Monday, December 9, 2013

Trepp Reports US CMBS Loss Severity Up in November

NEW YORK, NY – Trepp Reports November Loss Analysis: Volume and Loss Severity Bounce Back

“November CMBS loss severity landed at 48.10%, up considerably from October's 38.58% and above the 12-month moving average of 44.34%,” said Joe McBride, a senior analyst with Trepp.

Joe McBride
“The number of loans liquidated was 105, resulting in $579.64 million in losses and an average disposed balance of $11.48 million, in line with the 12-month average of $11.43 million.

“Office and retail properties accounted for the majority of liquidated loans and pushed loss severity up with average loss rates of 68.47% and 51.26% respectively.”

After two months of relatively low liquidation volume, November brought a return to average levels.

Liquidation volume came in at $1.2 billion in November, up from $960 million in October and $870 million in September. Volume registered on par with the 12-month moving average of $1.18 billion.

Further, the majority of loans liquidated fell into the greater than 2% loss severity category.

November loss severity landed at 48.10%, up considerably from October's 38.58% and above the 12-month moving average of 44.34%.

The number of loans liquidated in November was 105, resulting in $579.64 million in losses. These liquidations translated to an average disposed balance of $11.48 million, in line with the 12-month average of $11.43 million.

Since January 2010, servicers have been liquidating at an average rate of $1.17 billion per month.

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

Al Kinkle Joins Marcus & Millichap Capital Corp. as Associate in Tampa, FL

Al Kinkle

 TAMPA, FL,  Dec. 9, 2013 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has hired Al Kinkle as an associate in the firm’s Tampa office, according to William E. Hughes, senior vice president and managing director of MMCC.

            In his new position, Kinkle will arrange debt financing for all types of commercial real estate assets, including multifamily, retail, and office and industrial properties.

Prior to joining MMCC, Kinkle served as a consultant with Global Loan Solutions LLC in Fort Meyers, Fla. He also worked as a mortgage broker with several mortgage companies in Ft. Meyers and Naples, Fla. 

            Kinkle graduated from the United States Air Force Academy in Colorado Springs, Co. where he earned a Bachelor of Science in English literature. 

William E. Hughes
He is also an avid triathlete and duathlete, who recently earned a spot on team USA for the 2014 ITU Standard Distance Duathlon World Championship in Pontevedra, Spain, May 31 – June 1, 2014.
 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corp.

(925) 953-1716

The Residences at Mandarin Oriental, Atlanta, Hires Buckhead High-Rise Expert Karen Rodriguez to Lead New Sales Team

The Residences at Mandarin Oriental, Atlanta, GA

Karen Rodriguez

ATLANTA (Dec. 9, 2013) – iStar Residential, a division of iStar Financial Inc. (NYSE: SFI), announced today it has hired an all-new sales team, led by the top-selling high-rise agent in Atlanta, for The Residences at Mandarin Oriental, Atlanta.

Karen Rodriguez of Dorsey Alston Realtors will lead the revamped sales efforts. She brings 11 years of experience in the Buckhead luxury high-rise market to the exclusive, world-class property.

 The addition of Rodriguez is part of an extensive rebranding process that began in May 2012 with the reintroduction of the exclusive, five-star luxury Mandarin Oriental, Atlanta.

The debt-free property, wholly owned by real estate company iStar Financial Inc., has been reshaped into one of the top-ranked hotels in the city. Now, iStar Financial Inc. has shifted focus to the 25-unit residential units on the top floors of the property.

 Before joining The Residences at Mandarin Oriental, Atlanta, Rodriguez led the sales and marketing strategy for the nearby $100 million Ritz-Carlton Residences high-rise project, selling out the property in a mere two-and-a-half years.

The leading luxury high-rise condominium expert in Buckhead, Rodriguez has also represented many of Atlanta’s top developers, including Post Properties and the Novare Group.

John Kubicko
 “Karen brings an intimate and unparalleled knowledge of the Buckhead high-rise market to this luxury property,” said John Kubicko, Senior Vice President at iStar Financial Inc. “We are very pleased to have someone with such extensive experience lead our sales efforts.”

 The Residences currently are being built-out with contemporary, ultra high-end finishes and sleek, built-in fireplaces with marble surrounds. Each unit will also feature a 36-inch Viking gas grill as well as a fireplace on its balcony.

The team is also revamping the common areas with modern color palettes and sleek marble floors. iStar has partnered with premier local architectural firm Harrison Design to craft unique layouts that showcase the spectacular views. Additionally, plans are underway to build out all the remaining unfinished shells.

 Harrison Design Associates also designed a lavish three-bedroom model home that was staged on the 45th floor to demonstrate The Residences’ new contemporary appearance. Decorated by Decatur, Ga.,-based firm GraysonHarris, the model was unveiled in September and was featured in the November edition of Atlanta Homes & Lifestyles.

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

Josh Guterman,

INNOVATIVE Real Estate Companies Adds Another Key Hire; Melissa Montgomery Joins as Controller


Melissa Montgomery
Houston, TX (Dec.  9, 2013) – INNOVATIVE Real Estate Companies has hired Melissa Montgomery as Controller.

Montgomery brings over 10 years of real estate accounting and financial reporting experience. She is responsible for all reporting and accounting functions for INNOVATIVE Real Estate Companies – including INNOVATIVE Student Housing, INNOVATIVE Apartment Living and INNOVATIVE Real Estate Development.

“Adding Melissa to the team reflects our commitment to building a great company – which starts with continuing to build the right team,” said David Neef, Chief Operating Officer of INNOVATIVE Real Estate Companies.

“We've always taken the approach of recruiting and hiring the best and the brightest, as evidenced by the strength of our existing team. Melissa is no exception. She has a work philosophy that reflects our company culture and extensive industry experience.”

Montgomery most recently served as Financial Reporting Manager for The Lionstone Group, a commercial real estate investment company headquartered in Houston. 

David Neef
Previously, she served as Financial Controller and Director of Financial Reporting for the U.S. region of Campus Living Villages. There she supervised accounting and reporting functions for approximately 20,000 beds across the United States.

Montgomery holds a BBA in Accounting from Texas Tech University and a JD from the University of Houston. She is also a Certified Public Accountant.

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

Terri Thornton
 (404) 932-4347

HFF closes sale of 336,000-square-foot bulk distribution warehouse in Reno, NV

9085 Moya Boulevard Bulk Distribution Warehouse, Reno, NV

Steven Golubchik
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of 9085 Moya Boulevard, a 336,000-square-foot, Class A bulk distribution warehouse in Reno, Nevada.

HFF co-brokered the sale with NAI Alliance on behalf of the seller, Panattoni Development Company.  KTR Capital Partners, LLC purchased the asset for an undisclosed amount free and clear of debt.

The property is situated on 17.46 acres within the Red Rock Business Center along US Highway 395 just north of the Interstate 80 interchange. 

Completed in 2001 and 90 percent leased, 9085 Moya Boulevard is a crossdock building, which features 30-foot ceiling heights, 130-foot truck courts and 42 loading docks with the capability to add 34 additional doors.

John Simerlein
The HFF team representing the seller was led by managing director Steven Golubchik and director John Simerlein.  NAI Alliance was represented by Mike Nevis.

Panattoni Development Company ( is a privately-held, full-service development company founded in 1986.

 The firm has completed in excess of 175 million square feet of commercial projects globally. 

Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and nine countries.  The firm is headquartered in California and maintains offices throughout the United States, Canada and Europe.

KTR Capital Partners is a real estate investment, development and operating company focused exclusively on the industrial property sector. 

Mike Nevis
Headquartered in New York City with offices in Philadelphia, Chicago, Dallas, Las Vegas, Los Angeles and Miami, KTR has a 75-person platform that manages a series of discretionary value-add investment funds that target opportunities throughout major markets in North America. 

KTR’s funds currently own a portfolio of approximately 53 million square feet across North America and provide nearly $7 billion of investment capacity.  For additional information, please visit

NAI Alliance is the premier commercial real estate firm in Northern Nevada, specializing in the sale, leasing and management of office complexes, retail shopping centers and industrial warehouse buildings in conjunction with land, multifamily and investment properties. 

  As a member of NAI Global, NAI Alliance is a part of 350 offices, with 5,000 professionals in 55 countries with $45 billion in transaction volume and more than 300+ million square feet managed worldwide.  For additional information, please visit

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 |

Flagler Street Foot Locker Building in Downtown Miami, FL Hits the Market at $5 Million; A Marcus & Millichap Listing

Flagler Street Foot Locker Building, 38 East Flagler Street, Miami, FL

Ryan Shaw

MIAMI, FL, Dec. 9, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a 32,838-square foot, mixed-use building with ground floor retail in downtown Miami, FL.

The impressive redevelopment opportunity is priced at $5 million.

            Ryan Shaw, a Senior Associate in Marcus & Millichap’s Miami office, is representing the seller, a limited liability company from Massachusetts.

“This is an excellent redevelopment opportunity in downtown Miami’s central business district,” says Shaw.

“Neighboring properties include Macy's department store, Miami-Dade County Courthouse and the Seybold Building Diamond Center.

Macy's Department Store, 22 East Flagler Street
Downtown Miami, FL
Formerly Burdines Department Store Building

“Miami's Downtown People Mover station is one block away and two blocks west are three new condominium projects that are mostly occupied.  The property allows for high-rise redevelopment of approximately 385 units and a maximum height of 80 floors,”

The two-story, mixed-use building is currently 100 percent occupied by Foot Locker.  The Flagler Street Foot Locker building is located at 38 East Flagler Street in Miami.

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

Kirk Felici
Vice President/Regional Manager
Miami, FL
(954) 245-3400

Avalon “Firing on All Cylinders”, Retail 90 Percent Committed; One-year Grand Opening Countdown Under Way

Rendering of Avalon under construction in Alpharetta, GA

Mark Toro
 NEW YORK, NY (Dec. 9, 2013) – North American Properties – Atlanta (NAP) today announced from the ICSC New York National Conference that the 50th lease has been executed at its Avalon project in Alpharetta, Ga.

The $600 million mixed-use project is now 90 percent pre-leased with just under one year to go until its Oct. 30, 2014 grand opening.  

 Avalon is one of the largest projects under construction in the United States and it will be the Southeast’s preeminent experiential development — a place where specialty retail, entertainment, restaurants, residences, offices, hotels and public spaces come together to create a truly unique experience.

 “It’s rare, in a mixed-use development of this scale, to have all uses moving forward at the same time,” says Mark Toro, managing partner of NAP. “We are firing on all cylinders, with multifamily, single-family, retail, restaurants, entertainment and office all underway.”

Ron Pfohl
 Recently signed leases include: Oak Steakhouse, francesca's boutique, Kendra Scott, Pottery Barn Kids, Marmi Shoes, Fuzziwig's Candy Factory, American Threads, The Cosmetic Marketand Giovanni DiPalma's Caffe Gio. Those in final lease negotiations include: Crate & Barrel in Phase 1 and Lilly Pulitzer in Phase 2.

“Reaching 90 percent committed in our 400,000 square-foot first phase, one year before opening, is testament to how unique Avalon is,” said Ron Pfohl, vice president of leasing at NAP. 

“We are to the point where we are turning away retailers because we can’t accommodate them. We’ve already secured our first commitment in Phase 2.”

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

Savannah Duncan • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0870  • M: 404-901-4433

NAI Realvest Negotiates Two New Lease Agreements at Airport Industrial Center in Southeast Orlando, FL

Airport Industrial Center, 7452 Narcoossee Road, Southeast Orlando, FL

Michael Heidrich
MAITLAND, FL  – NAI Realvest recently negotiated two new lease agreements totaling 12,000 square feet at the Airport Industrial Center in Southeast Orlando.

 NAI Realvest Principal Michael Heidrich Sr. represented Boston-based BIEL, REO, LLC, the landlord of the industrial building located at 7452 Narcoossee Rd.

Sean DuPree
Unit C with 9,000 square feet at Airport Industrial Center was leased by a local tenant, 1100 Atlantic Collision, Inc. who was represented in the transaction by Sean DuPree of Lincoln Property Company.

  The lease included 34,848 square feet of outside storage space.

John Brazelton
 Central Pump & Supply Inc. of Cocoa, Fla. leased Unit A with 3,000 square feet of industrial space and 10,000 square feet of outside storage was included in the lease agreement.  John Brazelton of BSA Realty represented the tenant.

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

Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates New Lease for a Winghouse in Downtown Sarasota, FL

Planned 2014 Winghouse Restaurant location, 1991 Main Street, Sarasota, FL
Kimberly Manson

ORLANDO, FL and SARASOTA, FL– NAI Realvest recently negotiated a new long-term lease agreement for the 6,296 square foot, partially-equipped, second generation restaurant located at 1991 Main St. in downtown Sarasota.

  The NAI Realvest team of Jeffrey Tanner and Kimberly Manson negotiated the transaction representing the tenant, Winghouse of Sarasota, LLC based in Largo.

 The landlord for the property on the corner of Main and Links is Sarasota Main Real Estate, LLC.

Jeffrey Tanner
  Opening of the new Winghouse restaurant is planned for early 2014 and it will accommodate over 200 patrons.

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

Beth Payan, Larry Vershel Communications 407-644-4142