Thursday, December 13, 2012

Colliers International Completes Lease of Industrial Property in Garden Grove, CA

12632 Monarch Street, Garden Grove, CA

 GARDEN GROVE, CA -- Colliers International, the third largest global real estate services organization, has completed the $2,036,068 lease of a 61,225-square-foot industrial property located at 12632 Monarch Street in Garden Grove, Calif.

Clyde Stauff, Senior Vice President of Colliers International represented the buyer, 1-800-PACK-RAT, a portable storage container and moving company, who will use the property for its warehousing and storage of metal framed storage containers that house personal and business items.

Clyde Stauff
Bob Goodmanson of CBRE represented the lessor, KTR Capital Partners, a real estate private equity firm. 1-800-PACK-RAT is a North Carolina based company that serves over 115 million people in 62 markets nationwide, including the Greater Los Angeles area. Colliers International represents 1-800-PACK-RAT on a national level.

Built in 1968, the two free-standing industrial buildings offer a fenced yard and are situated on 5.95 acres.

For more information, please contact Clyde Stauff.

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

Rainee Tiske
Marketing Specialist | PR GLA| Torrance, CA
Dir +1 310 381 2413
Main +1 310 381 1000

Colliers International
3 Park Plaza, Ste. 1200, Irvine, CA 92614

Foreclosures Starts Drop 28 Percent from a Year Ago to 71-Month Low

Daren Blomquist
 Bank Repossessions Increase Annually for the First Time since October 2010

IRVINE, CA – Dec. 13, 2012 — RealtyTrac® (, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for November 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,817 U.S. properties in November, a decrease of 3 percent from October and down 19 percent from November 2011 — marking the 26th consecutive month with an annual decrease in foreclosure activity.

The report also shows one in every 728 U.S. housing units with a foreclosure filing during the month.

“The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago,” said Daren Blomquist, vice president at RealtyTrac.

“But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases.

“ We’re likely not completely out of the woods when it comes to foreclosure starts, either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings.”

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

 Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Data and Report Licensing:
Data Sales Department

240 Multifamily Units in Phoenix, AZ Trade for $30.85 Million

Mountain Park Apartments, Phoenix, AZ
PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services Inc. has arranged the sale of Mountain Park, a 240-unit multifamily community in suburban Phoenix. The asset commanded a price of $30,850,000, or approximately $128,542 per unit.

Cliff David, a vice president investments and Steve Gebing, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, a publicly traded real estate investment trust.

Steve Gebing
 Jim Kordell, a senior associate based in the firm’s Ontario, Calif. office, represented the buyer, a California-based owner focused on Class A value-add opportunities.

“The investor is acquiring an excellent renovation-ready opportunity with outstanding upside potential,” says Gebing. “Barriers to entry in this submarket are projected to remain elevated, helping to maximize this high quality asset’s long-term profitability potential.”

Jim Kordell
Located at 4221 East Ray Road, the property comprises 230,560 square feet, which equates to approximately $134 per square foot. The 1994-built asset is situated at the base of the prestigious, land-locked Ahwatukee Foothills, named one of America’s Best Places to Live by Money magazine.

Mountain Park includes 72 one-bedroom/one-bath units, 118 two-bedroom/two-bath units and 50 three-bedroom/two-bath units. Each unit includes nine-foot ceilings, a well-equipped kitchen, full-size washer and dryer, walk-in closets and linen closets, private patios or balconies with additional outside storage, and wood-burning fireplaces in select units.

Clifford David
Community amenities include two swimming pools, a spa, a fitness center with cardio- and weight-training equipment, picnic areas with barbecue grills and access to the Mountain Park Ranch HOA recreational facilities.


Public Relations
Contact: Public Relations
 (925) 953-1716 

Sale of West Loop I and II in Houston, TX closed by HFF

West Loop I and West Loop II, Houston, TX
HOUSTON, TX – HFF announced today that it has closed the sale of West Loop I and II, a two-building, Class A office complex totaling 313,873 square feet in Houston, Texas.

                HFF represented the seller, Chase Merritt, in the sale of the property to KBS Realty Advisors.  The purchase price is confidential. 

                The complex is located in the unincorporated City of Bellaire just south of the Galleria and close to the central business district and the Texas Medical Center, the largest medical complex in the world.  

Dan Miller
The City of Bellaire has stringent zoning regulations providing major barriers-to-entry.  Key tenants at the complex include Synergy Healthcare, The Rand Group, Bridgeway Software and BBC (USA).

                The HFF investment sales team representing the seller was led by director Martin Hogan and senior managing directors Dan Miller and Robert Williamson.

Robert Williamson
 Chase Merritt is a private real estate asset management and investment management firm headquartered in Newport Beach, California.   The firm acquires, develops, manages, and repositions distressed, opportunistic, value add and core plus residential and commercial real estate properties throughout the United States.

KBS Capital Advisors is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992.  Since its inception, KBS Realty Advisors and its affiliated companies have completed transactional activity of approximately $25 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs.  For information, visit.

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

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF named to market sale of office and retail at 208 South LaSalle in Chicago

208 South LaSalle, Chicago, IL
CHICAGO, IL – HFF announced it has been named to market for sale the office and retail properties located at 208 South LaSalle, a historic office tower in Chicago’s central business district.  The offering does not include the JW Marriott hotel.

HFF is marketing the property exclusively on behalf of the seller, UST Prime III Office Owner, a joint venture of affiliates of Estein & Associates USA, Ltd., and The Prime Group, Inc. 

Jeff Bramson
The property is listed without a formal asking price, free and clear of existing debt.

The HFF investment sales team representing the seller is led by senior managing directors Jeff Bramson and Jaime Fink and director Mark Katz.

Jaime Fink
 208 South LaSalle was built in 1914 as the headquarters of The Consolidated Continental and Commercial National Bank.  

The property was most recently renovated in 2011 and features 355,411 rentable square feet comprising of 337,400 rentable square feet of office space on floors 13-21 and 18,011 rentable square feet of ground floor retail space. 

  The first 12 floors of the building are comprised of a 610-room JW Marriott Hotel, which is not part of the offering.  

Mark Katz
Major tenants at the property include Community & Economic Development Association of Cook County, Heartland Alliance for Human Needs & Human Rights, the American Heart Association and CT Corporation. 

208 South LaSalle is well-positioned in the heart of the Central Loop, Chicago’s oldest and most established business center.  

Within the Central Loop submarket lies the LaSalle Street Corridor, more commonly recognized as the city’s financial district.  

208 South LaSalle occupies a full city block in the heart of the financial district at the southwest corner of LaSalle Street and Adams Street.  208 South LaSalle Street is next to the Federal Reserve Bank of Chicago and proximate to the financial exchanges in the city, including the Mercantile Exchange, the Board of Trade, the Options Exchange, and the Chicago Stock Exchange, which has helped to draw a number financial service firms to this submarket.

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

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF closes sale of CarMax auto dealership in Garland, TX

CarMax Auto Dealership, Garland, TX
DALLAS, TX – HFF announced it has closed the sale of a 65,388-square-foot CarMax auto dealership in Garland, Texas.

                HFF marketed the property exclusively on behalf of the seller, an affiliate of Phoenix-based Cole Real Estate Investments.   A publicly traded REIT purchased the asset for an undisclosed amount free and clear of debt.

Coler Yoakam
The property is situated on a 14.4-acre site at 12715 Lyndon B. Johnson Freeway at the intersection of Interstate 635 and the Northwest Highway in Garland, about 10 miles northeast of downtown Dallas.  The land is leased to CarMax Auto Superstores, Inc., on an absolute triple-net basis.

Brandon Chavoya
 The HFF investment sales team representing the seller was led by directors Coler Yoakam and Brandon Chavoya, and senior managing director Mark West.

                Cole Real Estate Investments is a diversified real estate company with more than $11.8 billion of assets under management, totaling nearly 2,000 properties in 47 states.

Mark West
 Cole actively manages its portfolio consisting primarily of single-tenant and multi-tenant retail properties, as well as net-leased office and industrial properties, under long-term leases with creditworthy tenants. 
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Stiles purchases Publix-anchored shopping center in Ormond Beach, FL

Ormond Beach Mall, Ormond Beach, FL
MIAMI, FL – HFF and Stiles jointly announced the closed sale of Ormond Beach Mall, a 102,170-square-foot grocery-anchored neighborhood center located in Ormond Beach, Florida.

HFF marketed the property on behalf of the seller, Odyssey IX DP II, LLC, an entity affiliated with Lakeland, Florida-based Odyssey Diversified Properties, Inc. (“Odyssey”).  South Florida-based Stiles purchased the asset free and clear of existing debt.

Daniel Finkle
Ormond Beach Mall is located at 1200-1294 Ocean Shore Boulevard at the intersection of Lynnhurst Drive in Ormond Beach, which is approximately seven miles north of Daytona Beach. 

  Redeveloped in 2010, the property is situated on 10.7 acres and is 85.5 percent leased to tenants such as Publix (anchor tenant), Bealls Outlet, Family Dollar and Wells Fargo. 

Luis Castillo
The HFF team representing the seller was led by senior managing director Danny Finkle, director Luis Castillo and associate Kim Flores.  This sale marks the 18th successful retail center transaction closed by HFF in Florida in 2012.

“The opportunity to acquire a recently redeveloped center with a long-term Publix lease on a barrier island is rare in Florida and made Ormond Beach Mall a highly sought after opportunity,” said Finkle.            

Kimberly Flores
Stiles portfolio manager Kyle Jones added, “The purchase of Ormond Beach Mall fits Stiles’ strategy of acquiring stabilized assets in secondary markets with significant cash flow.”

Odyssey develops, leases and manages a variety of retail projects from small strips to large neighborhood centers with national tenants such as Publix, Marshalls, Save-A-Lot, Starbucks and Bealls among many more.  Odyssey was organized in 2004 for the purpose of developing and leasing retail projects in Florida, Georgia, Alabama and the Carolinas.

Stiles is a private full-service commercial real estate company responsible for the development of more than 38 million square feet of office, retail, residential and mixed-use property throughout the southeast United States.  In addition to investment, financial and development services, the company also specializes in construction, architecture, realty and property management.

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

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF arranges acquisition financing for 230 West Monroe in Chicago, IL

230 West Monroe, Chicago, IL
CHICAGO, IL – HFF announced  it has arranged financing for 230 West Monroe, a 623,524-square-foot office building in Chicago.

HFF worked exclusively on behalf of the borrower, a joint venture comprised of Lincoln Property Company and an investment fund, to secure the adjustable-rate acquisition loan through a national bank.  Loan proceeds were used to acquire the property.  HFF was also involved in the sale of the property.

Kevin MacKenzie
230 West Monroe is located in Chicago’s West Loop district at the intersection of South Franklin Street.  

Currently 89 percent occupied, the 29-story office tower is leased to tenants in the financial services, education, engineering, insurance, legal and real estate industries.  

Michael Kavanau
The property underwent lobby renovation, retail expansion and elevator modernization in 2003.

The HFF team representing the borrower was led by senior managing directors Kevin MacKenzie and Michael Kavanau and managing director Tim Joyce.  
Tim Joyce

Lincoln Property Company is one of the nation’s largest private diversified real estate service firms in the United States.  

It currently has more than $30 billion in assets under management including 144,000 residential units and 130 million square feet of commercial space.  Lincoln’s Chicago commercial region’s leasing and management portfolio totals more than eight million square feet. 
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF represents seller in sale of The Aventine of Alexandria in suburban Washington, DC.

The Aventine of Alexandria, Alexandria, VA
 WASHINGTON, DC. – HFF announced today that it has closed the sale of The Aventine of Alexandria, a 574-unit, 15-story multi-housing community in Alexandria, Virginia.

                HFF represented the seller, a separate account client advised by Invesco Real Estate, in the sale of the property to Partners Group and an affiliate of Bainbridge Companies LLC.

David Nachison
The Aventine of Alexandria is situated on a 10.5-acre site at 2701 Park Center Drive, inside the beltway and along the Interstate 395 corridor south of Washington, D.C. 

Originally built in 1973, the property has been recently renovated and features one- through four-bedroom units averaging 1,027 square feet each.  Community amenities include a resort-style swimming pool, fitness center, media room, business center, fenced dog run, concierge service and an on-site mini market and dry cleaning drop off/tailor service.

Alan Davis
The property also provides a complimentary shuttle to the Pentagon Metro Station and Department of Defense Washington Headquarters.

                The HFF team representing the seller was led by senior managing directors David Nachison and Alan Davis and director Brenden Flood.

                “The Aventine of Alexandria has been a very prominent residential tower in Northern Virginia for nearly three decades and represents a tremendous value-add opportunity for Bainbridge and their partner,” said Nachison.  “The sale also underscores the strong interest for infill, value-add multi-housing investments in the Washington, D.C. region.”

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

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Cuhaci & Peterson Architects wrap up major design, remodeling projects in three states

Lonnie Peterson

 ORLANDO, FL. --- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park, recently completed a major remodeling project and facelift for the 49,600 square foot Big Y Supermarket in Palmer, Mass.

Lonnie Peterson, chairman of Cuhaci & Peterson Architects, said the firm also completed design work to remodel the 80,000 square foot Stop and Shop supermarket in Warwick, R.I.
Airport Industrial Park, Orlando, FL
Cuhaci & Peterson Architects also recently completed design work for a new warehouse and distribution center on Landstar Blvd. in Airport Industrial Park for Hoshizaki Ice Machine Company.    Peterson said the 25,000 square foot, office and warehouse center will start construction next year.

Over the past 12 months Cuhaci & Peterson Architects completed design work for nine L.A. Fitness centers in Jacksonville, Atlantic Beach, Sarasota, Windermere in the southwest Orlando area, Valrico near Tampa and in Houston.

Peterson said L.A. Fitness center facilities average 50,000 square feet of space.


Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,   

Voit Real Estate Services Directs $10.8 Million Acquisition of 182-Unit Apartment Community in Greater Sacramento, CA

Westwood Apartments, Carmichael, CA
 Sacramento, CA (Dec. 13, 2012) – Voit Real Estate Services’ Sacramento  office has successfully completed the $10.825 million acquisition of Westwood Apartments, a 182-unit multifamily apartment community located in Carmichael, Calif. on behalf of the buyer.

The community, which is comprised of 29 buildings situated on 6.69 acres, consists of apartments ranging from studios to three-bedroom units, according to Rod Ballinger of the Gallelli Investment Team, an Assistant Vice President in Voit’s Sacramento office.

Garry Gallelli
Ballinger worked with Gary Gallelli, an Executive Vice President in Voit’s Sacramento office, to represent the buyer, Hill Westwood Holdings, LLC in the transaction. 

“Sacramento’s multifamily market has been increasingly active over the past 12 months, especially among investors,” explains Ballinger. “With cap rates low and demand for product increasing, now is the time for buyers to make deals in the market.”

Rodney Ballinger
According to Ballinger, Voit’s client was seeking a well-located property with an abundance of on-site amenities.

“We know that Carmichael is a sought-after submarket in the Sacramento region, and we were successful in recognizing the value in this property and communicating that to our client,” he says.  “Westwood Apartments is known for its resort-like quality, presenting an ideal investment opportunity for Hill Westwood Holdings.”

The apartment community features an array of amenities, including a fitness center and pool, as well as balconies and in-unit fireplaces.


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

Vela Insurance Services Leases 12,000 SF at Two Ravinia Drive in Atlanta, GA

Two Ravinia Drive, Atlanta, GA
 ATLANTA, GA --  Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced it brokered the lease of approximately 12,000 square feet at Two Ravinia Drive in Atlanta for Vela Insurance Services, LLC, a leading commercial lines casualty insurance company.

 Vela locked in a 126-month lease term at the Class-A office building, part of the Ravinia office park that is located at the northeast corner of Ashford Dunwoody Road and I-285. 

The location in the sought-after Central Perimeter submarket provides easy access to all of Atlanta’s business areas.

Dale Lewis
 Cassidy Turley’s Dale Lewis represented Vela in the deal and worked closely with Candy McIntyre of Parkway Realty, representing the landlord.

 Vela is owned by W. R. Berkley Corp., a Fortune 500 financial services company focused on property and casualty insurance. W.R. Berkley also owns Berkley Specialty Underwriting Managers, which Cassidy Turley represented in previous transactions totaling approximately 24,000 square feet at Two Ravinia and Three Ravinia.

 “We were delighted to have the opportunity to work with Vela and our friends at W. R. Berkley Corp., again on this transaction,” said Lewis, Senior Vice President and Principal at Cassidy Turley. “The Berkley companies are very sophisticated in their approach and process and understand how to leverage the market.”

Public Relations Contact

 Tony Wilbert
The Wilbert Group

Student Housing Property Near University of South Florida Closes for Undisclosed Amount

Sterling North Campus, Tampa, FL
HOUSTON, TX /PRNewswire/ -- Sterling University Housing, the student housing division of The Dinerstein Companies, announced that an institutional pension fund advisor has purchased Sterling North Campus, their 206-unit, 734-bed student housing community in Tampa, Florida.

Sterling North Campus was 95% occupied at closing. CB Richard Ellis' National Student Housing Group represented the parties in the transaction and the property was purchased for an undisclosed amount. 

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

  Misti Morales 
The Dinerstein Companies 
3411 Richmond Avenue, Suite 200 
Houston, Texas 77046 

Resort at Lake Fredrica Apartments in Orlando, FL Sold for $23.5 Million

Resort at Lake Fredrica Apartments, Orlando, FL
ORLANDO, FL -- CBRE is pleased to announce that it has completed the sale of the Resort at Lake Fredrica apartments for $23,500,000.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Built in 1973, the Resort at Lake Fredrica offers 1, 2, and 3 bedroom floor plans in a beautiful lakeside setting. The community features two pools, a large clubhouse, a fitness center, and two tennis courts, and was 94% occupied at closing.

The closing was a market-leading 32nd multi-housing transaction locally in 2012 year to date for CBRE.

For further information, please contact:

Shelton D. Granade, Jr., Executive Vice President
CBRE | Investment Properties - Multihousing
189 S. Orange Avenue, Suite 1900 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001

St. Regis Bal Harbour Tops $758 Million In New Condo Unit Sales In 1st Year

St. Regis Bal Harbour Resort & Residences
BAL HARBOUR, FL -- New condo transactions at the St. Regis Bal Harbour Resort & Residences on the barrier island in Northeast Miami-Dade County are off to a brisk start, with more than 200 units trading for more than $758 million in the first year of sales, according to a new report from

Buyers purchased more than 525,000 square feet of livable space in the St. Regis Bal Harbour Resort & Residences at an average price of nearly $1,450 per square foot between Nov. 15, 2011 and Nov. 30, 2012, according to an analysis of Miami-Dade County records.

Individual transactions in the ultra-exclusive project have ranged in price from less than $825 per square foot to more than $2,625 per square foot with units trading for between $1.35 million and $13.5 million, according to the report based on Miami-Dade Property Appraiser records.

 The St. Regis Bal Harbour Resort & Residences is comprised of three towers - each up to 27 stories - with nearly 500 condos, condo-hotels, and hotel rooms.

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.

DuPont Fabros Technology, Inc.: CH1 Data Center Is 100% Leased; SC1 Data Center Is 75% Leased

WASHINGTON, DC, Dec. 13, 2012 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE: DFT) announced today that the Company's CH1 data center located in Elk Grove Village, Illinois is 100% leased. 

CH1 was constructed in two phases totaling 485,000 gross square feet, 231,000 raised square feet and 36.4 megawatts ("MW") of critical load. 

.  At 100% leased, CH1 has nine tenants with a weighted average lease term of 9.9 years and will achieve a 13 percent unlevered GAAP return on invested capital, based on the terms of the existing CH1 leases

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

 Mark L. Wetzel,
Executive Vice President, Chief Financial Officer and Treasurer,

Christopher Warnke,
 Investor Relations,

U.S. Lodging Industry Continues Healthy Upward Trend, PKF Reports

 R. Mark Woodworth
ATLANTA, GA – According to PKF Hospitality Research, LLC (PKF-HR), the U.S. lodging industry continues the extremely healthy upward trend it began in 2Q10, with ongoing gains in all the major business measurements: lodging demand, occupancy, average daily rate (ADR), and revenue per available room (RevPAR).

 Looking forward, the company is forecasting a perpetuation of this growth through 2016. 

According to the recently released December 2012 edition of Hotel Horizons®, RevPAR for U.S. hotels is projected to grow at a compound annual average rate of 7.2 percent for the next four years.  This is more than double the historical long-run average.

“Despite all these positives, there is a pall on lodging industry participants induced by the federal budget negotiations,” said R. Mark Woodworth, president of PKF-HR.

 “Hoteliers are eager to begin enjoying what appears to be a four year period of sustained high levels of prosperity.  Unfortunately, there is so much uncertainty surrounding 2013 that almost no one overtly is showing the optimism that should exist.”

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

R. Mark Woodworth                                                                        
PKF Hospitality Research, LLC.                                                  
Tel: 404 842 1150, ext 222                                                             

Chris Daly
Daly Gray Public Relations
Tel: 703 435 6293