Monday, November 17, 2014

RealtyTrac Reports Scheduled Foreclosure Auctions Post 24 Percent Monthly Increase, REOs up 22 Percent; Top Five State Foreclosure Rates in Maryland, Florida, Nevada, Ohio, Illinois;

IRVINE, CA — RealtyTrac® (, the nation’s leading source for comprehensive housing data, released its U.S. Foreclosure Market Report™ for October 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 123,109 U.S. properties in October, an increase of 15 percent from the previous month but still down 8 percent from a year ago.

The 15 percent monthly increase was the largest month-over-month increase since U.S. foreclosure activity peaked in March 2010. The report also shows one in every 1,069 U.S. housing units with a foreclosure filing during the month.

“The October foreclosure numbers are not a complete surprise given that over the past three years there has been an average 8 percent monthly uptick in scheduled foreclosure auctions in October as banks try to get ahead of the usual holiday foreclosure moratoriums,” said Daren Blomquist, vice president at RealtyTrac.

“But the sheer magnitude of the increase this year demonstrates there is more than just a seasonal pattern at work. Distressed properties that have been in a holding pattern for years are finally being cleared for landing at the foreclosure auction.

“There is still strong demand from the large institutional investors at the foreclosure auction in some markets, but even in markets with decreasing demand at the foreclosure auction, banks can be confident in selling REO properties quickly and at a good price,” Blomquist continued.

 “That’s because there is still strong demand from buyers, particularly in the lower price ranges, combined with a dearth of distressed homes listed for sale.”

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

Jennifer Von Pohlmann
949.502.8300949.502.8300, ext. 139

Newcastle Partners Sells 600,000-Square-Foot Industrial Facility for $43.5 Million in Riverside, CA

MDC1 within Meridian Business Park, Riverside, CA
SAN FRANCISCO, CA – Newcastle Partners, Inc., a San Francisco-based real estate investment and development company, has announced the $43.5 million sale of a 600,000-square-foot industrial property that is situated on 26.95 acres within Meridian Business Park in Riverside, a city within the Inland Empire region of Southern California.

Newcastle Partners completed construction of the property, located at 14600 Innovation Drive, in late 2013.

Phil Lombardo and Chuck Belden of Cushman & Wakefield represented Newcastle Partners as well as the China-based buyer, Scuderia Development, LLC.  The buyer plans to occupy the facility for use in warehousing and distribution of aluminum products.

Phil Lombardo
The Class A distribution facility includes 4,160 square feet of office space, 93 dock-high doors, two grade-level ramps, 145 trailer storage stalls, 245’ secured truck court, ESFR sprinkler system, 32’ warehouse clearance, 400 amp service expandable to 4,000 UGPS and is LEED Silver certified.

“The Inland Empire is the hotbed of opportunity for industrial users and Newcastle Partners has made a long-term commitment to providing innovative facilities that meet their needs,” said Dennis Higgs, Newcastle Partners’ Managing Partner and Founder.

 “This sale is significant for us as it is the first building sold that we have developed within Meridian Business Park. This disposition is testimony to the economic recovery and continued growth of the region.”

 Meridian Business Park is a 1,290-acre master-planned commerce center that includes major corporate users including Sysco Corp., Yucaipa Company (Fresh & Easy), Kia Motors, and McLane Foodservice.

Chuck Belden
“This property provided Scuderia with freeway frontage, immediate access to the 215 Freeway and nearby retail amenities, as well as a high-profile location near other major corporate neighbors,” commented Jackson Smith, who heads Southern California operations for Newcastle Partners.

 “We will continue to seek out strong, freeway-close industrial user locations over the next several years to meet the demand we see coming down the pipeline.”

Newcastle Partners has a total of 1.37 million square feet of speculative Class A building activity at Meridian Business Park.

 The firm recently began construction on 13 acres of land for an industrial distribution facility totaling 260,000 square feet with completion anticipated for fall of 2015, as well as a 510,000-square-foot distribution building with completion expected in the fourth quarter of 2015.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Charles Dunn Co. Completes $8.11 Million Sale of 33-Unit Multifamily Property in Los Angeles, CA

1154 Bellevue Avenue, Echo Park Neighborhood
Los Angeles, CA
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $8.11 million sale of a 95 percent occupied, 33-unit, non-rent controlled multifamily property located at 1154 Bellevue Ave. just west of Sunset Boulevard in the Echo Park neighborhood of Los Angeles.

Michel Hibbert of Charles Dunn Company represented seller, Bellevue Development Ventures, LLC from Los Angeles.

The buyer, Unison Investment Company, LLC from Arcadia was represented by John Chu of New Life Properties. The closing cap rate was a 4.7 percent and the price-per-square-foot was $411.

Michel Hibbert
Built in 2008, the three-story luxury apartment property includes a mix of studio and one-bedroom units that include balconies or patios, granite bathroom counter tops, crown molding, hardwood laminate floors, and walk-in closets. 

Common area amenities include a courtyard, laundry facilities, gated entry and 45 subterranean parking spaces.

“The asset offered the buyer a non-rent controlled property near Downtown Los Angeles,” said Hibbert. “This transaction was part of a 1031 exchange and the buyer plans on holding this stabilized investment property for the long-term.”

Hibbert added that Echo Park is an area that is attracting successful professionals in many different professions which has led to a rapid rise in rents and appreciation of properties in the market.

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

Darcie Giacchetto
D.G. Communications, Inc.

Charles Dunn Company Completes $3.05 Million Sale of 24,400-Square-Foot Industrial Property in Los Angeles, CA

Stacy Vierheilig-Fraser

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.05 million sale of a light industrial building totaling 24,400 square feet in Los Angeles.

 Built in 1965 and located at 1929 W. Pico Blvd., the property is situated on .73 acres of land and is fully occupied by Loomis, an armored car transport service.

Chris Steck, senior director with Charles Dunn Company, represented the Los Angeles-based buyer, Sam Jung Enterprises.

Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company, represented the seller, Namco Liquidating Trust.

  “The buyer owns many other similar properties in the Los Angeles market,” said Steck. “The acquisition provided the buyer with the opportunity to add value through lease up of the property as Loomis will be vacating it by the end of the year. We have already had great tenant interest in the building and are optimistic that it will be leased soon.”

Chris Steck
“The vacancy rate for small to mid-sized industrial property in Los Angeles is very tight at 3.5 percent,” added Fraser. “We utilized our existing relationships and quickly identified an ideal buyer for the asset in an off-market transaction.”

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

Darcie Giacchetto
D.G. Communications, Inc.

Stonegate Golf Club at Solivita in Kissimmee, FL Appoints Award-Winning Dee Hatsady Executive Chef

Executive Chef Dee Hatsady, Stonegate Golf Club at Solivita, Kissimmee, FL

Kissimmee, FL -- Stonegate Golf Club at Solivita in Kissimmee has appointed Dee Hatsady Executive Chef.

Arto Rahmani, Vice President of Food and Beverage Operations, said Hatsady, “Chef Dee” to his friends and colleagues, has more than 34 years of experience.

Arto Rahmani
“ He took over as the top chef at the Stouffer Hotel in Orlando in 1987 and served 13 years as executive sous chef at Universal Studios, where he oversaw day-to-day operations in 60 food and beverage outlets at the attraction.

Rahmani said Hatsady ranks as one of the most award-winning chefs in Central Florida, having earned six Gold Medals, eight Silver Medals and six Bronze Medals in American Culinary Federation competitions.

“Chef Dee is a very charismatic individual who has an inviting presence and a passion for cooking,” Rahmani said. “He prides himself in sharing his culinary artistry with anyone who wants to learn, but his focus is memorable dishes that everyone can enjoy,” he said.

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

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

Sachin Shailendra Named One of Atlanta Business Chronicle’s “40 Under 40”

Saichin Shailendra
ATLANTA, GA — Sachin Shailendra, president of SG Contracting, an Atlanta-based general contracting and construction management company, has been named one of the Atlanta Business Chronicle’s “40 Under 40.”

“I am honored to have been selected as part of this esteemed group,” Shailendra said.

 “The people on this list have made amazing contributions to the Atlanta business community and I am humbled to be recognized along with them.”

Earlier this year, Gov. Nathan Deal appointed Shailendra to the Board of Regents of the University System of Georgia. Shailendra, a graduate of Georgia Tech, is also on the Children’s Healthcare Sports Network Board. As an alumnus of Woodward Academy, he sits on the advisory council for the private institution.

 SG Contracting is an Atlanta-based general contracting and construction management company.

Gov. Nathan Deal
Shailendra says, “Our principals and employees have extensive project experience collectively spanning over a century in several markets throughout Georgia and the Southeast.

“Our accomplishments include the construction of projects throughout the metro Atlanta area, earning us the reputation for world-class quality and excellence.

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)