Friday, January 31, 2014

Home Flipping Increases 16 Percent in 2013 and Average Gross Profit on Flips Rises to More Than $62,000 in Q4

IRVINE, CA  — RealtyTrac® (, the nation’s leading source for comprehensive housing data, today released its Year-End and Q4 2013 Home Flipping Report, which shows 156,862 single family home flips — where a home is purchased and subsequently sold again within six months — in 2013, up 16 percent from 2012 and up 114 percent from 2011.

Homes flipped in 2013 accounted for 4.6 percent of all U.S. single family home sales during the year, up from 4.2 percent in 2012 and up from 2.6 percent in 2011.

Daren Blomquist
Flips accounted for 3.8 percent of all sales in the fourth quarter, down slightly from 3.9 percent of all sales in the third quarter and down from 7.1 percent of all sales in the fourth quarter of 2012 — the highest percentage of sales represented by flips in a single quarter since RealtyTrac began tracking flipping data in the first quarter of 2011.

The average gross profit for a home flip — the difference between the flipped price and the price the flipper purchased the property for — was $58,081 for all U.S. homes flipped in 2013, up from an average gross profit of $45,759 in 2012. 

The average gross profit for homes flipped in the fourth quarter was $62,761, up from $52,746 in the fourth quarter of 2012.

The report also shows the biggest increases in flipping nationwide occurred on homes with a flipped price of $400,000 or more. Although flipping increased across all price ranges, flips on homes with a flipped sale price above $400,000 increased 36 percent from 2012, while flips on homes with a flipped sale price at or below $400,000 increased 17 percent from 2012.

The average time to complete a flip nationwide was 84 days in 2013, down from 86 days in 2012 and down from 100 days in 2011.

“Strong home price appreciation in many markets boosted profits for flippers in 2013 despite a shrinking inventory of lower-priced foreclosure homes to purchase,” said Daren Blomquist, vice president of RealtyTrac.

“For the year 21 percent of all properties flipped were purchased out of foreclosure, but that is down from 27 percent in 2012 and 32 percent in 2011.

“Meanwhile flipped homes were still purchased at an average discount of 13 percent below market value in 2013, the same average discount as 2012, indicating that investors are finding discounted buying opportunities outside of the public foreclosure process — particularly in those markets with the biggest increases in flipping for the year.”

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Atlantic | Pacific Companies Acquires New Property in San Marcos, TX With Addition of The Palazzo

The Palazzo Apartments, Wonder World Drive, San Marcos, TX

Mark Briggs
MIAMI, FL, Jan. 31, 2014) – Atlantic | Pacific Companies (A | P Companies) is pleased to announce its continued expansion in Texas with the acquisition of The Palazzo.  

The Palazzo transaction marks A|P Companies’ fifteenth acquisition within the past 24 months and represents its fifth purchase in Texas.

 The Palazzo, located on Wonder World Drive in San Marcos, TX is a 300-unit, Class A garden style apartment community featuring one, two and three bedroom floor plans. 

The gated community includes two resort style swimming pools, fitness center and yoga studio, business center, game room, basketball/sport court, playscape, and an expansive clubhouse.

San Marcos is located 25 minutes south of Austin and is situated along the “IH-35 Growth Corridor” directly between Austin and San Antonio.  San Marcos, among other things, is home to Texas State University (TSU) and the Central Texas Medical Center.  TSU is the fifth largest university and fastest growing school in Texas with an enrollment of more than 34,000 students.

 A | P Companies plans to make select common area improvements and unit interior upgrades. Atlantic | Pacific Management, the property leasing & management platform under A | P Companies, will handle all property management responsibilities for both properties.

LBJ Student Center at Texas State University
San Marcos, TX
Mark Briggs, Senior Managing Director at A | P Companies, says “A | P Companies is excited to add another quality asset to its rapidly growing Texas portfolio.  The Palazzo complements yet diversifies our existing holdings in Austin and Dallas.”
For more information, please visit Follow Atlantic | Pacific Companies on Facebook and Twitter.

 For more information, visit or contact Randy Weisburd at

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

Jessica Wade Pfeffer / Jessica Wade Inc.

Megan Sedlacek / Jessica Wade Inc.

Hendricks-Berkadia Alabama Office Capped 2013 with Sales of Three Apartment Communities Totaling 367 Units for $14,610,000

Birmingham, AL -- Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated sales of Three Apartment Communities totaling 367 Units for $14,610,000. 

Hal Warren
 The 180-unit Chadwick Place in Huntsville sold for $7,450,000 as Partner David Oakley from the Alabama Office, Partners Hal Warren and Cole Whitaker from the Orlando Office and Vice President Jason T. Stanton in the firm’s Tampa office represented the seller, 

The Hallmark Companies of Atlanta. The property was sold to a Southeast Holdings of Dexter, Mo.

 Oakley represented the seller, Ruffner Mountain Management of Birmingham, Al., in the sale of Alpine Village.  Buyer Cofinance Inc. of Hackensack, N.J., purchased the 160-unit apartment community in Hoover, Ala., for $6,500,000, while also assuming the existing Fannie Mae loan. 

 Senior Investment Advisor David Etchison and Senior Associate Josh Jacobs in the Alabama Office of Hendricks-Berkadia, represented a California seller in the sale of the 27-unit Medford Manor.

 The December sales bring the annual sales total to 39 communities brokered by the Alabama Office of Hendricks-Berkadia. The more than 9,050 units sold for nearly $510 million in 2013.

Cole Whitaker
 Additionally, the Oakley and the Florida teams brokered the sale of seven properties of the 11-property Gulf Coast Portfolio. 

With a combined 1,929 units, the apartment communities located throughout Alabama and Florida sold for a total of $147,700,000, or $76,568 per unit, in November.

 Also in the fourth quarter, another portfolio sold for $105,900,000 involving five Birmingham properties. 

The Alabama Office brokered the Magic City Five Portfolio between the seller, Abbey Residential Services Inc. of Birmingham, and buyer, Goff Capital Partners of Centennial, Co. 

The communities, ranging from 168 units to 649 units, were more than 90 percent occupied at the time of the sale.

 Economic indicators are expected to strengthen in the Birmingham apartment market over the coming year.

Jason T. Stanton
Payrolls are expected to expand by 4,400 new jobs in 2014. At the same time, the demand for apartments will increase with 280 newly occupied units this year and more than 600 units absorbed in 2015.

 The rising leasing activity will support increased asking rents, which are projected to grow 2.7 percent to $860 per month by year-end, the fastest rate in seven years.

Moreover, construction activity will remain relatively light as just 540 units are projected to come online throughout 2014.

Hendricks-Berkadia is one of the nation’s largest multifamily investment sales firms.  Operating from more than 60 offices, the company offers clients access to experienced professionals nationwide whose singular focus is to assist them in maximizing the value and managing the risk of their multifamily properties.

 Hendricks-Berkadia’s success is built on a solid platform of proven, traditional real estate brokerage strategies and values backed by unparalleled access to capital and financial expertise, concentrated exclusively on the multifamily industry.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Berger Commercial Realty Broker Judy Dolan Arranges $1.3 million Sale of Sebring Retail Center in Sebring, FL

Judy Dolan
FORT LAUDERDALE, FL - Berger Commercial Realty broker Judy Dolan arranged the sale of a REO fractured retail condo in Sebring for $1,375,000 on behalf of SA Challenger.

 The buyers, Bernard Hutman, Herbert Wayne Hutman, and Michael Hutman, plan to rehab the retail center and keep it as an investment. The 50,850-square-foot site is located at 3750 US Highway 27 North, Sebring, FL 33870.

 Dolan also handled the $20,000 sale of REO-land in the Gould's section of Miami for an undisclosed seller.

 KGS Stores, Inc. bought the 7,320-square-foot site, which is vacant and zoned for commercial use, and plans to build a drive-through convenience store on the property.

 Experienced in handling REO sales throughout the state, Dolan has represented banks in selling land, office and retail properties in cities such as Miami, Fort Lauderdale, Orlando, Bradenton, Clearwater Beach, Dunedin and St. Petersburg. Prior to becoming a licensed real estate broker and vice president of Berger Commercial Realty, she handled real estate transactions as a licensed Florida attorney.

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

Marielle Sologuren
(954) 776-1999, ext. 226

John A. Lambiase to Retire from the Annaly Capital Management, Inc. Board of Directors

Wellington J. Denahan
NEW YORK, NY --(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE:NLY) today announced that John A. Lambiase will not stand for re-election at the Company’s 2014 Annual Meeting of Shareholders.

Mr. Lambiase is a non-independent director and has served on the board of directors since January 1997. His departure will be effective on the day of the Company’s 2014 Annual Meeting of Shareholders.

“I want to thank John for taking a chance on a new startup some 17 years ago. Over his many years of service, he has provided valuable expertise, sound judgment and solid guidance,” said Wellington J. Denahan, Chairman and Chief Executive Officer of Annaly. “I hope he can now truly enjoy his retirement.”

Annaly’s principal business objective is to generate net income for distribution to its shareholders from its investments.

 Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”). Annaly is managed and advised by Annaly Management Company LLC.

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

Annaly Capital Management, Inc.
Investor Relations

Franklin Street Real Estate Services Brokers Sale of 102 Multifamily Units in South Florida For $8.25 million

Deme Mekras
MIAMI, FL, Jan. 31, 2014 —  Franklin Street Services, a full-service commercial real estate firm with offices in Tampa, Atlanta, Miami and Jacksonville, recently brokered the sale of 102 multifamily units for a total of $8.25 million.

The units are located in three different apartment communities in Miami, Hialeah, and Hollywood (Hollywood Beach).  The sales were transacted by the team of Deme Mekras, Elliot Shainberg, and David Reinke. All of the buyers were foreign investors.   

 In Hialeah, Franklin Street represented the seller of the Jaclyn Apartments, a two-building, 72-unit complex located at 1315 and 1345 West 29th Street. 

The purchase price was $6.05 million or $84,027 per unit. The seller is Jaclyn LRP. The buyer was a Panamanian investor whose identity was not disclosed.

 “There is a lot of investor demand for apartment buildings of 50-plus units in Hialeah, and Jaclyn was one of those rare opportunities,” said Deme Mekras, regional managing partner of Franklin Street’s Miami office.

 “We generated eight written offers within three weeks of going to market, and as a result of the competition, the seller was able to achieve a premium price with tight terms and an expeditious closing.”

Elliot Shainberg
In Miami, Franklin Street’s South Florida Multifamily team arranged the bulk sale of 20 condominium units in a 68-unit building called Garden View located at 11000 SW 200th Street. 

Franklin Street represented the seller, Unique Yidios LLC, and buyer, Fly Away 2012 LLC. The sales price was $1,050,000 or $52,500 per unit. The buyer was from Buenos Aires, Argentina and purchased the properties all cash. 

 “Because the owner sold the units in bulk, we were able to secure more money per unit than other individual sales in the building,” said David Reinke, investment associate in Franklin Street’s Miami office. Reinke also noted that the buyer plans on renting out the units.

In Broward County, Franklin Street represented the seller of a 10-unit apartment building located at 343 Van Buren Street on Hollywood Beach. 

The sales price was $1,150,000 or $115,000 per unit. The seller was 720 Property LLC and the buyer is Van Buren Holdings Inc., also backed by a foreign investor who purchased the property all cash.

The apartment building is located just a block from the Atlantic Ocean and within a half-mile of the Margaritaville Hollywood Beach Resort which is currently under construction. 

David Reinke
 “With proximity to the water and a lot of redevelopment taking place, demand for multifamily investment is substantial right now on Hollywood Beach,” said Elliot Shainberg, senior director of Franklin Street’s Miami office.

 “Multifamily investment continues to be hot in South Florida,” said Mekras.  “We’re still seeing a lot of cash buyers from overseas who see a lot of opportunity here and regard U.S. real estate as a safe haven for capital. Many of them are coming from highly unstable economies and,  as a result, often see greater value in our property than local investors.”

 Mekras and his team anticipate strong demand for South Florida multifamily through 2014.

 Franklin Street is a family of real estate companies focused on delivering value-added solutions to meet the evolving needs of our clients. 

Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide.
For a complete copy of the company’s news release, please contact:

Todd Templin
Boardroom Communications


Lincoln Brokers Leases by Crane Materials and Pinkerton & Laws at 1165 Northchase Parkway in Northwest Atlanta, GA

1165 Northchase Parkway, Marietta, GA

Hunter Henritze

 ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has brokered two leases totaling more than 22,500 square feet at 1165 Northchase Parkway, a four-story building in Northchase Office Park in the Cumberland/Galleria submarket of northwest metro Atlanta.

Hunter Henritze, vice president of office leasing at Lincoln, and Jeff Henson, a senior associate in the firm’s Office Leasing Group, represented the landlord, JP Partners, in the transactions.

The transactions include the following deals:

• Crane Materials International, which manufactures products for the construction and engineering industries, signed a new, five-year lease for 14,484 square feet. The lease will begin this summer. Ryan Cone of Cone Middour Partners represented the tenant.

Jeff Henson
• Pinkerton & Laws, a general contractor, extended and expanded its lease to a total of 8,093 square feet. The five-year renewal began late last year. Gary Waddell of Cushman & Wakefield represented the tenant.

 Lincoln was awarded the exclusive leasing and property management assignment for 1165 Northchase Parkway last year and oversaw an extensive renovation of the building’s lobby, restrooms and common areas. 

In addition, several high-quality spec suits now give smaller tenants a number of move-in-ready options to consider.

Northchase Office Park also offers close proximity to interstates 75 and 285; a pond, trails and picnic area; ample free surface parking; and building signage opportunities.

Ryan Cone
“We are excited about the leasing activity that 1165 Northchase is enjoying,” Henritze said. “The renovations for this building have truly been transformative, and 1165 Northchase Parkway now represents the best value amongst its competitive set in Cumberland/Galleria, bar none!

“We expect the building’s appeal to be broad and leasing momentum to continue to grow.”

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

Stephen Ursery
The Wilbert Group

HFF arranges construction financing for luxury condominium development in Boston’s Seaport District

Rendering of planned Twenty Two Liberty condominiums at Fan Pier, Boston, MA

John Fowler
BOSTON, MA – HFF announced today that it has arranged construction financing for Twenty Two Liberty, a 14-story, luxury residential tower at Fan Pier, featuring sweeping views of Boston Harbor and the city skyline from Boston’s Innovation District. 

               HFF worked on behalf of the borrower, a venture between The Fallon Company and Massachusetts Mutual Life Insurance Company (MassMutual), as advised by Cornerstone Real Estate Advisers, to secure the construction loan through Wells Fargo Bank. 

The Twenty Two Liberty residences will be situated on the most seaward parcel of the Fan Pier mixed-use development, offering 270-degree vistas of Boston’s cityscape on one side and the Boston Harbor on the other. 

Due for completion in late 2015, the property will also include 15,025 square feet of ground-floor retail and a 282-space, below-grade parking structure. 

Designed by world-renowned CBT Architects, Twenty Two Liberty will feature condominiums with several configurations, from studio pieds-a-terre to three-plus bedroom homes. 

Anthony Cutone
Residents of Twenty Two Liberty will have access to 24-hour concierge support, private shuttle service around the city, and will be within steps of Fan Pier’s fine dining and retail establishments.

The HFF team representing the borrower was led by executive managing director John Fowler, managing director Anthony Cutone and real estate analyst Toby Banta.  The Wells Fargo team was led by Shelly Gouin. 

Founded in 1993, The Fallon Company is a Boston-based commercial real estate development firm. 

In 2005, it acquired one of the most sought after waterfront sites in the United States – Fan Pier, a 21-acre property spanning nine city blocks directly overlooking Boston’s working harbor.

 When fully complete, Fan Pier will consist of more than three million square feet of residential, commercial, hotel, retail and civic/cultural space with unobstructed views of the waterfront and Boston skyline, as well as direct access to all means of transportation – including South Station, a water taxi to Boston’s Logan Airport and the Financial District, Hubway bikes onsite and easy access to several interstate highways. 

Additional projects developed by The Fallon Company include The Westin Boston Waterfront Hotel, Park Lane Seaport, ONE Marina Park Drive, Fifty Northern Avenue and Eleven Fan Pier Boulevard.

Cornerstone Real Estate Advisers LLC (“Cornerstone”), with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers. 

Boston Harbor
 It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. 

Cornerstone is a member of the
MassMutual Financial Group.  More information is at

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 |

HFF closes sale of 217-unit 800 Madison in Hoboken, NJ to The DSF Group

800 Madison Apartments, Hoboken, NJ

Jose Cruz
FLORHAM PARK, NJ - HFF announced today that it has closed the sale of 800 Madison, a 217-unit, Class A  multi-housing community with ground floor retail in Hoboken, New Jersey.

               HFF marketed the property on behalf of the seller.  The DSF Group purchased the asset free and clear of existing debt.

Spanning an entire city block between Madison and Monroe Streets, and 8th and 9th Streets, the property has a prime location in the growing northwest section of Hoboken. 

Andrew Scandalios
The property also benefits from its location one block from the Hudson-Bergen light rail stop and adjacent to a large grocery store.

 Completed in 2008 with condominium level finishes, the property is 99 percent leased and includes one-, two- and three-bedroom floor plans ranging from 691 to 1,815 square feet.

 Community amenities include a courtyard swimming pool with hot tub and sundeck, outdoor patio with grills, two rooftop terraces, fitness center, resident lounge and private garage parking. 

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver.

Kevin O'Hearn
“DSF performed very well on the acquisition and they continue to acquire Class A multi-housing assets in the greater New York Area,” said Cruz.  “800 Madison represents DSF’s third acquisition in the NY metropolitan area in 2013. 

Josh Solomon, president of The DSF Group added, “we are excited to further expand our portfolio in one of the strongest markets in the country.” 

Since 2000, the DSF Group has invested more than $2 billion in five million square feet and has quietly become one of the most successful private real estate investment firms in the country. 

Jeff Julien
With offices in Boston and Washington D.C., three decades of experience and a track record unrivalled in the industry, the DSF Group offers investors and communities the unique combination of expertise, vision and hands-on involvement, in both converting and redeveloping existing properties and in developing new properties from the ground up. 

Among numerous other industry recognitions, DSF Group was selected by the National Association of Home Builders (NAHB) as the 2011 Multifamily Development Firm of the Year. 

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 |

Thursday, January 30, 2014

Happy Chinese New Year

          From Your Friends at C.T. Hsu + Associates, Orlando, FL

Aretha Franklin
ORLANDO, FL -- Chinese New Year is the most important of all traditional Chinese holidays. It is often called the Lunar New Year because it is determined by the lunar calendar and falls anywhere between late January and mid February.

This year, it falls on January 31, 2014.

The origins of this holiday date back to 2600 B.C. when the Emperor Huang Ti introduced the first cycle of the Chinese zodiac based on ancient legend.

Sandra Day O'Connor
When Lord Buddha summoned all animals to bid him farewell before he departed the Earth, only twelve animals came.

 As a reward, he named a year after each one and proclaimed that people born in each animals' year would possess some of that animals personality.

 2014 is the Year of the Horse,and is considered a fortunate year that brings luck and opportunities according to the Chinese Zodiac.

 Horses are bright, cheerful, energetic, popular, independent, and fun loving. Horses have a carefree nature and need ample room for self expression.

 People born in Horse years (1906, 1918, 1930, 1942, 1954, 1966, 1978, 1990, 2002) find people and crowds exciting and love parties, and there keen judgment and natural intuition often help them make the right decisions throughout their life.

Paul McCartney
Some famous people born under the sign include: Rembrandt van Rijn, Harrison Ford, Aretha Franklin, Sandra Day O'Conner, President Theodore Roosevelt, Sir Isaac Newton, Denzel Washington, John Travolta, Jin-Hsiao Hsu, and Paul McCartney.

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

 820 Irma Avenue,
Orlando, FL 32803  /
 407 423 0098  /

 Fax 407 423 4793

$14.9 Million Apartment Complex Trades Hands in Nevada

Woodside Village Apartments, 4800 Kietzke Lane, Reno, NV

Kenneth N. Blomsterberg

RENO, NV, Jan. 30, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Woodside Village Apartments, a 250-unit garden-style property apartment property in Reno, Nev. The asset sold for $14,900,000, which represents a cap rate of 6.82 percent.

            Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office, had the exclusive listing to market the property on behalf of the seller, a Reno-based limited liability company. Blomsterberg also advised the buyer, a limited liability company based in the Bay Area.

            “Woodside Village Apartments is stabilized asset in a supply-constrained rental market that provides the new owner with an excellent opportunity to enhance value through interior and exterior upgrades,” says Blomsterberg.

            The 201,880-square-foot property is situated on more than 10 acres in a park-like setting at 4800 Kietzke Lane in Reno, Nev.

             Woodside Village Apartments was built in 1976 and has been well maintained by the previous owner for nearly 10 years.

            The property consists of 120 one-bedroom/one-bath units, 72 two-bedroom/one-bath apartments, 40 two-bedroom/two-bath units and 18 three-bedroom/two-bath apartments. Community amenities include a clubhouse, fitness center, swimming pool and tennis court.

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

 Gina Relva
Public Relations Manager
(925) 953-1716

123-Room Hampton Inn in Austin, TX Sold by Marcus & Millichap

Hampton Inn, 4141 Governors Row, Austin, TX

Allen Miller
AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a six-story 123-room Hampton Inn hotel in Austin, Texas. The terms of the sale were not released.

            Allan Miller, an associate vice president investments in Marcus & Millichap’s San Antonio office, Chris Gomes, a senior associate in Dallas and Jake Gaddy, an associate in Austin, represented the seller, a joint venture between a California family trust and a Texas-based private investor.

David Greenberg, a vice president investments in the firm’s Fort Lauderdale office, advised the buyer, Moody National REIT 1 Inc.

Chris Gomes
            “Assets like this Hampton Inn rarely become available in Austin,” says Miller. “This is a premier franchise in one of the fastest-growing cities and hotel markets in the country,”

            “The hotel’s 10-year franchise was renewed with Hilton Hotels & Resorts in July 2012,” adds Greenberg.

            The property is located at 4141 Governors Row in Austin off the intersection of Interstate 35 and Texas State Highway 71, six miles from Austin-Bergstrom International Airport.

Jake Gaddy
The location is five minutes south of downtown Austin, near the city’s premier nightclub district and 10 miles from a new Formula One racetrack.

            The hotel was built in 1997 and extensively renovated in 2012. It features an eclectic lobby/common area. Amenities include a 430-square-foot meeting room, a business center and an outdoor swimming pool.

            Together, Miller, Gomes, Gaddy and Greenberg sold 27 hotels in 2013 valued at $169 million. Located in seven states: Florida, Texas, Arkansas, Tennessee, Oklahoma, South Carolina and New Mexico.

The assets included full-service, select-service and extended-stay hotels; brands including Marriott, Hilton, Hyatt, Best Western, Choice Hotels International and Wyndham Worldwide; and boutique and independent hotels. 

David Greenberg
            “We expect 2014 to be a record year for hotel transactions,” concludes Greenberg, “With our unique value proposition, Marcus & Millichap will undoubtedly continue to be the dominant hotel broker in the nation.”

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

 Gina Relva
Public Relations Manager
(925) 953-1716

Seattle’s Historic Pioneer Building Sold by Marcus & Millichap for $12.3 Million

Pioneer Building, northeast corner of First Avenue and James Street at 606 1st Ave.
in Seattle’s Pioneer Square District.

Vincent Schwab
SEATTLE, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the historic Pioneer Building in downtown Seattle. The $12,343,658 sales price equates to $205 per square foot.

                Vincent Schwab, a senior vice president investments, and Jon Holmquist, a vice president investments, both in Marcus & Millichap’s San Francisco office, along with Christopher Secreto, an associate vice president investments in the firm’s Seattle office, represented the buyer and seller.

Christopher Secreto
                Raymond Allen, a director in MMCC’s Seattle office, arranged $8.64 million in CMBS financing for the transaction.

                “The Pioneer Building is a Seattle landmark with a long history,” says Schwab. “It also has a fantastic downtown location just six blocks from CenturyLink Field, home of the National Football League’s Seattle Seahawks and eight blocks from Safeco Field, home of Major League Baseball’s Seattle Mariners.”

                “Family-owned for more than 32 years, the Pioneer’s Building’s original details have been highlighted and preserved wherever possible,” adds Secreto.

Jon Holmquist
                The 89,335-square-foot Pioneer Building was built in 1892 on the northeast corner of First Avenue and James Street at 606 1st Ave. in Seattle’s Pioneer Square District. Pioneer Square, which dates back to 1852, was Seattle’s original downtown.

                “We are seeing a significant increase in the amount of office and industrial transactions lately,” says Allen. “The Pioneer Building is one of many turn-of-the-century buildings and the second office/mixed-use building that MMCC has financed this year.”

                The 10-year CMBS loan is fixed at 4.89 percent and amortizes over 30 years. The LTV is 70 percent.

Raymond Allen
                The Pioneer Building consists of six stories of office and retail and a basement. Romanesque vertical pilasters highlight the Victorian era-influenced facades and entablatures and Romanesque Revival elements are manifest in the round arches over groups of windows and the arched main entrance and corner entrance.

                The property has received numerous upgrades over the years, including a seismic retrofit in 1974, a new roof in 2001, a complete overhaul of the ventilation and air systems and a meticulous major restoration and refinishing of much of the interior and exterior stone and woodwork.

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

Gina Relva
Public Relations Manager

(925) 953-1716

C.E. Floyd Celebrates America’s First Ever Trappist Brewery

Spencer Brewer, the first Trappist Brewery ever constructed in the United Stateson the grounds of St. Joseph’s Abbey in Spencer, MA
(Photo by Nick Hiller)

BEDFORD, MA – C.E. Floyd is celebrating the completion of the first Trappist Brewery ever constructed in the United States.

The opening of this state-of-the-art facility signals a new era in the American beer industry, as Spencer Brewery begins distributing limited quantities of its much-anticipated Spencer Trappist Ale to stores last week. 

Brother Daniel inspecting the boil at the newly built Spencer Brewery on the grounds of St. Joseph’s Abbey. (Photo by Nick Hiller)

C.E Floyd Company, Inc., a Bedford-based general contractor, overcame numerous challenges while building this complex brewery, from the time ground was broken in September, 2012 to brewing the first batch of ale 14-months later.

The brewery is located on the grounds of St. Joseph’s Abbey in Spencer, MA.

The client, St. Joseph’s Abbey, tapped the general contractor to build and manage the process equipment installation of what is now a magnificent and historic brewery.

Chris Floyd
The need to support a simple monastic lifestyle is what led St. Joseph’s Abby to move forward with constructing the 36,000 square-foot brewery modeled after facilities in Europe.

Members of the St. Joseph’s monastery toured several other Trappist breweries in the world, located in Belgium, Holland and Austria, to help shape their vision for creating a first-of-its-kind facility in America after these breweries.

In accordance with the International Trappist Association, all beers bearing their label must be brewed in the confines of a monastery, produced in keeping with the practices of a monastic life, and be sold for the sole purpose of supporting maintenance of the monastery and its charities.

Trappist beers have a reputation of being some the most renowned in the world. 

“To have the opportunity to be a part of an historic project that is unprecedented in the United States was incredibly exciting for C.E. Floyd,” said C.E. Floyd Vice President Chris Floyd. “Our client was seeking a product that reflects their lifestyle—both excellent and simple—and we are very proud of the results.”

C.E. Floyd has constructed hundreds of buildings throughout their nearly 25-year history including many in the commercial and hospitality sectors. 

The company delivers the highest quality building at the best value without compromising the integrity of the design. C.E. Floyd also takes pride in outstanding communications with their clients. 

St. Joseph's Abbey, Spencer, MA
The Spencer Brewery project was a unique challenge for the general contracting and construction management firm. The end result was an advanced micro-brewery with automated control systems designed for high quality output.  The brewery has the capacity to generate 40,000 barrels per year.

“For starters, the coordination that was needed was extensive between the brew house manufacturer in Germany and the bottling line in Italy, to ensure that the equipment was laid out and installed to a very specific standard using very tight tolerances,” said C.E. Floyd Senior Project Manager Chris Merrick.

Building Information Modeling (BIM), a 3-D computer modeling system, was utilized to coordinate the building and brewing equipment layout.

Spencer Trappist Ale display line
Eight fermentation tanks are housed in the brewery which also features stainless steel process piping, fully vitrified octagonal tiles in the brewing area that provide a connection to the European roots of the brewery, and a removable curtain-wall system and removable roof panel to allow for future equipment replacement and expansion.

“We partnered with LLT Architects and Kellar Associates to deliver an interior that reflects the simplicity of the monastic life at the abbey in an understated but timeless design, while incorporating high-quality and long lasting materials,” said Chris Floyd.

Another challenge given the remote location of the brewery was to develop a new public water supply system to meet domestic, process and fire suppression requirements. This included the installation of a 90,000 gallon underground water storage tank system.

Spencer Preserves
Construction was completed in late 2013 and the brewing process began shortly after that time.

 Last week a limited amount of the bottled product began to arrive in Massachusetts retail stores and keg barrels are anticipated to arrive in local taverns in late February or early March..

“It is rewarding to see the vision of our client become a reality through the product launch, especially knowing how hard the entire project team worked to deliver this unprecedented project,” said Chris Floyd. “We are very appreciative of the opportunity to have constructed this brewery and wish St. Joseph’s Abbey the very best.”

For over 60 years, the monks at St. Joseph’s Abbey have cooked and packed jams and jellies at the monastery under the Trappist Preserves label. This business allowed them to support themselves, while providing wholesome monastic work and charitable assistance to the poorer communities and persons in need.

Trappist communities observe the counsel of the Rule of St. Benedict, a 6th century guide for monastic life, that stresses the importance of ora et labora or “pray and work.” Monks are encouraged to be self-supportive and offer charitable assistance to others by producing and selling goods to the public.

C.E. Floyd takes pride in delivering quality buildings with exemplary customer service.

Charles Floyd, President and CEO,
 C.E. Floyd Co. Inc.
While hired to construct buildings, they do so much more than that. C.E. Floyd aspires to form a true partnership with both the owner and architect on every project in order to provide the highest quality building at the best value without surrendering the integrity of the design.

 In order to not only meet but to exceed the expectations of both owner and architect, C.E. Floyd needs to understand their needs and desires. Listening and communicating effectively are essential to achieving this goal.

For more information on Spencer Trappist Ale or St. Joseph’s Abbey please email Mary Jeffcoat at

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

Matthew Watkins
President | Watkins Strategies
83 Fairoaks Lane
Cohasset, MA 02025