Wednesday, April 17, 2013

Faris Lee Investments Completes $8.5 Million Sale of Stagecoach Plaza in Santa Clarita, CA


Stagecoach Plaza, Santa Clarita, CA

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $8.5 million sale of Stagecoach Plaza, a 25,475-square-foot multi-tenant retail property located at 23744-23792 Newhall Ave. in Santa Clarita, Calif.

Matt Mousavi
The property is 89 percent occupied and includes Starbucks, Subway, Wells Fargo, Panda Express and others. There is also a newly opened Dollar Tree within the center which was not a part of the transaction.

At a price per square foot of $350, this transaction is one of the highest for a multi-tenant retail center in the Santa Clarita Valley over the past five years according to CoStar.

                Matt Mousavi and Jeff Conover with Faris Lee Investments represented the seller, AMDG Alliance, LLC out of Los Angeles who was the property’s original developer. Los Angeles-based Telfair Corporation was the buyer and was represented by Voit Company. The closing cap rate was 7.2 percent.

Jeff Conover
“This is the first time Stagecoach Plaza has been sold,” said Mousavi, managing director with Faris Lee Investments.

 “Faris Lee spent several months prior to marketing the asset, advising ownership on the optimum lease-up strategy in order to maximize value on the sale.

“Dollar Tree was delayed in opening its doors due to the recession and with its recent opening, we were able to work with the seller and leasing brokers to reduce the vacancy by adding new regional tenants. Once we achieved our optimum occupancy level we began marketing the property.”

                “Faris Lee immediately garnered multiple offers from local and foreign buyers,” said Conover, senior managing director with Faris Lee Investments. 

“With a strong tenant line-up, Faris Lee was able to highlight the project as a unique multi-tenant offering in a supply-constrained market, especially for retail properties with quality tenants. 

"Furthermore, the property was offered free and clear of financing, allowing an investor to benefit from the favorable debt options available for the asset.”

                Upon the completion of the sale, Faris Lee managed the 1031 exchange upleg acquisitions for the seller and built a team internally to manage this process as well. This included financing the uplegs to cover the debt requirements of the trade.

                Stagecoach Plaza offers unobstructed street visibility and has 156,000 consumers with an average annual household income of $92,000 within a five-mile radius. The property is located on the main east/west thoroughfare within the area.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Dow Hotel Co. Adds Two Professionals at Hyatt North Houston

Murray L. Dow
SEATTLE, WA—The Dow Hotel Company, LLC (DHC), a hotel ownership, investment and management company, today announced two senior management appointments at the Hyatt North Houston in Greenspoint, Texas.  Jayne Murad was promoted to director of human resources, and Benjamin Moore was appointed controller.

                A veteran human resources generalist, Murad began working with DHC in 2004 as director of human resources at the Sheraton North Houston Hotel.  Prior to joining DHC, she served with Starwood Hotels and Resorts in both Texas and California.

Hyatt North Houston Hotel lobby
 “Throughout her career, Jayne has worked in every aspect of human resources and is an expert in managing the diverse disciplines required in a hotel of this size,” said Murray Dow, chief executive officer of The Dow Hotel Company.

  “Jayne’s focus on training and implementing smart, comprehensive policies and procedures will greatly benefit this hotel and its associates as they look to make careers in the hospitality industry.” 

                Benjamin Moore joins the company from his most recent position as  director of finance for the nearby Hotel Icon.  

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

Chris Daly, Lauralee Dobbins                    
Phone:  (703) 435-6293

Marcus & Millichap Forecasts Hospitality Property Sales Expected to Jump in 2013, Thanks to Positive Outlook

Gregory LaBerge
CHICAGO, IL– Sales of hospitality properties across the United States are expected to increase in the foreseeable future, thanks to continued strength in property fundamentals, according to new research released by Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm.

“Our Q1 2013 Hospitality Research Quarterly Update indicates that investors remain encouraged by the industry’s heightened prospects for an extended run of strong performance and the establishment of new highs in room occupancy, average daily rates and revenue per available room,” says Gregory LaBerge, national director of Marcus & Millichap’s National Hospitality Group.

William E. Hughes
Financing is expected to remain plentiful, helping to drive increased transaction volume. “Access to acquisition financing is modestly expanding and conduits are expected to take a greater role during 2013, though their focus will remain limited to top flags and sponsorships,” says William E. Hughes, senior vice president and managing director of Marcus & Millichap Capital Corporation (MMCC).

As an example of recent transaction trends, Marcus & Millichap’s National Hospitality Group closed 19 hotel property sales in the first quarter of 2013, a 19% increase over Q1 2012.

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

Gregory A. LaBerge
National Director,
National Hospitality Group
(630) 570-2200

US Global Realty Capital Launched by Securities and Investment Veteran Greg Genovese

Greg Genovese

WALNUT CREEK, CA – Greg Genovese, a 25-year commercial real estate and securities industry veteran, has launched US Global Realty Capital LLC (USG), a full service real estate investment, advisory, and distribution company specializing in real estate securities and investment funds. 

USG has agreed to a strategic alliance with Dallas-based Capview Partners, an exclusive advisor and manager to institutions and private high net worth individuals with a singular focus on acquiring single-tenant, net leased retail properties throughout the United States.

 Jointly, the companies will launch co-branded investment programs structured as Delaware Statutory Trusts (DSTs). The investments will focus primarily on high-credit quality tenants in smaller to medium-sized net leased retail properties.

Scott Haire
“We’re excited about joining forces with Greg on the DST program and believe the combination of our vast experience within the net lease world and his extensive background in securities and distribution will enable us to offer a superior product to an underserved investor market,” said Scott Haire, CCIM, of Capview Partners.

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

Jill Swartz                                                                                                                                            
Spotlight Marketing Communications                                     
949.427.5172, ext. 701 – office                                                                    
949.485.1552 – cell                                          

Marcus & Millichap Names Kevin Boeve Regional Manager of Ontario, CA Office

Kevin Boeve
ONTARIO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Kevin Boeve regional manager of its Ontario office, according to John J. Kerin, president and chief executive officer.

“Kevin’s extensive commercial real estate knowledge and expertise make him an excellent resource for our agents and clients,” says Kerin. “He will be instrumental in expanding our national market-making capabilities to clients in Southern California and throughout the West.”

Boeve joined Marcus & Millichap in June 1999 as an agent in the Ontario office and became a senior associate in October 2002. In July 2005, he was promoted to senior investment associate.

John J. Kerin
Boeve rose to the position of vice president investments in January 2008. As an agent, he earned five consecutive national achievement awards and 10 sales recognition awards.

Boeve attended the University of California, Riverside.

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

Ben Johnson,
Marketing Director
(925) 953-1736

$10 Million Multifamily Estate Sale Arranged by Marcus & Millichap

YorkTowne Apartments, Greensboro, NC

GREENSBORO, NC– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of YorkTowne Apartments, a 314-unit apartment complex in Greensboro, N.C. The $10 million sales price equates to $31,847 per unit and $31 per square foot.

Tal Frydman
            Tal Frydman, vice president investments, Daniel Cunningham, senior associate, and Derek Gibbs, senior associate, all in the Fort Lauderdale office of Marcus & Millichap, represented the seller, BB&T.

 James Allen Smith, vice president investments in the firm’s Charlotte, N.C. Uptown office, also provided representation. The buyer is a Connecticut-based private investment group.

            “This was not a distressed sale; the property was more than 90 percent occupied at closing,” says Frydman.  “The asset’s unit mix of 75 percent two- and three-bedroom townhouses is very well suited to the area. Students from the surrounding universities—there are four colleges within five miles of the property including the University of North Carolina, Greensboro, which is only four miles away—contribute positively to the resident mix,” adds Frydman.

“The new owner is planning an extensive rehab of the units and will leverage the property’s proximity to the large student population.”

Derek Gibbs
 Built in 1973 on 21.7 acres, the 37-building property is located at 3601 Lynhaven Drive in Greensboro, near interstates 85 and 40 and U.S. Highway 220.

YorkTowne Apartments features a resort-style swimming pool, two lighted tennis courts, a covered picnic area, a neighborhood park, four pet stations, free memberships to Sports Center Gym,  a gourmet coffee station and a state-of-the-art clubhouse.

 There is also a community room with a full kitchen, free video library, flat-screen televisions and social activities for adults and children.  Recent renovations include interior upgrades, pool resurfacing and roof replacement.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Marty Lanigan Joins Greystone as Executive Vice President

Marty Lanigan
New York, NY  – Greystone, a leading national multifamily and healthcare mortgage lender, has appointed veteran real estate finance expert Marty Lanigan as Executive Vice President. Lanigan will oversee Greystone’s Portfolio Lending Group and report to Co-Chief Operating Officer Robert Barolak.

Greystone’s Portfolio Lending Group was established in 2005 to provide clients with readily available, short-term financing during acquisition, stabilization, rehabilitation and repositioning initiatives.

 In his new role, Lanigan will oversee the PLG, which includes the firm’s successful bridge lending program, while expanding the Group’s special situation lending efforts, including mezzanine lending, second mortgage loans and sponsor loans.  

Robert Barolak
“Throughout his distinguished career, Marty has proven to be one of the industry’s most creative and innovative experts,” said Barolak. “His leadership will be vital to the continued success and future growth of the Portfolio Lending Group and its products as we work to deliver even more financing options for our clients during transitional periods. “

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

Loretta Mock/Josh Gerth
+1 646 395 6300

Greystone’s Chicago Office Originates 19 Fannie Mae Loans in Q1 2013

Thomas Reckley
New York, NY, April 17, 2013 - Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced that the firm’s Chicago office has originated 19 multifamily Fannie Mae loans in the first quarter of 2013 through the company’s Delegated Underwriting and Servicing (DUS®) platform.

The success follows an exceptional 2012, which saw the largest year in volume and transactions for the Chicago location, including 14 deals closed in the fourth quarter alone.

Sujal Parikh
Greystone’s extensive relationships and expertise have enabled the firm to provide borrowers with fast-closing, long-term loans at the most attractive rates available.

The team, led by Clint Darby and Sujal Parikh, worked to close a number of notable deals throughout the quarter, including a $18,740,000 Fannie Mae Structured ARM loan, with a 10 year term and 30-year amortization, for Trio Apartments, a 100-unit property in Chicago, Illinois - brokered through HFF.

Billy Posey
 In addition, the team originated, together with Marcus & Millichap, a $7.5 million, 10 year fixed rate loan for a 93-unit complex on Pine Grove Avenue, in Chicago.

“We have seen significant growth of the Fannie Mae loan market in the Mid-West region and continue to build our Chicago office with experienced talent to meet the demand,” said Billy Posey, CEO of Fannie Mae and Freddie Mac Lending at Greystone. “The team’s achievements over the past three months are a great start to the year and we are confident that our volume and transactions will continue to grow.” 

Clint Darby
To further its expansion in the region, Greystone has hired Thomas Reckley to serve as a Director for Loan Origination. Reckley will report to Darby, head of the Chicago office, and will be responsible for multifamily lending through the Greystone bridge loan program, FHA and the Fannie Mae and Freddie Mac platforms.

Prior to his role at Greystone, Reckley served as Vice President of Investor Real Estate at Northern Trust. He holds a Bachelors of Science in Finance & Entrepreneurship from Miami University.

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

Loretta Mock/Josh Gerth
+1 646 395 6300