Thursday, December 20, 2012

Faris Lee Investments Completes $9.55 Million Sale of 51,572-SF Retail Property near Palm Springs, CA

Washington Square, Bermuda Dunes, CA
 IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $9.55 million sale of a 51,572-square-foot portion of Washington Square, a 136,314-square-foot retail center located in Bermuda Dunes, Calif., a desert city situated 23 miles east of Palm Springs in the Coachella Valley region of Riverside County.

                Dennis Vaccaro, senior managing director, with Faris Lee represented the seller, Washington Square S.C., LLC from Newport Beach, Calif. Vaccaro and Matt Mousavi, managing director with Faris Lee, represented the buyer, 42 Washington Square LP, a partnership out of Orange County, Calif. The closing cap rate was approximately 7 percent.

Dennis Vaccaro
The sold portion of Washington Square, located at 42-100, 42-200 and 42-400 Washington Street, was 97 percent occupied at the close of escrow and includes a 30,000-square-foot HomeGoods store, as well as other neighborhood retailers. 

Tenants within Washington Square that were not a part of the transaction include: Ralph’s, Walgreens, Chase Bank, Big O Tires, Jack in the Box and Wienerschnitzel and others. 

Matt Mousavi
“The desert location of the property came with the preconceived notion of instability of the greater Coachella Valley marketplace,” said Vaccaro.

 “In order to educate potential buyers, Faris Lee crafted a micro-analysis of the asset which clearly highlighted the proven strength of the property as the dominant center in the market. We secured 10 offers and identified a strong buyer who was in a 1031 exchange.”

Faris Lee also assisted the buyer on securing a new loan by educating the lender, UBS, on the property’s strength and stability in order to ensure a smooth and timely close of escrow. 

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

Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

Charles Dunn Co. Completes $10,825,000 Sale of 128-Unit Multifamily Property in Los Angeles

Hamid Soroudi
LOS ANGELES, CA,  Dec. 20, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $10,825,000 sale of a 128-unit multifamily property located at 930 S. Bonnie Brae St. near the major cross street of Olympic in Los Angeles.

Hamid Soroudi of Charles Dunn Company represented the seller, Los Angeles-based Melrose Camerford Partners, LLC. The buyer, Los Angeles-based 930 S. Bonnie Brae, LLC represented itself. The sale closed at a 6.4 percent cap rate.

930 South Bonnie Brae Apartments,
Los Angeles, CA

The four-story property includes an elevator, pool, spa, recreation room, rental office and a gym.  It also offers controlled access and subterranean parking.  

The unit mix consists of 45, one-bedroom units with average rent of $884; 23 single units with average rent of $673; and 60 bachelor units with average rent of $644.  All the units have air conditioning. 

Soroudi leads Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

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

Darcie Giacchetto
D.G. Communications, Inc.

Charles Dunn Co. Completes 19,042-SF Office Lease With Acento Advertising, Inc. in Santa Monica, CA

Gelena Skya-Wasserman
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a 19,042 square foot lease with Acento Advertising, Inc.

The seven-year lease is valued at $4.36 million.  Acento Advertising will relocate and expand into its new space at 2001 Wilshire Blvd. in Santa Monica in March 2013. The firm currently has 60 employees and plans to double its staff once it settles in its new location.

Built in 1980, the six-story property is now 95 percent occupied with the Acento lease. Acento is the largest tenant within the office building. The property is near LAX and the 10 and 405 freeways. It is also within walking distance of numerous restaurants and amenities such as Veggie Grill, Poquito Mas, and Whole Foods.

Roger Beck
Roger Beck, SIOR and Gelena Skya-Wasserman of Charles Dunn Company represented the tenant, Acento Advertising. The landlord, Douglas Emmett, represented itself.

Acento Advertising, a full-service integrated marketing communications agency focused on the U.S. Hispanic and Latin American markets, was previously within a 10,000 square foot, free-standing building at 2254 S. Sepulveda Blvd. The Beck-Skya team of Charles Dunn Company handled the subleasing of its current space to Imaginary Forces, LLC.

“The 2001 Wilshire office building was selected due to its high profile Santa Monica location and full top floor availability,” said Beck, senior managing director with Charles Dunn Company out of the Sherman Oaks office. “Our client desired a location to project a sophisticated presence which they could utilize for significant account expansion.”

2001 Wilshire Boulevard, Los Angeles, CA
The Beck-Skya team was successful in subleasing the agency’s existing Sepulveda building and developing an effective relocation plan for Acento Advertising. In addition to providing space plan support, the Beck-Skya team was also key in developing cost-effective value engineering to maximize its new space in order to finalize the lease transaction. In addition, the team was instrumental in providing critical scheduling and relocation services.

“Acento’s new space will be entirely remodeled to reflect the firm’s corporate culture,” said Skya-Wasserman.

Skya-Wasserman added: “Santa Monica is a very tight submarket with just a 10 percent office vacancy. There are very few full floor creative spaces left in this particular area. Acento was able to take advantage of this opportunity and current market conditions. The firm will also enjoy a full floor of contiguous space with exposed ceilings and full perimeter glass with views to the ocean and across West Los Angeles.”

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

Darcie Giacchetto
D.G. Communications, Inc.

Assisted Living Community in Cumming, GA Sells for $7.5 Million

Laurel Creek Manor, Cumming, GA
 TAMPA, FL -- CLW Senior Housing is pleased to have represented Servant Healthcare Investments (Laurel Creek), LLC in the sale of Laurel Creek Manor, an Assisted Living/Memory Care community located in Cumming, Georgia.

Occupancy at the community has been averaging 95% to 100%.

The property was purchased by CNL Lifestyle Properties, Inc. for $7.5 million ($156,250 per unit).


Allen McMurtry • 813.349.8349 •
Megan Fetter • 813.349.8344 •

Taubman Announces Acquisitions Of Additional Interests In Florida’s International Plaza And Waterside Shops

Internatonal Plaza, Tampa, FL
 BLOOMFIELD HILLS, MI  /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) announced the acquisition of an additional 49.9 percent interest in International Plaza (Tampa, Fla.) and an agreement to acquire an additional 25 percent interest in Waterside Shops (Naples, Fla.). 

The company acquired its additional interest in International Plaza from CSAT, LP, increasing its ownership in the center to 100 percent. The $437 million purchase price for CSAT, LP's interest in the center consists of $275 million of cash and approximately $162 million of beneficial interest in debt.

"We are pleased to have an opportunity to increase our ownership interest in International Plaza. The acquisition will be accretive and the center is in a strong, growing market," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.

Waterside Shops, Tampa, FL
  "Since its opening in 2001, International Plaza has become the dominant upscale shopping center in the Tampa market. It's a highly productive asset, with sales per square foot above our portfolio average."

International Plaza is located at the center of the Tampa metroplex, on the grounds of Tampa International Airport. The 1,202,000 square foot center, which opened in September 2001, is anchored by Dillard's, Neiman Marcus, and Nordstrom.

The company has agreed to acquire a 50 percent interest in Waterside Shops from an affiliate of Oregon PERS (Oregon PERS) on a pari passu basis with an affiliate of The Forbes Company.

Robert S. Taubman
Upon closing, the company's ownership in the center will be 50 percent, the remaining interests are owned by an affiliate of The Forbes Company. The $155 million purchase price for Oregon PERS' interest in the center consists of $72.5 million of cash and $82.5 million of beneficial interest in debt.

 The company's share of cash and beneficial interest in debt are $36.3 million and $41.3 million, respectively. The transaction is subject to lender approval and is expected to close within 10 days thereafter. The Forbes Company will continue to lease and manage the center.

"We are delighted to build upon our successful partnership with Forbes by increasing our ownership in Waterside," said Mr. Taubman. "This highly productive, luxury oriented center complements our portfolio."  

Waterside Shops is located in the heart of Naples on the northwest corner of Seagate Drive and Tamiani Trail North (U.S. 41). The 336,000 square foot center, which opened in November 1992, is anchored by Nordstrom and Saks Fifth Avenue and was completely renovated between 2006 and 2008.

The seller in each transaction was represented by Eastdil Secured, LLC.

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

 Karen Mac Donald, Taubman, Director, Communications, +1-248-258-7469,,

 Barbara Baker, Taubman, Vice President, Corporate Affairs & Investor Relations, +1-248-258-7367,

Liberty Property Trust Announces $155 Million Investment In Industrial Acquisitions In Fourth Quarter

Michael Hagan
 MALVERN, PA /PRNewswire/ -- Liberty Property Trust has announced that it has closed on the acquisition of 19 industrial buildings totaling three million square feet for $155 million thus far during the fourth quarter.

The properties consist of 12 properties in Tampa, FL, totaling 1.2 million square feet; two buildings in suburban Chicago, IL totaling 1.2 million square feet; three properties in Charlotte, NC totaling 376,000 square feet; and two buildings in Shakopee, MN totaling 282,000 square feet. The properties are 96% leased.

Liberty's chief investment officer, Mike Hagan, commented, "Liberty continues to increase our industrial footprint with selective acquisitions in our targeted industrial markets. We anticipate an additional $18 million investment in industrial acquisitions by year-end, increasing Liberty's industrial holdings to 48 million square feet."

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

Jeanne A. Leonard,
Liberty Property Trust,

Essex Realty Group Brokers Sale of Walk-up Apartment Building in Chicago, IL

1234 North Cleaver St., Chicago, IL

 CHICAGO, IL – Dec. 20, 2012 - Essex Realty Group, Inc. is pleased to announce the sale of 1234 N. Cleaver Street, a gut-rehabbed walk-up apartment building located in Chicago’s Wicker Park neighborhood. 

The property is situated on the west side of Cleaver Street, one block north of Division Street and in close proximity to the Division/Milwaukee/Ashland six-way intersection.

Jason Fishleder
 The Subject Property consists of 11 two-bedroom apartments with a unit mix of  three front 2 bedroom/1 bath, three middle 2 bedroom/1 bath, three rear 2 bedroom/1 bath and two garden 2 bedroom/1 bath Units.

 Jason Fishleder, Doug Fisher and Matt Welke of Essex  represented the sellers and Doug Imber and Kate Varde represented the buyers in the transaction.  The price was approximately $1,750,000.

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


Douglas S. Imber
Essex Realty Group, Inc.

HFF secures $51.8 million in financing on behalf of Kennedy Wilson

Harrington Square Apartments,
Renton, WA
IRVINE, CA – HFF announced today that it has secured $51.8 million in financing on behalf of Kennedy Wilson for the Atrium Apartments and Harrington Square Apartments, multi-housing communities in Kent and Renton, Washington,. 

                HFF worked on behalf of the borrower to secure the two 10-year fixed-rate loans with M&T Realty Capital Corporation (FNMA).  

A $25.8 million loan with a 3.44 percent rate was arranged for The Atrium Apartments and a $26 million loan with a 3.35 percent rate was secured for Harrington Square. 

Charles Halladay
The Atrium Apartments is located on more than 20 acres at 6248 South 242nd Place in the south end submarket of Kent, a city halfway between Seattle and Tacoma.  Renovated in 2009, the property has 300 units within 21 buildings.  

Units range from one- to three-bedroom layouts and average 835 square feet each.  Community amenities include an indoor basketball court, fitness center, spa, heated outdoor swimming pool, clubhouse and two children’s play areas.  The 95 percent leased property also includes 52 detached garages.

Mark Wintner
Completed in 2011, Harrington Square Apartments has 217 units plus 2,980 square feet of retail space. The property is 95 percent leased and features studio, one- and two-bedroom layouts.  Community amenities include a clubhouse, fitness center, bbq area and garage parking.  Harrington Square Apartments is located at 950 Harrington Avenue NE close to Interstate 405 in Renton, southeast of Seattle. 

                The HFF team representing Kennedy Wilson was led by director Charles Halladay and managing director Mark Wintner.
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 |