Tuesday, August 14, 2012

Charles Dunn Company Completes Two Office Property Transactions in Downtown Los Angeles

 LOS ANGELES, CA. Aug.14, 2011 – Chris Runyen (top right photo) with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed two office property transactions in Downtown Los Angeles.

 The transactions include a 19,115 square foot lease with USC; and a $2.1 million sale of an office building to La Tour, Inc.

USC signed a 72-month new lease for 19,115 square feet of space within the LA World Trade Center at 350 South Figueroa St.  Runyen represented the landlord, Jamison Services, and Howard Feuerstein, Dennis Smith and Cory Campbell of Travers Realty represented USC.  The space will be used for Ednovate, a new charter high school that opens this month.

“The tenant was able to take advantage of existing classrooms with the necessary zoning to meet their charter school requirements,” said Runyen.  “The space was initially built for UCLA Extension in the 1990s before the classrooms were occupied by Green Dot Schools from 2005 to 2010.”

The 10-story LA World Trade Center totals 375,000 square feet and is over 80 percent occupied with other tenants including GSA and the County of Los Angeles.

In the second transaction, Los Angeles-based La Tour, Inc. purchased a vacant 16,866 square foot office property located at 1636 Wilshire Blvd. for $2.1 million. Runyen represented LA Tour as well as the seller, Bank of America. The property had been nearly vacant for approximately one year after the previous owner vacated during foreclosure in early 2011. The buyer paid all-cash and closed escrow in just six days.

“This building had very little parking and some deferred maintenance, which made this a challenging marketing process,” said Runyen. “The new owner plans to renovate the property for its use and will lease out some of the excess office space it doesn’t need.” 

Runyen added: “Downtown and the surrounding areas have seen very few office properties reaching foreclosure over the past few years, so the offering of 1636 Wilshire as an REO was quite unique.”


Darcie Giacchetto
D.G. Communications, Inc.

Charles Dunn Company Completes $10.25 Million Land Sale for Mixed-Use Development Project in Huntington Beach, CA

 LOS ANGELES, CA  – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $10.25 million sale of 2.737 acres of land located at the southeast corner of Beach and Ellis at 18502-18510 Beach Blvd in Huntington Beach, Calif.  

Albert Shilton (middle right photo) and Blake Rogers (lower left photo) of Charles Dunn Company represented the seller, Los Angeles-based Main Beach, LLC and the buyer, Elan Huntington Beach, LLC.

The parcel is well-located on a prime signalized corner that has daily traffic counts of more than 85,000. It is situated just 2.4 miles from the ocean and currently has a retail strip center and gas station on a ground lease on the lot.

The site is located within the Town Center Neighborhood corridor of the recently adopted Beach-Edinger Specific Plan.

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

Darcie Giacchetto
D.G. Communications, Inc.

Faris Lee Investments Completes Record-Breaking Sale of Retail Property Occupied by Chevron in Montebello, CA

IRVINE, CA, Aug. 14, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $1,822,000 sale of a single-tenant retail property occupied by Chevron.

The sale breaks a record for the highest price-per-square-foot of $3,550 for a service station in California over the past five years according to CoStar. Built in 2002, the 533-square-foot property is situated on 11,439 square feet of land and is located at 500, N. Garfield Ave in Montebello (top left photo). 

Jeff Conover (middle right photo), senior managing director with Faris Lee Investments, represented the seller, Camden Holdings from Los Angeles. The all-cash 1031 exchange buyer was Fullerton, Calif.-based Sunset Enterprises Trust who was represented by Marcus & Millichap. The offering garnered multiple offers and closed at a cap rate of 6.75 percent.

“Faris Lee sought to position the strong brand of the tenant, Chevron, as well as the strength of the densely populated area,” said Conover. “We reached out to our database with a focus on California 1031 exchange buyers which enabled us to close escrow at a record-breaking price-per-square-foot. This is another testimony to high investor demand for well located, single-tenant credit rated properties.”

There are 19 years remaining on Chevron’s 20-year NNN lease. The property is located at the signalized, intersection of Garfield Ave. and Beverly Blvd. (51,000 vehicles per day), less than 3/4 of a mile south of the 60 Freeway (237,000 vehicles per day). The property also draws from more than 331,000 people living and employed within a 3-mile radius of the property.


Darcie Giacchetto
Spaulding Thompson & Associates
For Faris Lee Investments

CalPERS Names David Cowling Chief of Center for Innovation

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) announced today the appointment of David Cowling (top right photo), Ph.D. as the pension fund’s chief of its Center for Innovation (CFI).

The CFI is responsible for providing thought leadership in the retirement and health fields for CalPERS and serving as an innovation incubator.  The CFI will test new concepts for providing health and retirement benefits to CalPERS members and employers.

Cowling will establish and direct the policies that will lead the CFI in designing, implementing and evaluating health and retirement pilot projects to improve service delivery to members and employers and sustain the affordability of their benefits.

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

External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs

New LEED Gold Office and Retail Building Complete in North Gables Submarket

MIAMI, FL, Aug. 14, 2012 - A brand new, LEED Gold certified 51,664-square-foot office and retail building has been completed at 777 SW 37th Avenue and SW 8th Street.

The class A property, known as the International Finance Bank Building (top left photo), has office spaces for lease ranging between 2,500 square feet to two contiguous floors totaling 33,000 square feet.

The remaining available retail space is 2,559 square feet. The building is represented exclusively by Colliers International South Florida Chairman - Founding Partner Donna Abood (lower right photo) and Commercial Associate Matthew Anderson. The lead tenant, International Finance Bank, occupies approximately 25,000 square feet in the building.
 A video tour of the property can be viewed at: http://youtu.be/-QBbD3zyNe0

 For more information on available space, please contact Donna Abood and Matthew Anderson at +1 305 446 0011.

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

 Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

First Wyndham Garden Opens in South Carolina

 PARSIPPANY, N.J. (Aug. 14, 2012) – Wyndham Hotel Group, the world’s largest hotel company with over 7,170 hotels, today announced the expansion of the upscale Wyndham® Hotels and Resorts brand in South Carolina with the addition of the first Wyndham Garden hotel in the state, the 117-room Inn at USC Wyndham Garden Columbia.

 Located on the University of South Carolina’s campus in downtown Columbia and just seven miles from Columbia Metropolitan Airport, the hotel provides guests with convenient access to university events and local attractions such as Williams-Brice Stadium, Colonial Life Arena, Koger Center for the Arts and the city’s top shopping and dining destinations.

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

Kathryn Zambito
Public Relations Manager
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
+1 (973) 753-6590

NAI Realvest named exclusive Leasing Agents for Prime Industrial Facility in East Orlando

MAITLAND, FL --- NAI Realvest has been named exclusive leasing agents for a prime 9,000± square foot industrial office-warehouse facility located between Colonial Drive and University Blvd. at 2169 N. Forsyth Road (top left photo). in east Orlando.

NAI Realvest principal Michael Heidrich---one of the Central Florida region’s leading brokers of land and industrial properties--- is leasing agent for the property.

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

Michael Heidrich, Principal NAI Realvest, 407-875-9989 mheidrich@realvest.com;

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com  

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

Robert Sheppard Named Executive Vice President Investments by Marcus & Millichap

 SEATTLE,WA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Robert Sheppard (top right photo) to executive vice president investments.

The executive vice president investments designation is the highest level a Marcus & Millichap investment professional can attain, according to John J. Kerin, president and chief executive officer. Previously, Sheppard was a senior vice president investments. He will continue in his role as executive director of the firm’s Tax Credit Group.

Glen Kunofsky Promoted to Executive Vice President Investments

NEW YORK, Aug. 13, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Glen Kunofsky (lower left photo) to executive vice president investments.

The executive vice president investments designation is the highest level a Marcus & Millichap investment professional can attain, according to John J. Kerin, president and chief executive officer. Previously Kunofsky’s was a senior vice president investments.    

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

Stacey Corso
Public Relations Manager
(925) 953-1716

ARA Executes Sale of 408 Apartment Units in Northern Palm Beach County, FL

Riviera Beach, FL  — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Woodbine (top left photo), a 408-unit luxury garden apartment community located in northern Palm Beach County.š

 ARA South Florida-based Principals, Avery Klann (middle right photo) and Richard Donnellan (lower left photo), along with Senior Vice President, Hampton Beebe (lower right photo), represented an institutional seller in the transaction. Canadian-based Morguard North American Residential REITš (MRG on the Toronto Stock Exchange) was selected as the buyer.

“With an average unit size of 1,013 square feet, Woodbine gave the buyer an excellent opportunity to acquire a top performing, fully stabilized, institutional quality asset,” noted Donnellan.

 Woodbine is located immediately north of the VA Medical Center (2,205 employees) and only three miles southeast of PGA National Golf Club, one of the most exclusive country clubs in the state.

“The property enjoys a strategic location directly between two of the largest employment centers in Palm Beach County,” said Klann, lead broker on the deal.

“The West Palm Beach office market is 10 minutes to the south and consists of approximately 6.6 million square feet of office space. The North Palm Beach/Palm Beach Gardens office market is fewer than 10 minutes to the north and consists of 4.8 million square feet of office space.”

Woodbine was constructed in 2000 and wasš 95% occupied at the time of sale.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact
Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360
Amy Morris at amorris@ARAusa.com, 678.553.9366;
locally, Marti Zenor, at mzenor@ARAusa.com or 561.988.8800.šš

Invest Atlanta Launches Start Up Atlanta

 ATLANTA, GA (Aug.14, 2012) – Mayor Kasim Reed (top right photo) and Invest Atlanta, the City of Atlanta’s economic development agency, announced today the launch of a new program called Start Up Atlanta to help the local startup community engage, interact and create new businesses and jobs.

Start Up Atlanta is one of Invest Atlanta’s initiatives to make the city nationally and internationally recognized for entrepreneurship.

“Atlanta's entrepreneurial spirit has always been strong and with the launch of Start Up Atlanta, companies will have a direct link to some of the most valuable resources needed when starting a business,” said Mayor Reed. “This initiative not only will pair entrepreneurs with a vast array of talent and potential funding, but also will help create jobs and grow Atlanta’s economy."

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

Tony Wilbert
Wilbert News Strategies
(404) 965-5022 (O)

Celebration Golf Management Executive Vice President Kenny Nairn Named to Board of Fairways for Warriors Foundation

CELEBRATION, Fla. --- Kenny Nairn (top right photo), executive vice president of Celebration Golf Management, which operates nine golf courses in the Central Florida region, has been named to the board of directors of the Fairways for Warriors Foundation, a charitable organization that provides golf lessons and outings to help rehabilitate wounded service men and women.

 Nairn, a Scottish PGA golf professional with more than 22 years of experience as a pro golfer, said he was delighted with the appointment.

 “The Fairways for Warriors Foundation has a noble mission and I am proud to be a part of it,” Nairn said.

Celebration Golf Management has played a leading role in fundraising and activities for the foundation, according to its president, Gene Garrote (lower left photo).

 For more information,  contact  

Kenny Nairn, Scottish PGA Golf Professional / Executive Vice President of Golf, Celebration Golf Management, 407-566-4653 x4606 Knairn@cgmgolfproperties.com.

Gene Garrote, President, Celebration Golf Management, 407-566-1045;  

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

Arbor’s FHA Multifamily Lending Business Expansion Bolstered with Hiring of Two More Originators

UNIONDALE, NY (Aug. 14, 2012) - Arbor Commercial Mortgage, LLC (“Arbor”), a leading, direct commercial real estate lender originating on a national basis, has expanded its multifamily FHA loan origination capabilities further with the appointment of two experienced FHA Originations Directors in the company’s Boulder, CO, and Chicago, IL, offices.

Andrew Proctor and Jason Gray were each appointed as FHA Originations Directors in Arbor’s Boulder, CO, and Chicago, IL, 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, 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