Tuesday, January 29, 2013

Charles Dunn Company Completes $4.96 Million Sale of Multifamily Property in Los Angeles

1522 South Hayworth Ave.
Los Angeles, 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 $4.96 million sale of a 17-unit multifamily property located near Fairfax Ave. and Pico Blvd. at 1522 S. Hayworth Ave. in Los Angeles.

Albert Shilton and Blake Rogers of Charles Dunn Company represented the sellers, private investors from Los Angeles, as well as the buyer, Los Angeles-based South Hayworth Investments.

The property traded in the off-market transaction for a 4.2 percent cap rate, and at a $228 cost per square foot. The cap rate is the lowest achieved in the 90035 zip code since 2006.

Albert Shilton
The property includes 16, two-bedroom, two-bathroom units and one, one-bedroom/one-bathroom unit. Rents for the two-bedroom units ranged from $1,650-1,825 at the close of escrow. 

The majority of the units are two-story, townhouse-style floor-plans with large balconies and central air conditioning.

“Our client intends to renovate unit interiors and add common area amenities to increase rents,” said Shilton. “The revenue is expected to increase by 20 percent and since the property is not subject to rent control, this increase can be realized relatively quickly.”

Blake Rogers
The property traded in the off-market transaction for a 4.2 percent cap rate, and at a $228 cost per square foot. The cap rate is the lowest achieved in the 90035 zip code since 2006.

“The buyer capitalized on the opportunity to purchase a non-rent controlled asset in a prime area that sees very few transactions,” said Rogers. “While the going-in cap rate is low, the pro forma cap rate approaches 6 percent, which is significantly higher than market.”

Shilton and Rogers specialize in the sale of multifamily properties and land for development within Los Angeles and Orange Counties. In 2012, they closed on transactions totaling approximately $39,000,000 representing over 500 existing and future units.

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

Darcie Giacchetto
D.G. Communications, Inc.

Cousins and Watkins Retail Group Open Mahan Village in Tallahassee, FL

 ATLANTA, GA – Mahan Village is now open for business. The community shopping center developed by Cousins Properties Incorporated (NYSE: CUZ) with Watkins Retail Group and New Horizon Retail is anchored by Academy Sports + Outdoors and Publix Supermarkets.

 It also has 30,000 square feet of shops and restaurants, such as Uncle Maddio’s Pizza Joint, Bruegger’s Bagels, Moe’s Southwest Grill, Jersey Mike’s, Sport Clips and H&R Block. 

Michael Cohn
The $26 million+ development at Capital Circle and Mahan Drive is located at one of the busiest intersections in the City of Tallahassee.

“We’re proud to have Mahan Village 90 percent leased upon opening, including first-rate anchor tenants that fit the vibrant and booming Tallahassee area,” said Michael Cohn, Cousins’ executive vice president.

In early 2011, Cousins announced a partnership with Watkins Retail Group to recapitalize Publix-anchored neighborhood shopping centers in Florida and Tennessee. This will be the fifth project the two companies have partnered.

The Publix Supermarket (45,600 square feet) was relocated to Mahan Village from an existing, undersized store located across the street. Academy Sports & Outdoors (67,664 square feet) chose to locate its only store in the Tallahassee market in Mahan Village

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

Rachel Tobin,
Jackson Spalding                                                                                                                                                                
(404) 724-2501;

Feeling Stable: Retail Sector Starts to Find Its Bearings in 2012

Michael Bull in Recording Studio
 ATLANTA, GA (Jan. 29, 2013) – After enduring a brutal stretch during the Great Recession and its aftermath, the U.S. retail real estate sector stabilized in 2012.

 That was the consensus of a panel of experts on the most recent episode of the weekly “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. The episode took an enlightening look at the sector, examining investment sales, development trends and retailers that are expanding.

Dan Fasulo
“We definitely moved into a period of stabilization [last year],” said Dan Fasulo, managing director of Real Capital Analytics. “We’re not seeing huge declines in occupancy anymore, not really seeing rents plummeting. There might be certain submarkets that are still pressured, but all in all, fundamentals have stabilized.”

 The sector should continue to improve gradually in the year ahead, Fasulo added. “I think we’ll see incremental growth,” he said. “The U.S. economy is like a big ship – once it’s going in the right direction, it’s hard to turn back around.”

Bob Simons
 All of the components of the retail real estate sector are feeling better about the industry, said Bob Simons, a partner with the Hartman Simons commercial real estate law firm.

“There’s an increased confidence,” he said. “There’s confidence from the consumers – [they] are starting to spend more money out there. There’s increased confidence from the equity markets. Going back to ’09, 2010, the equity markets were running as fast as they could from the retail sector.

John Crossman
“They’re starting to come back, and valuations are starting to stabilize, improve, which brings lenders back to the fold.”

 Despite the overall uptick, the sector still faces issues, and filling vacancies can remain a challenge. John Crossman, CEO of Crossman & Co., said his firm often has to get creative to fill the retail properties it leases.

 “We’re being very pro-active on non-traditional uses … ,” he said. “Maybe there’s an office tenant that comes into a retail space. We’re [finding] medical [tenants], which can be very helpful, and we’ve had churches come into shopping centers.”

Jeff Fuqua
The guests said the sector is nearing the point where new development is feasible, but Jeff Fuqua of Fuqua Development said new retail properties will be a good deal smaller than the suburban power centers of the past, will incorporate other uses such as residential, and will be located in intown or dense suburban environments. Contemporary retail developments are“smaller, more complicated, more expensive – [they’re] different,” he added.

 According to the guests, sporting-good chains and specialty grocers are adding sites aggressively, while home-improvement retailers have been stagnant when it comes to expansion.

The entire episode on the U.S retail real estate market is available for download at www.CREshow.com.

 The next “Commercial Real Estate Show” will be available Jan. 31 and will examine the U.S. industrial market.


Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354

Hendricks & Partners Acquired By Berkshire Hathaway Joint Venture Berkadia Commercial Mortgage LLC

Cole Whitaker
Orlando, FL --- Hendricks & Partners, one of the nation’s largest and most active multi-family investment banking and research companies, has been acquired by Berkadia Commercial Mortgage, LLC, a joint venture of investment giant Berkshire Hathaway and Leucadia National Corporation, a major U.S. holding company with diverse investments.

Cole Whitaker, partner who heads Hendricks & Partners in the southeast, said the new firm is now called Hendricks-Berkadia.

“The acquisition brings substantial new resources to our work negotiating acquisitions and sales of investment-grade multi-family properties,” Whitaker said.

Hal Warren
In 2012, Whitaker and Associate Partner Hal Warren sold some 2,400 units and negotiated 525 acres in land transactions.

“Berkadia Commercial Mortgage unites two of the great financial powerhouses and Hendricks-Berkadia is now able to provide sound access to financing for major acquisitions,” Whitaker said.

Whitaker, one of the Central Florida region’s most prolific brokers of multi-family properties, joined Hendricks & Partners three-and-a-half years ago.

For more information, contact:

Cole Whitaker, Southeast Partner, Hendricks-Berkadia, 407-218-8880, cwhitaker@hpapts.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

U.S. Median Home Prices Increase 11 Percent in 2012, Says ZipRealty

EMERYVILLE, CA – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the leading online technology-enabled residential real estate brokerage company, announced that according to the ZipRealty Home Price Report, which is based upon authoritative transactional and MLS data in 33 major metros, U.S. median home sale prices have increased 11% on a year-over-year basis to $211,312.

In 2011, the median home sale price was $190,000, according to data released by ZipRealty.

While a recent report on existing home sales issued this week by the National Association of Realtors (NAR) found that home prices increased an average of 6.3% nationwide, ZipRealty found that in the 33 markets they and their Powered by Zip partners serve, home sale prices increased an average of 11%.

 According to ZipRealty’s data, Phoenix, Miami and Palm Beach, Fla., showed the largest increases in home prices on a year-over-year basis.

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

Stacey Corso

Voit’s Higgins Investment & Leasing Team Completes Six Investment Sale Transactions Totaling $73 Million

Kevin Higgins
Las Vegas, NV – The Higgins’ Investment and Leasing Team of Voit Real Estate Services’ Las Vegas office has successfully completed six large investment transactions in greater Las Vegas since November 2011, totaling $73 million and encompassing over 1,000,000 square feet of business parks, according to Kevin Higgins, Executive Vice President and leader of Voit’s Las Vegas Investment and Leasing Team.

            The six business park transactions represent a wide spectrum of investment themes from distressed to core product offerings. 

Garrett Toft
As such the transactions were completed on behalf of a number of different entities, which included Prologis, Bank of America, CIP Real Estate, TA Realty Associates, Kennedy Wilson, LNR and Ready Mix Opportunity Group LLC.

The Voit Las Vegas Investment and Leasing Team is comprised of Kevin Higgins, Garrett Toft and Zac Zaher.

“We appreciate the confidence that our clients have in our ability to procure and market investment opportunities,” said Higgins.

“We work very hard to maintain a constant pulse on the investment market and even harder to have real time, relevant leasing experience.  It allows us to make clear recommendations and execute on them.

Zac Zaher
 “We want to give our gratitude to our clients for a prosperous 2012 and look forward to more transactions with them in what is shaping up to be an exciting 2013. 

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

Brittany Kemer
Voit Real Estate Services
(702) 734-4500

CBRE’s Central Florida Update on Capital Markets

Ronald J. Rogg
ORLANDO, FL--The overall Moody’s/RCA Commercial Property Price Indices edged up 0.4 percent in November, marking a 4.5 percent increase from the same period last year. This is driven by the apartment index, which rose 1.2 percent month over month and 10.6 percent from November 2011.
 The delinquency rate for commercial mortgage-backed securities was 9.71 percent in December, unchanged from November, according to a recent Trepp report. The leveling off of CMBS delinquency rates suggests a more stable period, compared to earlier in 2012.

 CBRE Econometric Advisors forecasts cap rates to remain flat for the next few years, noting the current low-interest rate environment and recent period of cap rate compression.

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

Ronald J. Rogg, CCIM
Executive Vice President
Capital Markets
Investment Properties
T +1 407 839 3194

Essex Realty Group Brokers Sale Of Apartment Building in Chicago, IL

1947 North Bissell Apartments
Chicago, IL
CHICAGO, IL, Jan. 29, 2013- Essex Realty Group, Inc. is pleased to announce the sale of 1947 N. Bissell,  a fully occupied , six-unit apartment building located in Chicago’s Sheffield Historic District, a highly desirable area of the Lincoln Park neighborhood. 

 The building is well located near the Armitage commercial district, which contains many boutique style shops as well as numerous dining and nightlife options.  

Public transportation is easily accessible via the CTA Armitage Brown Line and bus routes along Armitage and Halsted.

 The Building consists of a unit mix of (1) one bedroom/one bath and (5) two bedrooms/one bath.

Kate Varde
Doug Imber and Kate Varde of Essex were the brokers in the transaction.  The price was approximately $1,150,000.

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


Douglas S. Imber
Essex Realty Group, Inc.

Regal Kitchens Site in Miami to Become Megacenter Palmetto

Former Regal Kitchens site
8600 NW South River Drive, Miami, FL
 MIAMI, FL, Jan. 29, 2013 - Colliers International South Florida is pleased to announce the sale of the former Regal Kitchens property located at 8600 NW South River Drive, Miami, FL.

The site, which consists of 8.6 acres of land, including a 171,000-square-foot warehouse, was sold to Megacenter, a company based in Chile, for $7 million.

Colliers South Florida Director of Industrial Services Mort Fetterolf, Senior Investment Sales Associate Xavier Cossard and Chairman - Founding Partner Michael T. Fay, represented the total transaction.

Michael T. Fay
"With land so scarce in the South Florida area, this property produced much interest, especially from institutional owners," says Fetterolf. "Many of those parties were considering repositioning the property by tearing down the existing structure. The new owner will instead utilize the existing building."

 Buyer Megacenter specializes in reconditioning similar buildings in Chile. This site is their first purchase in the United States, and they have plans to renovate the existing building.

Mort Fetterolf
The new owner will divide the renovated building into warehouse and full service office suites for lease, ranging from 4,000 to 20,000 square feet.

Colliers International's Fetterolf and Commercial Associate Erin Dee have been retained as the exclusive leasing agents. Competitive pricing offers and highly visible signage on the Palmetto is expected to attract tenants to the site quickly.

 "We are pleased to have sold the property and are looking forward to the new concept at this great location on the corner of the Palmetto and Okeechobee Road," adds Fay.


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

Essex Realty Group Brokers the Sale Of Walk-Up Apartment Building in Chicago, IL

1626 West Lunt Apartments, Chicago, IL
 CHICAGO, IL, Jan, 29, 2013 - Essex Realty Group, Inc. is pleased to announce the sale of 1626 W. Lunt, a 20 unit, brick, “L” shaped, walk-up apartment building located in the Rogers Park neighborhood of Chicago.

 The building’s nearby access to abundant public transportation is one of the building’s greatest assets.

 The subject property features a unit mix of (14) one bedrooms, (4) two bedrooms, (1) three bedroom duplex unit and (1) studio.

Jordan Gottlieb
Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.  The price was approximately $1,375,000.

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


Douglas S. Imber
Essex Realty Group, Inc.

Concord Hospitality Enterprises Expands Growth Strategy for 2013

Mark Laport
 RALEIGH, NC  (Jan. 29, 2013) - - Concord Hospitality Enterprises, one of the top-ranked hotel developer/owner/operators in North America, today announced that it has stepped up its growth strategy for 2013 to include opportunistic acquisitions/divestments and third-party management in addition to continuing its aggressive development program.

In 2012, the company committed more than $500 million to new development, and opened two hotels, while breaking ground on an additional six.  For 2013, Concord expects to triple that performance by opening six hotels and breaking ground on ten.  Looking ahead to 2014, Concord expects to open 12 newly developed hotels.  

“We have a very aggressive pipeline of 17 LEED-designed hotels, that include two Cambria Suites projects in New York, and one in Washington DC,” said Mark Laport, president and CEO.  “We also are very active in numerous secondary U.S. markets and Canada and will expand our presence in Cleveland and Pittsburgh.”

Openings in the near future include a 153-room Courtyard by Marriott in Cleveland, Ohio, a 136-room Hyatt House in Pittsburgh, Pa., and a 137-room Hyatt House near Concord’s Raleigh, N.C. headquarters.

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

  Chris Daly, Lauralee Dobbins
(703) 435-6293