Thursday, September 5, 2013

Sale of Mission Ridge in Mission Viejo, CA closed by HFF

Mission Ridge two-building office campus, Mission Viejo, CA

Ryan Gallagher
IRVINE, CA – HFF announced today that it has closed the sale of Mission Ridge, a two-building, Class A office campus totaling 231,065 square feet in Mission Viejo, California.

               HFF marketed the property on behalf of Prudential Real Estate Investors.  Cornerstone Real Estate Advisers, on behalf of an institutional investor, purchased the asset free and clear of existing debt.

Developed in 2000, the property was 90 percent leased at the time of sale.  Significant tenants include Ensign Facility Services, McAfee, Pulte Homes, Wells Fargo, Charles Schwab and Premier Office Centers. 

Mike McCann
The high quality, four-story buildings are situated around a landscaped central courtyard.    Mission Ridge is located immediately adjacent to Interstate 5 near the Crown Valley Parkway commercial corridor. 

HFF’s investment sales team representing the seller was led by senior managing director Ryan Gallagher, managing director Mike McCann, director Tim Geiman and associate directors Derreck Barker and Nick Foster. 

Greg Puccinelli
Greg Puccinelli of Jones Lang LaSalle was the local market leasing broker on the sale.

“This property was highly sought after due to its location, quality and historically strong track record within south Orange County,” commented Ryan Gallagher.

PREI®, which has been investing in real estate on behalf of institutional clients since 1970, is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America.

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 |

Faris Lee Investments Completes $8.7 Million Portfolio Sale of Three Properties Occupied by Applebee’s


IRVINE, CA, Sept. 5, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed a portfolio sale consisting of three NNN-leased, single-tenant, free-standing restaurant properties occupied by Applebee’s in the states of Maryland, West Virginia, and Virginia.  All three properties offered franchisee-guaranteed leases with 15 years remaining. 

Matt Mousavi
 Matthew Mousavi, Patrick Luther, and Nicholas Coo of Faris Lee Investments represented both the buyer and the seller in the transaction. The seller was Noble AP II, Ltd. a privately owned real estate company based in Florida, and the buyer was Store Master Funding V, LLC, a net leased REIT based in Arizona. The properties garnered the highest price per square foot for an Applebee’s-occupied restaurant portfolio to date according to CoStar.

 “Faris Lee generated multiple competing offers on all of the locations individually, as well as multiple portfolio offers,” said Mousavi. “We went very deep on the marketing of the individual properties and it was through this break-up of the portfolio that maximized offer activity and ultimately the final pricing with an experienced buyer who paid all-cash and was able to close quickly which was important to seller.”

Patrick Luther
 Faris Lee had several of its offices focused on executing the sale of the portfolio. With more than $100 million in active restaurant inventory listed, there is a constant flow of buyer and broker requirements creating cross-selling synergy for the firm.
Following is information on each property:

·         12201 Winchester Road S.W. in La Vale, MD totals 5,100 square feet and is situated on 2.17 acres.  Applebee’s is located across the street from the 600,000-square-foot Country Club Mall with tenants that include Wal-Mart Supercenter, Sears, JCPenny, The Bon-Ton, and AMC Theatres.

 ·         755 Foxcroft Ave. in Martinsburg, WV totals 5,002 square feet and is situated on 1.47 acres. Applebee’s benefits from a strong retail location with nearby tenants including: Wal-Mark Supercenter, JCPenny, Office Max.
Nicholas Coo
·         10823 Hull Street Road in Midlothian, VA totals 4,746 square feet and is situated on 1.47 acres. Applebee’s is located in a high traffic retail area as an outparcel to the 350,000-square-foot Victorian Square Shopping Center which features Ashley Furniture, Curves and Big K-Mart.
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
For Faris Lee Investments

Essex Realty Group Lists Multi-Family Apartment Community in Chicago, IL

Emerald Pointe Apartments, Vernon Hills, IL

CHICAGO, IL,  Sept.  05, 2013 – Essex Realty Group, Inc. is pleased to announce the exclusive listing for sale of Emerald Pointe, a 120 unit, multi-family apartment community located in Vernon Hills, Illinois.

 Emerald Pointe consists of five, 24 unit apartment buildings and approximately 193 parking spaces. The community also includes a leasing office, laundry in each building, and an on-site engineer.   In addition, there is a separate maintenance building approximately 1,000 square feet in size. 

Constructed in 1975, the Property is well-located one-half mile from Route 83 and approximately two miles from the Tri-State Tollway (I-94).  The Vernon Hills Metra train station is located one and one-half miles from the property.

 The property has been well-managed and maintained by the current ownership.  This is evidenced by an average annual turnover rate of only 37% since 2010 and an average vacancy rate of 4.1% since 2008.

 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


10.7 Million Homes Remain Deeply Under Water in September but another 8.3 Million are On Track to Resurface Before 2015

IRVINE, CA, Sept. 5, 2013 — RealtyTrac® (, the nation’s leading source for comprehensive housing data, today released its U.S. Home Equity & Underwater Report for September 2013, which shows that while 10.7 million residential homeowners nationwide owe at least 25 percent or more on their mortgages than their properties are worth, another 8.3 million homeowners are either slightly underwater or slightly above water, putting them on track to have enough equity to sell sometime in the next 15 months — without resorting to a short sale.

The 8.3 million include homeowners with a loan to value (LTV) ratio from 90 to 110 percent, meaning they have between 10 percent positive equity and 10 percent negative equity. These homeowners represented 18 percent of all U.S. homeowners with a mortgage as of the beginning of September.

The 10.7 million residential properties with an LTV ratio of at least 125 percent represented 23 percent of U.S. residential properties with a mortgage — down from 11.3 million deeply underwater properties representing 26 percent of all residential properties with a mortgage in May 2013 and down from 12.5 million deeply underwater properties representing 28 percent of all residential properties with a mortgage in September 2012.

Daren Blomquist
“Steadily rising home prices are lifting all boats in this housing market and should spill over into more inventory of homes for sale in the coming months,” said Daren Blomquist, vice president at RealtyTrac.

 “Homeowners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33 percent per month that they have since bottoming out in March 2012.”

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

Brittney Marin
949.502.8300, ext. 107

Data and Report Licensing:

Trepp August Loss Analysis: Volume and Loss Severity Fall

NEW YORK, NY -- After a near-record amount of loan liquidations in July, August saw volume cut in half, falling back to a level in line with the roughly three-and-a-half-year average. August liquidations totaled $1.09 billion. This compares to the 12-month moving average of $1.32 billion and is slightly better than half of July's $2.05 billion.

August loss severity came in at 40.90%, down from July's reading of 43.63% and below the 12-month moving average of 43.44%. The number of loans liquidated in August was 90, which resulted in $444.29 million in losses and an average disposed balance of $12.07 million, which is slightly above the 12-month average of $11.20 million.

Since January 2010, servicers have been liquidating at an average rate of $1.18 billion per month.

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

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001
(212) 741-2977

Tanya Eastwood Elected to Council for Affordable and Rural Housing Board

Tanya Eastwood

New York, NY – Sept. 5, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, is pleased to announce that Tanya Eastwood, Managing Director of Greystone’s Affordable Housing Initiatives group, has been elected to the Council for Affordable and Rural Housing (CARH) Board of Directors.

 CARH is a national non-profit organization that serves as the premier association for participants in the affordable rural housing profession that supply goods and services to the industry.

“The abundant challenges facing the affordable housing sector require participants to work together to ensure that the industry has its voice heard and is able to effectively influence policy,” said Ms. Eastwood. “I am honored to be joining this prestigious organization and look forward to working closely with its members and my fellow board directors.”

An industry veteran, Tanya joined Greystone Affordable Housing Initiatives in 2006 and has worked in multifamily real estate since 1989, focusing on development, management, fiscal analysis and asset management. Prior to joining Greystone, she was Executive Director of WAJ Management, LLC, where she directed the asset management of LIHTC, HUD and USDA sites located throughout North Carolina.

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

Loretta Mock/Josh Gerth
646 395 6300