Saturday, May 31, 2014

RealtyTrac® Reports U.S. Median Home Price Appreciation Accelerates in April as Short Sales and Foreclosure Sales Slow


Daren Blomquist
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its April 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,213,793 in April, a decrease of less than 1 percent from March but an increase of 4 percent from April 2013.

The median sales price of U.S. residential properties — including both distressed and non-distressed sales — was $172,000 in April, an increase of 4 percent from the previous month and an increase of 11 percent from April 2013 — the biggest year-over-year increase since U.S. median prices bottomed out in March 2012.

“April home sales numbers are exhibiting the continued effects of low supply and still-strong demand that exist in many markets across the country,” said Daren Blomquist, vice president at RealtyTrac.

“Annualized sales volume nationwide decreased on a monthly basis for the sixth consecutive month and the 4 percent annual increase in April was the lowest year-over-year increase so far this year. Meanwhile median home prices nationwide increased to the highest level since December 2008.

“U.S. median home prices have now increased 21 percent since hitting bottom in March 2012, although they are still 28 percent below their pre-recession peak of $237,537 in August 2006,” Blomquist continued. 

“There are a surprising number of markets, however, where median home prices have surpassed their previous peaks since the Great Recession ended in June 2009.”

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

 Jennifer von Pohlmann
 PR Manager
Office: 949.502.8300 ext 139

Boutique Fort Lauderdale, FL Residential Brokerage Closes $46 Million In Luxury Home Sales since January 2014


Joy Triglia
 FORT LAUDERDALE, FL - As home prices and sales in Fort Lauderdale’s prime waterfront neighborhoods continue to increase, Panton & Co. Realty, the fourth generation, family run boutique brokerage, has closed $46 million in sales in the first five months of the year, a record for the company and a personal record for owner and real estate industry veteran, Joy Triglia.  

 In Fort Lauderdale’s prestigious Harbor Beach neighborhood, eight waterfront Homes have sold since January 2014. Panton & Co. Realty, Inc. brokered four of those deals, two of which were the highest sales in the neighborhood, 2550 Del Lago Drive and 2407 Laguna Drive. 

The company has had five sales in the Las Olas Isles neighborhood since January 2014 in addition to a listing and sale on Delmar Place in the esteemed Seven Isles neighborhood.

 According to Triglia, most of her buyers are coming from the northeast region of the United States looking to for an escape from cold winters.  They arrive in South Florida and fall in love with the waterfront lifestyle and all that the area has to offer.  Many then decide to make Fort Lauderdale their home.   

Los Olas Isles district, Fort Lauderdale, FL
 “We’ve been marketing and selling luxury real estate in East Fort Lauderdale for four generations, through multiple booms and recessions,” said Joy Triglia, who began in the business in 1985 and took over from her mother, Barbara Panton, in 2011.

 “We are one of the most experienced and knowledgeable offices catering to this unique Eastside Fort Lauderdale market and many of our clients are repeat and referral customers,” she said. 

 Panton & Co. Realty, Inc. has been family owned and operated since its inception more than 50 years ago. Triglia’s great grandparents relocated from Italy to New York and opened a real estate office.  Her grandparents, George and Ann Panton, moved to Pompano Beach and started the business.  Her grandfather served as president of the Pompano Board of Realtors.  Her grandmother sat on the board and also led the Florida Woman’s Council of Realtors for many years.  Both grandparents also sat on national and state real estate boards.

Los Olas Isles, Fort Lauderdale, FL
“With an increasing number of people from around the world discovering the great South Florida lifestyle and strong property values, and with only a limited number of luxury waterfront homes available, we’re confident to say that purchasing waterfront real estate in east Fort Lauderdale will remain a solid investment,” Triglia said.   


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

Daniel Grant
954.776.1999, ext. 235
  

Entrepreneurs Al Weiss and Niki Bryan Form Marilyn Monroe Spas in Orlando, FL




Marilyn Monroe
ORLANDO, Fl. — Launched in late 2013 and already operating in eight locations throughout the United States, Marilyn Monroe Spas is positioned to be one of the hottest retailers this year, according to John Crossman, president of Orlando, FL-based Crossman & Co.

The talented leadership team at Marilyn Monroe Spas includes Al Weiss, former President of Worldwide Operations for Walt Disney World. Weiss is teamed with Niki Bryan of Niki Bryan International, the spa management company that previously managed all resort spas at Disney World in Orlando, Florida for a number of years. 

Together they have licensed the Marilyn Monroe name and her likeness, embracing her glamorous and timeless legacy with their new approach to the hotel/resort spa, day spa and nail boutique industries, according to Crossman.


Al Weiss
"The Marilyn Monroe Nail Lounge and Marilyn Monroe Glamour Rooms are the perfect match and solution in retail to the ever changing needs of the consumer in today's bustling shopping center experience," said Crossman.

He adds, "As the leadership team at Marilyn Monroe Spas works to transform the day spa and nail boutique experience nationwide, upon entering each location you’ll be taken away by superior service on multiple fronts when compared to standards currently being practiced in the industry,"

Hallmarks of their superior experience include modern, lounge-like environments, gracious hospitality, excellent service and value, amazing retail products and vigilant approaches to hygiene and safety, according to Crossman.

"Marilyn Monroe Spas has the potential to become the premier national retailer in the nail boutique and day spa category, in which simply no national brand exists in today," he states.

Crossman adds, "Who wouldn't want to add a hot retailer like Marilyn Monroe Spas to their portfolio, and like Marilyn Monroe, who doesn't want to be fabulous?"

Niki Bryan
He says, "Launched in late 2013, Marilyn Monroe Spas is fun, flirty, and fabulous, providing a fresh take on nail and resort experiences. Our mission is to make every spa experience and product we create wonderful. And, importantly, we will honor the memory of Marilyn Monroe."

For more information, visit the company's website: www.marilynmonroespas.com

Crossman & Company was founded in 1990 and is a regional shopping center brokerage firm which represents over 200 shopping centers in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina. For more information, visit the company’s website: www.crossmanco.com

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

Claire Pagan cpagan@crossmanco.com


Thursday, May 29, 2014

Meridian Capital Group Arranges $31 Million in Permanent Financing for a Portfolio of Seven Shopping Centers Located in Central Florida


Boca Raton, FL, May 29, 2014– Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $31 million mortgage for the refinancing of the RIS portfolio composed of seven unanchored shopping centers located in Orlando, Tampa, Kissimmee, Sanford and Sarasota, FL.

 The 10-year, non-recourse loan, provided by a CMBS lender, features five years of interest-only payments and a fixed-rate of 4.88%.

Sanford Town Center, Sanford, FL
This transaction was negotiated by Meridian Managing Director, Michael Brown, and Underwriter, Adam LeBlanc, who are both based in the Company’s Boca Raton, FL office. 

 The seven-property portfolio totals 200,000 square feet and includes 80 tenants comprised of a mix of restaurants, bank branches, medical offices, and retail stores.

The portfolio includes West Chase Town Center located in Tampa; The Gateway located in Kissimmee; The Shoppes of East Colonial located in Orlando; Hunters Creek Shoppes located in Orlando; Osceola Gateway Center located in Kissimmee; Sanford Town Center located in Sanford; and Sarasota Palms Plaza located in Sarasota.

 “By leveraging both the sophistication of our client and the strength and creativity of the lender, we were able to negotiate favorable financing that accounts for lease roll and tenant improvements across the portfolio,” said Mr. Brown.

“By staying in constant communication and providing a thoughtful analysis of different scenarios, Meridian was able to manage the terms of the 80 leases included in the portfolio,” added Mr. LeBlanc.

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

Jonathan Stern
Meridian Capital Group, LLC
212/972-3600

Cousins Closes on New $500 Million Unsecured Credit Facility


ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ) announced today it has closed on a new five-year, $500 million unsecured revolving credit facility which matures in May 2019.

The new credit facility replaces the Company's existing $350 million facility, which was scheduled to mature in February 2016.

The LIBOR borrowing spread on the new facility has been reduced to a range of 110-145 basis points from the previous range of 150-210 basis points, depending upon the Company's leverage.

Based upon the Company's leverage as of March 31, 2014, the current spread over LIBOR under the new facility is 110 basis points.

The new facility contains certain financial covenants that include the maintenance of an unencumbered interest coverage ratio of at least 2.00, a fixed charge coverage ratio of at least 1.50, and overall leverage of no more than 60%.
  
For a complete copy of the company’s news release, please contact:

Marli Quesinberry, 404-407-1898
Director of Investor Relations and Corporate Communications

Marcus & Millichap Arranges $16.9 Million Sale of Two Retail Condominium Shopping Centers in Southern California



Janette Monfared
PLAYA VISTA, CA, May 29, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Shops at Concert Park, a portfolio of two 100-percent-leased retail condominium shopping centers in Playa Vista, a master-planned community in the Westside region of Los Angeles.

The centers are the 11,828-square-foot Pacific Promenade and the 10,907-square-foot Seabluff Drive. The total sales price for the two centers is $16,900,000, which equates to $743 per square foot.

            Brandon Michaels, a vice president investments, and Janette Monfared, an associate, both in Marcus & Millichap’s Encino office, represented the seller, an affiliate of Brookfield Residential. 

The buyer is a foreign investor. Sharone Sabar, a vice president capital markets in MMCC’s Encino office, arranged $10,815 000 in CMBS financing.

Sharone Sabar
              “Playa Vista is a trophy asset and the first new community to be built on the west side of Los Angeles in 50 years,” says Michaels.

            “All leases are triple-net, with a majority of them having solid term remaining,” adds Monfared. “Most of the tenants have occupied the center since its construction in 2005.”

            Both shopping centers are situated on the ground floors of mixed-use developments with 179 condominiums above each one. The Pacific Promenade shopping center is located at 13020 Pacific

Promenade in Playa Vista, Calif. and is home to national tenants Bank of America, Coffee Bean and Race Telecommunications.

 Local tenants include Piknic, Sweet Fish Sushi Bar, Yoga Vista and Hollyway Cleaners.

            “The buyer obtained nonrecourse CMBS debt at 65 percent loan to value,” says Sabar. “The 10-year interest rate is fixed at 4.9 percent. The complexity of the offering presented some financing challenges, all of which MMCC overcame.”

Brandon Michaels
            Located on the corner of Seabluff Drive and Runway Drive in Playa Vista, the Seabluff Drive shopping center features a mix of retailers that includes Playa Vista Medical Center, Playa Pilates, Coldwell Banker, McClintock Dental Group, Pinkberry and Yummy.com Fresh Market.

Many of the tenants’ leases expire in 2018 and all tenants have an excellent operating history at this location. Most of the retailers have been at the center since its construction in 2007.

            “The Marcus & Millichap platform is unique in its ability to source hard-to-find buyers, maximize value for sellers and secure the most competitive financing,” says Bill Rose, national director of the firm’s National Retail Group.


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

Gina Relva
Public Relations Manager
(925) 953-1716


Hold-Thyssen Names Project Coordinator, Hires New Marketing Assistant

 
Jessica Peebles
Winter Park, FL --- Hold-Thyssen, a commercial real estate firm based in Winter Park with offices in Tampa and Nashville, recently promoted Jessica Peebles to project coordinator.
  
R. Anthony Fisher, vice president of Hold-Thyssen Inc., said Peebles joined Hold-Thyssen one year ago as an administrative assistant. She earned her B.S. Degree in Event Management from University of Central Florida.

She has a 12-year background in customer service, experience coordinating nonprofit events, and is a member of Meeting Professionals International. 

Fisher said in her new role as project coordinator Peebles will be responsible for organizing the efforts of the executive team’s 2014 expansion plans.

At the same time, Christy Sharrer was hired as a marketing assistant in Hold-Thyssen’s Winter Park offices. Fisher said Sharrer has more than eight years of experience in customer service.

Christy Sharrer
She holds a technical certificate in Graphic Design Production and will receive her A.S. degree in Graphic Design from Seminole State College this July. 

In her role as marketing assistant Sharrer will assist the Hold-Thyssen marketing team with production of marketing materials and marketing communications.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide. The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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


Lincoln Harris Hires Tracy Dodson as Vice President of Brokerage and Development in Charlotte, NC

  
Tracy Dodson
CHARLOTTE, N.C. (May 29, 2014) — Tracy Dodson has joined Lincoln Harris, a full-service real estate firm based in Charlotte, as vice president of brokerage and development.

“Tracy’s diverse background in commercial real estate, economic development and architecture makes her a huge asset to our team,” said John W. Harris III, executive vice president and COO of Lincoln Harris.

 “As Lincoln Harris continues to grow our business, attracting and retaining top talent like Tracy is crucial.”

Dodson will assist the brokerage team with leasing office space and will work with the development team on early development coordination of office and mixed-use projects, including strategic planning and entitlements.

Prior to joining Lincoln Harris, Dodson was a member of the office tenant representation team in Cushman & Wakefield|Thalhimer’s Charlotte office.

The team was among the most productive in the city in 2013 in terms of closing transactions. Dodson also has worked at Charlotte Center City Partners as director of economic development; at Harris Development Group as development manager; and at the City of Charlotte Economic Development Office as the program manager/transit development coordinator.

 Dodson has a Bachelor of Arts in psychology and a Bachelor of Architecture from the University of North Carolina at Charlotte; and a Masters in Design Studies from the Harvard Graduate School of Design, where her concentration was in real estate and urban development.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O)
 404-405-2354 (C)

MetroGroup Realty Finance Secures More Than $30 Million in Financing for Three Southern California Properties

  
Patrick Ward
Orange County, CA– MetroGroup Realty Finance, a private, Orange County-based mortgage banking firm, has successfully arranged more than $30 million in financing on behalf of its clients for the acquisition and refinance of three different properties totaling more than 194,488 square feet throughout Southern California.

According to Pat Ward, founder of MetroGroup Realty Finance, “Our refinance activity is increasing due to a dominant trend facing our industry which is the upcoming spike in commercial loan maturities beginning in 2015.”

The Mortgage Bankers Association (MBA) forecasts a 72 percent increase from 2014 to 2015 in commercial and multi-family loan maturities by non-bank lenders, and an additional 34 percent from 2015 to 2016.

“We are already seeing the effect this trend is having on decisions being made today,” Ward adds.  “For example, we are working with several clients with pending maturities over the next two years to see if a future funding commitment is worth consideration to mitigate any refinance risk, as rates have risen slightly over the last year.”

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

Jenn Quader or Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Hendricks-Berkadia Closes on 148 Units in Panama City, FL for $4.81 Million


Pine Terrace apartments,  Panama City, FL
PANAMA CITY, FL --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Pine Terrace, a 148-unit apartment community located in Panama City for $4,810,000.

David Oakley, partner, and Royce Emerson, senior vice president, in Hendricks-Berkadia’s Alabama office and Southeast partners Cole Whitaker, Hal Warren, and Jason Stanton in Hendricks-Berkadia Florida offices, negotiated the sale of Pine Terrace representing the seller, ABACO Partners, LLC.

David Oakley
Built in 1983, Pine Terrace is a garden-style, one-story community situated on approximately 9.58 acres of land with a density of 15.45 units per acre and an average unit size of 603 square feet. 

The 11 buildings house a total of 93,000 rental square feet offering a well-balanced unit mix of studio, one-, and two-bedroom floor plans, ranging from 288 to 864 square feet in size.

The buyer was Pine Terrace Investors LLC, based out of New York.

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

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

.

Sunday, May 25, 2014

HFF closes sale of 3-property multi-housing portfolio near Texas Medical Center in central Houston


Texas Medical Center Portfolio, central Houston, TX


Todd Stewart
HOUSTON, TX – HFF announced it has closed the sale of The Texas Medical Center Portfolio, which is comprised of El Mundo Park, Plaza Del Oro and San Marin, three Class A multi-housing communities near the Texas Medical Center in central Houston.

               HFF marketed the portfolio on behalf of the seller, LeCesse Development Corp.  Entities owned by JMG Realty Inc. purchased all three properties for an undisclosed amount. 

               The portfolio totals 470 units, is 96 percent leased overall, and is within two miles of the Texas Medical Center within Loop 610 in central Houston.

  El Mundo Park is located at 8300 El Mundo Street and has 192 units.  Plaza Del Oro is a 66-unit property at 2700 Holly Hall Street.  San Marin has 212 units and is located at 8181 El Mundo Street.

Todd Marix
               The HFF investment sales team representing the seller was led by senior managing directors Todd Stewart and Todd Marix and directors Chris Curry and Tre Banks.

               Since 1970, LeCesse Development Corporation and its affiliates have developed and built real estate income properties with a value of more than 1.5 billion dollars.

Although LeCesse's primary focus has been multifamily residential development, the company's portfolio has also included Class A office space, health care, senior housing, and a variety of industrial, institutional and commercial enterprises.

               For over two decades JMG Realty has flourished as a fully disciplined real estate company, focusing on management, redevelopment, financial, and investment services for multi-family real estate properties, servicing both private and institutional owners.

Chris Curry
 With headquarters in Atlanta, Georgia, JMG Realty continues to acquire properties throughout the Southeast and Southwest and to expand its national presence with regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest.
 
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com



HFF closes sale of West Park Village in Tampa, FL

  
West Park Village, Tampa, FL


Matt Mitchell
TAMPA, FL – HFF announced it has closed the sale of West Park Village, a mixed-use community featuring 617 residential units and 40,860 square feet of retail in Tampa, Florida.

               HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management. 

AIMS Real Estate, a business unit within Goldman Sachs Asset Management, and joint venture partner, Carroll Organization, purchased the asset free and clear of existing financing.

               West Park Village is located near the intersection of Montague Street and West Linebaugh Avenue within the Westchase master-planned community, approximately 20 minutes from downtown Tampa. 

  Completed between 2002 and 2004, the property consists of 40 two- and three-story residential buildings that are 95.8 percent leased and include one-, two- and three-bedroom flats and townhomes averaging 1,230 square feet each.  

Manny de Zarraga
The retail component includes tenants such as Starbuck’s, Irish 31, Catch Twenty Three and a YMCA location.  Residential amenities include a resort-style swimming pool, 24-hour poolside fitness center, barbecue/picnic areas, business center and conference room and attached/detached garages.

               The HFF investment sales team representing the seller was led by director Matt Mitchell along with executive managing directors Manny de Zárraga and Matthew Lawton with support from real estate analyst Zach Nolan.

“West Park Village represents one of the best pieces of real estate in the Tampa market.  It’s a rare and highly successful mixed-use project where the residential and retail components are synergistic, helping support and add value to each other,” said Mitchell.

In the Tampa Bay market, HFF has handled many of the market’s largest transactions during the past year such as the Element, Varela, Hyde Park Village and the downtown Tampa Hilton.

Matthew Lawton
J.P. Morgan Asset Management – Global Real Assets has more than $73 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of March 31, 2014.  

With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.

Carroll Organization is headquartered in Atlanta, Georgia, and maintains regional offices in Houston, Orlando, and Miami.  

The firm was founded in 2004 by Patrick Carroll.  It is a privately held owner and operator of high-quality multifamily real estate focused on private equity real estate investment, asset management, investment/fund management, and property management. 

Zach Nolan
The firm’s current portfolio of owned properties is approximately 12,000 units.

  Its fully integrated platform includes a property management division which has responsibility for approximately 14,000 units, an asset management group which oversees assets valued in excess of $1.3 billion and a fund management group which has raised more than $400 million in equity.

AIMS Real Estate is the business unit within Goldman Sachs Asset Management which executes several real estate investment strategies through both fund and separate account vehicles.  

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $1.04 trillion as of December 31, 2013. 

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com



Will Loughran Named President of Richfield Hospitality


Will Loughran

 ENVER, CO — Richfield Hospitality, a leading hotel management company, announced that Will Loughran, the company's senior vice president of sales and revenue strategy, has been named president.

“Will has been a consistent source of innovation and leadership during his tenure with Richfield," said Sherman Kwek, CEO of City e-Solutions Limited, Richfield's parent company.

 "Over the course of his career, he has proven himself in the various disciplines that he has undertaken and his background comprises a strong blend of operational and sales experience, not to mention his exceptional teamwork abilities.

I am confident that his passion for the hospitality business will enable him to deliver outstanding results for both Richfield and the owners of the properties we manage."

Loughran began his career with Marriott International and over the course of 17 years in increasingly more responsible positions, earned recognition for driving market share and exceeding operational standards.  Prior to joining Richfield in 2011, Loughran led the revenue management discipline at Sage Hospitality where he was known for fostering alignment with owners, developing strong teams and strategic planning.

Sherman Kwek
 "We recently redefined the needs of our organization and hired carefully chosen executives who have already proven to be a tremendous complement to our existing leadership team of dedicated hospitality and technology professionals.” said Loughran. 

“We are poised for expansion and this combination of agility and experience will enable us to take our companies, Richfield Hospitality and Sceptre Hospitality Resources, on a journey of rapid growth and industry-leading innovation."

Loughran holds an MBA from Tulane University and an undergraduate degree from Colorado State University. He has earned numerous industry certifications and has served on boards such as The Society for Collegiate Travel Management, HSMAI, the American Red Cross and Minoru Yasui.

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

Lauralee Dobbins or Chris Daly
Daly Gray Public Relations
(703) 435-6293

Berger Commercial Realty Brokers Close Lease for 7,000 Square Feet of Flex Space at Eastport Center in Fort Lauderdale, FL


Judy Dolan
FORT LAUDERDALE, FL  - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new lease transaction from brokers Judy Dolan and St. George Guardabassi.

The brokerage team represented landlord Eastport Center Joint Venture in leasing more than 7,125 square feet of flex space in bay 101 to new tenant Tri-Northern Distribution, Inc., North America's largest independent distributor of electronic security products.

Tri-Northern Distribution, Inc. was represented by Julie Miller of Cushman Wakefield in the transaction.

 Located at 1881 W. State Road 84 in Fort Lauderdale, the 108,500-square-foot Eastport Center offers state-of-the-art flex, warehouse and showroom space featuring high ceilings, all-glass store front facades, dock and street-level loading, and customized improvements to meet tenants' needs.

Julie Miller
The complex is strategically located in the tri-county area near Fort Lauderdale International Airport and Port Everglades with easy access to highways and major roadways, including I-95, I-595, the Florida Turnpike, State Road 7 and Federal Highway.

 For more information on available space and custom build-outs at the Eastport Center, contact Berger Commercial Realty at 954-358-0900.

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

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


Greenway Town Center’s Whole Foods Market Redevelopment Nears Completion in Tigard, OR


Whole Foods Market anchors renovated Greenway Town Center, Tigard, OR

PORTLAND, OR--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored community shopping centers, announces the renovation completion of Greenway Town Center in Tigard, Oregon and the grand opening of its new anchor, Whole Foods Market on Wednesday, May 21st.

Craig Ramey
 Since September of 2013, Regency has invested a total of $6 million into revitalizing the center, which included modernizing the exterior façade, upgrading the facility’s parking lot, adding new outdoor plazas, and creating more walkable pedestrian areas. 

The new Whole Foods Market store is a focal point of these enhancements.

“We’re thrilled to partner with Whole Foods Market at Greenway Town Center in Tigard,” said Craig Ramey, Senior Vice President and Senior Market Officer, Regency Centers.

 “This is a community whose finger is constantly on the pulse of emerging food trends and awareness. We want to provide them with not only one of the top-tier grocers in the country, but also one that sources many products locally.

“With the addition of outdoor patios, expanded walkways and lush landscaping, Greenway Town Center now provides customers with a place to relax, shop, and connect with their community.”

For leasing or more information about Greenway Town Center, contact leasing agent Kalin Berger at 501-603-4700 or kalingberger@regencycenters.com.


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

Regency Centers Corporation
Eric Davidson, 904-598-7829
Communication Manager
or
Craig Ramey, 503-603-4700
Senior Vice President


Griffin-American Healthcare REIT II Reports First Quarter 2014 Results

 
Jeff Hanson
IRVINE, CA – Griffin-American Healthcare REIT II, Inc. announced operating results for the company’s first quarter ended March 31, 2014. 

 “During the first quarter, Griffin-American Healthcare REIT II built on the tremendous success it enjoyed in 2013, during which we concluded our capital formation with more than $2.8 billion in total equity raised and expanded our nearly $3 billion portfolio (based on aggregate acquisition price) internationally with the acquisition of a premier portfolio of senior housing in the United Kingdom,” said Jeff Hanson, chairman and chief executive officer.

 “We completed acquisitions totaling nearly $105 million during the quarter, and enjoyed strong growth among several key financial metrics: funds from operations grew 115 percent, modified funds from operations grew 94 percent and net operating income grew 88 percent compared to the first quarter 2013.”

 President and chief operating officer Dan Prosky added, “We continue to enjoy accretive growth and to add significant value to Griffin-American Healthcare REIT II.

Dan Prosky
“We have matured to become one of the largest healthcare REITs in the country and continue to perform exceptionally well, with occupancy in excess of 95 percent*, average remaining lease term of more than nine years* and exceptionally low debt of just 15.7 percent (as a percentage of aggregate portfolio purchase price).”

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

Damon Elder
SVP, Marketing & Communications
American Healthcare Investors
18191 Von Karman Avenue
Suite 300
Irvine, CA 92612
(949) 270-9207 direct
(714) 356-1460 cell


Saturday, May 24, 2014

JLL Makes Big West Coast Hire - Mark Stevens


Mark Stevens

 PHOENIX, AZ – As part of its ongoing commitment to strategically grow the industrial property management services it provides for clients, JLL announced the firm has hired Mark Stevens as a National Director of Industrial Property Management in the West Region.

Stevens will be based in the firm’s Phoenix office, responsible for the development of industrial property management business opportunities across the Western U.S. He will also partner with the JLL East Region to pursue and grow joint national opportunities.
  
“The West holds tremendous opportunity for JLL to expand our industrial property management services and best serve our clients, and we’re very pleased to welcome Mark into that process,” said Dan Pufunt, JLL President of Property Management.

 “Mark has an outstanding reputation and a broad knowledge base that spans leasing, investment and management. This gives us unprecedented capacity in the Western states and a great partner to help advance our national business development strategy.”

For more news, videos and research from JLL, visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.


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

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

PCCP, LLC and Specht Development Form Joint Venture to Develop Interstate Crossroads Distribution Center, a 493,000-Square-Foot Industrial Project in Portland, OR

  
Michael Hoyt

San Francisco, CA – PCCP, LLC announced it has formed a joint venture with  Specht Development, Inc. to speculatively develop Interstate Crossroads Distribution Center, a Class A, 493,000-square-foot industrial building in the Airport Way submarket of Portland, OR.

 Situated on 28 acres of land, the speculative crossdocked distribution facility will offer 32’ clear height and sufficient bay depths to divide the building into multiple suites if necessary.

The property is within the Airport Way submarket which is located north of the city along the Columbia River. This prime industrial submarket benefits from easy access to the Port of Portland, Portland International Airport and Interstates 205 and 5.

 “We see this project as a strategic investment for PCCP,” said Michael Hoyt, vice president with PCCP, LLC.

 “In addition to working with Specht, an experienced and proven developer and owner in the Portland area, the Airport Way submarket has a pent-up demand for large‐block space that can accommodate users requiring more than 100,000 square feet.

”This institutional-quality project will meet a need for corporate users in a region that is growing at a rate well above the national average.”

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

Darcie Giacchetto
Spaulding Thompson & Associates

949.278.6224

McCarth Completes Design-Build of New San Diego County Administrater Waterfront Park and Underground Parking Structure


San Diego County Administration Center 
Waterfront Park rendering
SAN DIEGO, CA -- McCarthy has completed design-build of the new San Diego County Administration Center Waterfront Park and underground parking structure on a prime 12-acre site across from downtown San Diego’s waterfront.

 The $49.4 million project converted two surface parking lots north and south of the historic Administration Center into a regional, open space amenity, with a promenade, two expansive greens, themed specialty gardens, plazas and terraces, picnic areas, shade trees and palm groves, a children’s playground, restrooms and an 830-foot-long fountain.

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

Thank you,
Bonnie Kutch
Director, Kutch & Company

619.299.1010

ZipRealty Report: Median Home Price Growth Drops to 6.1% as Inventory Increases

  
Lanny Baker

EMERYVILLE, CA  – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, has released a new report showing that median home sales prices were up 6.1% year-over-year in April 2014.

However, that mid-single digit increase represents a sharp deceleration compared to last year, when the average home sales price increased at a pace of 16.4% for April year-over-year. The median sales price in ZipRealty’s 24 metros stood at $277,627 in April 2014.

The big leaders in median home price growth were:

Sacramento – 20%
Las Vegas – 17%
Orlando and Los Angeles – 13%
Chicago – 10%
Portland, Ore. – 9%

“Overall, the supply of for sale housing inventory in the markets analyzed by ZipRealty is up 1% year-over-year as of the end of April, and yet we’re seeing much bigger increases in inventory in several attractive markets, such as Phoenix, Sacramento, San Diego, Orange County and Las Vegas,” said ZipRealty CEO Lanny Baker.

“This is encouraging news, considering that housing inventory in these western markets was so much tighter last year and made things difficult for home buyers who faced few options in a red- hot seller’s market. 

"Hopefully, these new for sale inventory opportunities will enable more buyers to jump off the sidelines and back onto the playing field this spring.”  

Inventory grew in the following markets year-over-year as of the end of April:

Phoenix – 55%
Sacramento – 42%
San Diego – 38%
Orange County – 27%
Las Vegas – 26%


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

Stacey Corso
510.735.2667

CBRE Orlando Offers Ashley at Spring Valley Apartments for Sale in Altamonte Springs, FL



ORLANDO, FL -- CBRE is pleased to present the Ashley at Spring Valley, a 252-unit rental community in the Orlando MSA across from multi-million dollar homes in the gated neighborhood of Spring Valley. 

This high-demand Altamonte Springs location is just minutes from shopping, dining, and employment, and the property’s newly upgraded units should enable new ownership to realize significant income gains as the rent roll turns in the next couple years.  

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

Shelton Granade
Executive Vice President
+1 407 839 3103


Cousins and Gables Sign Earth Fare at Emory Point in Atlanta, GA


Rendering of Emory Point, Atlanta, GA
ATLANTA, GA-- Cousins Properties and Gables Residential have signed Earth Fare, the North Carolina-based organic and natural foods grocer, to a 24,782-square-foot lease in the second phase of Emory Point in Atlanta, GA.

"We're very excited about Earth Fare anchoring the second phase of Emory Point," said Larry Gellerstedt, President and Chief Executive Officer of Cousins. "The addition of an organic grocer provides the surrounding neighborhoods, as well as our Emory Point community, a unique and highly sought-after offering."

Emory Point is part of Earth Fare's multi-point entry into the Atlanta market. The company currently operates over 30 stores in nine states. The addition of the natural foods grocer brings the retail portion of phase two to 64.6% leased.

Larry Gellerstedt
Joe Wilber, Senior Vice President Investments-East for Gables Residential adds, "Earth Fare is a highly desirable and complementary provider of organic goods that we welcome enthusiastically to the neighborhood. Offering a grocery store on-site is a tremendous value for our residents and fellow retailers as well as a convenience for many in the surrounding area."

Emory Point is a vertically integrated luxury mixed-use development, located in the Clifton Corridor, adjacent to The Centers for Disease Control and Prevention and in close proximity to Emory University and Emory Healthcare. 

The first phase opened in 2012 and includes 80,000 square of retail and 443 apartment units. The retail and apartments are currently 90% and 99% leased, respectively.

 The second phase commenced construction in 2013 and includes 43,000 square feet of retail and 307 apartments. Cousins and Gables expect phase two to open for business in early 2015.

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

Cousins Properties Incorporated
Marli Quesinberrry, 404-407-1898

or
Gables Residential
Gigi Giannoni, 404-923-5569


Marcus & Millichap Arranges Sale of Applebee’s in Delray Beach, FL for $1.87 Million

  
Applebee's, 15058 Jog Road, Delray Beach, FL
 WEST DELRAY BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Applebee's, a 4,755 square-foot net-leased property located in Delray Beach, FL, according to Justin C. White, regional manager of the firm’s Las Vegas office. The asset sold for $1,870,000.

Chris Cunning, First Vice President Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

Chris Cunning
The buyer, a limited liability company, was secured and represented by Gabriel Britti, Associate Vice President Investments, and Ronnie Issenberg, Vice President Investments, in Marcus & Millichap’s Miami office.  Kirk Felici, Broker, assisted in closing this transaction.

Applebee's is located at 15058 Jog Road in Delray Beach, FL. 

“South Florida has continued to demand aggressive CAP rates, even from area investors who realize the intrinsic value of local commercial real estate with strong fundamentals in core markets,” says Issenberg.

According to Cunning, "The location of this property offered the buyer the opportunity to acquire a solid asset sitting on an outparcel to a Home Depot-anchored center.  It also benefits from several other national retailers in the surrounding area." 

“This property has excellent fundamentals and is a great location. It is no surprise that it sold within the first few days of hitting the market at list price,” adds Britti.

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

Justin C. White
Vice President
Las Vegas, NV
(702) 215-7100


Marcus & Millichap Arranges Sale of 42-Unit Apartment Building in Coral Gables, FL for $6.28 Million


Capri Apartments, 800--801 Capri Street, Coral Gables, FL
CORAL GABLES, FL -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Capri Apartments, a 42-unit apartment property located in Coral Gables, FL. The asset sold for $6,281,000 which represents $149,548 per unit.

Arthur D. Porosoff, a vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a New York-based private investor.  The buyer, a fund manager in New York, was also secured and represented by Porosoff. 

“The city of Coral Gables is one of Miami-Dade County’s most desirable rental markets,” says Porosoff.

Arthur D. Porosoff
“ In close proximity to downtown Miami, it offers a ‘city within a city’ feel. Residents are attracted to its entertainment, fine dining, luxury shopping, public parks, excellent school districts and growing financial district.

“ Strong property operations and inflows of local and foreign capital will continue to sustain Coral Gables’ active and liquid investment market.”

Porosoff has sold 23 Coral Gables apartment buildings in the last three years.

Built in 1969, Capri Apartments consists of 42 units in two separate, four-story buildings. 

The community is comprised of an attractive mix of two studio/ one-bath apartments, 10 one-bedroom/one-bath apartments and 30 two-bedroom/ two-bath apartments.

 Capri Apartments is located on the south side of SW 8th Street and just east of Granada Boulevard at 800-801 Capri Street in Coral Gables, FL.


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

Ashley Steele