Monday, July 8, 2013

Home Prices Still Rising, But So Are New Listings, According to ZipRealty

  


  
EMERYVILLE, CA, July 8, 2013 − Home prices continued their rapid rise in the 30-day period ended June 15, and transaction activity remained lively in most parts of the country.

Lanny Baker
 “With the recent jump in mortgage rates, on top of steady home price increases over the past several quarters, there are good reasons to anticipate some cooling off in the housing market; however it was difficult to detect any clear signs of that change in trend as of mid-June,” says ZipRealty CEO and President Lanny Baker.

“From May 17 to June 15, the median sales price of nearly $276,000 in the metros we analyzed was $5,000 higher than just two weeks earlier, and 15.8% higher than in the same period of 2012,” he shares.

“Meanwhile, the number of new pending sales was 14% greater than in the same weeks of 2012, and the median number of days homes were on the market declined again to an overall average of 28 days.

“The trend toward faster sales was pervasive, with median days on market dropping in 13 metros and rising in only three markets compared to just a couple weeks earlier,” Mr. Baker says.

“With all the good news about the real estate market and sales prices that are averaging within 1% of listing prices, it appears that home sellers are moving back into the market with slightly greater confidence and in growing numbers today,” he notes.

“Total inventory listed for sale in our study increased by 2% from 347,500 at May 31 to 354,700 at June 15.

“Last year, total inventory shrank during the first two weeks of June, whereas this year during those same weeks we saw for sale inventory increasing in 21 of the 24 metros we analyze.

Total Inventory is still 26% lower than it was at the same time last year, but newly listed homes are coming onto the market at median prices that are 14.5% (or $35,000) higher than one year ago.”

 The next ZipRealty Housing Trends Report, due to be published in mid-July, will likely provide the first glimpse into what, if any, effect higher interest rates are having on near-term real estate price and transaction volume trends.

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

 Stacey Corso
510.735.2667

Nordstrom-Owned HauteLook Chooses San Bernardino County for Major Relocation and Expansion

  
Glen Helen Distribution Center, San Bernardino, CA

  
COUNTY OF SAN BERNARDINO, CA, (July 8, 2013) – Nordstrom-owned HauteLook, the California casual-chic online shopping destination hosting daily limited-time, limited-inventory sale events, has announced it will relocate and expand to Glen Helen Distribution Center located at 17335 Glen Helen Parkway in San Bernardino in the County of San Bernardino, Calif.

Kelly Rendeers
  HauteLook signed a 10-year lease and will occupy the entire 604,000-square-foot building. The move will more than double HauteLook’s space from its current 300,000-square-foot Fontana location.  HauteLook plans to be fully operational in its new space by September 2013. 

“The County has proven to be a strong location for our operations. That’s why we’ve not only decided to remain here but looked to expand our fulfillment center operations significantly. 

"We get the benefits of a strong labor force and we’re close enough to our Fontana facility that our existing team members won’t have a substantial change to their commutes,” said Terry Boyle, President of HauteLook.

Completed by developer/owner, Alere Property Group in mid-2012, the newly constructed property includes approximately 2,000 square feet of office space and is situated on 30 acres of land. 

Terry Boyle
The state-of-the-art building features 32' clear heights, ESFR (Early Suppression, Fast Response) sprinklers, and high-profile I-15 Freeway visibility.  The space will be used for HauteLook’s inventory storage, fulfillment and returns processing.

“There is a growing trend within the County of San Bernardino for major retail brands and e-commerce companies to expand their operations, taking advantage of our quality stock of industrial real estate and in some cases building new, high quality developments,” said Kelly Reenders, economic development agency administrator, County of San Bernardino.

“Our focus is to bring new companies here as well as work closely with existing firms to provide them with the resources to help them to thrive, add to their workforce and further build upon their success.”

In addition to HauteLook, Amazon.com moved into a 950,000-square-foot warehouse late last year and is planning on adding another 515,000 square feet to its facility. Some of the other significant relocations and expansions in the County include Trident Case, BMW, MCS Industries and Lollicup USA, Inc., among many others.
  
  For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224


HFF arranges $18 million bridge financing for Greenspoint Office Park in suburban Chicago, IL


Greenspoint Office Park, Chicago, IL

CHICAGO, IL – HFF announced today that it has arranged $18 million in bridge financing for Greenspoint Office Park, a three-building, Class A office portfolio totaling 498,635 square feet in Hoffman Estates, a northwest suburb of Chicago.

Trent Niederberger
                HFF worked on behalf of the borrower, LPC Realty Advisors I, Ltd. (LPCRA), to secure the $18 million bridge financing through correspondent lender Aetna Life Insurance Company.  The three buildings were financed via two cross-collateralized loans that carry a total blended cost of funds below five percent fixed for three years.  

                Greenspoint Office Park consists of Barrington Pointe (148,385 square feet), Greenspoint I (202,838 square feet) and Greenspoint III (147,412 square feet), which were built in 1986, 1989 and 2000 respectively.

 Notable tenants include Vistex, Inc., Siemens, Arcadis, U.S., Inc. and Kimberly-Clark.  The properties are located at 2300 North Barrington Road, 2800 West Higgins Road and 2895 Greenspoint Parkway at the interchange of Interstate 90 and Barrington Road in the northwest suburban market. 

Mike Kavanau

                The HFF debt placement team representing the borrower was led by Trent Niederberger and Mike Kavanau.  The property was sold earlier this year by the HFF investment sales team led by Jeff Bramson, Jaime Fink and Mark Katz.

LPC Realty Advisors I, Ltd. (LPCRA) is an advisory affiliate of Lincoln Property Company. LPCRA and acts as investment advisor to a public pension fund.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

Commercial Real Estate Associations: Something for Everyone

  
Susan Hill

  ATLANTA, GA (July 8, 2013) – With the diversity of associations available to those in commercial real estate, there truly is an organization for everyone in the industry—from brokers to architects.

This was apparent from the guests on the most recent episode of the “Commercial Real Estate Show.” Host Michael Bull spoke with national leaders of five of the top commercial real estate associations in the United States about the organizations’ memberships, benefits and industry goals.

Elizabeth Machen
The industry’s top associations have many of the same objectives: education of members, advocacy for members’ interests, development of leadership skills and networking opportunities.

Elizabeth Machen, president of the Institute of Real Estate Management (IREM), emphasized thestrides her organization is making to better its educational offerings, and not just for its 18,500 members.

“We’re really excited to reach out to everyone in the industry, not just the IREM members, to provide them with education,” she said. IREM’s website hosts information in an easy-to-search format, and it also works with corporations to develop their internal education programs.

Terry Smith
A number of the organizations featured on the episode were proud of the efforts they’ve made to expand internationally, creating a truly global network for their members.

Terry Smith, president of the Society of Industrial and Office Realtors (SIOR), said the organization’s 3,000 members now span across 38 countries.

By having representation in so many areas, SIOR members have contacts they can direct clients to in all kinds of markets.

Thomas Bisacquino
 “SIOR is so much more than a network,” he said. “It is really a relationship-driven organization.”
A benefit of most organizations is that members can call on each other for business.
  
“NAIOP members do business with NAIOP members,” said Thomas Bisacquino, NAIOP’s president and CEO. NAIOP has members in all aspects of commercial real estate.

Susan Hill, senior managing director at Commercial Real Estate Women (CREW) Network, reiterated that point.

Richard Greninger
 “We like to say we can get a deal done from start to finish with all of our members sitting at a table,” she said of the organization’s 8,000 members, which comprise both men and women committed to advancing the success of women in commercial real estate.

Although networking is a big benefit for all the associations featured in the episode, organizations like Building Owners and Managers Association (BOMA) International also take seriously their missions to advance the interests of the entire industry.

BOMA represents members’ interests on Capitol Hill and at state and local levels. It’s working closely with lawmakers on tax reform right now, according to chair and CEO Richard Greninger.

Michael Bull
With all the advantages offered by associations, Bisacquino stressed the importance of getting involved.

 “If you’re going to invest in a membership in any organization, your best ROI is when you get involved,” he told Bull.
  
The entire “Associations that Matter” episode is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available July 10 and will provide an in-depth update on the student housing market.

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

Stephen Ursery
The Wilbert Group
Please note new office number: (404) 549-7150
Cell: (404) 405-2354

W3 Partners Joint Venture Announces 64,336 SF Lease to Ciena Corp. in San Jose, CA

  
3939 North First Street, San Jose, CA


Susan Sagy
SAN RAFAEL, CA (July 8, 2013) W3 Partners, an institutional real estate investment manager and operating company, and AllianceBernstein U.S. Real Estate Partners L.P., have announced a 10-year, 64,336-square-foot, full-building lease with  Maryland-based Ciena Corporation (Nasdaq: CIEN).

 The building is located at 3939 North First Street in San Jose and will be a relocation from another San Jose location. 

Diane Olmstead
Ciena Corporation , a provider of communication networking equipment, will complete its tenant improvements over the summer and plans to move into the building this September.

The building complex was acquired by the W3 joint venture in December 2012 from Prologis Corporation. At the time, the building was vacant with some improvements completed. W3 created a market-ready building with flexible workspaces and added amenities sought by tech companies.

Steve Horton
“After just five months of ownership and only a month after completion of our improvements, W3 has fully leased the 3939 North First Street building in San Jose,” said Susan Sagy, Co-Founding and Managing Partner, W3 Partners.

 “We were able to accomplish our goal for this asset – which was to add significant long-term value creation by upgrading the improvements to the quality and creative standards required by today’s technology tenants and then leasing it quickly to a strong tenant. Ciena Corporation is a major win for our ownership as well as for the thriving San Jose market.” 

Alan Guterman
“A common thread in our investment philosophy is to buy well-located assets, which appeal to the innovative companies that dominate our West Coast markets. We have studied these companies and have deep knowledge and experience in creating the environments they seek,” said Diane Olmstead, Co-Founding and Managing Partner at W3.

W3 was represented by Steve Horton, Alan Gutterman and Jon Decoite of Cassidy Turley and Ciena Corporation was represented by Jerry Inguagiato and  Gil Hutzler of CBRE.

Jon Decoite
This transaction represents the second corporate headquarter project completed and leased by W3 Partners in Silicon Valley in the past year. 

The firm previously acquired a three-building campus on Rio Robles in North San Jose and leased the only vacant building in the complex to Extreme Networks in December 2012.
  
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224

Marcus & Millichap Sells single-tenant medical office building in Coral Springs, FL for $1,025,000


9800 West Sample Road Medical Office Building
Fort Lauderdale, FL

Douglas K. Mandel
CORAL SPRINGS, FL, July 8, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 10,376 square-foot medical office building located in Coral Springs, FL. The asset commanded a sales price of $1,025,000.

Douglas K. Mandel, a First Vice President Investments, Barry M. Wolfe, a Vice President Investments, and Jason N. Yukins, a Senior Associate, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Coral Springs.  

Barry M. Wolfe 
The buyer, a developer from Miami, was also secured by Mandel, Wolfe and Yukins. 

The medical office is a single-tenant building 100 percent leased to Northwest Heart & Health Specialists, a wholly owned subsidiary of Hospital Corporation of America (HCA). 

The property is located on West Sample Road just west of North University Drive and directly adjacent to the Coral Springs Medical Center. NW Heart & Health Specialists is located at 9800 West Sample Road in Coral Springs.

Jason M. Yukins


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

Gregory Matus
Regional Manager
Vice President
Fort Lauderdale, FL
(954) 245-3400

HFF secures $36.4 million financing for two office buildings in McLean, VA


6849 Old Dominion Drive, McLean, VA


6862 Elm Street, McLean, VA
WASHINGTON, D.C. – HFF announced today that it has secured $36.4 million in financing for two office buildings located at 6849 Old Dominion Drive and 6862 Elm Street in McLean, Virginia.

HFF worked on behalf of The JBG Companies to secure the loans in two separate transactions.  HFF secured the $13.4 million, seven-year, floating-rate loan for 6849 Old Dominion Drive through Bank of America Merrill Lynch. 



Sue Carras
 The lender also provided funds for the $23 million, seven-year, floating-rate loan for 6862 Elm Street. 

6849 Old Dominion Drive and 6862 Elm Street are located close to the Dulles Toll Road and Interstate 495 northwest of Washington, D.C.

  Renovated in 2009, the 66,603-square-foot building at 6849 Old Dominion Drive has Northwestern Mutual as its major tenant.  The 103,213-square-foot 6862 Elm Street building is occupied by multiple tenants.

Walter Coker
The HFF debt placement team was led by Sue Carras, Walter Coker and Brian Crivella. 

                Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. 

The company has more than $10 billion in assets under management and development in the Washington metropolitan area.  Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact.  

Brian Crivella
More information can be found by visiting the company's website: www.JBG.com, or by calling 240.333.3600.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com
.

HFF secures $11.8 million acquisition financing for a freestanding ShopRite Supermarket in Albany, NY


ShopRite Supermarket, 711 Central Avenue, Albany, NY

FLORHAM PARK, NJ – HFF announced today that it has secured $11.8 million in financing for a 65,000-square-foot freestanding ShopRite supermarket in Albany, New York.

Jon Mikula
                Working exclusively on behalf of The Hampshire Companies, HFF placed the seven-year, fixed-rate loan with a life insurance company.  Loan proceeds were used to acquire the property. 

                Constructed in 2012, the property is fully leased to Wakefern Corporation, who operates the ShopRite supermarket.  The store is located at 711 Central Avenue close to Interstate 90 in northwest Albany. 

                The HFF team representing The Hampshire Companies was led by director Michael Klein and senior managing director Jon Mikula.

Michael KLein
                “The rate was originally locked 12 months ago as a forward commitment,” said Klein.  “This enabled the borrower to take the interest rate risk off the table while they completed this complex acquisition structure.”

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2.5 billion, based in Morristown, New Jersey.  The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. www.hampshireco.com.
  
  For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com
.

Western National and Nor’Wood Announce Fourth JV Multifamily Project in Colorado Springs, CO


InterQuest Marketplace, Colorado Springs, CO

 IRVINE, CA(July 8, 2013) – Western National Group and Nor’wood Development Group have announced the development of their fourth joint venture multifamily project in Colorado Springs.  The development will be located within the “InterQuest Marketplace” development located at the intersection of I-25 and InterQuest Parkway. 

Rex DeLong
InterQuest Marketplace is a dynamic mixed-use development owned by Nor’wood which offers a variety of entertainment and dining options to the residents of north Colorado Springs. 

When complete, the apartment project will consist of 250 to 300-units featuring a mix of one, two and three bedroom apartments with various luxury amenities.

“The positive experience our firms are having working together, and the overall strength of the apartment market in Colorado Springs, have given both firms the confidence to begin work on a fourth project,” according to Rex DeLong, President of Western National Realty Advisors, an affiliate of Western National Group.

“We’ve worked closely with Nor’wood in order to select sites which offer the future residents convenient access to transportation, local amenities and workplaces within this city,” DeLong noted.

“As partners, we remain focused on strategic infill locations in vibrant Colorado Springs markets,” DeLong added.  “Colorado Springs has a growing population that is dynamic and highly educated.  Together, we believe that the existing and proposed dining and entertainment offerings at InterQuest Marketplace, make this new apartment community a natural fit and will provide its residents with an extraordinary and energizing environment.”

Western National Group and Nor’wood Development Group are currently under construction on a 315-unit community located within Nor’wood’s First & Main Town Center, a 260-unit community in the Rockrimmon submarket, and a 260-unit community located at Woodmen & Powers near the St. Francis Medical Center

  For a complete copy of the company’s news release, please contact:
  
Corynne Randel or
Judith Brower
Brower, Miller & Cole
(949) 955-7940


Pace Of Foreclosure Filings Decreases 9% In South Florida Region In Q2 2013



MIAMI, FL -- Less than 11,150 foreclosure actions were filed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach in the second quarter of 2013, representing a nine percent decrease in notices of default initiated on a year-over-year basis compared to the 12,250 actions during the same April through June period in 2012, according to a new report from CondoVultures.com.

The decrease in foreclosure filings in the second quarter of 2013 means nearly 374,000 notices of default - the first step in the repossession process - have been initiated in the South Florida region of Miami-Dade, Broward, and Palm Beach counties since the real estate crash began in 2007, according to the report based on the Condo Vultures® Foreclosure Database™.

In the second quarter of previous years, the number of foreclosure filings in South Florida has fluctuated with less than 7,200 actions in 2011, nearly 14,800 actions in 2010, more than 28,350 filings in 2009, nearly 20,250 actions in 2008, and less than 6,600 filings in 2007, according to the report based on filings with the Clerks of the Court for each respective county. 


Peter Zalewski
"Foreclosure filings lost momentum in South Florida in the second quarter of 2013," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "After a couple of years of minimal activity due in part to the 'robo-signer' controversy, lenders had appeared to be stepping up efforts to confront borrowers who are in default on their mortgages in South Florida. The second quarter data calls that into question.

"The unanswered question going forward is whether this latest slowdown in foreclosure filings is an anomaly or the start of a new trend."

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

Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.
800-750-0517.

Island Hospitality Management Receives Multiple Marriott Accolades

  
Residence Inn San Diego Mission Valley, CA

  
PALM BEACH, FL, July 8, 2013—Officials of Island Hospitality Management LLC,  one of the nation’s largest hotel management companies, today announced that the company received numerous awards at the 2013 Residence Inn and Courtyard by Marriott General Managers Conferences in Orlando, Fla. 

Gregg Forde
Todd Capizzo, general manager of the Residence Inn San Diego Mission Valley, was named Diamond General Manager of the Year, one of only three general managers to earn the distinction that recognizes individual accomplishment in guest service, hotel financial performance and associate training.

“The Residence Inn Mission Valley boasts tremendous metrics, but it’s Todd’s larger than life personality that makes him an outstanding leader and a memorable host,” said Gregg Forde, senior vice president operations of Island Hospitality.  “In just a few years, he has personally mentored three general managers, three assistant general managers and two directors of sales.”

Rosalind Santoro, stay-over specialist of the Residence Inn Binghamton, N.Y., was named Associate of the Year, an honor given to the two Residence Inn Associates who best demonstrate the brand’s “Service So Memorable” culture and who contribute to the overall performance of the hotel.

Jeff Waldt
“Rosa bonds with our guests, not because it’s her job, but because it’s who she is,” said Sarah Kaminsky, general manager.  “During the floods, she was evacuated from her home, but came to work and took care of others who had lost their homes to the same flood.  She’s a genuine people person and one of the hardest workers I’ve ever met.”

Rachel Antosh, director of sales for the Residence Inn Silicon Valley I & II, and the Residence Inn Mountain View, Palo Alto hotels, was named the Direct Sales Leader of the Year for the 600-hotel brand.  The award is given for sales leadership and fostering teamwork and cooperation within the hotel and within a cluster of hotels.  

“Rachel and her team are responsible for more than $25 million in annual revenues, and they achieve those remarkable results by constantly focusing on the guest experience and taking a creative approach to developing new business,” said Jeff Waldt, senior vice president sales and marketing for Island Hospitality.  

Tim Walker
“Rachel stays on top of the needs of the market, keeping abreast of emerging business drivers and ensuring ongoing engagement with long term customers.  That kind of hands-on approach to sales really resonates with our guests and with the companies that contract with us.” 

The Island Hospitality-managed Residence Inn Louisville East was recognized for financial performance as one of three hotels within the brand with the best RevPAR improvement over the previous year. 

The Courtyard by Marriott Paso Robles, managed by Island Hospitality, received Silver Circle honors for earning guest satisfaction accolades in the top 20 percent for the entire brand.

“Over the past six years, these prestigious brands have repeatedly recognized Island Hospitality’s associates and hotels including last year’s Jim Conley Award winner Georgia Borg-Leon,” said Tim Walker, president of Island Hospitality. 

“We have four GMs of the Year, three Associates of the Year, a Dubroff Award Winner, and many other accolades to our credit.  Recognition like this helps us not only expand our third party management portfolio, but also attract the best and brightest hospitality talent to our company.” 

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

Lauralee Dobbins
Daly Gray, Inc.
703-435-6293
Lauralee@dalygray.com