Tuesday, September 17, 2013

MVP REIT Forms Partnership to Acquire 5-Acre Storage Facility in Boulder City, NV

File photo of self-storage unit but not part of the property described below

Boulder City, NV (Sept. 17, 2013) – MVP REIT Inc., a publicly registered, non-traded real estate investment trust, announced today that it has formed a limited liability company with Vestin Realty Mortgage II, Inc. (“VRMII”) to acquire a 299-unit self-storage facility located adjacent to Nevada Highway in Boulder City, Nev. The $5.2 million acquisition closed on September 12, 2013.

Mike Shustek
Originally constructed on nearly an acre in 1996, the facility quickly outgrew its original size, expanding in both 2000 and 2006. Today the five acre, 23-building facility consists of two separate sites, totaling approximately 112,000 rentable square feet, including 288 single-story units with an additional 11 open recreational vehicle spaces. The facility is currently more than 97 percent occupied.

“We believe self-storage facilities are a particularly attractive asset class because they can provide income, teamed with relatively low operating costs, and can provide a hedge against inflation since they rely on short-term leases,” explained Mike Shustek, chairman and CEO of MVP REIT. “This facility has exhibited a history of strong growth, enjoys an excellent location, and operates at essentially full capacity.”

MVP REIT and VRMII will hold a 51 percent and 49 percent interest, respectively in the limited liability company, which will be jointly managed by MVP Realty Advisors, LLC and Vestin Mortgage, LLC. 

Together, MVP REIT and VRMII financed $2,700,000 of the purchase with American Family Insurance Company through a 7-year term loan amortized over 25 years at 4.35 percent APR.

For a complete copy of the company’s news release, please contact:
                                                                                                                                                                    Jill Swartz                     
Spotlight Marketing Communications
(949) 427-5172 ext. 701

ZipRealty Analyzes 10 Booming Real Estate Markets with the Best Public Schools

Sacramento, CA night skyline

EMERYVILLE, CA, Sept. 17, 2013 /PRNewswire/ -- 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, has released a list of the top 10 "booming" real estate markets with the best public schools.

San Francisco skyline
These metro areas are leaders in median home price growth as of mid-August 2013.

 The public schools were selected because of their high School Score − a proprietary measure of the performance of each school district on a scale of 1 to 10, with 10 being the highest – found exclusively on ZipRealty.com.

Lanny Baker
Home buyers who are focused on moving to a specific school district can begin their search for a home on ZipRealty.com simply by entering that school district's name in the search bar.

Additionally, users will find a School Score on every listing on ZipRealty.com. "Home values and school scores are always going to be linked," says ZipRealty President and CEO Lanny Baker. "In order to give our users the most complete picture of a home's value, we provide a School Score − which is calculated based on test-score data as well as student/teacher ratios − for every home listing on ZipRealty.com." 

1. Sacramento home prices increased 40% year-over-year to $245,000.
Highest-Rated Public School
1) Rocklin Unified School District/School Score 8.5

Las Vegas Strip Skyline
2. San Francisco Bay Area home prices increased 36% year-over-year to $585,000.
Highest-Rated Public School
1) Piedmont Unified School District/School Score 9.5

3. Las Vegas home prices increased 36% year-over-year to $165,000.
Highest-Rated Public School
1) Clark County School District/School Score 5.5

4. Los Angeles home prices increased 31% year-over-year to $350,000.
Highest-Rated Public Schools
1) Manhattan Beach Unified School District/School Score 9.6
2) San Marino Unified School District/School Score 9.6

Downtown Orlando skyline
5. Orlando home prices increased 26% year-over-year to $144,900.
Highest-Rated Public School
1) Seminole County Public School District/School Score 7.8

6. Phoenix home prices increased 25% year-over-year to $188,000.
Highest-Rated Public School
1) Cave Creek Unified School District 93/School Score 8.0

7. San Diego home prices increased 25% year-over-year to $429,000.
Highest-Rated Public School
1) Coronado Unified School District/School Score 8.6

Orange County, CA skyline
8. Orange County, CA home prices increased 22% year-over-year to $531,500.
Highest-Rated Public School
1) Irvine Unified School District/School Score 9.2

9. Chicago home prices increased 19%year-over-year to $202,000.
Highest-Rated Public School
1) Geneva Community Unit School District 304/School Score 9.4

10. Portland home prices increased 14% year-over-year to $270,000.
Highest-Rated Public School
1) Lake Oswego School District 7J/School Score 9.6

For a full copy of the report, including specific metro-level housing metrics, contact

Stacey Corso

SL Capital Provides $130 Million Financing for Landmark Paramount Building in New York's Times Square

Paramount Building, 1501 Broadway,
Times Square, New York, NY

MIAMI, FL – (Sept. 17, 2013)-- Miami-based SL Capital LLC, an exclusive correspondent lender for Cantor Commercial Real Estate (CCRE), funded a $130 million commercial mortgage on the historic Paramount Building located at 1501 Broadway, in the heart of New York City’s Times Square.

Constantine Scurtis
 Meridian Capital Group LLC brokered the transaction which closed earlier this year.  

 “The Paramount is not only a New York landmark, it’s a thriving office and retail center with great potential,” said SL Capital CEO Constantine Scurtis.  “We see this as an excellent opportunity to participate in the vibrancy of Times Square.”

 SL Capital provided a 10-year fixed rate mortgage on the property that occupies an entire city block between 43rd and 44th streets.  Scurtis said the borrower needed flexible, long-term fixed-rate financing to help reposition the famous building.

The owners plan on making $50 million in capital improvements to modernize the property with new elevators, windows, heating and cooling systems, lighting, bathrooms,  and a side-street lobby. The last major renovations were done in 2006. 

Times Square, New York, NY
The 32-story, 782,230-square-foot tower counts Hard Rock Café, Bubba Gump Shrimp, Yankees Clubhouse and Levi’s among its ground-floor retail tenants.  A mix of office tenants occupies the upper 32 floors.

Based in Miami’s financial district, SL Capital is an exclusive correspondent lender of Cantor Commercial Real Estate (CCRE) based in New York, offering CMBS fixed- and floating-rate loans from $5 million to $200 million-plus for stabilized commercial properties including multifamily, office, retail, industrial, warehouse, self-storage, mobile home park, assisted living and hospitality. For more information, log on to www.slcapmarkets.com.
For a complete copy of the company’s news release, please contact:

Todd Templin
Boardroom Communications
954-370-8999 or 954-290-0810

U.S. HUD Secretary Shaun Donovan Visits Invest Atlanta

Atlanta night skyline

Shaun Donovan
ATLANTA, GA (Sept. 17, 2013) — Invest Atlanta hosted U.S. Housing and Urban Development Secretary Shaun Donovan at its offices Tuesday for a roundtable discussion with Atlanta business leaders.
As part of President Barack Obama’s call to help the nation’s middle class, HUD plans to create Promise Zones in 20 communities over the next four years.

“I’m pleased that Atlanta has a seat at the table to discuss ways to leverage federal support for our community revitalization work,” said Mayor Kasim Reed.

Mayor Kasim Reed
“The Promise Zones are a key element of President Obama’s Ladders of Opportunity agenda and would be a significant boost to the city’s ongoing efforts to attract private investment, improve affordable housing, and improve educational opportunities.”

Under the Promise Zones initiative, the federal government will invest and partner with distressed urban, rural and tribal communities to create jobs, improve education and increase economic activity.

President Barack Obama
“Invest Atlanta was honored to host Secretary Donovan during his visit to Atlanta,” said Brian P. McGowan, CEO and President of Invest Atlanta.

“The discussion was centered around a potential new and innovative federal program called Promise Zones designed to revitalize high-poverty neighborhoods by creating jobs and attracting private investment.

“We are very supportive of this initiative and offered to work with the Administration to expedite congressional approval so communities can begin using these tools to create jobs now."

Brian P. McGowan
The Promise Zones are also designed to give children a great economic and educational start in life by improving the neighborhoods where they live. There is an open competition among communities nationwide for federal money to rebuild the middle class.

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

Nancy Johnson
The Wilbert Group
404-343-0886 (O) 

Legends Golf and Country Club in Clermont, FL to host Seventh Annual Clermont Kiwanis Oakley Seaver Memorial Golf Tournament Oct. 11

Legends Golf and Country Club, 1700 Legendary Boulevard Off  US 27, Clermont, FL

Kenny Nairn
CLERMONT, FL--- Legends Golf and Country Club, located on Legendary Blvd. off U.S. 27 five miles south of S.R. 50 in Clermont, will host the Seventh Annual Clermont Kiwanis Oakley Seaver Memorial Golf Tournament on Friday, October 11.

Kenny Nairn, Scottish PGA professional and chief operating officer of Celebration Golf Management, said he expects more than 100 golfers to be on hand for the 1 p.m. shotgun start at Legends Golf and Country Club.

“The Clermont Kiwanis Oakley Seaver Memorial Golf Tournament raises money to provide scholarships to deserving high school students who contribute to their schools and their communities,” Nairn said.

Jay Scruggs
Last year’s Clermont Kiwanis Oakley Seaver Memorial Golf Tournament at Legends Golf and Country Club drew more than 120 participants, according Jay Scruggs, general manager at The Legends.

“Oakley Seaver was much beloved in Clermont and the Clermont Kiwanis Oakley Seaver Memorial Golf Tournament has become a local institution,” Nairn said.

For more information or to register for the tournament, telephone Hal Cummings 352-394-6098 or halcummings58@aol.com.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142; Lvershelco@aol.com

$188.83 million financing for Post Oak Central in Houston, TX secured by HFF

Post Oak Center One, Two and Three office-building complex
 Galleria Mall area, Houston, TX

HOUSTON, TX – HFF announced today that it has secured $188.83 million in financing for Post Oak Central One, Two and Three, a three-building office, retail and parking complex totaling 1.3 million square feet in Houston’s Galleria area.

Scott Galloway
                Working exclusively on behalf of Cousins Properties Incorporated, HFF placed the seven-year, non-recourse fixed-rate mortgage loan with TIAA-CREF.  The property was previously unencumbered with debt. 

                Post Oak Central One, Two and Three is comprised of 1,193,713 square feet of office space plus 86,046 square feet of retail space, and 4,418 parking spaces. 

The property is 95.6 percent leased to tenants including Apache Corporation, Stewart Information Systems and GDF Suez North America.  Situated on 17.34 acres at 1980-2000 Post Oak Boulevard, Post Oak Central is close to the Galleria Mall, Loop 610 and Interstate 10 in Houston’s Galleria/West Loop submarket.  

Colby Mueck
The HFF team representing Cousins was led by executive managing director Scott Galloway and director Colby Mueck.

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT).  The Company, based in Atlanta, GA, primarily invests in Class A office towers located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

Jones Lang LaSalle: Smaller Users, Active Investors Lead to $12.6 Million Goodyear, AZ. Industrial Sale

Bullard Goodyear Commerce Center, 500--600 North Bullard Avenue, Goodyear, AZ

Mark Hertzberg
PHOENIX, Sept. 16, 2013 – Citing continued strong investor interest and robust leasing activity among smaller users, the Phoenix office of Jones Lang LaSalle (JLL) has completed the $12.6 million sale of Bullard Goodyear Commerce Center, a six-building, 182,496-square-foot flex industrial property in Goodyear, Ariz.

Jones Lang LaSalle Associate Riley Gilbert, along with Jones Lang LaSalle Managing Directors Anthony J. Lydon and Marc Hertzberg, managed the property’s sale on behalf of seller, a wholly owned subsidiary of The Guardian Life Insurance Company of America.

Anthony J. Lydon
Prior to the property sale, JLL led an aggressive 30-month leasing campaign that inked more than 100,000 square feet in new leases. The commitments brought the industrial development from less than 30 percent occupied to more than 85 percent occupied with 35 tenants and well positioned for sale.

“These were predominantly small bay deals—the mom-and-pop and regional users that survived the downturn and are now back in the market, creating demand and filling vacant space,” said Gilbert. 

“This activity turned an already well located project into an equally well occupied one, with limited direct competition and tremendous upside potential based on a proven trend of consistency.”

Riley Gilbert
According to Gilbert, much of this activity is the result of a rebounding homebuilder market and the exponential growth of the West Valley, including neighboring Buckeye, which was the ninth fastest growing community in the nation in 2012.

Located at 500-600 N. Bullard Ave. in Goodyear, the Bullard Goodyear Commerce Center encompasses six office/warehouse buildings totalling 182,496 square feet on 14.35 acres. Amenities include 20’ clear heights, community truck wells, PAD zoning within the City of Goodyear and access to a full diamond interchange at I-10 and Bullard Avenue. The space offers divisibility from 2,493 square feet.

“This project provides smaller-scale lease opportunities in a market dominated by large-scale users,” said Gilbert. “That makes for a unique and valuable asset that is located in the middle of a tremendous amount of planned growth.”

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Taylor & Mathis Signs Two More Firms to Leases at One Biscayne Tower in Downtown Miami, FL

One Biscayne Tower, Downtown Miami, FL

Miami, FL, -- Law Firm Sedgwick LLP and Veritext Legal Solutions will move to One Biscayne Tower in downtown Miami,  signing leases for 15,000 and 12,000 square feet respectively, announced Taylor & Mathis Leasing Director Ryan Holtzman

Ryan Holtzman
The two, 10-year leases have a combined value of $9 million. Cobroker Catarina Jimenez of Jones Lang LaSalle represented Sedgwick in their office space search with Veritext represented by Ryan Ackerman of CBRE. 

 “Our new offices at One Biscayne Tower are in the heart of downtown Miami, which has become an international hub for business with Latin America,” said Sedgwick Miami partner Ramón Abadin.

 “The space’s location and expansive views of the horizon exemplify our focus on client service to our local, regional, national and international clients who we serve in Florida.”  

Catarina Jimenez

One Biscayne Tower will be the headquarters for the firm’s Miami office which was established earlier this year to become the firm’s 16th office worldwide and its second in South Florida.  The law firm has an existing office in Ft. Lauderdale. 

 Also moving to the building is Veritext Legal Solutions, a deposition and litigation support firm. “We have experienced outstanding growth in the South Florida market, and so we needed to upgrade and increase the size of our Miami office,” stated Chief Financial Officer Richard Antoneck.

“The facilities at One Biscayne Tower will include state-of-the-art conference rooms and deposition suites, complete with all the enhanced technology and amenities Veritext clients have come to expect and enjoy.” The firm has five South Florida offices.

Ryan Ackerman
These two deals are the fourth and fifth significant deals at One Biscayne Tower in recent months. Taylor & Mathis has secured over 63,000 square feet of leasing at the 700,000 square foot Class A office tower this year.

 Leases have included Northwestern Mutual (10,066 square feet), Peretz Chesal Herrman (6,200 square feet), Young, Bill, Roumbos & Boles, P.A. (5,000 square feet) and the 15,000 square foot renewal and expansion of Foreman Friedman. The office building which offers incredible views of Biscayne Bay is one of downtown Miami’s best values for office space. 

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

Brian Gale

 Ryan Holtzman

$36.25 Million, Two-Property Single-Tenant Industrial Portfolio Hits the Market in Midwest

Staples Distribution Facility, 120 West Opus Drive
Oak Creek, WI

Nick Manganais
 CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a $36.25 million two-property single-tenant industrial portfolio.

            Nick Manganais, a vice president investments in Marcus & Millichap’s Chicago O’Hare office, is representing the seller, an Illinois-based family partnership. Matthew Fitzgerald, a first vice president investments in the firm’s Milwaukee office, is Marcus & Millichap’s broker of record in Wisconsin.

            “Both properties are investment-grade assets that were built-to-suit for their tenants and both have excellent long-term cash-stream potential,” says Manganais.  “The FedEx freight facility is one of just 17 FedEx Priority freight terminals in Illinois and the Staples warehouse is a hub distribution center for Staples and Quill-brand office products.”

Matthew Fitzgerald
The Staples distribution center is located in the southeastern Milwaukee metro area at 120 West Opus Drive in Oak Creek, Wis.

The 279,828-square-foot facility features 259,828 square feet of warehouse space and 20,000 square feet of office space and can be expanded by 51,748 square feet.

The facility has 46 loading and unloading doors with custom dock levelers or pit levelers. There is one custom door seal, one drive-in door, four trash pads and 22 trailer spaces.

            The 63,740-square-foot FedEx freight terminal is located at 3883 Butterfield Road in Aurora, Ill., the second-largest city in Illinois and part of Chicago’s Naperville/Aurora metropolitan trade area.

The property features a 55,120-square-foot main building with 6,800 square feet of office space. There is also 48,320 square feet of cross-dock working area, which serves as the customer center.

The property contains a 6,550-square-foot three-bay repair/wash building, a 1,600-square-foot fueling facility and a concrete scale pit with an axle scale.

The freight terminal has 104 loading/unloading doors with custom dock levelers and custom door seals. There are 269 tractor/trailer parking spaces and a separate employee parking lot that can hold up to 91 cars.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

10th New Condo Tower Launches Presales In Miami's Brickell Avenue Area

Preliminary rendering of planned 1010 Brickell Avenue condos, downtown Miami, FL

MIAMI, FL -- The competition to attract buyers for pre-construction condo units in the Brickell Avenue Area of Greater Downtown Miami is rapidly intensifying as a 10th new development has launched presales at a time when the South Florida real estate market shows signs of stabilizing from the devastating crash of 2007, according to CondoVultures.com.

Julia Tuttle Causeway, Miami, FL
In preparation for the busy winter buying season, the developers of the proposed 1010 Brickell Avenue project have quietly initiated presales in the last few weeks for their proposed 50-story tower with 387 units that is to be located on an existing parking garage site situated between Brickell Avenue and South Miami Avenue, according to marketing literature.

Overall in the Greater Downtown Miami market, developers are proposing to construct 39 towers - 20 buildings of which are currently being marketed for pre-sale - with nearly 12,000 new condo units in a market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of September 13, 2013, according to the Pre-construction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Rickenbacker Causeway, Miami, FL
Overall in the tricounty South Florida region, developers are now proposing more than 21,850 units for coastal Miami-Dade, Broward, and Palm Beach counties as of September 13, 2013, according to the Pre-construction Condo Projects Database™.

 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.

Cushman & Wakefield Land Team Closes Three Orlando-Area Transactions

Sea World Orlando

ORLANDO, FL -- Cushman & Wakefield of Florida is pleased to announce its Orlando-based Land Brokerage Services team of Senior Director Margery Johnson and Associate Andy Slowik recently facilitated three land transactions in the Orlando area.

Margery Johnson
Johnson and Slowik represented Flournoy Development in the purchase of a 17.5-acre parcel on International Drive South in Orlando.

 The site is slated to house Bristol Lakes, a four-story, 346-unit luxury multifamily community with serene lakeside views in the midst of Orlando's tourist corridor.

The community will include two central lakes along with the latest in resort-style pool and clubhouse amenities. In addition to the Bristol Lakes’ contemporary design, the development will boast a convenient location, situated between Walt Disney World and SeaWorld and close to fine dining, shopping and nightlife.

Andy Slowik
The purchase price was $5,150,000, or $14,884 per unit for the land. The seller, Fifth Third Bank, was represented by Paul Hoffman of Coldwell Banker Commercial NRT.

Johnson and Slowik also assisted Redus Florida Land, LLC in the sale of Venetian Isles, a vacant 49 net-acre parcel on East Dixie Avenue and South Lake Street in close proximity to the Leesburg Regional Medical.

Paul Hoffman
 The buyer, TAC-FL Land Holdings, has plans for a mixed-use development consisting of assisted living, multi- and single-family residential. Mike Nolen of Coldwell Banker NRT represented the TAC-FL. The purchase price was $2,454,000.

Finally, Johnson and Slowik represented Mark Turner and John Gray as trustees of a 10.9 gross-acre parcel on Mitchell Hammock Road in Oviedo. The buyer was Chuluota Homes and Mortgages LLC.

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

David Meyer

City National Bank Provides $10 Million to Turnberry Plaza Ltd. for Financing of Aventura Office Building in South Florida

Turnberry Plaza, Biscayne Boulevard
and 191st Street, Aventura, FL

William Gallagher
MIAMI, FL —  City National Bank of Florida (CNB), announced that it has acquired and extended a $10 million loan to Turnberry Plaza, Ltd. to finance Turnberry Plaza, a 10-story, 104,000 square-foot office building located on Biscayne Boulevard and 191st Street in Aventura.  

              Turnberry Plaza is located in the heart of Aventura with tenants such as Premier Asset Management and International Sales Group. 

The building, which includes 298 surface parking spaces, was renovated in 2001 and is 92 percent leased and occupied.   City National Bank also occupies space in the building as well as a drive-through banking location in the lobby.  CNB also has naming rights to the building. 

Jason Landa
William Gallagher, Senior Vice President of Real Estate Banking at City National Bank was responsible for the acquisition of the loan. 

“Aventura is a tight office market, and quality office space in the area is scarce,” said Gary Fitzgerald, Executive Vice President of Real Estate Banking for City National Bank.  “Turnberry Plaza is in the perfect location with ample parking and easy access to major roadways.”

Susana Camero and Jason Landa, asset managers with Turnberry Plaza, Ltd., handled the transaction for Turnberry Plaza.

“Mr. Gallagher and the CNB team worked closely with Jason and myself to ensure a seamless and successful transaction. 

“We at Turnberry Plaza are pleased to continue providing superior office space for the Aventura business community and maintaining our long-standing relationship with City National Bank,” Susana Camero said.

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

Caren Berg
Senior Vice President
Boardroom Communications, Inc
1776 N. Pine Island Road, #320
Plantation, FL  33322
954-829-7064 Cell

Greystone Closes $117 Million Portfolio Affordable Housing Transaction in Georgia

File photo of affordable housing properties but not part of the Greystone portfolio transaction

 New York, NY, Sept. 17, 2013 – Greystone, a leading national provider of multifamily mortgage loans, today announced the closing of a $117 million multifamily transaction in the state of Georgia.

Tanya Eastwood
The financing will be used towards the acquisition and rehabilitation of 44 affordable housing properties, consisting of 1,362 units that serve low-income households in 30 counties across the state.

The aged USDA Rural Development Section 515 portfolio was acquired by WWJ, LLC an affiliate of Boyd Management, Inc. The rehabilitation is expected to be completed within 12 months.

 Greystone is a leader in affordable housing preservation and worked closely with National and State USDA Rural Development, the Athens Housing Authority Georgia Department of Community Affairs, and Fannie Mae to coordinate and secure the financing needed to acquire and rehabilitate the portfolio.

 “Affordable housing communities across the country are suffering from significant age and many are in drastic need of renovation and modernization. 

"This combined with the ever increasing state and federal budget restrictions has made preservation of existing affordable housing stock even more of a challenge,” said Tanya Eastwood, Managing Director for Greystone’s Affordable Housing Initiatives group.

 "These properties risk being removed from the affordable housing stock unless there are collaborative efforts from all agencies and partners involved. We at Greystone truly appreciate all of the organizations we work with who share our passion for preserving and extending the life of existing RD515 properties.”
Ms. Eastwood added, “Successful, financially feasible preservation at this level requires extensive cooperation and commitment of many different organizations. This was a major undertaking and the first of its kind in Georgia. Such a preservation effort would not have been possible without the endless persistence and innovative efforts by all groups involved.”

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

Josh Gerth/Jessica Kleinman
646 395 6300

Charles Dunn Completes 10-Year Office Lease with CLARE Foundation in Santa Monica, CA

1334 Lincoln Boulevard, Santa Monica, CA, leased to CLARE Foundation

Michelle Esquivel-Hall
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a 10-year office lease for 6,540 square feet of space with CLARE Foundation valued at $3,153,000. The nonprofit organization will fully occupy 1334 Lincoln Blvd. in Santa Monica, Calif.

Charles DeSantis and Kyle Gulock of Charles Dunn Company represented CLARE Foundation in the transaction. Jeff Pion and Michelle Esquivel-Hall of CBRE represented the landlord, Los Angeles-based The Bradmore Group.

Charles DeSantis
CLARE Foundation, a nonprofit organization providing treatment and recovery services for alcoholism and substance abuse to individuals, families, and the community, will use the property as an outpatient facility for its private patients.

The new space will function as Conscious Recovery by CLARE Foundation. Move-in is anticipated to occur before year-end and approximately ten employees will be hired for the new location.

Kyle R. Gulock
“The property was vacant but had undergone significant capital improvements by its ownership in anticipation of identifying the right tenant,” said DeSantis. “We negotiated a strong tenant improvement package for our client which includes the build out of executive offices, group rooms with connecting patios, and counseling rooms.”

Charles Dunn Company worked closely with CLARE Foundation in order to identify the ideal facility. The property offers prominent signage on Lincoln Blvd., high ceilings, skylights, secured and gated parking and is near the 10 Freeway.

Jeff Pion
“The tenant required a property that was walking distance to the beach and needed convenient parking for its patients,” said Gulock. “This space offered the ideal, beach-close location as well as ample secured parking on the ground floor, which is very rare for the market.”

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

Darcie Giacchetto
D.G. Communications, Inc.