Wednesday, February 27, 2013

Bull Realty Brokers $1.4 Million Sale of Kennesaw, Ga., Office Complex

Wade Green Commons, Kennesaw, GA
 ATLANTA, GA (Feb. 27, 2013) – Bull Realty has brokered a $1.4 million, all-cash sale of Wade Green Commons, a bank-owned office complex in Kennesaw, Ga., a northern suburb ofAtlanta.

Casey Keitchen, vice president, National Office Group, for Bull Realty, represented the seller, Fidelity Bank. The buyer, Excel Realty Group, an investment firm out of Ohio, was represented by Stacy Taylor of Taylor Real Estate Services. 

Casey Keitchen
The 5.5-acre development was designed for 65,000 square feet of office space and was delivered in 2009 as the office market tanked.

Fidelity acquired the complex when it acquired the assets of Security Exchange Bank in a loss-share agreement with the FDIC, and Fidelity put the property on the market in late 2012. Approximately 14,752 square feet had been built by then, 92 percent of which was leased at the sale closing on Feb. 21, 2013.

Amedisys, a national tenant, is the largest tenant in the complex. The new owner plans to immediately begin construction of speculative office space in the complex. Wade Green Commons is located at 4255 Wade Green Road, on the east side of I-75.

 “It’s interesting that an Ohio investor won the bid over the regional players and is starting construction right away,” said Michael Bull, Bull Realty founder and host of the “Commercial Real Estate Show” radio program. “The typical buyers were somewhat jaded and did not value the opportunity as much as we believed they should.”

“This sale is another example of how our firm’s policy of sharing listings and fees with outside brokers benefits our clients,” Keitchen said. “Our extensive Internet marketing, combined with full co-operation amongst the entire brokerage community, is more effective than traditional database-only brokerage, and consistently generates more offers at higher prices.”


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

Multi-Housing Sale Activity in South Florida at Five-Year-High

Richard Tarquinio
MIAMI, FL --The CBRE Multi-Housing Private Capital Group is pleased to present the 2013 Spring Multi-Housing Market Update. This report is geared towards South Florida private capital owners and investors and includes key local trends, sale comparables, statistics and financing guidelines.

 Highlights of the report include:

  • Significant uptick in multi-housing sale activity. Multi-Housing sales are at five year high.
  • In Miami-Dade and Broward average apartment rents are above the record high rents. We anticipate Palm Beach rents to be at record levels later this year.
  • Cap rates are stabilizing. For Class A product cap rates range between 4.75% to 5.25%, Class B between 5.75% to 6.50% and Class C between 7.00% to 9.0%.
  • More local lenders are aggressively pursuing multi-housing properties for financing or refinancing opportunities at high 3% to low 4% rates.

 For a complete copy of the company’s news release, please contact:
Calum Weaver
Private Capital Group
+1 954 331 1763

 Richard Tarquinio
Private Capital Group
+1 954 331 1764

PNC Bank Renews and Expands to Nearly 24,000 SF at Phoenix, AZ Office Park

1669 Phoenix Parkway Office Park
Phoenix, AZ
Atlanta, February 27, 2013 – Pittsburgh-based PNC Bank continues to expand its services in Atlanta by taking up an additional 6,000 SF at 1669 Phoenix Parkway for a total of 23,968 square feet.

The group, having closed major RBC Bank and Flagstar Bank deals, is the seventh-largest bank in metro Atlanta with 79+ branches and some $2.85 billion in local deposits.

The long-term, now anchor-tenant at 1669 Phoenix Parkway, takes up the entire second floor.

Frank Farrell
They are followed by another financial services company, Credit Union Loan Source, which occupies nearly 12,000 SF of the building’s first floor.  PNC Bank chose to remain and expand in Phoenix Office Park in part due to the airport’s proximity.

 “Check processing centers favor close proximity to airports and our building is less than five minutes away,” said Frank Farrell, senior vice president of leasing who represented  Ackerman & Co.

Cushman Wakefield’s Ian Henderson represented the tenant. 

Of late, Ackerman has experienced quite a bit of activity in this market. Not only is 1669 Phoenix Parkway 100% leased but a recent deal at Two Crown Center has increased that building’ s occupancy to 77%.          

Ian Henderson
VX Stream, a video technology company, has just signed a 2,300-square-foot lease at the five-story midrise office building. Farrell also represented Ackerman in this deal; CBRE’s Jim Palermo represented the tenant.

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

Fara Wilson,
VP of Marketing
770. 913.3904  | 

HFF secures $23.5 million bridge loan for retail center on U.S./Mexico border in San Diego, CA

The Plaza at the Border, Ysidro, CA
SAN DIEGO, CA – HFF announced today that it has secured $23.5 million in financing for The Plaza at the Border, a 98,000-square-foot retail center along the U.S./Mexico border in San Ysidro, California.

                Working exclusively on behalf of The Shamrock Group, LLC, HFF placed the non-recourse, five-year, floating-rate loan with the lender, Prime Finance.  

The loan is interest only with extension options and proceeds are replacing a construction loan and paying for tenant improvement and leasing costs, among other costs.

Aldon Cole
Completed in 2012, The Plaza at the Border is 79 percent leased to tenants including TJ Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q and Ulta.  The property is located at 3951-3975 Camino De La Plaza adjacent to The Las Americas Premium Outlets and The Outlets at the Border, south of San Diego along the U.S./Mexico border in San Ysidro. 

                The HFF team representing the Shamrock Group, LLC was led by managing director Aldon Cole, senior managing director Tim Wright and senior real estate analyst Husayn Hasan.

Tim Wright
The Shamrock Group, LLC, is a San Diego-based real estate development and investment firm founded by Michael K. Binkle and Randy A. Levinson.  The group primarily focuses on acquisition, development, and investment in commercial, office, industrial and retail real estate within the western United States.  For more information about The Shamrock Group, LLC, 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 |

Charles Dunn Company Completes $4.7 Million Sale of 14-Unit Multifamily Property in Los Angeles, CA

Michel Hibbert
LOS ANGELES, CA,  Feb. 27, 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 14-unit multifamily property located at 11670 Chenault Ave. in the Brentwood submarket of Los Angeles.

Michel Hibbert, CCIM, senior managing director with Charles Dunn Company in the West Los Angeles office, represented the buyer, Los Angeles-based Chena, LLC. The seller, was Los Angeles-based Schaefer Family Trust.

The property includes eight one-bedroom/one-bathroom units, five two-bedroom/two-bathroom units and one three-bedroom/one and three-quarter bathroom unit.

“The property was 30 percent occupied at the close of escrow,” said Hibbert. “With vacancy rates at just 3 percent in the Brentwood area, the buyer recognized the opportunity to add value through renovating the property which has some deferred maintenance and then leasing it at market rents.”

Michel Hibbert has completed more than $500 million in transactions over his career and has been one of Charles Dunn Company’s top multifamily brokers year-over-year for the firm

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

Darcie Giacchetto
D.G. Communications, Inc.

Marcus & Millichap Sells 19,881 Shopping Strip in Miami, FL

Best Plaza, Cutler Bay, FL
MIAMI, FL, Feb.27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Best Plaza, a 21,881-square-foot shopping strip located in Cutler Bay, FL. The asset commanded a sales price of $4,000,000.

Kirk D. Olson and Drew A. Kristol, Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami, FL.  

Kirk D. Olson
The buyer, a limited liability company from Brooklyn, NY was secured and represented by the listing agents as well as Senior Vice President Investments Evan P. Kristol and Still Hunter, III in Marcus & Millichap’s Ft. Lauderdale office. 

Best Plaza consists of an 18,527-square foot shopping strip with seven out of its eight bays leased and a 3,354-square foot free-standing building which is also leased.  Some of its major tenants include: Sherwin Williams, Subway and FastSigns. 

Drew A. Kristol
Best Plaza is located at 19700 South Dixie Highway in Cutler Bay, just a few short blocks north of the Southland Mall and at the entrance to the Florida Turnpike.

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

Kirk A. Felici
First Vice President/Regional Manager,
Miami, FL
(786) 522-7000

Marcus & Millichap Sells 12-Unit Apartment Community in Boynton Beach, FL

Boynton Vistas Apartments, Boynton Beach, FL
 BOYNTON BEACH, FL, February 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Boynton Vistas Apartments, a 12-unit apartment community located in Boynton Beach, FL. The asset commanded a sales price of $775,000 which represents $64,583 per unit.

Senior Associate Bill Berthiaume and Associate James Brennan in Marcus & Millichap’s Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lake Worth, FL.  

Bill Berthiaume 
The buyer, a private investor from Palm Beach Gardens, FL was secured and represented by Berthiaume.

“In just one week we generated more than 12 showings and four offers and we went from contract to close in 13 days all-cash.  The high price per unit and velocity of the sale demonstrate the new investment interest in this area of Palm Beach County,” says Berthiaume. 

Boynton Vistas Apartments is a 12-unit apartment community consisting of a two-story, eight-unit apartment building and a one-story four-plex situated on a 1.13 acre site.  Part of this site has approved plans for future development of seven additional units and an office. 

James Brennan
The property sits between NE 17th Avenue and Circle Drive South, both small streets in a predominantly residential neighborhood. Boynton Vistas is located at 419 Circle Drive S & 420 NE 17th Street in Boynton Beach.
 For a complete copy of the company’s news release, please contact:

Gregory Matus
Regional Manager / Vice President,
Ft. Lauderdale
(954) 245-3400

Faris Lee Investments Completes Record-Breaking Ground Lease Sale of a U.S. Bank-Occupied Property in Vista, CA

U.S. Bank Building, Vista, CA
 IRVINE, CA, Feb. 27, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $2,865,000 ground lease sale of a free-standing U.S. Bank-occupied property located at 640 Hacienda Dr. in Vista, Calif. in San Diego County.

The sale broke a national sales record as it marked the lowest cap rate ever of 4.05 percent for a bank-occupied property according to CoStar records.

Matt Mousavi

 Matt Mousavi, Nicholas D’Argenzio, and Thomas Chichester of Faris Lee Investments represented the seller, Breeze Hill I, LLC from California. The all-cash buyer was a San Diego-based private family trust who was self-represented.  This asset fit well with the family’s long-term planning objectives and offered a secure income stream in a high barrier to entry market.

“Faris Lee’s Wealth Management Group worked with the buyer, who was a family trust, to facilitate estate planning,” said Mousavi, managing director with Faris Lee Investments. “Although this property featured a low return, Faris Lee positioned the asset as a unique opportunity to acquire a 20-year absolute NNN ground lease with U.S. Bank with extremely rare 2 percent annual increases.”

Nicholas D'Argenzio
Mousavi added that this is another record-breaking sale for the firm. Faris Lee sold the first 4 percent cap rate McDonald’s property nearly two years ago, which reset the market for those specific assets.

Built in 2001, the bank includes a drive-thru, totals 5,300 square feet and is situated on just under one-acre of land within Breeze Hill Shopping Center, which features national tenants such as LA Fitness, Starbucks, Carl’s Jr., Rubio’s, FedEx and Chevron, creating excellent tenant synergy and strong cross-over shopping.

Thomas Chichester
The property is located at the on/off ramp of California 78/Ronald Packard Freeway and Melrose Drive (165,200 vehicles per day), and features excellent street frontage and visibility along Hacienda Drive. In addition there are over 275,000 people living within a 5-mile radius, with an average household income of $75,000.

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

Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

Beech Street Capital Closes $6.5 Million Fannie Mae Adjustable Rate Loan For Birmingham, AL Apartments

Montevallo Apartments, Alabaster, AL
BETHESDA, MD, Feb. 27, 2013 – Beech Street Capital, LLC, announced today that it closed a $6.5 million Fannie Mae adjustable rate loan for the acquisition of the Montevallo Apartments, totaling 200 units, in Alabaster, Alabama, a fast-growing suburb in the Birmingham MSA.

The transaction, originated by Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group, LLC, was financed by Beech Street Capital as part of its correspondent relationship with Meridian. 

The borrower is a repeat Beech Street customer, having closed six previous Fannie Mae transactions with the company in 2012.

Jay Jacobovitch
 The borrower had recently acquired four other garden apartment complexes in the Birmingham MSA from long-term owners who had not operated the assets to their full potential.

 It saw the same opportunity at Montevallo Place.  Beech Street recommended that the borrower select Fannie Mae’s 7/6 ARM program to finance the property.  This enabled the borrower to take advantage of the very low rates while it was investing in upgrading the units.

 Another attractive feature for the borrower was the program’s one-year lockout, with a one percent prepayment penalty thereafter.  This allows for the option to refinance, once the performance of the property improves. 

Barry Lefkowitz
Montevallo Place (formerly Woodbrook Trail Apartments) was built in two stages, in 1977 and 1988.  The property includes a clubhouse, two pools, two tennis courts, and a playground and is conveniently situated near shopping.  Alabaster was ranked in Money Magazine’s top 100 Best Places to Live in 2009.

 The adjustable-rate loan has a seven-year term, one-year lockout followed by one percent thereafter, and a 30-year amortizing schedule.

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

 Courtney Lewis

 Jenifer Bernardi

Loews Hotels & Resorts Promotes Constantine S. Dimas to Senior Vice President of Asset Managment

Constantine S. Dimas
NEW YORK, NY (Feb. 27, 2013) - Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced the promotion of Constantine S. Dimas to Senior Vice President of Asset Management.

 In this role, he is responsible for conceiving and implementing key brand-defining initiatives, cultivating revenue generating strategic partnerships and repositioning hotels through real estate programming.

 Dimas began his career with Loews Hotels & Resorts in 2008 as the Director of Food and Beverage for the company’s flagship property, the Loews Regency Hotel. He became Vice President of Food and Beverage for the brand in 2010 and took on the role as Vice President of Asset Management in early 2012.  Under Dimas’ leadership the company has already established partnerships with well-known names in the industry including Lure Fishbar, Exhale Spa and INK Entertainment.

Paul Whetsell
“Costa and our asset management group are playing an integral role in the expansion and operation of Loews Hotels,” said Paul Whetsell, President and CEO of Loews Hotels & Resorts.  “They will continue to help Loews Hotels achieve our financial objectives through their focus on partnerships, brand programs and non-operating revenue sources and expense areas.”

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

Loews Hotels & Resorts
Lark-Marie Anton                                            
(212) 521-2779                                              

Sarah Murov
(212) 521-2495

Chris Daly
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553

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Charles Dunn Promotes Blake Rogers to Managing Director in West Los Angeles, CA Office

Blake Rogers
 LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has promoted Blake Rogers to managing director out of the firm’s West Los Angeles office. Rogers specializes in the sale of multifamily properties and land for development within the greater Los Angeles region.

At the age of 27 and with just over four years as a commercial real estate broker, Rogers has been directly involved with the successful closings of more than 1,500 units, representing in excess of $175 million in multifamily properties and land for development. Additionally, Rogers has extensive experience in the valuation and acquisition/disposition of non-performing debt instruments secured by real estate.

Darrell Levonian
“Blake is a rising star in the greater Los Angeles brokerage industry,” said Darrell Levonian, executive managing officer with Charles Dunn Company. “His strong work ethic, high standards of practice, and commitment to unsurpassed customer service, have allowed him to rise the ranks quickly within our firm.”

Rogers is a vital part of Team Shilton, a two-person partnership which is led by Albert Shilton, senior managing director with Charles Dunn Company. Rogers and Shilton tied as the third top producers for Charles Dunn Company in 2012.
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.

Berger Commercial Realty Broker Keith Graves Closes Four Lease Transactions

Keith Graves
 FORT LAUDERDALE, Fla. (February 26, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced four new lease transactions from broker Keith Graves, CCIM.

 Property Address: 6500 N.W. 15th Avenue, Fort Lauderdale, FL 33309
Landlord: 6500 NW 15th Avenue LLC, represented by Graves
Tenant: Gosselin Graphics Inc.
Square Footage: 7,500
Type: Office

 Property Addresses: 5373 NW 53rd Street, Fort Lauderdale, FL 33351
Landlord: Palm Crossings, represented by Graves
Tenant: Reliable Cable Company
Square Footage: 1,758
Type: Flex

Property Addresses: 900 S.E. 3rd Avenue, Fort Lauderdale, FL 33316
Landlord: 900 S.E. 3rd Avenue, LLC, represented by Graves
Tenant: Memorial Care Center, LLC
Square Footage: 2,675
Type: Office

 Property Addresses: 5371 N.W 53rd Street, Fort Lauderdale, FL 33351
Landlord: Palm Crossings, represented by Graves
Tenant: Integrated Regional Laboratories, LLC
Square Footage: 4,000
Type: Flex
For a complete copy of the company’s news release, please contact:

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

8,000 RE/MAX Agents Celebrate 40 Years

Gail Liniger
LAS VEGAS, NV /PRNewswire/ -- Nearly 8,000 RE/MAX agents from 58 countries are attending the annual R4 Convention this week to celebrate the global real estate franchisor's 40(th) anniversary.

At Monday evening's Opening General Session held at the MGM Grand Garden Arena (highlights video), they heard co-founders Dave and Gail Liniger reminisce about the last 40 years and offer motivation for the future as the U.S. housing industry is in the midst of a recovery from the worst downturn in recent history.

Dave Liniger
From its earliest days in the 1970s, RE/MAX success has been based on a reputation for attracting the industry's top performers with a business model that provides high commissions and valuable resources and training.

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

Shaun White,
 Vice President,
Public Relations,

ARA Arranges Sale of 316-Unit Apartment Community in Dynamic Hollywood, FL

Park Colony Apartments, Hollywood, FL
Hollywood, FL  — The Boca Raton office of 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 Park Colony, a 316-unit luxury garden apartment community located in Hollywood, Broward County, Florida.

 ARA South Florida-based Senior Vice President Hampton Beebe along with Principals Avery Klann and Marc deBaptiste represented a Boston, MA-based REIT in the transaction.

Fort Lauderdale, FL-based Delavaco Properties, a division ofš The Delavaco Group with offices in Fort Lauderdale and Toronto, Canada, purchased the property. This is the third acquisition Delavaco has made with an ARA-represented asset.

Marc deBaptiste
“Park Colony was built in 1987 and has been institutionally owned for over the past 15 years, which has helped the property maintain stabilized long term occupancy and premium rental rates,” noted lead broker Hampton Beebe.

 The property is located within the major employment market of Hollywood, with 2.7 million square feet of office space including Memorial Healthcare System headquarters, the nation’s fifth largest healthcare network with 10,000 employees. Memorial Regional Hospital South is located just a few blocks from Park Colony and contains 324 beds with 500 employees, while the main Memorial Hospital (only one mile north) has over 4,500 employees.

Fort Lauderdale International Airport
Park Colony enjoys a strategic location along Park Road only one-half mile south of Hollywood Boulevard, a major east/west thoroughfare in southern Broward County with an estimated traffic count of 52,000 vehicles per day.

 The property offers excellent access to I-95 (only one mile east), Florida’s Turnpike (three miles west), I-595 (six miles north), Fort Lauderdale International Airport (six miles north) and Miami International Airport (10 miles south).

 Park Colony was 95% occupied at the time of sale.

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

Lisa Robinson at

Amy Morris at

Marti Zenor, at

ARA Executes Sale of 488 Apartment Units in Delray Beach, FL

Spring Harbor at the Landings
Delray Beach, FL
DELRAY BEACH, FL  — The Boca Raton office of 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 Spring Harbor at the Landings, a 488-unit luxury garden apartment community located in Delray Beach, Florida.

 ARA South Florida-based Principal Avery Klann along with Senior Vice President Hampton Beebe and Principal Richard Donnellan represented Dallas, TX-based Invesco Real Estate in the transaction.š San Diego, CA-based Fairfield Residential purchased the property for $69,125,000.

Avery Klann
 “Spring Harbor at the Landings represents a terrific opportunity for Fairfield to establish a significant presence within the strong submarket of Delray Beach in southern Palm Beach County,” noted lead broker Avery Klann. “The property has 206 renovated units, presenting the buyer with an opportunity to continue the upgrade program to further boost rental income.”

 The property features an average unit size of 1,191 square feet in eight floor plans, 57% of which are two bedrooms and 37% three bedrooms. Spring Harbor at the Landings was 97% occupied at the time of sale. The property was originally built as two communities, built in 1988 and in 1990.

Hampton Beebe
According to Hampton Beebe, “The property is only a five-minute drive from the trendy and bustling Downtown Delray Beach entertainment district, which is lined by upscale boutique shops and a variety of high-end restaurants and local small businesses.”

 The property enjoys proximity to major local and regional employment centers, including the Boca Raton office market (less than eight minutes south), boasting in excess of 100 office buildings comprising over 11 million square feet of office space. 

Richard Donnellan
Within Boca Raton is the Boca Corporate Center and Campus (formerly T-Rex with 1.8 million square feet of Class “A” office space) and the home of Office Depot’s corporate headquarters (2,100 employees), both located within a 10-minute drive of Spring Harbor at the Landings.

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

Lisa Robinson 

Amy Morris

Marti Zenor