Tuesday, September 3, 2013

Blue Lagoon Executive Center in Miami, FL Listed for $10.3 Million

Blue Lagoon Executive Center, 5040 NW 7th Street, Miami, FL

Douglas Mandel
MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been appointed as the exclusive advisor for the sale of the 82,333-square-foot Blue Lagoon Executive Center in Miami. The price is set at $10.3 million, which equates to $125 per square foot.

Douglas Mandel, senior director, and Benjamin Silver, director, of Marcus & Millichap’s National Office and Industrial Properties Group in Fort Lauderdale, are representing the seller, a Miami-based investment group.

Developed in 1986, the Blue Lagoon Executive Center is a multi-tenant office tower located just south of the Miami International Airport in the Miami Airport West submarket at 5040 NW 7th St. The center includes an attached parking structure with 220 parking spaces.

Benjamin Silver
The property will undergo a number of major improvements, including new central HVAC systems, exterior stucco and paint, parking lot resurfacing and striping and lobby area modernization.

“These improvements will help expedite the absorption of the property,” says Silver. “Upon completion, the Blue Lagoon Executive Center will stand out as a best-of-class product offered at a fraction of the replacement cost.”

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

Gina Relva
Public Relations Manager
(925) 953-1716

NAI Realvest Negotiates New Industrial Lease Agreement with Auto Repair Business in Oviedo, FL

1701 Pratt Place, Oviedo, FL

ORLANDO, FL – NAI Realvest recently negotiated a new industrial lease agreement for 2,400 square feet at 1701 Pratt Place in Oviedo.

George Viele
George Viele, associate at the firm, brokered the transaction representing the local landlord, Chess, Inc.

Cam’s Auto Repair is the new tenant that leased the warehouse space, which includes two acres of outside storage.

Bill Stephens of Realty Capital represented the tenant.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com   

Arsenal Venture Partners Managing Director is Keynote Speaker at Forum hosted by Rollins College CFAE, GrowFL, CEO Nexus Sept. 10

Rollins College entrance, Winter Park, FL

Winter Park, FL (Sept. 3, 2013) -- Jason Rottenberg, managing director of Arsenal Venture Partners and a 15-year veteran founder of early-stage technology companies, will be the keynote speaker at a forum of area CEOs and corporate principals hosted by the Rollins College Center for Advanced Entrepreneurship, GrowFL and CEO Nexus on Sept. 10.

Jason Rottenberg
Rottenberg has spent the last fifteen years founding, building and funding early-stage technology companies. He is a frequent speaker on the topic of technology commercialization and the intersection of the defense and commercial markets.

Steve Quello, president of CEO Nexus, said Rottenberg previously served as a manager in Arthur Andersen’s Silicon Valley office after earning a B.S. Degree from Georgetown University and an MBA with highest distinction from Harvard University, where he was named a Baker Scholar.

The CEO Forum begins at 6 p.m. at Rollins College at Winter Park Plaza on Fairbanks Ave.  Quello said area CEOs and corporate principals invited to attend the Rollins Forum should be registered at info@CEONexus.com.  
Steve Quello
“Jason Rottenberg has been a leader in the founding and exits of numerous technology companies and his successful career experience perfectly mirrors our goals and objectives as an organization,” said Dr. Tom O’Neal, executive director of GrowFL and associate vice president for Research and Commercialization at UCF.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com   

Real Estate Associations Provide Power and Knowledge, Say Commercial Real Estate Show Panelists

Michael Bull
ATLANTA, GA (Sept. 3, 2013) – Joining and being active in a commercial real estate association is a highly effective way for those in the industry to learn best practices, network and gain insider knowledge.

That was the consensus of a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests discussed three different organizations: the International Council of Shopping Centers (ICSC), the Certified Commercial Investment Member (CCIM) Institute and the National Association of Realtors (NAR).

Jay Starr
ICSC offers education, advocacy, research and networking to more than 62,000 members worldwide, said Jay Starr, senior staff vice president and chief global marketing officer for the organization. The core membership includes shopping center owners, developers, retailers and lending institutions, but ICSC also includes companies that supply products and services to its core member base.

A willingness among ICSC members to share best practices is one of the strengths of the organization, Starr said. “Rarely is there an association where members actually teach each other best practices, considering that they might be competing the next day,” he said. The giant national RECon convention, which attracted more than 35,000 attendees in 2013, is another thing that sets ICSC apart, Starr said.

Wayne D'Amico
The CCIM Institute provides educational and networking opportunities for brokers, appraisers, property managers, asset managers and employees of major corporations such as Walmart and General Electric, said Wayne D’Amico, president of the organization.

To earn the CCIM designation, real estate practitioners must complete a curriculum of four courses and several electives, and also complete a certain number of transactions to prove they’re putting their knowledge to use in the real world. Finally, they must take a comprehensive exam.

 “The rights, privilege and honor of being a CCIM and having a whole network of people around the country who achieved that designation is a very powerful benefit,” D'Amico said. CCIMs also have access to a variety of innovative demographic and geospatial technology products that the Institute has developed.

Jim Helsel
NAR is one of the largest real estate organizations, with more than 1 million members, and approximately 230,000 of those members are involved in the commercial real estate industry. Members include brokers, realtors, property managers, appraisers and counselors.

NAR offers advanced educational opportunities and training in real estate specialties. Recently, NAR was given university status, which allows the association to confirm master’s degrees in several areas in real estate, said Jim Helsel, commercial liaison for NAR.

It’s a common misconception that every real estate licensee is a REALTOR, but Helsel said that is not the case. “You have to be a member of NAR to be a REALTOR,” he said. “We subscribe to a strict code of ethics that spells out the professional responsibility we have to our clients and customers as well as other professionals and  the general public.”

The entire show on associations is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available on Sept. 5 and will feature an update on The Federal Reserve Bank's view of commercial real estate.

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

Stephen Ursery
The Wilbert Group

Taylor Johnson Announces New Client: Jameson Real Estate

  • Taylor Johnson was founded by Deborah Johnson, Emily Johnson’s mother. Deborah retired in 2008 and now Emily runs the company. The mother/daughter duo is pictured here, 2003. 

CHICAGO, IL – Taylor Johnson President Emily Johnson announced today I am Taylor Johnson now represents residential brokerage firm, Jameson Sotheby's International Realty, and commercial brokerage firm, Jameson Commercial.

Chris Feurer
Together, Jameson Real Estate is one of Chicago’s leading real estate brokerage firms with a storied 30-year history. This year, Jameson is marking the firm’s fifth anniversary under the leadership of Chris Feurer and Mike Sato, who have grown the firm’s sales volume by 400 percent since 2008.

Jameson Sotheby’s International Realty agents have been representing, and living alongside, homebuyers and sellers in Chicago’s city and North Shore neighborhoods for decades.

Since its partnership with Sotheby’s International Realty in 2011, the firm has been able to provide that same boots-on-the-ground expertise for neighborhoods across the country, and across the globe.

Mike Sato
And Jameson Commercial’s agents are leaders in Chicago’s retail, commercial and office sales and leasing activity, particularly in Lincoln Park and other thriving neighborhoods, and see first-hand where increased business confidence is finally meeting pent-up demand.

With more than $1 billion in sales volume just last year, Jameson’s experienced professionals can speak to:

  • Why 2014 is expected to be a “runaway year” in residential and commercial development
  • Which commercial sectors are poised for the greatest growth in Chicago
  • How the improving residential sales market has translated into an increase of second-home purchases by Chicago residents, particularly those in the North Shore 
  • Which Chicago neighborhoods are ramping up for the most retail activity
  • New construction’s sweet spot – mid-rise multifamily developments
Lincoln Park neighborhood, Chicago, IL
Jameson Real Estate has a deep bench of experts with specialization in a variety of sectors and markets:

More than 250 residential agents with expertise in Chicago neighborhoods and markets nationwide
Jameson Commercial’s team is comprised of 45 agents focused exclusively in Chicago

With access to 600 offices in 49 countries, Jameson Sotheby’s International Realty provides local expertise across the globe

 “We look forward to sharing the in-depth market insights and news about Jameson Real Estate,” says Johnson.

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

Julie Liedtke
Taylor Johnson

Emily Johnson
Taylor Johnson


Marcus & Millichap Names Craig Patterson Regional Manager in Minneapolis

Craig Patterson
MINNEAPOLIS, MN, Sept. 3, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Craig Patterson regional manager of its Minneapolis office, according to John J. Kerin, president and chief executive officer.

“Craig’s commercial real estate investment knowledge and expertise will be of great value to our clients and agents in Minneapolis,” says Kerin. “As regional manager, he will continue to expand our presence in the Twin Cities and extend our services to investors throughout the region.”

John J. Kerin
Patterson has more than 24 years of experience in the acquisition, development, disposition and leasing of build-to-suit, speculative and investment properties throughout multiple markets. He has leased and sold more than $350 million of commercial properties throughout the Midwest.

Patterson received a Bachelor of Science degree in horticulture/management from Iowa State University. He is the former president of the Minnesota chapter of NAIOP and a member of its long-range planning board.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Carter’s Malloy Peterson Named One of Real Estate Forum’s “Women to Watch”

Malloy Peterson
ATLANTA, GA (Sept. 3, 2013) – Carter, one of the country’s leading real estate investment, development and advisory firms, is pleased to announce that Malloy Peterson, senior vice president, has been named a “Woman to Watch” by Real Estate Forum Magazine’s 20th Anniversary Special Edition of “Women of Influence.”

Real Estate Forum announced on August 29 that Malloy was chosen as one of 115 influential women from across the country who are helping shape the commercial real estate industry. She was one of three women selected from Atlanta.

“It is an honor to be recognized as a Next Generation Woman of Influence,” said Malloy. “Our generation of female commercial real estate leaders has benefited greatly from the trailblazing women who came before us.

Scott Taylor
“Today, women can envision and experience success by looking to other women at almost every level and facet of the industry. While the pace might be slow, progress is everywhere, and I’m honored to be a part of that progress.”

Real Estate Forum’s “Women of Influence” issue profiles top female executives in the commercial real estate industry. The awards honored the women for their considerable professional achievements as well as their involvement in charitable and civic organizations.

A nine-year veteran of Carter, Malloy has served the company in various capacities, including business development, client advisory and marketing roles. In her current role, Malloy focuses on three primary areas: business development, advisory and strategic business planning.

Scott Taylor, Carter’s president, commented: “We are incredibly proud of Malloy and all her accomplishments. She has positively impacted all areas of our company. We warmly congratulate her on this significant recognition.”

Malloy, a true up-and-coming real estate professional, has over a decade of real estate experience at just 36 years old. She embodies Carter’s values with her strong working spirit, unmistakable energy and bold dedication to the industry.

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

Tony Wilbert
The Wilbert Group

Berger Commercial Realty Negotiates $1.3 Million Land Purchase for CAMM Educational Enterprises in Fort Lauderdale, FL

FORT LAUDERDALE, Fla. – Berger Commercial Realty Vice President Judy Dolan recently represented CAMM Educational Enterprises, Inc. in the $1.3 million purchase of land, located at 120 N.W. 7th Ave. in Fort Lauderdale, from Lauderdale Land & Finance Co. & TAB Partnership.

Judy Dolan
The purchase consists of seven contiguous lots, previously used as a car dealership, totaling 49,000 square feet. CAMM Educational Enterprises plans to open a 10,800-square-foot child care learning center named New River Child Care/Learning Center on the site.

The company currently operates under the name Tutor Time at 100 S.E. 3rd Ave. in Fort Lauderdale, which is half a mile away from the new school. They have been in that location for the past 19 years. 

"Tutor Time is a popular childcare option for many parents who live and work in the downtown Fort Lauderdale area," Dolan said. "This new site offers space for growth and excellent, first-class amenities and will be a convenient location for new and current clients alike."

Coldwell Banker Commercial in Boca Raton represented Lauderdale Land & Finance Co. & TAB Partnership in the deal.

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

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

Trepp US CMBS Delinquency Rate Continues to Contract to Lowest Level in Three Years


NEW YORK, NY – Sept. 3, 2013 - Trepp, LLC, the leading provider of information, analytics and technology to the CMBS, commercial real estate and banking markets, released its August 2013 U.S. CMBS Delinquency Report today (available at http://www.trepp.com/knowledge/research).

The delinquency rate for US commercial real estate loans in CMBS dropped for the third straight month to 8.38%. This represents a 10-basis-point drop since July’s reading and a 175-basis-point improvement from a year ago. The August 2013 level is the lowest Trepp delinquency rate in three years.

Manus Clancy
There were about $2.5 billion in new delinquencies in August, which was slightly higher than the $2.4 billion July total. Helping to offset these newly delinquent loans were $1.5 billion of loans that cured. Loan resolutions, although down nearly 50 percent from July, totaled just over $1 billion, while under half a billion dollars in formerly delinquent loans were paid off in August without a loss. Both categories of loans put further downward pressure on the delinquency rate.

“August saw a continuation of the year-long downward trend in the Trepp CMBS delinquency rate, which reached an all-time high of 10.34% just over 12 months ago,” said Manus Clancy, Senior Managing Director at Trepp. “We anticipate this trend will carry forward in the months ahead as a new wave of expected deals will put additional downward pressure on the numbers.”

There are currently $45.5 billion in delinquent U.S. CMBS loans, excluding loans that are past their balloon date but current on their interest payments. About 2,900 are currently with the special servicer.
Among the major property types, retail remains the best performer, while industrial remains the worst, despite substantial improvement in August. 

The lodging delinquency rate saw the best month to month improvement, while CMBS office loans saw a small increase in the delinquency rate.

For additional details, such as historical delinquency rates and August delinquency status, request the August 2013 U.S. CMBS Delinquency Report via return email. High resolution charts available by request.

 For daily CMBS and bank trading ideas, credit events and commentary, register for TreppWire or follow Trepp on Twitter.

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

Great Ink Communications
Eric Gerard or Lindsay Church
eric@greatink.com / lindsay@greatink.com

Mortgage Spreads Stay Steady Even as Interest Rates Move Upward


Chicago, IL, Sept. 3, 2013 - The seesaw battle between inflation
fears and lagging economic growth reflected the investor fears of August.
The last full month of summer witnessed rates steadily rise by more than 25
basis points for 5 year maturities as investors try to tackle uncertainty
based upon Fed Policy.

Even as interest rates moved upward during the past few weeks, most lenders
have held mortgage spreads unchanged.  Permanent mortgage rates for ten-year or longer debt are hovering in the 4.75% to 5.25% for most property types.

Shorter-term debt is readily available at 4% or below for the most part.

With another round of mortgage rate hikes, borrowers feel pressured to lock into fixed-rate debt.  On the other hand, lenders are trying to carefully match optimal rates with the proper yield profile as not to have too much long-term debt exposure, should rates continue rising.  Given such capital market conditions, expect more equity/participating debt programs to emerge
as lenders look for rate protection.

Commercial property markets recovery is choppy with major coastal and energy-related markets enjoying stronger results.  In the commercial
property markets, many businesses feel better about the economy. 

 As such,
tenants are starting to sign longer-term leases, and landlords report improving cash flow, especially in the industrial and retail sectors. Multifamily properties and hotels continue to enjoy better performance, but owners worry about rising expenses - especially from real estate taxes.

The Real Estate Capital Institute's Jeanne Peck suggests, "The remainder of
Jeanne Peck
the year will be more challenging as investors realize that rates have hit
bottom and are now on a rising trajectory."  She concludes, "Rising rates
are not necessarily bad, if accompanied by stronger economic growth for
better cash flow performance."
The Real Estate Capital Institute(r) is a volunteer-based research
organization that tracks realty rates data for debt and equity yields.  The
Institute posts daily and historical benchmark rates including treasuries,
bank prime and LIBOR. 

Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

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

Jeanne Peck, Executive Director
The  Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624

ZipRealty to Present at 2013 Gateway Conference in San Francisco Sept. 10

Palace Hotel, Downtown San Francisco, CA
Lanny Baker
EMERYVILLE, CA, Sept. 3, 2013 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation’s most prominent online technology-powered real estate brokerage firm and real estate marketing solutions provider, today announced that Lanny Baker, Chief Executive Officer and President, and Eric L. Mersch, Chief Financial Officer, will present at the 2013 Gateway Conference on Sept. 10, 2013.

The conference will be held at the Palace Hotel in San Francisco. ZipRealty’s presentation is scheduled to begin at 02:00 p.m. PDT (5:00 p.m. EDT). The webcast will be available on the Investor Relations section of ZipRealty.com immediately following the event.

Eric L. Mersch
The Company will also hold one-on-one meetings throughout the day of the conference.

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

Stacey Corso

HFF secures $5.8 million financing for Franklin Square Shopping Center in Essex County, NJ

Franklin Square Shopping Center, on the border of Bloomfield, NJ and Belleville, NJ
FLORHAM PARK, NJ – HFF announced today that it has secured $5.8 million in financing for Franklin Square Shopping Center, a 51,911-square-foot community shopping center on the border of Bloomfield and Belleville, New Jersey.  

Michael Klein

               Working exclusively on behalf of The Hampshire Companies, HFF placed the five-year, fixed-rate loan with a TriState Capital Bank.  Loan proceeds were used to refinance existing debt on the property.

               Situated on 13.96 acres, the property is 100 percent leased to tenants such as Marshalls, Dots, The Children’s Place, Sprint and JP Morgan Chase.  The center is shadow-anchored by a Stop & Shop grocery store and is located approximately 10 miles west of Midtown Manhattan.      

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

Jon Mikula
               “The borrower needed to close this loan within a short time frame,” said Klein.  “TriState Capital stepped up with a very competitive rate and structure and was able to close the loan within 30 days.”

The Hampshire Companies is a full-service, private real estate firm 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.

Additional information on The Hampshire Companies is available online at http://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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF secures $5.635 million financing for two-property self storage portfolio in northern California

Tracy Self-Storage, Tracy, CA

Rossi Self-Storage, Salinas, CA
LOS ANGELES, CA – HFF announced today that it has secured $5.635 million in financing for a 1,046-unit, two-property self storage portfolio totaling 104,075 square feet in northern California.

               HFF worked on behalf of Crist Property Company to arrange the 10-year, interest-only loan through Bank of America.  The loan was used to refinance maturing debt and will be serviced by HFF.

Christopher Vittetoe

The portfolio consists of Rossi Self Storage, a 408-unit property built in 2001and located in Salinas, California, and Tracy Self Storage, a 638-unit property built in 1999 located in Tracy, California.

               The HFF team representing the borrower was led by director Christopher Vittetoe and associate director John Simerlein.

John Simerlein
 Crist Property Company owns and manages six properties located in Monterey, Stanislaus, San Luis Obispo and San Joaquin County through StorageWorks/Biz Works.
 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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

PM Realty Group Announces New Development at Riverfront Park in Denver’s most historic location

Riverfront Park skyline, Denver, CO
Rob Rizzi
DENVER, CO – PM Realty Group (PMRG), a nationally recognized, full-service commercial real estate firm.  announced development plans for a 288-unit, 34-story luxury multi-family high-rise tower located at 2166 15th Street at the corner of 15th and Little Raven, at the confluence of the Platte River and Cherry Creek, the historical origin of the City of Denver.

Situated on a 1.21 acre site, the luxury for rent apartment tower represents one of the best infill sites in Denver.

Josh Simon
 The partnership between National Real Estate Advisors (NREA), PMRG and Ray Suppa will develop and own the glass apartment tower, which will be the tallest structure in Riverfront Park. 

 Construction is expected to commence fall 2013, with delivery anticipated in the fall of 2015

Jordan Robbins
 HFF arranged the joint venture equity for the development of the project. The HFF team representing the borrower included managing director Rob Rizzi and real estate analyst Colin Oberg out of HFF’s New York office as well as directors Josh Simon and Jordan Robbins and senior real estate analyst Jake Young from HFF’s Denver office.

Newmark Grubb Knight Frank was the land broker for the 50,000-square-foot parcel of land. Newmark Grubb Knight Frank brokers Stephen Roesinger, senior managing director, and Wade Fletcher, associate broker, assisted both parties in the transaction.

Bryant Nail
“We spent quite a bit of time understanding and studying the downtown market and noticed the growing trend of demand for high quality high-rise living,” said Bryant Nail, Executive Vice President, Multi-family Development. “The specific demographics that we are targeting desire a diverse mix of homes of which we have crafted into this development.”

“We knew this was the best multi-family site in Denver the first time we saw it,” said Roger Gregory, Executive Vice President and Chief Financial Officer with PMRG.

 “With unimpeded views of the both the mountains and downtown, front door access to three parks and Cherry Creek Trail, and walking distance from the newly extended 16th Street Mall, we saw an opportunity to provide an unrivaled housing option in Denver’s urban core.”   

 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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Sommer Bukowski
PMRG | PM Realty Group
(713) 209-5810 (office)
(214) 621-3317 (cell)

Bryant Nail of PMRG

(972) 421-3378.

HFF closes $11.85 million sale of Tampa Festival Centre in northeast Tampa, FL

Tampa Festival Centre, 2525 East Hillsborough Avenue, northeast Tampa, FL

Danny Finkle
MIAMI, FL – HFF announced today that it has closed the sale of Tampa Festival Centre, a 141,628-square-foot, grocery-anchored shopping center in northeast Tampa.

               HFF marketed the property on behalf of the seller, Forge Capital Partners.  Wheeler Real Estate Investment Trust purchased the property for $11.85 million free and clear of existing debt.

Tampa Festival Centre is located at 2525 East Hillsborough Avenue just east of Interstate 275, approximately five miles north of downtown.  Renovated in 2009 and expanded in 2012, the center is 95.6 percent leased and anchored by Winn-Dixie.  Other tenants include Family Dollar, Rainbow, Citi Trends and Rent-a-Center.

Luis Castillo
               The HFF investment sales team representing the seller was led by director Luis Castillo and senior managing director Danny Finkle.

               HFF’s investment sales team secured more than $1.0 billion in sales of retail assets nationally during the first half of 2013.  In Florida, HFF closed more than $353 million in retail transactions across all capital markets platforms over the same period.

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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com