffic count in the surrounding area of more than 50,000 cars per day.


Darcie Giacchetto
Spaulding Thompson & Associates