Thursday, January 31, 2013

Colliers International Makes Aggressive Move To Expand Government Solutions Team by Hiring Former Glendale, AZ city manager Ed Beasley

Ed Beasley
 SEATTLE, WA and PHOENIX, AZ /PRNewswire-USNewswire/ -- Colliers International announced the addition of Ed Beasley to the firm's robust Government Solutions team.

Beasley will be Vice President and brings nearly 30 years of public sector experience in economic development and administration, most recently as the former city manager of Glendale, Ariz.

Dwight Hotchkiss
"Ed's experience in the public sector makes him a great addition to our team," says Dwight Hotchkiss, President, Brokerage Services | USA. "He has played an integral role in growing and strengthening the economy in his region, attracting major business investments, and creating thousands of jobs."

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

Monica Howald,

RE/MAX Marks 40 Years of Real Estate History

Gail Liniger
 DENVER, CO /PRNewswire/ -- RE/MAX LLC is marking its 40(th) year by celebrating extraordinary growth and success at a time when the recovery in the nation's housing market is gaining momentum.

 As the real estate industry overcomes market challenges, RE/MAX continues as a leader in market share, agent productivity and international expansion.

Co-founded by Dave and Gail Liniger on January 30, 1973, the company has attained countless achievements throughout four decades.

Dave Liniger
"This company was built on the strength of individual entrepreneurship and innovation. Gail and I recognized in the beginning that we would succeed only if our agents succeeded," said Dave Liniger, RE/MAX Co-Founder and Chairman. 

"So much has changed in 40 years, but what hasn't changed is our commitment to customer service and our dedication to supporting our agents and offices."

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

Shaun White,
Vice President,
Corporate Communications,

Fast-Growing Institutional Property Advisors Adds Leading New York Apartment Broker to National Team

Peter Von Der Ahe
NEW YORK, NY—Institutional Property Advisors (IPA), a leading national  institutional apartment advisory and brokerage firm, has added Peter Von Der Ahe and his team of six professionals to its roster of senior advisors, according to IPA national director Brian Murdy.

Von Der Ahe has been a leading broker of major New York metro apartments for 12 years, completing the sale of $360 million in properties over the last three years alone and more than $730 million since the start of his career. 

Recognized as a Commercial Broker All-Star for the past four years by Real Estate New York magazine, Von Der Ahe has ranked consistently among the Top 10 most active brokers in New York City for multifamily properties.

 His client list includes some of the industry’s most prominent institutional and major private investors. Von Der Ahe will be a senior director for IPA and will lead the IPA New York team.

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

Public Relations
(925) 953-1716

Colliers International Completes 22,775 SF Lease With Panavision Federal Systems at Office/ Industrial Building in Chatsworth, CA

Brock Burnett
 CHATSWORTH, CA --  Colliers International, the third largest global real estate services organization, recently represented Panavision Federal Systems on a 3-year lease. The 22,775 square foot office/industrial building is located at 9340 De Soto Street in Chatsworth, Calif.

Brock Burnett, Jeff Gould and Jeff Albee of Colliers International represented the tenant, Panavision Federal Systems, previously based out of Woodland Hills. The landlord, Northeast Valley Industrial Parks, was represented by Scott Caswell of Delphi Business Properties.

Jeff Gould
Panavision Federal Systems enlisted the Colliers team to identify and secure an office/industrial facility in the San Fernando Valley.  

Before approaching Colliers, Panavision had been searching for a space to lease for over 15 months. 

Colliers International quickly understood Panavision’s needs in terms of size, layout, location and security, and efficiently solidified the space.  Panavision Federal Systems will be moving and expanding their business in their new location in Chatsworth this week. 

Jeff Albee
According to Brock Burnett, “This lease represents a success story for Valley office/industrial space. 

"  Panavision has been a mainstay in the Northwest part of the Valley for many years now, and their continued expansion and presence is a very positive sign that tenant retention and vacancy reduction is prevalent in the Valley.  Moreover, there continues to be value opportunities for companies searching for space in this marketplace.”

              Built in 1987 and situated on .52 acres, the 2-story property is a high cube office/warehouse building.  The building is elevator served with turn-key office space and abundant parking.

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

Jeff Gould
(818) 325-4108 or


Jones Lang LaSalle Reports Full-Year Adjusted Earnings per Share of $5.48; Revenue of $3.9 billion

Record full-year revenue increased 12 percent; fee revenue grew 10 percent

CHICAGO, IL /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported adjusted EPS for 2012 of $5.48, up from $4.83 last year.  Record full-year revenue of $3.9 billion was up 12 percent in local currency.  Fee revenue was $3.6 billion, an increase of 10 percent.

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

Lauralee Martin,
Chief Operating and Financial Officer.

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

The Mod, 1222 West Madison Street
Chicago, IL
 CHICAGO, IL –  Essex Realty Group, Inc. is pleased to announce the sale of The Mod  (1222 W. Madison St.), a new construction, mixed-use property located in Chicago’s desirable West Loop neighborhood. 

Originally constructed for condominiums, the building consists of 58 residential units, 4,707 square feet of street retail space and 58 parking spaces (56 garage, 2 exterior).

 The Mod is situated within walking distance of Randolph Street’s vibrant restaurant/commercial corridor, Greektown and the United Center. 

Douglas Imber
The property’s convenient location offers easy access to Chicago’s Central Business District, the Kennedy Expressway (I90/94) and Eisenhower Expressway (I-290), and is within walking distance of the Racine Blue Line station and Morgan-Lake Green/Pink Line station.

 Doug Imber, Doug Fisher and Jason Fishleder of Essex were the brokers in the transaction. The price was approximately $20,125,000.

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


Douglas S. Imber
Essex Realty Group, Inc.

Lincoln Property Company Southeast Brokers $3.1 Million Sale of Venture Center in Atlanta, GA

1605 Chantilly Drive, Atlanta, GA
ATLANTA, GA– Lincoln Property Company Southeast has brokered the $3.1 million sale of Venture Center, a three-story, 39,185-square-foot office building at 1605 Chantilly Drive in Atlanta.

 Hunter Henritze, Michael Howell and Chip Sipple of Lincoln Property Company Southeast represented the seller, CRM Properties LLC, in the transaction, while Wyatt Realty Company represented the buyer, Wyatt Family Partnership LP.

Hunter Henritze
Located between Atlanta’s Buckhead, Midtown and Emory areas, Venture Center is fully leased.

Children’s Healthcare of Atlanta is the anchor tenant and in the fall of 2012, the firm renewed and expanded its lease to a total of 33,000 square feet through Lincoln’s leasing efforts. The building has signage and direct visibility from I-85 just north of the Lenox Road/Cheshire Bridge intersection and one mile south of North Druid Hills Road. .

Michael Howell
 “Our team at Lincoln did an outstanding job managing, leasing and executing the disposition of Venture Center,” said Tony Bartlett, senior vice president of Lincoln Property Company Southeast.

 “The execution by our team to take a bank-owned asset and quickly increase the occupancy from 63 percent to 100 percent occupancy while identifying a qualified buyer able to execute a year-end close couldn’t have been scripted better.

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

Stephen Ursery
The Wilbert Group

Rosemont Realty Acquires Three-Building Concourse Office Complex on I-95 in Jacksonville, FL

Concourse Office Complex, Jacksonville, FL
SANTA FE, NM  /PRNewswire/ -- Rosemont Realty, LLC, a leader in commercial real estate acquisition and management with holdings of approximately 16 million square feet of commercial office space at a value exceeding $1.5 billion, has acquired the three-building Concourse office complex in Jacksonville, Fla.

The acquisition of Concourse has added 288,147 square feet of Class A office space to Rosemont Realty's portfolio. Rosemont Realty purchased the office building from Northwestern Mutual for an undisclosed amount.

In 2012, Rosemont Realty acquired eight Class A or Class B commercial properties, representing more than 2.5 million square feet valued at approximately $250 million. The 2012 acquisitions were in Albuquerque, Birmingham, Denver, Houston, Memphis, Nashville, San Antonio and Tulsa.

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

Jeanne Hasenmiller,

Marcus & Millichap Capital Corp. Arranges $25.8 Million Multifamily Portfolio Loan

Danny Abergel
 ENCINO CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a loan for a portfolio of San Fernando Valley multifamily assets valued at $25.8 million.

Danny Abergel, a vice president capital markets in MMCC’s Encino office, arranged the refinancing, which comprises:

·         $11.1 million to refinance a 100-unit multifamily mid-rise property in North Hollywood

·         $9.1 million to refinance a 74-unit multifamily property in Sherman Oaks

·         $5.6 million to refinance two 18-unit multifamily properties in Sherman Oaks, at $2.8 million each

 “While values have risen, interest rates have fallen. With this new loan, we have helped our clients take advantage of these new lower rates, resulting in a dramatic reduction in debt costs,” says Abergel.

            The loan was structured with 30-year terms and will amortize over 30 years at an interest rate of 3.5 percent. The LTV is 75 percent.

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

Marcus & Millichap Capital Corp.
(925) 953-1716

George Smith Partners Secures $12 Million in Financing for Cash-Out Refinance of Colorado Apartment Community

Kipling Village Apartments, Wheat Ridge, CO
LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged $12.2 million in financing for its client, Kipling Village, LLC., for the cash-out refinance of Kipling Village Apartments, a 308-unit apartment complex located in Wheat Ridge, Colorado, according to George Smith Partners’ Vice President Steve Stein and Senior Vice President Marc Schillinger.

“Kipling Village tasked us with securing the maximum cash-out refinance for its property, Kipling Village Apartments, to allow the company to take advantage of other investment opportunities in Colorado, Nevada and California markets,” explained Stein. 

Marc Schillinger

“The client’s existing lender relationships were not interested in financing properties located in tertiary markets, so our team drew upon our existing connections in order to identify a lender who would be willing to fund the refinance.”

According to Stein, the refinance for Kipling Village Apartments was a full-leverage loan request on a 40-year-old building, which resulted in increased scrutiny by potential lenders regarding the monthly reserve requirements for ongoing repairs.  In addition, many lenders required the completion of a costly list of immediate property repairs prior to financing the loan.

Stephen Stein
“This property presented a number of significant challenges in order to achieve financing," Stein said..  

"One major challenge we encountered was that the property was collecting rents for 96 percent of the community’s 308 units, while seven percent of these were non-conforming units.

 “Standard protocol for lenders when underwriting a loan is to exclude the income for non-conforming units, while still counting the expenses associated with these units against the total Net Operating Income for the property. 

"  By utilizing these standards, the property’s reportable NOI and loan proceeds were substantially lowered, making the property much less attractive to potential lenders.”
For a complete copy of the company’s news release, please contact:

Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

Superstar Real Estate Professional Nina Hatvany Joins Pacific Union

Nina Hatvany
SAN FRANCISCO, CA /PRNewswire/ -- Nina Hatvany, the top individual residential real estate agent in San Francisco, has joined the Pacific Union International family.

Hatvany, who was TRI Coldwell Banker's #1 top producing individual agent for over 20 years, posted over $180 million in residential real estate sales in 2012. She represents both buyers and sellers of luxury homes, condominiums and apartment buildings.

"Pacific Union is honored to have Nina join our firm," said Patrick Barber, President - San Francisco Region. "Nina is an exceptional individual and a stellar real estate professional.

Patrick Barber
“Her commitment to her clients' best interests, her unparalleled market knowledge, and her high standards of excellence and integrity match perfectly with Pacific Union's standards of elite performance."

"The international exposure and cachet of Pacific Union's association with Christie's International Real Estate will provide a fabulous showcase for my high-end listings," said Hatvany. 

"With that in hand, and now that my career is established, I am eager to move into a period of growth and high energy along with my daughter and son, Natalie and Paul. Pacific Union gives us that platform in a warm and supportive environment."

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

Patrick Barber,
Pacific Union International,

21 Florida Apartment Units Sell for $675,000

Hampton Bay Apartments, St. Petersburg, FL
ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hampton Bay Apartments, a 21-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $675,000.

Michael P. Regan and Francesco P. Carriera, vice president investments and Nicholas Meoli, investment specialist in Marcus & Millichap’s Tampa office, represented both the seller and the buyer, private investors based in Florida.

Michael P. Regan
Hampton Bay Apartments is a three-story building, constructed in 1974 and located at 111 Southwest Madison Circle North. 

The unit mix consists of nine efficiency units with 365 rentable square feet, nine one-bedroom/one-bathroom units with 550 rentable square feet and three two-bedroom/one-bathroom units with 850 rentable square feet.

Francesco P. Carriera
 Renovation of the property includes new paint on the exterior and hallways of the building, new tile floors in 20 of the 21 units and 15 units have received all new white kitchen cabinets.  The parking lot has also been resurfaced.

“This sale was an all-cash transaction with a three day contingency period,” says Meoli.  “The property closed within thirty days from the executed contract.”

“This was a private lender short-sale,” adds Frank Carriera. “One of the very few left in the Tampa Bay area.”

Press Contact:

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

Berger Commercial Realty Brokers Close $3.4 Million Sale in Davie, FL

Joe Byrnes
FORT LAUDERDALE, FL - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new deal from brokers Lloyd Berger and Joe Byrnes.

 Berger and Byrnes represented Robert Malt in the sale of a 9.8-acre site, located at 3501 S.W. 46th St. in Davie, to 3501 Burris Road, LLC for $3,412,500. The site will be held for future development.

 3501 Burris Road, LLC, represented in the deal by Pat Montalbano of Montalbano Commercial Realty, owns a neighboring property that is currently being used as a travel trailer park.

Media Contact: 

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

600 New South Beach Condos Unsold As Sales Slow Dramatically In Q4 2012

 MIAMI, FL -- For a second consecutive quarter, about 600 new condos in the popular South Beach neighborhood of Miami Beach remain unsold from the last South Florida real estate boom-and-bust cycle as developer units sales slowed dramatically in the fourth quarter of 2012, according to a new report from

Buyers purchased less than 10 new condos for a combined $9.9 million between October and December of 2012 compared to more than 20 units for more than $16 million during the same three-month period in 2011, according to an analysis based on Miami-Dade County records.

As of Dec. 31, 2012, developers in the South Beach condo market have sold about 89 percent of the nearly 5,600 units created since 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

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

Condo Vultures® LLC at 800-750-0517

NAI Realvest Maitland, FL Names Robin L. Webb Managing Director of Brokerage; Projects 20 Percent Growth This Year

Robin L. Webb
 MAITLAND, FL. -- NAI Realvest, the Maitland-based real estate and investment firm that ranks as one of Central Florida’s most prominent commercial property brokerages and developers, has named Robin L. Webb, CCIM, CPM, as managing director of brokerage operations.

 Patrick Mahoney, president, said Webb comes to NAI Realvest with some 35 years of experience as a commercial broker including the last 22 at Coldwell Banker Commercial NRT including six as managing director for Coldwell Banker Commercial NRT for the state of Florida.

 First on Webb’s agenda is to expand brokerage services at NAI Realvest along with investment and specialty services.    At present, NAI Realvest has 31 brokers and Webb plans to hire significantly more this year.

Patrick Mahoney
Webb, educated at Georgia State University in Atlanta, got his start as a broker in the Orlando market, where he opened his own brokerage that merged Prudential Florida and then Coldwell Banker NRT, Mahoney said.

While at Coldwell Banker Commercial NRT he was responsible for directing the operations of 275 sales people and a property management team of 12.

 In his days in sales, Webb has a closed sales volume that exceeded  $1 billion and he has been ranked as the highest volume producer in the southern region.

In addition to receiving the CCIM designation, Webb is both a certified property manager (CPM) and a certified hotel administrator (CHA) with over three decades of operations experience.

 Webb is also heavily involved in professional affiliation operations as former president of the Florida CCIM chapter and the 400-member Central Florida Commercial Assn. of  Realtors.

 He was awarded the 1999 Hank Thompson award by the Florida CCIM chapter for outstanding contributions to commercial real estate and was Florida Realtor Commercial Council chairman. 

 Among his many other industry activities, he served as interim president of CCIM Technologies, Inc. and is a director of both the CCIM Education Foundation and the CCIM Institute.

 For more information, contact

 Patrick Mahoney, President, NAI Realvest, 407-875-9989;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates New Industrial Leases totaling 14,400 square feet at West Orlando’s Carter CommerCenter and Countyline Industrial Park

Carter CommerCenter, Winter Garden, FL
ORLANDO, FL – NAI Realvest recently negotiated three industrial lease agreements totaling 14,400 square feet at the Carter CommerCenter in Winter Garden and at Countyline Industrial Park in Oakland in West Orlando.

 Michael Heidrich, principal at NAI Realvest brokered the transactions on behalf of the landlords. 

 Pullin Customs, an automotive customizing firm, signed a lease for suites 100 and 110 with 6,000 square feet in Carter CommerCenter at 890 Carter Road in Winter Garden.  COP-Carter LLC of Maitland is the landlord.

Countyline Industrial Park aerial, Oakland, FL
Heidrich also negotiated two leases in the Countyline Industrial Park, 940 W. Oakland Ave. off Highway 50 and the Florida Turnpike representing landlord Countyline Suites LLC based in Winter Garden.   

 DJB Imports Inc., a distributor of writing instruments and marking devices, leased Suites A-10 and A-11 with a total of 4,800 square feet at the industrial park. 

 Paladin Healthcare, LLC leased Suite A-1 and half of Suite A-2 with a total of 3,600 square feet in Countyline.  

For more information, contact

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

KW Property Management & Consulting Adds New Client in Clearwater, FL

Grand Venezia Apartments, Clearwater, FL
Clearwater, FL ---  KW PROPERTY MANAGEMENT & CONSULTING, a statewide leader in turnkey property management, has been selected to handle property management services for Grand Venezia, a 334-unit community located at 2704 Via Murano in Clearwater.

Grand Venezia’s amenities include a Mediterranean style clubhouse, 24/7 manned security entrance, heated pool, hot tub, sauna, gym and Bistro Area.
The Quarter at Ybor Apartments
Ybor City, FL

With its Tampa regional office in Clearwater, KW PROPERTY MANAGEMENT & CONSULTING is one of the largest onsite management companies in Florida.

The company currently manages premier properties in its Tampa portfolio such as The Quarter at Ybor (457 units), The Slade at Channelside (284 units), The Lakeview of Largo South (198 units), and The Fountains at Countryside (168 units).

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

Brittany Nguyen
Becker Public Relations
2506 Ponce De Leon Blvd.
Coral Gables, FL 33134
Telephone 305/444-2181 x221
Facebook: Becker Public Relations and Jeanne Becker

Taylor & Mathis of Florida Garners Seven Toby Awards

Milly Pinero
 MIAMI, FL – Taylor & Mathis of Florida has garnered seven TOBY (The Office Building of the Year) awards from the Miami-Dade chapter of the Building Owners and Managers Association (BOMA). 

The organization held its 25th annual award program January 11th at The Biltmore in Coral Gables. 

“We are so proud of our exceptional staff,”  stated T&M Director of Operations, Marlene Diaz..  “Their commitment to the T&M Family and unified efforts of achieving excellence was noted by the judges as exceptional and rarely seen in our industry.  

Marlene Diaz
"This was the determining factor in their decision to name Taylor & Mathis as the Management Company of the Year. ”

Among the seven awards received by Taylor & Mathis are

·         Property Management Company of the Year

·         Peter Romero, Senior Property Manager-Waterford at Blue Lagoon -Principal Member of the Year

·         Milly Pinero -Assistant Property Manager of the Year/ 5+years

Peter Romero
Building of the Year Awards:

·         550 Biltmore, Coral Gables – Renovated.  Renovations for which the award was received included lobby renovations as well as mechanical and HVAC systems.

·         6100/6303 Waterford -Suburban Office Low Rise

·         6505 Waterford - Corporate Facility

·         355 Alhambra, Coral Gables - 100,000 to 249,999 Square Foot Building

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

Wednesday, January 30, 2013

Charles Dunn Completes $4.7 Million Sale of 30-Unit Multifamily Property in Los Angeles in Off-Market Transaction

Bryan Glenn

 LOS ANGELES, CA. Jan. 30, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.7 million sale of a 30-unit multifamily property located at 1831-1833 N. Normandie Ave. situated just north of Hollywood Blvd. and south of Franklin Ave. in the Los Feliz submarket of Los Angeles.

Bryan Glenn, senior director with Charles Dunn Company out of the firm’s West Los Angeles office, represented the seller, Normandie Lion, LLC an entity of Lion Real Estate Group. The buyer, MKA Investments, III, LLC was represented by Vahan Saroians of Coldwell Banker.

1831-1833 N. Normandie Ave. 
Glenn utilized his strong relationships in the market to identify a buyer who was aggressively seeking to acquire a stabilized, quality building in this location, and who understood the future upside potential of the asset. 

  The buyer was also able to take advantage of an attractive assumable loan with favorable terms that was originated in July of 2012 through Chase Bank.

“Lion Real Estate Group purchased the property in 2010 and was able to successfully sell it just two years later for a strong return on investment,” said Glenn. 

Vahan Saroians
“Because of Lion’s hands-on management, ability to add value, and increase the financial performance of the property, their exit strategy was able to be realized in this off-market transaction.  They will use the proceeds as part of a 1031 tax-deferred exchange to continue their strategy of investing in value-add and opportunistic multifamily assets in Southern California.”

According to Glenn, the seller had recently renovated about half of the units with new kitchens, bathrooms and flooring, and several common area upgrades were completed including complete exterior painting, interior hallway painting, carpet replacement, installation of security cameras, upgraded intercom, landscaping and signage.

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

Darcie Giacchetto
D.G. Communications, Inc.

Charles Dunn Co. Completes $5.17 Million Sale of Vacant Office Property to Actors’ Equity Association

Stacy Vierheilig-Fraser
LOS ANGELES, CA Jan. 30, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $5,175,000 sale of a vacant 18,720 square foot office property located at 5636 Tujunga Blvd. in North Hollywood, Calif.

Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company out of the firm’s Sherman Oaks office, represented the, seller, Gordon Trust.

5636 Tujunga Blvd., North Hollywood, CA
The buyer, Actors’ Equity Association, the labor union that represents more than 49,000 actors and stage managers in the United States, was represented by Mark Robinson of Cushman & Wakefield.

“This property had been vacant for four months including escrow time but is a highly improved bow truss building near NoHo perfect for creative uses,” said Vierheilig-Fraser.

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

Darcie Giacchetto
D.G. Communications, Inc.

Harbert Management Corp. Raises $522 (EUR 405) Million for Third Pan-European Real Estate Opportunity Fund

Raymond J. Harbert
BIRMINGHAM, AL  /PRNewswire/ -- Harbert Management Corporation ("HMC"), an alternative investment manager, announced it has raised over $325 (EUR254) million of equity commitments for Harbert European Real Estate Fund III ("the Fund"), its third pan-European real estate opportunity fund, including $197 (EUR151) million in co-investment equity.

 The Fund will primarily target institutional-quality European real estate investments at opportunistic pricing with a focus on over-leveraged borrowers, upcoming debt maturities and institutional owners refocusing on core competencies or markets.

To date, the Fund has made four acquisitions, most recently acquiring approximately four million square feet of UK industrial assets.  All current investments are performing at or above underwriting targets. 

"With highly leveraged buyers forced out of the market and many investors still on the sidelines working through legacy portfolio issues, we see opportunities in the European real estate market that we are well-positioned to take advantage of," said Raymond Harbert, CEO and Founder of HMC.

 "While we are seeing the European investment market taking more time to recover than in the US, high-grade distribution assets in the UK and prime office space in Paris, for example, provide attractive long-term investment

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

Bill Wos
Marketing Manager
Telephone: 205 987 5589 
Harbert Management Corporation

Marcus & Millichap Capital Corp. Arranges $10.6 Million CMBS Refinance for Austin, TX Self-Storage Facility

Michael Laurencelle
AUSTIN, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10.6 million refinance with a CMBS lender for a self-storage facility in Austin.

            Michael Laurencelle, an associate director in MMCC’s Austin office, arranged the loan.

            “The borrower’s net operating income from this property was low for a loan of this size,” says Laurencelle. “Obtaining approval took six months, during which time we worked closely and diligently with an appraiser to demonstrate value.”

David Knobler
 “David Knobler, an associate in Marcus & Millichap Real Estate Investment Services’ Houston office, was instrumental in supplying sales comparables, which helped to raise the appraisal value to an acceptable level,” adds Laurencelle.

            The 10-year loan amortizes over 30 years at 4.54 percent. The loan-to-value is 75 percent.

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

Public Relations
(925) 953-1716

Aventura Business Park in Miami-Dade County, FL Sells for $17.3 Million

Aventura Business Park
Miami-Dade County, FL
 MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Aventura Business Park, a 203,567-square foot industrial warehouse park. The asset commanded a selling price of $17.3 million, or approximately $85 per square foot.

            Douglas K. Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented both the seller, and the buyer, Bristol Group Inc.

Douglas K. Mandel
“A best-of-class asset in a land-constrained market with high barriers to entry, the property offers exceptional upside potential, particularly considering its low cost of ownership,” says Mandel. 

Completed in 1989, the property consists of three buildings situated in a secure office park setting located just off Interstate 95 and Ives Dairy Road.

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

Public Relations
(925) 953-1716

HFF arranges $19.6 million financing for student housing community at University of Alabama in Tuscaloosa

The Bluffs at Waterworks Landing
Student Housing, Tuscaloosa, AL
DALLAS, TX – HFF announced it has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly-constructed, 162-unit, 308-bed, off-campus student housing community serving the University of Alabama.

Working exclusively on behalf of Ellis-Trick Multifamily, HFF placed the 10-year, 3.77 percent fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to refinance the original construction debt on the property.

Adam Herrin
The HFF team representing the borrower was led by associate director Adam Herrin.

The Bluff at Waterworks Landing is located less than one mile from campus at 534 7th Avenue Northeast near the intersection of Jack Warner Parkway Northeast and McFarland Boulevard East. 

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 |