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:

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

Stacey Hershauer
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


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


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

Lanny Baker

EMERYVILLE, CA  – ZipRealty, Inc. ( (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

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

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

Roland Quast Joins MVP Realty Advisors as Senior Executive Vice President

Roland O. Quast
LAS VEGAS, NV – MVP REIT Inc. announced today Roland O. Quast has joined the company as senior executive vice president. He will also serve as senior executive vice president of MVP Realty Advisors LLC and MVP American Securities LLC, the REIT’s advisor and affiliated broker-dealer, respectively.

Quast is involved in developing and supporting retail distribution opportunities for MVP REIT and other alternative investment programs.

“With more than two decades of experience, Roland is a mainstay in the alternative investment industry with well-established relationships with a wide range of independent broker-dealers, regional wirehouse broker-dealers and banks,” said Mike Shustek, chairman and chief executive officer of MVP REIT. “I’m pleased to welcome him to the MVP team.”

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

Julie Leber
Spotlight Marketing Communications
(949) 427-5172 ext. 703

Hendricks-Berkadia & Brown Realty Advisors Close on 316 Units in Canton, GA for $28,025,000 or $88,687 per unit

Harbor Creek Apartments, Canton, GA
BIRMINGHAM, AL and  CANTON, GA --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Harbor Creek, a 316-unit apartment community located just north of Atlanta in Canton, Ga. together with Brown Realty Advisors.

 Selling at a sub 5.25 percent cap rate, this 2003 REO community changed hands as part of a win-win transaction for both Buyer and Seller. 

Judy MacManus
David Oakley, Partner, and David Etchison, Senior Vice President, in Hendricks-Berkadia’s Alabama office along with Bo Brown, Judy MacManus, and Cory Sams of Brown Realty Advisors negotiated the sale of Harbor Creek representing the seller, REDUS Georgia Commercial LLC.

 Built in 2003, Harbor Creek is a garden-style community, with two-and three-story buildings situated on approximately 29.15 acres of land with three vacant pad sites zoned for an additional 60 units.

 The 31 buildings house a total of 337,300 rental square feet offering a well-balanced unit mix of one-, two-, and three-bedroom floor plans, ranging from 806 to 1,435 square feet in size.

 The buyer was Mar Harbor Creek, 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


Foxford Starts Sales for Clocktower Pointe Luxury Condominiums in Countryside, IL

Clocktower Pointe condos, Countryside, IL
CHICAGO, IL – Hinsdale, Ill.-based Foxford Communities announced the start of sales at Clocktower Pointe, a 108-unit luxury condominium development in Countryside, Ill.

 Clocktower Pointe is one of the only new-construction condominiums in the area to offer buyers two-bedroom homes with up to 2,267 square feet and luxury finishes such as Bosch appliances.

The grand opening for sales at Clocktower Pointe was Saturday, May 31, and included a tour of a newly decorated model home.

 “Revitalizing stalled residential real estate projects is what we do,” said Peter Brennan, president of Foxford Communities.

 “When we looked at Clocktower Pointe we saw great potential. Not only is it one of the only luxury condominium developments in the area, but it’s also in one of the best locations in Countryside with access to just about any type of shopping and restaurant a homeowner would enjoy.”

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

Kelly Shumaker
Senior Account Executive, Taylor Johnson

Direct:    312-267-4519
Phone:   312-245-0202
Fax:        312-245-9205

Will Andrews Joins Proffitt Dixon as Partner in Charlotte, NC

William 'Will' Andrews
Charlotte, NC – William “Will” Andrews has joined Charlotte-based multifamily real estate investment and development firm Proffitt Dixon Partners as Partner.

Andrews is helping identify, acquire and develop class-A luxury apartment projects throughout the Southeast. Andrews brings extensive development and institutional capital markets experience to the firm, which has an active development pipeline in North Carolina, South Carolina and Tennessee. 

"I've been interested in getting back into development for some time, and the opportunity to work in a fast-growing and entrepreneurial environment like Proffitt Dixon was very appealing,” Andrews says.

“Wyatt Dixon and Stuart Proffitt are well-respected in the industry, and we share many values about how to achieve great projects. I look forward to expanding the business and working with a fantastic team.”

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

Terri Thornton

Marcus & Millichap Sells Los Angeles County Net-Leased Asset for $17.7 Million

Sheila Alimadadian
GLENDALE, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 33,699-square foot Jo-Ann Fabric and Craft store in Glendale, Calif. The $17,700,000 sales price equates to $525 per square foot.

            Sheila Alimadadian, associate director of Marcus & Millichap’s National Retail Group in Newport Beach, represented the buyer, Aria Investments LLC.

            “Quality net-leased listings are in high demand and will remain so throughout the year,” says Alimadadian. “This offering attracted a great deal of attention from a wide range of buyers.”

            The property is located on a 103,580-square-foot lot at 1000 South Central Ave. in Glendale, Calif. It was built in 1966 and renovated in 2013.

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

Gina Relva
Public Relations Manager
(925) 953-1716

$19.57 Million Two-Property Portfolio Closed by Tax Credit Group in Tucson, AZ

Casa de Colinas Apartments/Casa de Colinas Townhomes, Tucson, AZ

Robert Sheppard

TUCSON, AZ – Tax Credit Group of Marcus & Millichap (TCG), the leading provider of LIHTC advisory and transaction services, announced today that it has closed a two-property, 425-unit multifamily portfolio transaction  in Tucson, Ariz.

 Combined, the properties encompass a total of 405,904 square feet. The total sales price for the portfolio is $19,575,000.

            The two properties are Casa de Colinas Apartments/Casa de Colinas Townhomes, a 205-unit market-rate asset that sold for $12,750,000, which equates to $62,195 per unit, and Mission Tierra, a 220-unit property constructed in 1993 under the Section 42 low income housing tax credit program.

 Mission Tierra’s initial tax credit compliance period ended in 2008 and there are extended use restrictions in place until 2023. The apartment complex sold for $6,825,000 or $31,023 per unit.

Spencer Hurst
            Robert Sheppard, an executive vice president investments and TCG’s national director, along with Armand Tiberio and Spencer Hurst, both TCG senior directors, and Hamid Panahi, a senior associate in Marcus & Millichap’s Phoenix office, represented all the principals in both sales.

Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, also provided representation.

            “The properties are located in two of Tucson’s most desirable submarkets,” says Panahi. “Both assets are well positioned for future growth as the local job market picks up speed. Demand for rental housing in Tucson is strong and average rents have advanced for four years consecutively.”

            Both properties offer one-, two-, and four-bedroom floor plans. Interiors feature balcony or patio space, ample storage, and well-equipped kitchens.

Hamid Panahi
Select units have washer and dryer connections. Community amenities for each property include a clubhouse, two heated swimming pools and a spa, on-site laundry facilities, a children’s playground, covered parking and a barbecue area.

            Built in 1998 on 23.8 acres, Casa de Colinas is located in Tucson’s western foothills, minutes from Interstate 10 and downtown. Mission Tierra is situated on 10.7 acres near Interstate 19 with access to downtown Tucson and the Tucson International Airport.      

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

Gina Relva
Public Relations Manager
(925) 953-1716