Friday, June 14, 2013

Cuhaci & Peterson Architects completes design of Four Fresh Markets in Houston, TX

ORLANDO, FL --- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park recently completed design work on four Fresh Market stores in Houston. The locations are at 5016 San Felipe, 12516 Memorial, 3745 Westheimer and 2617 West Holcombe.

Lonnie Peterson
Lonnie Peterson, chairman of Cuhaci & Peterson Architects, said construction is now underway on the four stores — all 18,000 square feet of grocery / retail space.

This will be The Fresh Market’s first Houston stores and all four are expected to open by Fall this year.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,   

Marcus & Millichap Names Ryan R. Charles Assistant General Counsel

Ryan R. Charles
CALABASAS, CA, June 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Ryan R. Charles as Assistant General Counsel.

 He is based in the firm’s corporate headquarters in Calabasas, reporting to First Vice President and General Counsel Paul Mudrich.

Prior to joining Marcus & Millichap, Charles served as a Lieutenant in the U.S. Navy Judge Advocate General’s Corps (JAGC).

Paul Mudrich
His JAGC assignments included defending service members facing prosecution under the Uniform Code of Military Justice, advising law of armed conflict detainee review boards in Afghanistan, and most recently serving as Staff Judge Advocate (equivalent to general counsel) to Recruit Training Command, the Navy’s only “boot camp.”

Prior to joining the Navy, Charles served as a law clerk to the Honorable Eugene E. Siler, Jr., of the United States Court of Appeals for the Sixth Circuit, where he worked on numerous circuit court decisions that now serve as federal appellate case law.

Charles is a graduate of Sewanee: The University of the South and the Pepperdine University School of Law. He is a native of Petoskey, MI.

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

Ben Johnson
 Marketing Director
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1736
(925) 953-1710 fax
(925) 270-9079 cell

Marcus & Millichap Finds Escalating Consumer Confidence Bodes Well for Retail but Sales Still Divided Between Luxury and Discount

WALNUT CREEK, CA -- Resilient spending reflects improving economic conditions that have driven retail sales beyond pre-recession levels, according to Marcus & Millichap’s second-quarter industry report.

Consumers are benefiting from rising home values, surging stock prices, declining foreclosures, and reduced household debt in a period of rising employment.

The May survey of the Consumer Confidence Index represents two consecutive months of rising values, surging to 76.2, the highest level in five years.

Significant challenges remain for consumers, however, as they continue to adjust to high structural unemployment, subdued personal income growth and higher payroll taxes.

A bifurcated spending pattern favoring the discount and luxury ends of the consumer spectrum persists, underscoring that recovery remains uneven and segments of the population continue to struggle.

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

Ben Johnson
 Marketing Director
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1736
(925) 953-1710 fax
(925) 270-9079 cell

RealtyTrac Reports U.S. Foreclosure Activity Increases 2 Percent in May Boosted by 11 Percent Rise in Bank Repossessions

IRVINE, CA— RealtyTrac® (, the leading online marketplace for real estate data, today released its U.S. Foreclosure Market Report™ for May 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 148,054 U.S. properties in May, an increase of 2 percent from the 75-month low in April but still down 28 percent from May 2012.

The report also shows one in every 885 U.S. housing units with a foreclosure filing during the month.

Daren Blomquist
“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” said Daren Blomquist, vice president at RealtyTrac.

“Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Data and Report Licensing:

Marcus & Millichap Sees Economic Tailwinds Lifting Hotel Sector into Summer

WALNUT CREEK, CA -- The thriving energy and auto manufacturing sectors, and new vigor in housing, are boosting prospects for economic growth that will support higher occupancy and room revenue in the nation’s hotels, according to Marcus & Millichap’s second-quarter industry report.

O'Hare International Airport, Chicago, IL
Government spending cuts, however, will weigh more greatly on economic growth as 2013 progresses, though the effects of reduced spending and travel by government personnel and private-sector contractors is not certain.

Recent quarterly earnings calls by major hotel owners and operators revealed that recent declines in government-related room demand have been offset by additional growth in room nights from other demand segments. As room nights rise to record levels, supply growth remains restrained.

The planning pipeline has grown over the past year, and the number of rooms under construction rose more than 18 percent during that time.

Those impending deliveries, however, will expand national room stock a manageable 1.5 percent this year and beyond.

Construction lenders still view hotel construction cautiously, thereby clouding the status of planned projects.

Overall, there is an appetite for projects in locations where a hotel can capture unfilled room demand, and an aversion to new hotels that would merely redistribute existing demand.

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

Ben Johnson
 Marketing Director
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1736
(925) 953-1710 fax
(925) 270-9079 cell

REIT CEOs Express Enthusiasm about Retail Sector’s Present and Future

Michael Bull

ATLANTA. GA– Encouraged by positive supply-and-demand dynamics as well as the low cost of capital, the CEOs of several retail REITs feel a strong confidence in both their individual firms and the retail sector as a whole.

Their positive outlooks are outlined in the most recent episode of the “Commercial Real Estate Show,” hosted by Michael Bull of Bull Realty.

Brad Thomas
For the second week in a row, the show featured interviews of retail REIT CEOs that were conducted by Bull Realty's Brad Thomas at the recent RECon 2013 convention in Las Vegas. 

Thomas, senior vice president of capital markets at Bull Realty, writes about REITs for Forbes, Seeking Alpha and The Street.

Mark Zalatoris
“There’s a very positive mood in the retailer environment today,” said Mark Zalatoris of Inland Real Estate Corp. “Our leasing people come back from meetings just saying they’re so enthused about the retailers’ desire to expand store counts.”

Drew Alexander
“The mood is really quite good, as the tenant interest in our product type is especially strong,” said Drew Alexander of Weingarten Realty, which focuses on acquiring, managing and developing grocery-anchored and value-retailer-anchored shopping centers.

Additionally, “people realize that a supermarket-anchored or discount-anchored shopping center is an incredibly recession-resilient vehicle so there’s tremendous investor interest,” Alexander said.

Joey Agree
Two other CEOs provided testimony to the enduring appeal of standalone, net-leased retail properties to investors.

 “We continue to see a lack of supply coming online, and there’s a ton of demand for acquisitions, both from traded and non-traded REITs as well as investors seeking yield replacement,” said Joey Agree of Agree Realty Corp. “It’s on fire.”

Craig Macnab
 “What’s happening is that the broad investor base has figured [freestanding, net-leased properties] out,” said Craig Macnab of National Retail Properties. “As a result, there’s a supply-demand imbalance. More people want to get on the gravy train.”

The low cost of financing is helping the retail sector in part by driving up purchase prices, said Joseph Cosenza, vice chairman of Inland Real Estate Corp.

Joseph Cosenza

Cosenza believes the low rates will last a while, noting the federal government’s statement that it won’t do anything to cause interest rates to rise until the unemployment rate drops to 6.5 percent. “That’s going to take a while,” he said.

The entire episode of interviews with retail REIT CEOs is available for download at The next “Commercial Real Estate Show” will examine commercial lease issues.

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

Stephen Ursery
The Wilbert Group

Marcus & Millichap Sells 40 Apartment Units in New Port Richey, FL for $1.35 Million

New Port Richey Apartment Portfolio, 5644 Grand Boulevard
 New Port Richey, FL

Michael Donaldson
NEW PORT RICHEY, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the New Port Richey Portfolio, a 40-unit apartment property located in New Port Richey, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset commanded a sales price of $1,350,000 which equates to $33,750 per unit.

Nicholas Meoli
Michael Donaldson and Nicholas Meoli, senior multifamily associates in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a fund manager. 

Meoli and Donaldson, along with Earle Hyman, a senior vice president investments in Marcus & Millichap’s Encino office, procured the buyer of the property, a limited liability company. 

Earle J. Hyman
 The New Port Richey Portfolio was built in 1973 and is located at 5644 Grand Boulevard..

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

Richard D. Matricaria
Regional Manager, Tampa

(813) 387-4700

$17.3 Million Staples Sale Arranged in Miami, FL by Marcus & Millichap Brokers Mansour, Zylberglait and Shaw

Staples-Leased Building, 2121 Biscayne Blvd., Miami, FL

Alvin Mansour
MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a Staples net-leased building on Miami’s Biscayne Boulevard. The $17,375,000 sales price equates to $852 per square foot.

            Alvin Mansour of The Mansour Group, senior vice president investments in Marcus & Millichap’s San Diego office, Alex Zylberglait, vice president investments in the Miami office, and Ryan Shaw, senior associate in the Miami office, represented the seller, 2121 Biscayne Blvd. LLC. Mansour, Zylberglait and Shaw also represented the buyer.

Alex Zylberglait
            “Many investors, including a high percentage of international buyers, are seeking stable assets in Miami with highly rated national tenants,” says Mansour. “Few of these properties are being listed, however, and competition is intense.”

“The highly trafficked area where this Staples is located has enjoyed more than 70 percent residential population growth over the past decade,” adds Zylberglait. “Growth of this magnitude provides the new owner with unlimited future development potential.”

Ryan T. Shaw
As the first LEED Gold Certified retail building in Miami, this trophy asset is positioned in a densely populated area with over 470,000 residents within a five mile radius.  Staples signed a 15-year lease which commenced in 2008.  The offering provided the buyer with tremendous upside with up to 36 stories of potential development opportunity.

Located in Miami’s Design District, the property, at 2121 Biscayne Blvd, is near recognizable Miami landmarks such as Downtown Miami, South Beach, and the American Airlines Arena, home of National Basketball Association champions the Miami Heat. The Brickell Financial District is just minutes from the site.

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

Ben Johnson
Marketing Director

(925) 953-1736

Essex Realty Group Lists Multi-Family Building at 2601-15 W. Belmont Avenue, Chicago, IL.

2601-15 West Belmont Ave. Apartments, Chicago, IL

CHICAGO, IL -- Essex Realty Group, Inc. has been exclusively engaged to market for sale 2601-15 W. Belmont Ave. (the “Property”), a new construction, 46-unit elevator building located in Chicago’s Avondale neighborhood. 

The property consists of two-bedroom simplex and three-bedroom duplex apartments ranging from 1,040 to 2,109 square feet, and includes an underground parking garage with approximately 49 spaces.

 The Property is in final stages of construction, and will be delivered vacant with the Certificate of Occupancy upon completion.

 Situated along the North Branch of the Chicago River, on the southwest corner of Belmont Avenue and Rockwell Street, the Property is one mile east of both the Kennedy Expressway (I-90/I-94) and the CTA Belmont Station (Blue Line).  In addition, the building is located within walking distance of several CTA bus stops along Belmont and California Avenues.

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

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

Essex Realty Group, Inc.
2211 N. Elston Avenue, Suite 302
Chicago, Illinois 60614