Wednesday, June 11, 2014

Lincoln Harris Wins Leasing and Property Management Assignment for SouthCourt in Durham, NC

Richie Faulkenberry
 CHARLOTTE, N.C. (June 10, 2014) — Lincoln Harris has won the leasing and property management assignment for SouthCourt, a six-story, 146,000-square-foot building in Durham, North Carolina, that includes approximately 131,000 square feet of Class A office space and 15,000 square feet of ground-level retail.

 “This is an outstanding property, and combining the appeal of this asset with our team’s experience and expertise will ensure that we deliver outstanding value and returns to our landlord client,” said Richie Faulkenberry, senior vice president at Lincoln Harris, based in the firm’s Charlotte office.

 Kaler Walker, vice president of office leasing in the firm’s Raleigh office, will oversee the leasing of the office space. Matt Larson, vice president of brokerage in the firm’s Raleigh office, will oversee the retail leasing.

Matt Larson
 Torchlight Investors is the owner of the building, which is located at the corner of Shannon Road and University Drive, and features panoramic views of Durham and neighboring Chapel Hill.

Providing easy access to interstates 40 and 85, SouthCourt is within minutes of Duke University, Duke Medical Center, Research Triangle Park, Raleigh-Durham International Airport and the University of North Carolina at Chapel Hill.

Amenities include a landscaped courtyard with a water feature, cherry wood paneling, bronze elevators, decorative wall coverings and granite finishes. A two-story lobby features a steel and bronze monumental stairway. Tenants include Wells Fargo Private Bank, Merrill Lynch and Neurocog Trials.

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)

Capital Square Realty Advisors Completes DST Investment Offering of CVS Pharmacy Store on Las Vegas Strip

Sky Las Vegas Condo Tower, Las Vegas, NV

 LAS VEGAS, NV  – Capital Square Realty Advisors, LLC announced today that its Delaware Statutory Trust investment offering, comprising an approximately 15,000-square-foot retail facility occupied by CVS Pharmacy on the Las Vegas Strip, has been fully subscribed by investors.

 Located at 2700 S. Las Vegas Blvd., the retail facility is situated on the ground floor of Sky Las Vegas, a 45-story high-rise luxury condo development.

 “This retail facility is 100 percent net leased to a CVS entity and benefits from its location on the north end of the Las Vegas Strip, presenting the store with high car and foot traffic,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“There is growing demand from investors seeking to benefit from ownership of investment-grade real estate through the DST structure. Capital Square looks forward to continuing to provide investors with high quality investment options such as this CVS facility.”

Louis Rogers
The property is surrounded by new development activity, including the SLS Las Vegas currently under construction on the site of the former Sahara Hotel & Casino.

 This 1,600-room boutique resort with an estimated $300 million in construction costs is scheduled to open in 2014. The property is also near Resorts World Las Vegas, currently under construction at the previous site of the Stardust Hotel and Casino. The project is estimated to cost between $2 and $7 billion and is scheduled to open in 2016.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

Trepp May Payoff Report: Percentage of Loans Paying at Maturity Increases

NEW YORK, NY -- Trepp reports the percentage of loans paying off on their balloon date jumped sharply in May to 77.1%. 

The rate is more than 13 points higher than the April reading of 63.6%. This month's increase broke a string of five straight months in which the payoff rate had fallen. 

From November 2013 to April 2014, the rate dropped from 81.3% to 63.6%.

The May payoff percentage was well above than the 12-month moving average of 70.9%. This number sums the averages of each month and divides by 12--there was no balance weighting across the months. The highest rate in the last five years was November 2013 when payoffs totaled 81.3%. (Trepp began measuring this statistic in August 2008.)

By loan count (as opposed to balance), 74.8% of loans paid off in May. That was an increase from April's level by loan count, as 67.0% paid off. The 12-month rolling average by loan count is now 70.1%.

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

Eric Gerard

U.S. Foreclosure Starts at Lowest Level Since December 2005

Daren Blomquist
IRVINE, CA— RealtyTrac® (, the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for May 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 109,824 U.S. properties in May, a 5 percent decrease from the previous month and a 26 percent decrease from May 2013 to the lowest monthly level since December 2006.

The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.

 “It’s not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows,” said Daren Blomquist, vice president at RealtyTrac.

 “On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well.”

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

Jennifer Von Pohlmann
949.502.8300949.502.8300, ext. 139

$19.45 Million Buys San Diego County Apartment Complex

Vista Lane Apartments, 1440 Second Avenue
 Chula Vista, CA
CHULA VISTA, CA – 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 Vista Lane Apartments, a two-building 150-unit apartment complex in Chula Vista, Calif. The $19,450,000 sales price equates to $129,667 per unit.

            Christopher J. Zorbas, a first vice president investments in Marcus & Millichap’s San Diego office, represented the seller, the Kreutzkamp Revocable 2000 Trust, and the buyer, the Conrad Prebys Trust.

            “Vista Lane Apartments is a stable, well-maintained, garden-style apartment complex with considerable value-add potential,” says Zorbas. 

“The property’s strong location in an area with limited sites available for new multifamily construction creates a clear opportunity to enhance revenue with the implementation of a proven value-add strategy.”

Christopher Zorbas
            The complex is located at 1440 Second Ave., just north of Orange Avenue and near Broadway, the area’s dominant retail corridor, in Chula Vista, Calif. 

Nearby retailers include Costco, Walmart, Petco, Target, Michaels, Ross and Food-4-Less. Schools, parks and the Chula Vista Bayfront redevelopment project are also nearby. 

Upon completion, the Chula Vista Bayfront redevelopment project is expected to bring 2,000 jobs to the area. San Diego Gas & Electric park, 20-acre public park with soccer fields, a basketball court, picnic areas, gazebos and a children’s playground is less than a mile away.

            Situated within a park-like environment with numerous trees, green space and picnic areas, Vista Lane Apartments features controlled access entry, two swimming pools, two on-site laundry facilities, an on-site leasing office and ample open parking. 

The residences average 671 square feet. The unit mix is 111 one-bedroom apartments, 38 two-bedroom units and one three-bedroom apartment. Every unit interior is well appointed with ceiling fans, a fully equipped kitchen, laminate countertops and flat-panel cabinetry. Several units have been upgraded with stainless steel appliances, microwave ovens and new lighting fixtures.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Ed Lyons Joins Colliers International South Florida's Expanded West Palm Beach Office

Edward Lyons
WEST PALM BEACH, FL, June 11, 2014 - Colliers International South Florida is pleased to announce that Edward Lyons, CRE has joined the firm as Senior Advisor in the newly expanded West Palm Beach office.

Ed is known as an accomplished senior executive and consultant with strong capabilities in operational leadership, strategic planning, market and sales development, and mergers and acquisitions in the commercial real estate industry.

 His track record spans more than 30 years in business development, both domestic and international, with expertise in structuring and growing companies to maximize opportunity through the integration of real estate services.

 "I hope to bring great value to Colliers and its clients, through the knowledge and experience gained, and the many institutional and corporate client relationships that I have had the privilege of building, over the last 30 years in the industry," says Ed.

"Ed's perspective as a global real estate leader provides our clients with unique insights and options," says Stephen Nostrand, CEO of Colliers International South Florida. "He has demonstrated that strategically executed plans result in more sustainable benefits."

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

Crystal Proenza
Vice President of Marketing and Culture
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

HFF closes $38 million sale of northern New Jersey multi-housing community

Jose Cruz
HUNTERDON COUNY, NJ – HFF announced today that it has closed the sale of Presidential Place, a 150-unit, Class A multi-housing community in Lebanon, New Jersey.

               HFF arranged the sale in an off market transaction between Pizzo & Pizzo (seller) and Eagle Rock Multi-Family Property Fund (buyer) for $38 million or $253,000 per unit.

               Completed in 2011, Presidential Place is a luxurious community that features six-buildings with one-, two- and three-bedroom units that are 95 percent leased.

Mark Thomson
 Community amenities include a clubhouse with fitness center and swimming pool.  The property is located at 710 Presidential Drive about 45 miles west of New York City in Lebanon, New Jersey.  The property has visibility from Interstate 78 with convenient access to Interstate 287 as well as Routes 202/206, 31 and 22.

               The HFF investment sales team was led by senior managing directors Zac Pierce and Mark Thomson of HFF Philadelphia in collaboration with Jose Cruz of HFF’s New Jersey office.

“Eaglerock was a pleasure to work with and seamlessly executed this transaction in spite of a few challenges,” said Pierce.  “Each party achieved their desired result as Pizzo & Pizzo were able to sell an outlier property out of their portfolio, and Eaglerock was able to acquire the highest quality asset in the market.” 

Presidential Place, Lebanon, NJ
Pizzo & Pizzo is a New Jersey-based developer with a long tradition of building high quality assets in New Jersey and Pennsylvania with exceptional unit finishes and best in class amenity packages which is true for Presidential Place.

UOB Eagle Rock Multifamily Property Fund LP (the “Fund”) is a real estate private equity fund developed to make investments in U.S. suburban multi-family housing communities. 

  The Fund will focus on the New York metropolitan region, as well as communities along the densely populated Northeastern corridor of the United States, namely from Boston to Washington D.C. 

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 |

Hold-Thyssen negotiates Lease Renewal Enterprise Plaza in Orange City, FL

Darby Hold

 WINTER PARK, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated a lease renewal for 1,360 square feet at Enterprise Plaza, 2499 Enterprise Rd. in Orange City.

 Darby Hold, lease consultant for Hold-Thyssen, negotiated the transaction on behalf of the Landlord, Florida Premier Group, Ltd., based in Rochester, Mich.

 The lease renewal commences Sept. 1 for tenant Southern Specialty Finance Inc., d/ b/a Check ‘n Go.  The tenant was not represented in the transaction. 

 Other major tenants at the Enterprise Plaza include Sherwin Williams, Beauty Alliance, E-Cig Depot and Arby’s.  

 Hold-Thyssen, Inc. 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